TERRACE STANDARD |

Business REvVIEw

REAL ESTATE

Housing market stabilizing

Realtors think the

dive is nearly over

TERRACE REALTORS say they're finally starting 10 see stability in the local market after a roller coaster year that saw sales drop by 20 per cent overall.

That’s actually better than the north-

west average, which suffered from a 24 per cent drop in housing sales on the Multiple Listings Service (MLS). . **¥ou can onty kick people so many times,”’ says Steve Cook, vice presi- dent of the Northwest Real Estate Board, ‘‘Then the reality of the situa- lion sets in.”

Cook says that as a result of Ter- race’s economic uncertainty over the last year, the market has been soft, es- pecially in the upper end of the market — houses priced at $200,000 and higher. .

That market saw a price drop of about 10 per cent from the previous year, Meanwhile, selling prices of homes in the middle of the spectrum dropped just over five per cent.

Cook says mobile home sales were also bit hard. He speculates that may have been due to the wide open rental market, which gave renters more choice and made the switch ta owner- ship less appealing.

The worst months in the last year for local MLS sales were June, July and October of 1997 and February of 1998. Those months saw sales drop by as much as 68 per cent compared to the previous year.

But 1997 had its good months for sales as well, May saw a 52 per cent increase in housing sales over 1996. And January of 1998 also saw a small increase in sales.

January is traditionally the slowest month for housing sales. Just nine homes on MLS were sold in that month this year but that’s twe more than in 1996.

The busiest month last year was Au- gust, with 30 sales. In 1996, the busiest month was July with 38 sales. Last July that dropped to just 12.

In total, there were 249 houses sold on MLS last year, compared to 312 in 1996. That doesn’t include homes that were sold by owner,

But while sales were still down in February, average sale prices were ac- tually slightly up and Cook says there are signs the market is stabilizing.

“We've seen some definite activity in the last part of February and the be- ginning of March,” he says. ‘‘I’d say I’m cautiously optimistic.”

Cook says that the early spring seems to have given sales a bit of a boost. Bul he also says he doesn’t see much change in prices for the next few months, or even (he whole sea- son.

*"We've reached that stabilization point,’” he says. ‘It’s actually a good time to be in the market for both buyers and sellers.”

Board disbands, listings go on line

“It’s been a long time

BY NEXT WEEK, local real estate listings will be on the Internet, accessible from anywhere in the world,

That technological leap is the main benefit of a move by the northwesi’s 64 realtors to disband their old Northwest Real Estate Board and join the 450-

Association. It means the local board

office closes and longtime worker Myma Rolfsen is out of a job.

But former vice president Steve Cook says joining the Cariboo organization — which now represents most of northem B.C. — was the best way to get local listings online,

strong Cariboo Real Estate<"*“The listings will be avail--

“able through the Multiple

Listings Service web site,

mus.ca, and will allow Inter- net surfers to see not only detailed information about real estate listings, but even photos of the properties.

“We've come to the point where we realize that in or- der to provide the best ser- vice for the customer we need to be computerized and on line-— not just for the realtor but for the customer as well,’’ Cook said,

coming,’’ he added. ‘The web site mls.ca is a site that has almost all of Canada on it except for the northwest.” Advantages of the system are that it gives realtors. much more easy analysis of | trends, and it allows people in far off locations — who

are thinking of moving to... Terrace — the ability to ga -

through the listings and see what houses look like in

The Terrace Standard, Wednesday, March 11, 1998 - A

APPLAUSE ’98 TELETHON

THANK YOU FOR YOUR SUPPORT

The Terrace Little Theatre Would Like to Applaude YOU | “Our Community for Making Applause ‘98 A Great Success

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Cheques & Donations towards our intimate Performing Arts Centre, on the banks of the SKeena River, can be made payable to the Terrace Little Theatre, 3625 Kalum Street, Terrace, B.C. V8G 2P4

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Terrace without being here. “Now we're part of the largest real estate associa- tion in British Columbia in terms of land mass,”’ said Cook, ‘We've now got a imajor voice in British Columbia in terms of organized real estate.’”

