0 — Friday, May 8, 1992 — North Shore News First quarter residential sales reach record heights MULTIPLE LISTING Sales (MLS) activity increased each month of the first quarter, resulting in a total of 10,194 units changing hands in the first three months of 1992, a 26% in- crease over the 8,084 sales in the first quarter last year. Satnam Sidhu, president of the Real Estate Board of Greater Vancouver, which operates MLS for its members, says this is just 39 units below the 10,233 sales - registered in the same period in 1989, the year when all previous sales totals were eclipsed. Dollar volumes for resi- dential transactions this year show a 14% increase over the record year, with $2.4 billion in sales recorded at the end of March, compared to 1989’s $2.1 billion in the first quarter. Last year’s sales recorded $1.7 billion. The average price of resi- dential units also increased in the year-over-year corn- parison, from $208,390 in 1991 to $230,855 this year. Sidhu cautions, however, that increases in dollar vol- umes and average prices must be viewed from the perspective of the product sold on the market. The first quarter last year was notable for the number of entry level buyers in the market place. ‘Two-thirds of the buyers in the first three months last year purchased at $200,000 or less, significantly under the “*average”’ price. But in this year’s corresponding time period, the percentage of lower priced buyers dropped to 49%, just under half of all purchasers. When more move-up buyers in the higher price categories dom- inate the market, the simplistic average price is bound to rise, so owners should not assume that a 10% across the market in- crease has occurred on all individual properties. During the first quarter, housing on Vancouver’s east side was in high demand. There were 1,116 detached homes sold, which is 43% more than the correspon- ding 782 sales last year. Condominium sales increas- ed by 78% from 138 sales last year to 246 transactions this year. Richmond was another active area with total resi- dential sales increasing by 43% over the comparative period last year, as 624 condominium sales were registered, up from 388 and 679 single family home sales, up from 521 last year. Burnaby experienced a 53% increase in sales over the previous year, with 556 condominiums and 59! detached units sold com- pared to 229 and 450 respectively the year before. Building activity on the Westwood Plateau and other Coquitlam area loca- tions has encouraged more buyers to look at Co- quitlam/Port Coquitlam, resulting in 553 single family home sales and 258 con- dominiums sales in Co- quitlam, and 358 detached and 128 condominiums sales in Port Coquitlam. All of the areas saw stable or increased activity, in- dicating buyers have taken advantage of lower mor- tgage interest rates and the spring-like weather to make their house-buying deci- sions. Board president Sidhu says there is great potential for continuing activity in the upcoming quarter. The fed- eral budget’s plan to let RRSP holders tap into these savings to use as a downpayment for a housing purchase could spur further activity, and if interest rates remain at an affordable level while the economy continues its slow upward climb, 1992 could be another record real estate year, providing stable prices for buyers, and equitable returns to the sellers of housing. DON FITZSIMMONS (O) 984-9711 (R) 987-1907 pes ; THE PERFECT FASAILY OPPORTUNITY . This most sensible floor plan of all with 4 bedrooms and den up, a brand new 3-pce. ensuite, and family room (with fireplace) off the kitchen. In great condition with the large child-safe yard, af fecent roof, furnace, carpeting, etc. — absolutely iop value and must be seen! DON FITZSIMMONS 984-9711 or 987-1907 A GREAT START 1it N. KASLO ST, VANCOUVER i -— OPEN SAT. 2-4 { This home is in great shape with many recent | renos including carpet, decor and new deck overlooking a sunny west-facing rear yard. Sep. dining roam, 3 bdrms. up, 1 down, 2 full baths and second kitchen down — it’s a winning com- £ § bination. qj se DON FITZSIMMONS 984-971 or 987-1907 | @ on, a. Sussex Group - S.R.C, Realty Corporation North Vancouver Office 984-9711 wi oars ESS) fe 9 DISTINCTIVE CITY HOMES _ We _EAST POINTE -. Features: #Gas Fireplaces %*xComplete appliance package xSuper quality construction * xConvenient, central location *i & 2 level plans : wSecured parking *# Occupancy by May 15th , &From $229,000 *Van City financing “package 2160 EASTERN AVENUE, NORTH VANCOUVER FIRST OPEN THIS WEEKEND! SAT. & SUN. 1-4 PM. — For Information — Jeremy Leevers 984-9711 SUSSEX GROUP - S.R.C. REALTY CORP.