experts: real estate column Thursday, October 09, 2003

Trends continue into the final Q

North shore demand (the desire to buy) continues unabated, with some minor checking in the form of steadily rising prices.

By Alan  Skinner

It's business as usual, or maybe a little less business than usual and then maybe business with less stock on the shelves than usual and certainly at a higher transaction cost than last year .... so, what's this "usual"?? I guess the real "usual" is that we Northshorers tend to want to be homeowners and especially so in this desirable part of Greater Vancouver. The other usual is, need I say it, the unalterable laws of supply and demand. There, I've said it ... again!

So, we know the current conditions (or we will once I get to the numbers!); what of the next 3 months, 6 months, 1 year, 2006? Prevailing thought seems to agree that interest rates (read mortgages)) will not increase appreciably in the short and medium term. Demand (the desire to buy) continues unabated, with some minor checking in the form of steadily rising prices. As any auction progresses, bidders tend to drop out. Supply, ah, there's the rub, remains low with new listings sluggish. Short to medium term, with the above scenario is, in my opinion, more of the same and prices creeping upward. Advice to buyers - find that realtor who is close to the market and commits to diligently scanning the new listings, and be faithful to them. To potential sellers - if you're in one of the hot spots (read top 10% of desirable locations) you can probably sit tight and ride the market upward for a few months to come ... If in the other locations, think seriously of taking advantage of the excessively low supply in your vicinity and sell with as long a completion date as is feasible. Just my opinion ....

Finally, the numbers - N/Van average prices all up over 2002 - detached 16.7%, townhomes 12.4% and apartments 12%. Less sales in both detached by 2% and townhomes by 13% with apartments up 12% (lots of investors here). Available listings Sept/03 vs Sept/02 continue to be down markedly; detached by 23%, attached by 20% an apartments by 44%.

W/Van average prices detached up 12.7% and apartments up 11%; the exception being the small sample of townhomes, the average of those sold being 6% lower. Fewer units have been sold in each category (although this appears to be playing catch-up) - detached by 2%, townhomes by 8% and apartments by 3%. Unsold inventory too is down in each segment by - detached 24%, townhomes 37% and apartments 20%.

I continue to be ready, willing and able to assist Buyers and Sellers with property on the North Shore. My strong suggestion is for you to "interview" me by visiting my website (www.AlanSkinner.com) - then call for a face-to-face meeting at (604-988-7368) - or pop into one of my open houses - I look forward to meeting you.

Please join the group subscribing to the e-mail version of this "update" - send a request now to northshore@canada.com and you'll be assured receipt.




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Recent Articles by this columnist:

Keeping Realtors Honest
Tuesday, August 12, 2014


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Resistance to change and compliance delay
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Of urban planning and municipal wisdom
Thursday, April 17, 2014


Yes, it's official - demand is rising
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All articles by Alan  Skinner

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