OL - Friday, April 18, 198% - North Shore Xews

Mee 8 Reaw Estate

Market absorption steady for homes

MARKET. ABSORPTION for single and semi-detached . units held steady during

February according to a re-.

cent study by the Canada Mortgage and Housing Cor- poration.

An upturn in completions over January pushed inven- tory higher. Prices of newly completed units continue to rise.

Corapletions turned up in February to 951 units from 908 units last month. Units * completed by centre are: 678

units in Vancouver, 135

untits in Victoria, $8 units in

Kelowna and 44 units in

Matsqui. In remaining .cen-

tres, completions are below . Sunitseach. |

Fewer completions are ex- pected in Masch since the starts trend is still ceclining.

February’s actua) starts in-

crease is small and wi:' not

change the short term com-

pletions trend: A total of 895

units completed during

March is forecast. :

Demand is: stable during the last two. months. Ab- sorption totals 864 units dur-

By centre the ‘situation is

different. Absorption is “up

in Vancouver to 636 units compared to $60 units in January. Higher completions in February ‘ (678) over

January (574) accounts for this rise.

Slightly higher absorption in Victoria prevails also in conjunction with mere com- pletions in February...Ab- sorption. is down in most other centres in line with

. completions. .

In total, absorption is the

same. Next month's absorp-.

tion is forecast at 970 units.

Inventory is higher to 1,395 units. All centres have more inventory over January except Nanaimo and Prince George.

A turning point in inven- tory levels is very near. One reason is seasonality and another is an expected : Sm provement in demand.

Seasonality ‘in starts, completions, and absorption

results in a seasonal inven-.. tory pattern. Inventory levels _ usually peak in the winter,

months.

Absorption will improve following. past casing in mortgage rates. Calling turn- ing points has a low success tate, Nonetheless March in- ventory is forecast lower at 1,320 units, making Febru-

. ary the short-term peak.

- House prices in Victoria continue rising. Median

price is $144,450 in January . 1988 up over the previous ‘three . months.

Vancouver prices are up 13 per cent Over a:year carlier from

$135,000 to $152,900,

Condominium comple- ions, absorption, and_in- ventory levels are up in Feb- ruary. Vancouver CMA’s inventory cdged down.

Completions arc up for the third month in a row. February's total is 529 units compared to 487 in January, 456 in December, and 361 in Novembcr.

Trend-level completions are increasing foilowing moderate ‘rises since Junc 1987,

February completions are distributed as follows: 338 units in Vancouver, 89 units in Victoria, 62 units in Mat- squi, 30 units in Kamloops, and 10 units in Kelowna.

Compared to last month_

completions are up except in Vancouver and in Kelowna. Demand. is stronger in February. Absorption totals 476 units compared to 386 last month. Pee Vancouver's ‘absorption is up despite fewer complctions in February. Absorption is up in other centres except

Kelowna.

Inveatory is up by 53 units to 1,507 units.at the end of February. Compared to one year age, inventory is a tittle higher, (1,466 units in Feb- ruary 1987). At that time in- ventory was heading down, this tisne it is heading up.

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3657 SUNSET BLVD. OPEN SATISUN 2-4:

ANNOUNCEMENT

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ASS

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