Real Estate HIGHER LOAN LIMIT Mortgage insurance demand to increase CANADA MORTGAGE and Housing Corporation expects an increase in de- mand for mortgage in- surance in British Columbia during 1987. This is the result of a number of changes an- nounced recently by the Hon. Stewart Mclnnes, Minister of Public Works and minister responsibie for CMHC. Victoria Garland, manag- er of CMHC’s Vancouver branch, said that the changes — which include lower mor- tgage insurance premiums and rates and new, higher loan limits — are in keeping with the corporation’s man- date to provide access to mortgage financing at the lowest possible cost in all areas of Canada. Commenting on the operations of CMHC’s Van- couver branch over the past year, Garland reported that the federal housing agency had insured 5,230 housing units. Of these, 1,165 were for existing homes; 480 for new homes; and 477 on existing rental units. At the end of March, the corporation had provided loan insurance for 602 existing homes, 119 new homes and 18 rental units in Vancouver. - OTHER CHANGES Other changes will extend mortgage loan insurance to second mortgages to fund renovation work or addi- tional mortgage require- ments. This will enable bor- rowers to acquire funds at lower rates. “This will be of special in- terest to thousands of British Columbians who spent $1.098 billion and $993 mil- lion on housing alterations and improvements in 1985 and 1986,’’ Garland said. CHATFEL MORTGAGES She also noted that legislative changes will be in- troduced in the near future to provide insurance on chattel mortgages. This will enable owners of mobile homes, for example, to fi- nance their purchases at first mortgage rates. Floating homes will also qualify. At present these purchases are funded at con- sumer foan rates, which are normally higher. Small builders will also benefit from the changes. Garland said that mortgage loan premiums will no longer be required up front and this will help to lower costs for builders who can pre-qualify for NHA mor- tgage financing on houses for sale to prospective pur- chasers who may require in- sured mortgages. Other provisions will enable lenders to pool mor- tgages and become eligible for CMHC’s mortgage- backed securities program. Many of the mortgages ini- tiated in the province, she noted, will be included in this program, which will help to encourage longer terms .and increased com- petition in the mortgage market. The Vancouver branch operations include the Lower Mainland, Fraser Valley and Sunshine Coast. ‘WATERFRONT HOME °329,000 ; Wide open waterfront in an English woodland setting nr. Eagle Harbour. Im- By maculate 3 bedrooms in West Van's most peaceful, most private, most secluc-§ B od and least-known locate. If you want to turn your back on suburbia, yet easily § & commute to town, phone me for full information. ; SHEENA VENNESLAND 922-5758 WESTERN REALTY 922-6166 Office Bours: Mon--Trl:.9-8; Sat.'9: . Fred. Brown Soles Manager = ~~ 10% Kap. 100; 'S,.Park Royal, West Vancouver , Telex: 04° 342545 Ans. Back: KOR-WESTVCR f WINCHESTER GATE TOWNHOMES NOW OPEN ie 24. UPPER LONSDALE CHARACTER : m Refurbished and refinished — this stately old VIEW home boasts potential plus! Set up for a targe § iy family, or for in-home offices, space is no problem. The home straddles two large lots, so we can m even move & build to suit! Offers please! . SOREN FREDERIKSEN 984-0421 , 17.DELUXE TOWNHOME LIVING . 237 WEST 16TH STREET 3 Still an excellent choice of units available — both : f 2 BR and 2 BR-with-den designs. Each unit eee att features gas fireplace, solid oak finishes. - . . . . . a Heritage trim throughout, and a basement! See | 33. CUL-DE-SAC NEW—Low $160’s! § ® you on the weekend. Roof’s on & we're ready to finish this two levei, SOREN FREDERIKSEN 984-0421 4 BR bsmt. home to your specs. Great location, § RAE PHILLIPS 522-0387 great price! : . ; JOAN ALEXANDER 986-4453 SOREN FREDERIKSEN 994-0421 . — ~ $0 MUCH HOUSE - 35, . INVESTOR'S DELIGHT! Well hidden in a tiny Seymour cul-de-sac, this fM a Just listed — this deluxe multilevel townhome | new 3 BR home is being tastefully finished. Pic- @ offers all the amenities, from skylights to Jenn- | ture a full Heritage firepiace, large bright kitchen, § Air, AND includes the ongoing income of ex- | with island, and a big apen family room. Please & # cellent tenants! Olfers! view with : ‘ #6 6©6Csié« SOREN: FREDERIKSEN 984-0421 SOREN FREDERIKSEN 984-0421 33. CEDAR CHARM 17. COMING ALONG Tasteful old fashioned finishes set this new home & fl Brand new lower Pemberton family home: 3 BR, | a cut above. 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