NEWS photo Brad Lecwidge

DEER RIDGE sales manager Cheryl Mosier (left) and Sussex
Realty’a Marilyn Meredith go over information brochures at
the project's cpen house on Tuesday, July 13. Phase 2 of the
condsminium project at 3105 Deer ‘Ridge Dr., West Van-

couver is near completion.

- CMHC forecasts moderate
| housing activity nationally

WHILE A’ housing recovery is
underway in many Canadian cen-
tres, slow employment growth and

*_ weak consumer confidence are

” combining to slow down the pace,

- according to a forecast of metro-
‘politan areas published recently in

". Canadian » Housing Markets by
Canada’ Mortgage and Housing

~ ‘Corporation (CMHC).

_!. CMHC’s latest metropolitan
forecast projects that sales of ex-
isting homes will slip three percent
this year, after a strong [992.
’.“This’.is primarily due to a

- Shrinking pool of the first-time
buyers who pushed 1992 resales up

* 11% from 1991,” said Greg Goy,
manager, local market analysis at
CMHC. “Starts are forecast to
increase in 16 of 27 metropolitan
areas, although the total for all
centres combined is expected to be
about the same as 1992.””

Attractive mortgage rates, which
, are forecast to hover around a
~ 25-year low, and an ample supply
of homeownership and rental
housing will keep price increases
low in most markets.

This will keep housing afford-
able and give potential buyers a
wide selection of homes to choose
from. House prices in Vancouver
and. Victoria are forecast to hit
record high levels in 1993 and re-

_main the least affordable in
Canada.

High vacancy rates are forecast
to contiue in 1993. As a rusult,
while renters in most centres will
continue to enjoy abundant choice,
the prolonged period of high
vacancy rates will contiue to
discourage new rental construc-
-tion.

Rental markets in 15 centres will
have a vacancy rate of five percent
or more in october 1993, up from

11 centres a year. earlier; Overall,
22 of 27 rental markets are
forecast to have rates of three
percent or more.

The recent edition of Canadian
Housing Markets also features an
article on how accessory apart -
ments are gaining popularity
across Canada. .

The findings. of a recent CMHC -

research study in St.John’s New-
foundland confirm that both
homeowners and renters can
benefit from this form of housing.

For modest income households,
the rental income received from an
apartment ‘can be instrumental. in
bridging the affordability gap to
homeownership.

For renters, accessory apart-
ments are popular because renters
are able to access a high quality
rental unit with lower, more af-
fordable rents.

Friday, July 23, 1993 - North Shore News - 19

= hk &
THE POWER HOUSE
OF POWER TOOLS

ed Ee eT aes Snes OS Oey SET Wn UY SOT Ae! MOY MY SED Gy ee Wn te fe mS Ge ee et

PORTER‘CABLE ‘FS PORTER CRBIE.|

11/2 H.P, ROUTER 12 V. CORDLESS DRILL KIT H

‘Top essays
in contest

will be
published

REAL ESTATE board of Greater
Vancouver recently launched its
2nd annual Summer Essay contest
for students entering Grades 5 to
12 this September,

*C/W 2 BATTERIES*
MODEL PC98535
EXPIRES JULY 31/93

ADESLTA
416 1/2” DRILL PRESS .

Se”
MODEL PC690
EXPIRES JULY 31/93

12" PLANER
af

+

Ry
I <4 *BONUS 29 PC F850,
A _...,.__DRILL SET* i
<="*BONUS 29 PC DRILLSET* . ¥
MODEL DL17-901 f
EXPIRES JULY 31/93

Cash awards totaling $6,000 will
be shared by the top three writers
in each grade category — elemen-
tary, junior and senior. First place
winner’ in each category will
receive $1,000; second prize, $600;
and third prize, $400

ey pelea

MODEL DL22-540
EXPIRES JULY 31/93

Essay topics were selected by
members of the Board’s Publicity
& Public Relations Committee.
Each essay will be professionally
adjudicated immediately following
the August 27 deadline for sub-
missions and the top essays in
each category will be published in
the Real Estate Board of Greater
Vancouver's Realtor magazine.

Burnaby, B.C. 294-1743
(Between Boundary & Gilmore)
Mon.-Fri. 8:30-5:00 Sat. 9:00-4:00

Largest selection of terra cotta pots
ever on the North Shore ...-

6 pocket herb/

strawberry pots All White Malaysian

Stoneware Pottery

FIG
or
BAMBOO

TREES

° B.C.Gas Financing
Offered (ONLY $110
DOWN & $25 A MONTH!)

° Up to 20 feet of gas
piping and permit

° Diamond Vision Glass Bi-
Fold Doors (3 Finishes)

WE ALSO HOOK UP NATURAL
GAS BARBEQUES

INSTALLATION

a
1293 Marine Dr..