Real Estate

second quarter sales

slow in L. Mainland

SINGLE FAMILY home sales totalled 4.397 in the se- cond quarter of this year. down from a record 4,717 sales in the first three mon- ths according to the Real Estate Board of Greater Vancouver.

The largest reduction in the many areas served by Vancouver board members was experienced in East Vancouver — traditionally the highest in number of sales in the metropolitan area — where 684 single family units changed hands compared to 827 sales in the first quarter. Vancouver West registered 512 sales this quarter, compared to 592 in the first three months of the

year.

West Vancouver sales in- creased slightly to 245 single family homes from 236. in the first quarter, and North Vancouver improved to $90 home sales from 482 regis- tered in the first three mon- ths of the vear.

Quarterly median — sales figures released by the Multiple Listing Service of the Real Estate Board of Greater Vancouver show median or middle sales in most areas are from $5,000 to $8,000 higher than first quarter medians, and an in- crease in number of sales in higher price categories. A review of monthly sales shows that 95 homes priced

CMHC chief

KEITH TAPPING, general manager for the B.C. and Yukon, announced his retirement from Canada Mortgage and Housing Cor- poration effective July 20.

Tapping began his career with CMHC in 1954 and held several positions across the country before becoming general manager in 1978.

As general manager, Tap- ping has been involved in several major housing initia- tives in Vancouver, including the development of the south shore of False Creek and the revitalization of the downtown-eastside. Most recently, his interest in hous- ing for senior citizens has led to the development of a CMHC task force on life

between $350,000 and $499,999 sold in the first quarter, rising to 105 sales in that range in the second quarter.

Twenty-nine sales of homes over $500,000 were registered in the first quarter, compared to 41 sold in this range in the second quarter.

While total residential sales to date are 44 per cent higher than for the same period in 1986, a slowing of the earlier 1987 pace has been noted. A slight rise in the mortgage interest rates, and imposition of the prop- erty purchase tax on sales after March 23 are factors in this slow down,

retires

tenancies.

Stewart McInnes, minister responsible for Canada Mortgage and Housing Cor- poration thanked Tapping *‘for what has been a pro- found contribution to the housing of Canadians and enduring dedication, through CMHC, to these worthwhile objectives.’

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