hone econontics LAST week we had a look at the MLS Housing Price Index for West Vancouver. The index indicated thar prices tor detached homes and Apartments Were up about 30% since 199b and were rising through 1999. Given that the number of

will continue to vear. This week we are going to have a similar look at housing prices in North Vancouver.

The accompanying graph shows the MLS Housing Price index for the fast three years for North Van “typical” detached and attached homes and apartments. The typical North Van detached home used for the index has tour bedrooms, three bathrooms and has 2,205 square feet of living space. The home also has two fireplaces, is 29 vears old and has a 1999 bench- mark price of $365,636.

The typical North Van attached home has three bedrooms aad three bath- rooms with! ,625 square feet of living space and is nine years old. It has a benchinark price of $264,930. The typi- cal apartment has ovo bed- rooms, | bathroom, $65 square feet of living space and a benchmark price of $157,671.

You can see from the graphs that the price index is

characterized by a certain amount of random nenthly

reflective of changes in the underlying price of hou Therefore we can ignore and look atthe trends of the index over longer perods of ume to vet a wood idea of hea prices have been mov ing.

Note that the statistic we re fooking at is an index number with a base of 100 in 1O¥L, Therefore the faet that the index far detached homes is currently around the 140 mark indicates chat prices are up about 40% since 199), Similarly, prices tor attached homes are up about 25% since LYOE and prices for apartments are ap about 15K,

In terms of rhe trends, you can see that the index for detached homes (top line) held pretiy steady at or just above the 140 mark through 1997, slumped in 1998 and recovered more or less to 1997 levels iast year.

Furthermore, vou can see trom the graph that detached prices were pretty steady for the last nine menths of 1999,

This would suggest that, in the absence of any other information, we could expect prices to continue that into the year 2000,

However we do have some other information, namely that the supply of North Van detached homes for sale is at its lowest level in the ten years of statistics that are available. {n light of this tight supply situation, we would expect to see some upward pressure on prices as we move into the New Year.

For attached homes (sec- cad line) prices were steady through 1997 and into 1998 when they fel! about five per-

photos supplied

V's ind

as You can see, has Geen pret. w steads over the last three years, with a bit of a slump in late 1998 and carly 1999,

would expect prices to

remam stable at this fevel as

we move inte the vear 2000 The thicd line shows the

centage points and then More or less stived at that ievel through 1999, Given thar there is an adequate sup-

ar odds with other figures we have looked at in this column indicating that sales and

See High page 8&

ply of attached listings, we

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NEWS pheto Julie Iverzo

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: semis

nn

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