Trent Appelbe
Contributing Writer

GETTING information
from news stories about
real estate often

requires a little reading
between the lines.

A recent article in the
Vancouver Sun reporting, Dee.
1998 figures for the Greater
Vancouver Real Estate Board,
showed that the average price
ofa single family home in
North Vancouver was
$358,700 in December, down
$26, 700 (7%) trom 4 year ear-
lier and the rnedian price was
$330,000, down $30,000
(8%). For West Vancouver the
average price was $659,400
down $21,500 (3%) and the
median price was $457,000,
down $168,500 (27%). The
numbers quoted were for
detached homes (which the
article didn’t make completely,
clear as it labelled the table of
figures “December single-fam-
ily house sales”),

These types of figures are
reported in. the media every
month and if you are confused
as to what they mean. you
aren’t the only one. You have
every reason to wonder just
what in the heck these aumber
are supposed be telling you
because the fact is that they
really are not telling you very
much at all.

First of all, the above num-
bers don’t mean that the price
of North Van homes has fallen
by 7% or 8% over the last year,

Well, chat may be the case
or it may be that home prices
haven’t fallen at all. Purchasers
may simr!y be shying away
from higher priced luxury
homes in favour of more mod-

ecosoecece

"Average Average Selling Price Price
North Vancouver Detached

260 eraualens :
Jan-92 Feb-93 Mar-94 Apr-95 Mayo Jun-97 Jul

Year over year % change in average selling price

Dec 98/97
6.9%
3.2% 5.3%

North Van detached
West Van detached

est accommodation. This
could be cnough to drive the
average prices down by 7% or
8% with no change “in the
anderlying price of houses.
The likelthood is that both
these factors are in play. That
is, prices have fallen somewhat
and, at the same time, pur-
chasers are shifting to lower
priced housing. But the fact is,
we just can’t tell exactly what
is happening from the intor-
mation that we have been
given. It’s even worse in the
case Of West Vaa, where the
wide dispersion benween the
average and median numbers
just serves to confuse us as to
what is really going on.

An_ even bigger problem
than the ambiguity associated
with monthly average and
median numbers is the fact
that they jump around so
much from month to month.
For example consider the

Nov. 989? Oct. 928/87

“4.7% “16%
-23%

table showing year-over-year
percentage changes in average
prices tor North and West
Vancouver detached homes.

What can we conchide
from these numbers regarding
the year-over-year change in
average prices in the last quar-
ter of 1998? Well, probably
that chev have fallen but that’s
about all.

Despite the problems asso-
ciated with comparing month-
ly average or median selling
prices. these types of compar-
isons are commonly reported
in the media. I think the rea-
son for this is that the num-
bers are easily calculated and
readily available. However this
doesn’t make them any more
meaningtil or useful.

So can we conciude that
average price figures are
pretty much useless? Well, not

See Look page 72

Home sick: Regular Humes columnist Michael Dowty is ill. His column returns next week.

Phote supplied

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LOT SIZE: 98° x 75°

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NUMBER OF BEDROOMS: 4

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NUMBER OF FLOORS: 2

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Oereesooerer.

ASKING PRICE: $789,000

OPEN HOUSE: Weekend 2 - pm

USTING AGENT: Alice Hutchison, 488-6689

SPOON OOOO TORO TEE TC OEE e HOR TERS ETE EHOOS

SPECIAL FEATURES: Partial! city & water
views! Five-year B.C. Home Warranty.

INTERIOR Size: 3,50 sq. ft.

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Friday. February 19, 1999 — North Shore News — 47

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NEWS photo Brad Ladwidgs

Happy housewarming

THE residents of Quayside Village, the first cohousing community on the North
Shore, celebrated the official opening of their new home on Valeniine’s Bay. The
community — designed, developed anc managed by residents — is a multi-gen-
erational “village,” in which hameowners share responsibilities and common
areas like the recreation room, dining room and garden.

Feature Listing
4759 Headland Drive

_.. Gracious & elegant

Move into perfection in this superb Upper Caulfeild
showhome built by Chrisdale Homes Ltd. Enjoy
entertaining in the open-design gourmet kitchen or
in the formal living/dining areas. Splendid use of
natural granite, solid maple
cabinets floors aiid millwork,
Elegant master suite on main
and lower floor ideatly
designed for teenagers or in-
laws. Walk to elementary and
middle schools, shopping,
nature trails and public
beaches. Unbelievably priced
below replacement. Great
neighbourhocd! Cail Alice
Hutchison at 488-6889 or Pat
Hardman at 925-1711.

eoeee acercerenese

Alice Hutchison
Sutton Group -
Sentine! Realty

Na POA ERCP BE 2 OAS A YS SC PS SRS. POCA SAA