- North Shore News

SOSA ENT EWT TY YORE HONEA TANT REE ROSE ICRC E TSMR SEINE CST

Viarch sa

ies on

spring rebound

THE REAL Estate Board of
Greater Varicouver's
Multiple Listing Service
reports that sales in) March
rebounded in typical spring
fashion following a lacklus-
tre winter.

Relatively stable interest
rates, a good inventory of
listings and somewhat lower
average selling prices are
attributed to the brisk sales in
both detached and attached
categories.

There was a total of
18,615 active listings for the
month of March in all resi-
dential categories, which is
virtually unchanged from
February.

Sales in all categories
were up in the first quarter of
1996 compared to the first
quarter of 1995. There were
3,246 detached homes sold
in the first quarter of 1996
compared to 2,840 sold in
1995 during the same period
— an increase of 14.2%.
’ Attached sales increased to
1,085 from 640 during the
first quarter 1995 —- up
69.5%. Apartment sales were
also up in the first quarter for
an increase of 50.6% over the
same time last year.

A total of 1,422 detached
homes were sold fast month
in the Lower Mainland com-

- pared to 1,067. in March ©

1995. This represents a 33%

increase from one year ago.
The average price per unit for
a detached home in the
Vancouver area was up
slightly to $401,009 from
February's average price of
$386,895 but still off 5%
from one yeur ago when the
average price was reported it
$424 562.

“We believe the market is
improving.” says board vice
president Glenn Temes. “The
first quarter has seen sales
activily approach levels we
haven't seen in a couple of
years. Interest rates are sta-
ble, prices have Come down a
bit and I think people are
fecling more confident about
the economy. Asia will con-
tinue to impact our market
for the foreseeable future and
we think real estate will con-
tinue to be a good investment
in the Lower Mainland.”

Attached and apartment
sales vere also up in
Vancouver with 454 attached
(townhouses) units sold in

March, an increase of 78%

from last year. The average
price for attached units is
$226,237, down 9% from a
year ago when average prices
were reported at $249, 696.
Apartment sales were up
$1% in March with 810 sales
reported, compared to 533
sold in March 1995. The
average price of an apartment

in Vancouver in March was
$165,836, off by 6% from
one year ago when prices
were quoted at $177,045.

March 1996 sales were up
in most categories in most
areas across the Lower
Mainland with median sell-
ing prices remaining stable
or decreasing slightly. All
areas except for Vancouver's
west side reported an
increase in the number of
sales of detached homes
from one year = ago,
Coquitlam reported a 54%
increase in detached sales,
North Vancouver a 33%
increase, New Westminster a
90% increase and West
Vancouver a 22% increase in
sales.

Malcolm Hasman with
Angell Hasman and
Associates in West
Vancouver reports that sales
continue to strengthen in
high-end properties with
eight properties over $1 mil-
lion sold last month.

Todd Jackson with Realty
World —- West Coast in
Richmond says, “Overall
unit sales continued to gain
strength in the
Richmond/South
Delta/Tsawwassen/Ladner
areas.

In some cases unit sales
have doubled from the same
time last year.

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