experts: real estate column Thursday, June 07, 2001

A NEW ERA ... ?

When I wrote the last Update, the result of the election was purely an educated guess the magnitude of that outcome, however, took most of us by surprise.

By Alan  Skinner

When I wrote the last Update, the result of the election was purely an educated guess the magnitude of that outcome, however, took most of us by surprise. Yes, the real estate market on our North Shore (as in Greater Vancouver) has reacted strongly and should continue this trend.

24 carat comes to mind as the North Van detached figures feature 24% more sales than this time last year, 24% increase in the total sales dollars (almost 1/4 of a billion has been committed to buying 555 houses) and the final 24 is the percentage decrease in this inventory (active listings). Attached (townhome/duplex) sales are up by 64% over last year with inventory here down by 14%. Condo apartments reflect a 20% increase in number of sales with inventory down by 20%. This sector exhibits the most significant average price change (down 14%) reflecting the sale of a number of lower priced units and markedly fewer new ones being marketed and selling.

What of West Van? All sectors reflect fewer sales except townhomes where 31 have sold year to date vs. 2 in 2000. Detached sales are down 10% and apartments down 5%. Average price "trends" are again less meaningful based on the relatively small numbers involved. As in the N. Van situation, apartment average prices appear to have dropped based on more lower priced units selling and zero new units being sold this year opposed to 6 by this time last year. 2000 was W/Van's blossom time but I predict a firming up of this market over the next six months or so based on the renewed economic optimism and the resurgence of demand (emerging buyers).

Generally, the 2nd half of 2001 looks promising, numbers-wise and, yes, by this time next year, I am of the opinion that we will hear many say "wish I had bought early in 2001" some price increases but not by any means equivalent to those seen in the cycle we saw 20 years ago when "free enterprise" last ran this province. Watch the softwood lumber, health care, aboriginal land, tax relief, transit issues unfolding to determine the rate and magnitude of our "recovery".

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, or phone me at 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.

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




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Recent Articles by this columnist:

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Resistance to change and compliance delay
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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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