Not enough people for a Bay

THERE SIMPLY aren’t cnough people in As well, Morris said some Kmart the area to justify converting the Kmart premises lacked suitable lease arrange- here to a Bay, says accompany spokesman. ments, locations and parking to meet Bay

Speaking last week, Rob Morris said the requirements,

Hudson’s Bay Company wants a minimum = “Most of our Bays are now multi-floor to 300,000 people in a trading area to open 8 = carry all the various departments,’’ said Bay store. Mons of the kind of retail space required.

The possibility arose after Hudson’s Bay There is a chance the Kmart automotive Company bought the Canadian Kmart service section here will continue after the stores last month. Zellers conversion this summer.

For the most part, Kmart stores are con- Although Zellers does not have automo- verting to Zellers and that’s what's happen- tive service sections in its stores, a number ing here by mid-summer. of Kmaris do and Zellers is considering

But a few will become Bay outlets and contracting the service out, said Morris, that caused the chamber of commerce to = “‘We have similar kinds of arrangements ask Hudson’s Bay to consider converting with other services such as photo develop- the Kmart here. ing,” he said.

a CITY OF TERRACE NOTICE OF BY-ELECTION BY VOTING

PUBLIC NOTICE is hereby given to the electors of the City of Terrace that a By-Election by Voting is necessary 10 elect a person to fill the vacant offica of Councillor of the City of Terrace and that the persons nominated as candidates at the By-Eleclion by Voting and for whom the votes will be received are listed below, for the remainder of the term commenc- ing Apri, 1998 and terminating in December, 1999:

Knox United Church (Terrace) - 490/ Lazetle Tuesday 7:00 pm

Valid at participaling locations for a limited time only. Subsequent weekly fees apply, Check our centers for details on our maintenance record, ©1998 Weight Watchers International, Inc. Owner of the WEIGHT WATCHERS trademark. All rights reserved.

When the rubber meets the road you

can't beot the unbiesed, objective reporting of some of the world’s top automotive writers, the journclists

of AURC.

After days of on ond off-road testing of all mokes af newpick-up trucks, 50 of Conada's top outomotive journalists COUNCILLOR - Qne (1) person to be elected: picked the very best. Sumame Given Names Residential Address FRASER James D. 2437 Toynbee Street (Thornhill)

. USSIMORE Dennis John 2605 Skeena Street, Terrace, B.C. POWER Olga Mary 5231 Mountain Vista Drive, Terrace, B.C.

. ADVANCE VOTING OPPORTUNITIES: March 18, 1998 City Hall, 3215 Eby Street Terrace, B.C. 8:00 a.m, to 8:00 p.m.

The obvious choice of the automotive

experts: the 1998 Mazdo B-Series truck.

Now it’s time for your expert opinion, March 25, 1998 Test drive the new Hardo B-Series today. - City Hall, 3215 Eby Street Terrace, B.C.

8:00 a.m, to 8:00 p.m.

Never ogain will you ever underestimate

the power of the press.

Word B-Seeies dxd Cob Plus Sf mocel shown,

SPECIAL VOTING OPPORTUNITIES: March 27, 1998 Terraceview Lodge 410 Sparks Street Terrace, B.C,

1:00 p.m.

March 27, 1998 Purchase financing 2.9% for up to

Mills Memorial Hospital 4720 Haugland Avenue Terrace, 0.C,

3:00 p.m.

48 months on Mazda B-Series Trucks

Available: - dx2ond4xd models “* 4 cylinder and ¥-é engines. -

GENERAL VOTING DAY: . - Regular cab and Cab Plus models

: March 28, 1998 Clarence Michiel Elementary School” 3430 Sparks Street Terrace, B.C, 8:00 a.m. to 8:00 p.m.

Purchase financing rote

Of which every person is hereby required to take notice and be to governed accordingly.

Given under my hand at Terrace, B.C., this 2nd day of March, 1998,

PLEASE VISIT OUR WEBSITE AT WWW. mazda .ca Purchase financing offers available on 1996 retail purchases only starting February 5. 1998 for a limited {ime OAC. Offers may not be combined with any othes offer, De629

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Elaine Johnson Bid — Chief Election Officer Te-TEASE

‘Note change of location from previous years’ voting.