B4 - Friday, July 20, 1984 - North Shore News THE MONEY MARKET FORGET THE unceftainty over interest rates; the Lower Mainiand’s ‘housing market is not only Dealing with int stable, it’s healthy. That’s the opinion of Chuck Mitten, North Shore realtor and president of the Rea! Estate Board of Greater Vancouver. While Mitten says the uncertainty over interest rate policy here and in the United States has a somewhat unset- tling effect on the market, the current rates aren’t ‘‘that high to put a home beyond the reach of most pur- chasers.”’ In fact, he says, if rates hadn’t increased over the past several months, the purchase prices of houses CHUCK MITTE ... a Stable market would have, in response to market pressures. “That in effect leaves the effective monthly rate at about the same as it would have been if mortgage rates would have stayed down and house prices gone up,’’ Mit- ten says. ’ As interest rates go down, | By JOANNE MacDONALD he adds, house prices will go up because of increased de- mand and that will ‘‘eat up any benefit in monthly pay- ments’’. , . Mitten adds Lower Mainland real estate agents agree with a recent Domi- nion Securities report that predicts interest rates will peak next month and then begin to gradually decline. ‘*] think that’s a reason- able consensus,’’ Mitten says. ‘“There are two reasons — we have elections in the fall here and in the States and it is of benefit to the leaders in both to show some reduction. **Secondly, there’s no real ‘reason why interest rates should remain so high with inflation rates so low.. There’s no reason for an 11 per cent difference.”’ Mitten says the Real Estate Board, an organiza- tion of Lower Mainland in- dustry professionals, an- ticipates that the housing market will continue to im- prove over the next several months with increasing ,de- mand matched by increAsed stability in the B.C. economy. ‘Our sales are down somewhat for July of this year — not drastically — but what we've been concerned with is the tremendous labor SS SSSA Wi SN CY SESE REAR NEWS photo Chris Cameron MORTGAGE RATES appear to be changing so fast, lenders are not even bothering to advertise them in the windows anymore, but real estate industry leader Chuck Mitten says the housing market is stable and healthy and that interest rates are expected to come down. turmoil in B.C. and _ the uncertainty that has created,’’ he says. ‘“‘Now we feel we can anticipate two to three years of labor peace in the province and that will add greatly to the desire of people to get on with their lives.’’ Keal Estate Career The increased stability of ghe economy and the ex- pected interest rate relief is expected to overcome the reserve that buyers have developed because of the re- cent economic unpleas- antness. ‘There are some fairly We have capanded and anced additional qualified men and women to handic the gigantic increase in tistings and market activity if you are energetic hard working and can be motivated by large yearly income . have an opening for youl Bencfits include: then we good deals on the market now and, since the last round of prices increases, prices have come down to more realistic figures,’’ Mit- ten says, adding that home sellers are also benefitting from a healthy, stable mar- ket because of the moderate BLACK TUSK increases in house prices. And the fact that the number of buyers is down somewhat doesn’t dampen Mitten’s positive feelings about the market. ‘*That’s the effect of peo- ple wanting to enjoy the sun- shine,’’ says Mitten. BIR Van Direct 689-5818 7 day service tng REALTY LTD. ~~ JS Se 24 hour anawering service Vancouver direct phone newspaper advertising timmedtate Noor time radio advertis well appointed offices if you are intercated. picase call between 9 am. and 1 pm. tor appointment. Squamish 892-5924