experts: real estate column Thursday, December 06, 2001

North Shore Real Estate Update: Seems to be North Van's Year

We're almost through 2001 and our 11 month figures continue to show a strong North Van market.

By Alan  Skinner

During November I attended the Canada Mortgage and Housing Corporation (CMHC) "Housing Outlook Conference" at which a number of economists and business forecasters gave positive pictures of our provincial future with a range of 2002 Spring to Summer for us to get out of the recession. If you spoke to North Shore real estate owners and buyers I am sure they would mostly respond with "what recession?".

We're almost through 2001 and our 11 month figures continue to show a strong North Van market. Numbers of detached units sold up 24% YTD, attached 56% and apartments 44% with a total of over 30% more of total dollars this versus last year. The interesting fact is that the Nov number of sales themselves show improvement over last Nov; detached ≠ 54%, attached 135% and apartments 56%. Yes, these last few months are pulling the YTD average sales up markedly. Inventories, too, continue to languish well behind last yea'ís; a good thing for sellers (but not if you are an imminent N/Van buyer bemoaning the reduced selection). Note too that all average prices in November ('01 vs. '00) are up by between 4 and 7%.

W/Van has not, in truth, had a bad year, but it pales in comparison to the N/Van figures. Total detached units are lower than 2000 YTD (-2%). The relatively small pool of townhomes shows a 5% decrease, while 16 more apartments have sold (157/141). Note: no new apartments in 2001 (listed or sold). The higher socio-economic standing of W/Van has worked against it. Recessions, it would seem, don't only hurt the economically disadvantaged.

The 2001 figures will be tallied in the next update ≠ Jan 2002; but will yield few surprises, I am sure. I'll be happy to e-mail this to anyone who requests (drop a line to northshore@canada.com). Your questions regarding the market, your decisions, contemplations, my musings, opinions, are all welcomed via that medium (or by phone) ≠ hey, pop-in and say "Hi" to me at an open house ≠ I'd love to see you. Terrorism, a new Mid-East crisis, interest rates? What lies ahead in 2002?

At this time I'd like to take the opportunity to wish you, and those dear to you, a safe and happy Holiday Season. Talk to you again in 2002!

Please join the group subscribing to the e-mail version of this "update" - send a request now to northshore@canada.com and youíll be assured receipt, or phone me at (604) 988-7368 for your monthly fax copy.

Please don't hesitate to call/e-mail with any questions on local real estate, whether buying, selling or just looking at future options.




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