experts: real estate column Thursday, August 10, 2000

THE SECOND WAVE? - OR AT LEAST, RIPPLE

A new wave of home buyers from Mainland China, Taiwan and Hong Kong have hit Vancouver.

By Alan  Skinner

Real Estate watchers will remember that in the late eighties, early nineties we saw a surge in home prices. This had a significant and far reaching impact on our Vancouver West Side (and to some extent, West Vancouver). We were hearing stories of older homes in West Side neighbourhoods selling in the $500/800K range - being demolished and many larger homes, catering to an immigrant market appearing in their place. This phenomenon is interesting of itself, but, to us on the North Shore it had an interesting spin off effect. Many of the sellers moved to the North Shore and, with part of their proceeds could buy better homes than they had sold.

Well, its starting again. Vancouver Sun Aug 3rd ran a headline ?Immigrants once again push residential prices?, citing a ?rising tide of new immigration from Asia?. The article discusses a new wave of buyers from Mainland China, Taiwan and Hong Kong and goes on to illustrate that average prices of detached and condos have all increased since this time last year despite overall numbers of units sold being down. The comment is made that ?there are definitely more people looking for million dollar homes?.

What does this mean to us? Will this mean another ?northern migration? by those selling? I would say this is quite possible, but we will likely only see the impact over the next six plus months (based on the lag effect we noted last time).

Closer to home the same story applies fewer sales (year to date) but higher average prices in all sections of North Van. West Van remains the flavour of these past months with numbers of sales up as well as average prices up. All inventory levels are up over this time last year with the minor exception of West Van condo apartments, which have dropped from 92 to 84 (July?99/ July?00). These higher inventories, which are likely to continue through summer, are the thing that will slow the average price gains..........until the second wave?

N.B. I have ?lightened up? on actual stats this month (percentages, numbers etc.) if you would like more detail on any specific segment of our North Shore market, please do not hesitate to send me a reply e-mail specifying segment or suburban geographic area and I?ll be happy to provide this.

Enjoy the balance of the summer !

Please don?t hesitate to call/e-mail with any questions on local real estate, whether buying, selling or just looking at future options.

Alan is the host of ?The Real Estate Show? (a Media Mentors? production) heard every Sunday between 2 and 3 pm on CFUN AM 1410 (?Talk with Attitude?) - Listen in Phone in with your questions!




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Recent Articles by this columnist:

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All articles by Alan  Skinner

Related Links:

http://www.alanskinner.com/

http://www.cfun.com/realestateshow.htm

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