experts: real estate column Monday, January 08, 2001

WHEN IS THE TRUE MILLENNIUM? ... WHAT IS TRUE VALUE?

West Van up year over year in all categories (except static on apartment sales).

By Alan  Skinner

Whichever side of the debate you personally favour; the only thing that matters is "what actually happens". Sure it may be fun to speculate on the causes in order to guess the effects; but it is ultimately the facts that are meaningful. 2000 is history, thus the results are fact. West Van up year over year in all categories (except static on apartment sales) - generally more units sold and all average prices up. North Van sold less units in all categories - 6% fewer detached and about 1/4 fewer condos; a total of 326 units fewer to be precise - 1999 (2109) and 2000 (1783). Significant if you wanted/needed to sell (and significant if you were one of the brokers - read realtors - involved). Of interest though is the fact that the average prices here either stayed static (apartments) or rose (detached and t/homes - up 4% and 2% respectively).

Those real estate practitioners working largely in N/Van have had to share a smaller pie. Realtor numbers have shrunk (in line with Greater Vancouver) and some are grouping together into teams of 3 or more (usually with one as a figure head) in an attempt to get their share. My business favours North Van and I am pleased to say that, with number of 2000 sales in the 30's, I continue to grow year upon year (thank-you to my clientele). No realtor, even the largest seller with a team of four, exceeded sales in the mid 90 units this past year. The seller of a home has to decide if they wish to be represented by an individual realtor who handles all parts of the transaction for them or by a team dividing up these duties.

Back to the header - What is true value ? Obviously something the supply and demand equation decides. BTW Dec was quieter than I predicted last month despite a strong start in the first week - the demand side remained a little more conservative. Demand needs more convincing it seems. North Van supply is starting to grow (except for apartments which remain down from Dec 1999). In West Van only detached are showing an increasing trend which does not appear to be followed by equal demand growth. Will this mean North and West Van average detached prices will fall ? The demand side is the wild card here. An impending election, general feelings of optimism, faster/slower employment growth - these are the questions. My feeling ....a steady build in demand will make 2001 a growth year - numbers and ....yes, values.

I intend to proceed with my environmentally positive resolution to proceed electronically with all printed copies eventually being phased out. Please invite any friends/colleagues to join the group subscribing to the e-mail version by sending a request to northshore@canada.com. Please forward this to anyone you think may enjoy receiving this newsletter.

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 Sunday between 2 and 3 pm on CFUN AM 1410 (?Talk with titude?) - Listen in Phone in with your questions!




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Recent Articles by this columnist:

Keeping Realtors Honest
Tuesday, August 12, 2014


How well do we stack up?
Tuesday, July 29, 2014


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

Related Links:

http://www.alanskinner.com/

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

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