‘This space 7 is - >: reserved for _ Call 980-0511... of "But owe more money - —____Clyde goedlet said- Monday: _ has mortgages discouraged Canadians from OTTAWA (UPC) . Government figures show Canadians own more houses and are assuming larger debts than ever before, despite rising interest rates which climbed to a record high last weekend. ’ Last Sunday's 0.5 percent rise in the Bank of Canada lending rate to 11.75 percent expected to push mortgage rates even higher. In May 1959, homebuyers paid 6.8 percent interest on mortgates; 10 years later, 8.5 percent and two months ago an average 11.06 percent, Bank of Canada economist In 1964, slightly more than 51 percent of homeowners owned mortgages of $6,580. By 1977, the most recent figures available, 64 percent owed mortgages of $18,285. The steadily increasing interest rates also have failed to discourage debt in other areas. Use of loans or credit for cars, travel and household goods has con- tinued to grow, said Boriss Mazikins, chief of housing surveys and dissemination at Statistics Canada. But the mounting cost, of has not entering the housing market. Statistics Canada _ reported the proportion of Canadians owning houses - and the amount they borrowed - rose during the same period. In 1964, a little more than 55 percent of Canadians reported they owned their own homes, valued at an average $18,636. Seven years later almost 60 percent of Canadians owned homes, valued at an average $43,843. The 1977, 53.2 percent of Canadian families owed an average $3,468 - excluding Mortgages - to large department stores, credit companies and_ trust companies. This was up from 50.5 percent who owed an average $1,544 in 1970 and 51.8 precent who owed $905 in 1964, although interest rates for consumer loans have risen from an average 11 percent in the mid-60’s to between 12.50 and 20 percent now. ‘ The central bank raised its lending rate six times in 1978, pushing up mortgage- | interest rates correspon- dingly. However, a large supply of available funds for . mortgages and inter-bank competition for home financing kept mortgages marginally below the lending rate. “<2 Mae Rate anadians own their own homes | Businessmen are_ also ‘feeling the increasing prime rates, which have more than doubled.from 5.75 percént in July 1959 to 12 percent by last week. Page B7, August ‘1, 1979 - North Shore News . Display _ advertising | pays. | { Only a chartered bank's large and very best cor- porate customers, such as ‘Imperial Oil and. Canadian Pacific, would be able to borrow at the-prime rate. LOOKING SOUTH-EAST, lower Lonsdale stretches out to the distance. In the foreground is the City Hall and . Library near the intersection of thirteenth and Lonsdale. (lan Smith photo) _ Continued gloom for U.S. business WASHINGTON (UPI) - The American nation’s industrial output declined during June for the second time in three months, the Federal Reserve Board said last Friday, to lend support to the’ grim White House judgment a recession is underway. . ° ° For the entire second St d | ht Output of consumer quarter, the Fed said, & ‘argaze $ e ig production was 0.3 per cent . ae ~ hehe Tg Doan. Saaggacerse Meudon ei yr eaten © geben te oat AL ie ne oe pieprorares back drop industrial in production last month,” the nation’s central bank said. Industrial production, which is the total output of the nation’s mines, factories - and utilitics, slumped by 1.5 per cent during April due to the Teamsters strike. It rebounded from the effects of that strike in May, rising 1.2 per cent: The June decline was attributed directly to a softening economy and was not influenced by any unusual outside occurences. The administration acknowledged for the first time Thursday the nation will be in a recession, probably for the remainder of 1979. The Fed report said the output of consumer goods LIONS GATE HOSPITAL Requires — ©R.N.’s - Full Time & Casual L.P.N.’s - Full Time & Casual NURSE AIDS - Casual Please apply to Personnel Department, Lions Gate Hospital 230 £. 13th., North Vancouver declined by I per cent last month, “primarily reflecting cutbacks in the output~“of autos, utility vehicles and home goods.” Automobile plant assemblies were at an annual rate of 9.1 million units in to earth of worlds as yet unknown (o man. The pictures are from Voyager I, and NASA has sent along an outstanding exhibit photographic BOOKKEEPING DATA COMPANY Computerized Bookkeeping Services Malling Lists and Word Processing IS Moving its offices on August 7, 1979 \ to 104-1975 Lonadale Avenue North Vancouver, B.C., V7M 2K3 986-2208 June, a drop of 300,000 from May. Home goods, such” as appliances, carpeting and furniture, also declined last month. A dropoff in production of these items is directly f.. . 5 saa work of this investigative space probe. Voyager I, still penetrating the vast silence of an alien solar system en route to its 1980 date with Saturn. Along with the Voyager exhibitwill come a specially- at PNE ” vee sey e - baker arene zo a a a wy, PAG ate astounting 2 REI aeay pow eos rock from The Apollo 16 related to a slowdown in consumer spending. “tthe. Fed said its overall industrial production index for June stood at 151.4 of the 1967 average, which was 4.5 fi. Maureen Stirling, Sylvia Gowans per cent above a_ year PERMANENT-TEMPORARY earlier. OFFICE OC} ASSISTANCE | ee r Personne! ets anata yO, Sb cy eae ECs a TING ao fact 7 1 a a = “Aboot = Sap age a SNA ere mission. NASA and Moon Rocks and Spa’ : Probes. North & West Vancouver Schoal Boards Adult Education Department NORTH SHORE SCHOOL OF COMMERCE EMPLOYMENT TRAINING, UPGRADING AND REFRESHER COURSES NEXT INTAKE WILL BE AUGUST 7 Typing Shorthand Bookkeeping Business Arithmetic Office Procedures Machine Calculations Business English 8:30 am, - 3:00 pm at Deibrook Secondary School 631 W. Windsor (entrance off Staniey St.) North Vancouver , MONTHLY FEES Full Day $60 Mornings $40 Afternoons $30 For Information cail 985-8741 Adult Ed. Office 8:30-4:30 980-2713 School of Commerce 8:30-3:30