Hage Ci4, July 18, 1979 - North Shore News _ — ' States, Rent controls. in: Ontario . have reduced markets and are driving more. apartment builders to the | United says Commercial News. ‘But according to reports in a recent issue of the American business magazine, Professional Builder, the situation south of the border fay not be much better, . ~ A survey of U.S. housizig markets shows that nationally, rental vacancies are at the lowest raté since - just after World War IT. Last year rental starts fell. to the second .lowest figure in 20 years, little more than half the. average of . the previous decade. This year ‘they are expected to be a quarter to a third lower still, and in Houston, strongest local rental market, the decline will probably be close to 50 per cent. In California many owners have kept rents flat or nearly sO as a concession to the. implied promise of the much publicized ition 13. And in suburban Washington, B.C. where formal rent controls have been lifted, informal guide- lines keep increases within the seven per cent range. Apartment developers are caught in a bind, says the report. On the one hand their potential return from new projects has shrunk and other costs have risen much faster than rents in the last year. A year age a_i good apartment project could command a 944% per cent mortgage. Today the best rate is 10-1/8 per cent. At the same time this shrinking return means the project qualifies for a smaller loan and the builder must provide a larger equity investment. the Daily , the - The consensus among’ operators. of five Professional Builder was that -with rent increases generally - ranging between five and 15. per cent they hope to stay_ close to even with the double digit inflationary pressures in. 1979, In an editorial, the. magazine’s editor, David E. Link, sees a relationship -between continuing pressure for rent controls and efforts in seveal major cities to severely. restrict the conversion. of .Tental apartments to condo- miniums. “Both kinds of efforts are misguided attempts to preserve the availability of “apartments at rental rates that are just plain unreal in today’s inflationary econ- omy,” he says. RENTS BEHIND g “Apartment rents have lagged well behind costs of ‘ construction and the general consumer price index over the last 10 years. That’s the primary reason that apart- ment owners are selling out . to condo conve! converters. \ “New York City is living (or, rather, dying) proof that rent controls will not make more affordable apartments | available for poor people, or for moderate income households. Not only does rent control fail to solve the need for apartments, it’s a sure route to fiscal disaster for municipalities. The kind of fuzzy thinking that has ‘allowed rent control to stay live in New York and spread to other cities, is now being applied to the area of condominium conversions,” Link says. large .~ ' apartment firms: queried by . "SPEAK OUT” close | _ “The fact is, condomjnium — ‘conversions are probably the best - ‘solution: available to assure that existing multi- family housing is-maintained in the best possible con- dition, continues to provide good shelter, and continues’ on the tax rolls. . - time before rental rates rise ‘to.a level where they can once again make it generally profitable for investors: to build and-retain apartments over the long haul. “It also seems obvious that ‘the only way builders, developers and property owners are going to retain their property rights.is to speak out loud and clear when someone tries to take _ those rights away. When was the last time you spoke out?” Link asks. e VACANCY RATES The over-all vacancy rate for privately-initiated rental apartment structures . containing six or more units in Canada's 23 metropolitan areas was~3.6 per cent in April, répresenting a total of 43,250 vacant units, ac- cording to CMHC. : The lowest rates. were in Vancouver at 1.1 per cent and Toronto and Thunder Bay at 1.5 per cent. Highest combined vacancy levels were in Sudbury, 11.4 per cent, St. John’s, 10.6 per cent and Saskatoon, 6.3 per cent. The average vacancy rate for structures which have been completed for at least six months in the 23 areas is three per cent. Bloomin’ cousins It’s unlikely that roses and raspberries would have much in common, but they do. etn ars belonging to the same ant family, and they both have thorns, The rose, of course, is considered the prettiest and the raspberry the best to cat, but the opposite could be true, Roses (wild bushes, too) produce a fruit called rose hips which can be picked and made into a delicious jelly, whi' - raspberry blooms are ofte ised as a cen- terpicce Raspberries, blackberries and many other wild plants also produce crops of juicy berries cach summer. wk aut athe! . oe aX one ~~ wurde ee. myer” " ee se tw. of cousin-like re nship by Ott be #8 Oke CS ee These are sought by outdoor enthusiasts who process the fruit into home- made jellies, jams and wines, or simply eat the - et ee -- mend 3 € . EE . . 1 Oh men Bele ete ae nt r _ Berries haM long been a staple food in America. Indians dried and mixed them with dricd meat to make ‘“‘pemmican,"’ a nutritious food that was kept in skin bags. Berries aro high in vitamin C and are o healthful food. A freee neg ft Look for raspberries, blackberries and wild roses in old fields which have been left to revert to a natural state. ® EE ah, aperntenemnemners These plants need a plentiful supply of water, so fields around large reser- voirs are likely places to search. Be sure to protect your arms and legs against thorn scratches by wearing a long- sleeved shirt and loose, heavy trousers, whe ate ate te a eet Wate ne see's ONS Weed elke anes “It seems pretty obvious that it-is going to be some — ers aa proofed, and the beautifully landscaped grounds, make it » alow to. Ee nae ms Sa eae best of two worlds nestled i ina woodsy, natural setting beside a beautiful creek - in. the heart of the city. -° Then look at the world from Brookwood North, at home in natural, treed fresh air surroundings with tall pines, and private communal access to your own personal creek. Yet only 1 block away from over 50 shops and professional services at Westlynn Mall., * Minutes away from the highway and 2nd Narrows bridge, for you it means the best of both worlds - privacy and convenience. 2 bedrooms from | 52,400 Two condominium homes feature wood burning fireplaces for cozy family winter nights, and many very large patios and sundecs for tazy summer afternoons. All homes are extensively sound- Spanier - PR apa. Tattt | ~ canine aha a ie = * moe Baie teeth an gener sooty jth a coeaaeammmrnaan 57 soldi Only 7 left-- 3 with fireplaces” open 1-6 pm weekends open daily by appointment | | call Marg Robertson Wrettynn Man is atin fit North al pera Draycott, N.V. or 669-3022(ref BB 53) 24 hrs. Block Bros. Realty 1030 West Georgia, Vancouver