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72 ~ Friday, May 1, 1987 - North Shore News

Real Estate —

NEWS photo Stuart Davis

They're all winners

NORTH SHORE realtors were awarded recently for their achievments by the MLS Medallion Cub. The certificates were
awarded at the annual general meeting of the North Vancouver Real Estate Board at the International Plaza. Pictured are:
(bottom, t to r) Shyam Hira, Regina Schriber, Don Klassen, Nasser Fazii, Ron Chanick, Donald Boychuk, (centre, | to r)
Randall Eckert, Graham Macintosh, Jim Hendricks, Bernard Dietrich, Jake Penner, Karen Monsarrat, (back row, | to r)
Terzy Sadler, Craig Clark and Hal Laycoe.

Demand rises
for five-year
mortgages

DEMAND FOR | five-year
mortgage terms is increasing,
reversing a three-month slide
in the popularity of longer
term rates, notes the latest
Royal LePage Canadian
Mortgage Market Bulletin.

Data resulting from
placements with the Royal
LePage pre-approved mor-
tgage in March shows that
approximately 30 per cent of
clients chose five-year terms,
while almost 55 per cent
preferred terms of one year
or less.

From December, 1986
through February, 1987, on-
ly 15 per cent to 20 per cent
of all clients chose five-year
terms. Approxima.«'y 75 per
cent to 80 per cent of clients
opted for terms of one year
or less.

“The sudden increase in
demand for longer term
mortgages suggests that a
growing percentage of clients
believes that rates have bot-
toined,’’ said Oswald
Jurock, president of Royal
LePage Residential Real
Estate Services. ‘Our data
indicates that five-year terms
are favored by clients seek-
ing. new mortgages rather
than mortgage renewals. The
demand fer five-year terms
largely is being generated by
first time homebuyers who
traditionally seek the finan-

cial stability that longer
terms offer. With five-year
rates at a t4-year low,this
may be a wise move."

The majority of lenders
are offering one-year mor-
tgage rates at nine per cent
and five-year rates at 10 per
cent. These rates are one
quarter per cent lower than a
month earlier.

In the commercial mor-
tgage market, rates for ma-
jor leases and covenants also
have declined by up to one
quarter per cent compared
with the previous month,
Other commercial rates
declined by up to one half
per cent. These cuts continue
to fuel demand for commer-
cial mortgages in a numk+r
of Canadian centres, notably
metropolitan Toronto.

‘Metropolitan Toronto is
experiencing strong com-
mercial activity. This shoufd
continue, assuming
economic conditions remain
favorable,’ said William
Anderson, Royal LePage’s
commercial mortgage mar-
ket spokesman.

The Canadian Mortgage
Market Builetin is based on
information from Roval
LePage’s residential and
commercial real estate man-
agers across the country who
are in daily contact with the
Canadian money market.

THE STRATAMAN
INTRODUCES
AFFORDABLE TOWNHOMES
UNDER $100,000

112 ST. ANDREWS
NORTH VANCOUVER

Brand new 2 bedroum, 2-level townhomes located in lower Lonsdale in a 6-unit§
project. Contemporary tastefully appointed living, magnificent water, mountain §
A and city views and amenities designed for your comfort and convenience. Steps §
away from the waterfront, the exciting Lonsdale Quay with its public market
‘Band marina, and the Seabus. :

§ SANDRA MELVILLE

eX m1 Derm idge)
ty PROJECT BY
CALIFORNIA HOMES LTD.

A UNIQUE COLLECTION OF
55 NEW HOMES BUILT FOR
THE DISCRIMINATING FEW
WH) DESIRE THE BEST.

SHOW HOME OPEN
SATISUN 1-4

At the very top of
Underwood Avenue in ms
Lynn Valley \

WEEKEND HOSTESS _ .¥ %.

TRISH JENNESON MARYLIN TOWARD

922-5864 986-0060 926-5890