IN JUST SIX YEARS ...

Home prices doubled

EVEN ALLOWING for the
significant drop in prices
following the bursting of the
real estate bubble early last
year, an average single-
family home on the North
Shore today still costs almost
twice as much as in April
1977.

We're talking about a
typical, well-designed three-
bedroom house, not more
than 10-12 years old, on a
regular sized lot in a pleasant
residential area.

An analysis of asking
prices advertised in the first
edition of the Sunday News
on April 17, 1977, reveals
that the average for such a
home in North Vancouver

SLACKS

was around $63,500.

The asking price for an
equivalent house today
averages in the range of
$120,000 to $130,000.

Corresponding average
figures for similar homes in
West Vancouver work out at
around $82,000 in 1977 as
against $140,000 to $160,000
today.

Condos have followed the
same trend, if not always
quite so steeply.

Six years ago, a modern
two-bedroom apartment
could be purchased in North
Van for $43,000, though
asking prices in the luxury
buildings went as high as
$62,000. Prices for the same

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accommodation today are
listed in a range from
$77,400 to $119,000.

In West Vancouver, brand
new two-bedroom condos
were being advertised in
April 1977 for $56,900 —
with a down payment of
$5,690 and monthly mor-
tgage payments of $505.84.

Today, two-bedroom
West Van condos asking
under $120,000 are virtually
non-existent.

Even when the market
goes mad for a period and
then self-destructs, the old
saying still seems to hold
good: “Buy real estate now
— they're aren't making it
any more.”

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A27 - Sunday, April 17, 1983 - North Shore News

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