89 ~ Friday, June 17, 1988 - N

’ For a Carefree Lifestyle...
_ Come. Home. To

BIRCHTREE SQUARE

CANADIANS, ~ FOR the meet : the: morigage pay: ding success. The “banks:
“smost _ part.) place. ‘home *-ments,:It: allows buyers.to - once granted. permission to’
ownership. high: on’ ‘their. list ~ purchase.” Property with ua extend, mortgage: loans,
‘of life’ 5 priorities. -minimum’ downpayment of: » helped push housing produc- .
‘ “10 per cent, instead of the:25 © tion to an all-time high. The
oBy the time “they ‘have . per cent required if.no. such © year 1956 saw. the comple-,
. celebrated their. 32nd* birth- insurance exists. =. tion of Canada’s “onc-:
. day, many have ~achieved .°.. The insurance system was. » millionth post-war home. |
* that: goal.’ Over the: past -35” . created by» the National Insuring mortgages is still:
years,.2.5, million Canadian.’ Housing "Act. to ‘stimulate .a “CMHC. “function. - Bor-”
families were able to finance “3 Canada’s” fledgling: building “rowers must ‘apply ¢ for.=
their ho:nes. with a Canadian ' industry. during ‘the. critical coverage ‘at -an- NHA- “ap:
. post-war, .post- depression: - proved lender. ;
‘years. As The government's 2. Most. bank3; trust “com.
“housing agency, CMHC » panics, life insurance .com: ©
became administrator of the. ‘panics, ; credit. unions. and.

“program, .: ’ caisses “ populaires fall into™
_ The system was a resoun- : this calcgory.

mansion’ OF: ‘han: hat 1 no two “households live ‘purchase’ ofa home: Add the
i : i i “mortgage: insurance’
“premium, ‘surveyor ‘certifi-

cate, legal “fees; household :

“may “find every *< insurance (against fi fire; theft,”

dollar tires to the limit. © nd liability), land: transfer

_CMHG has‘set the desired .>tax, and the cost of process-

amount. by: the ‘gross ‘mon
thly incdme of. the.h schold

culate the ‘total: cost: of