* 62 - Friday. May 20,1994 -- North Shore News

REAL ESTATE

Canadians bought homes
in record numbers for ’93

RECORD NUMUERS of
Canadians bought homes
with NHA mortgage insure
ance fast year, according to
Cang Mortgage and
Housing Corporation’s 1993
Anaual Report, tabled in ihe
Youse of Commons today by
the honorable David C.
Dingwall, minister responsi
ble for CMHC,

More than 296,000 house-
holds bought o home with

~CMHC mortgage loan insur-

ance last year, “Mortgage
loan insurance, and in partic-
ular the 5% down payment,
have combined with record
low interest rates and rela-
tively stable house prices to
encourage many Canadians
to become homeowners,”
said CMHC President
Eugene A. Flichel.

Through the First Home
Loan Insurance Program,
with down payments as low
as 59%, almost 78.000 house-
holds moved into their first
home Jast year, two to four
years earlier than they would
have without the program.

Since its introduction
almost 40 years ago, CMHC
mortgage loan insurance has

assisted more than 3.5 mil-
lion Canadian households
buy a home sooner by reduc-
ing the amount of the
required downpayment.

_ CMHC’s popular invest-
ment vehicle, NHA Mort-
gage-Backed Securities
(MBSs), also had another

2 Bedroom

record year, with $6.6 billion
in issues, Besides offering
high interest rates and securl-
ty, MBSs benefit hamebuy-
ers by increasing the pool of
funds available far mort-
gages, Demand for the prod-

66 Since its
introduction almost
40 years ago,
CMHC mortgage
loan insurance has
assisted more than

3.5 million... 99

uct is expected to continue
growing.

By lending mortgage
funds directly for social
housing projects, CMHC will
save an estimated $120 mil-
lion over four years by get-
ting even lower interest rates,

To fund corporate require-
ments, including the direct
lending program, CMHC
launched its: first medium-
term borrowing in capital
markets, a $1 billion, 6%
five-year global bond.

The issue was very well
received. It was priced at a
spread of 15 basis points over
the benchmark Government

Condominium Apartments
up te 1057 sq.ft.
starting from $179,500.

Features include:

‘« Many units with panoramic
city and mountain views

* Gas fireplace with marble hearth

and surround

* Ensuite bathroom with

walk-in ceramic tiled shower

_® European-style kitchen cabinets

° Superior soundproofing

* Large spacious patios on the

ground floor

Special Amenities:

¢ Fully equipped fitness centre

* Billiard room

* Social and meeting room

* Secured underground parking

of Canada bond, reflecting
the Corporation's AAA cred-
it rating, thus setting a prece-
dent of lawissuanee costs for
Canadian Crown borrowers
on international markets,

As the federal govern-
ment’s housing agency,
CMHC also works with its
provincial and territorial
partners to deliver housing
targeted to households in
need, and manage Canada’s
stock of almost 660,000
social housing units efficient
ly. CMHC helps address the
housing needs of special
groups such as seniors, abo-
riginals aad persons with dis-
abilities,

Last year, more than
24.000 additional households
were helped through
CMHC's social housing pro-
grams: 22% higher than
planned. “This attests to
CMHC’s commitment to
maximize delivery despite
declining resources in an era
of fiscal restraint,” said Mr.
Flichel.

As part of its role as an
information company,
CMHC focused last year on
identifying opportunities for
ihe sale of Canadian housing
products and expertise in the
global market. Following ¢
successful workshop on
housing opportunities in
Eastern Europe, CMHC start-
ed consultations on export
strategies for Canada’s hous-
ing industry.

~ “Laura Ashley" styled interior
A -- Hardwood floors
4 — Totally private west facing yard

— 10' Ceilings — 2 F/Ps
— 4 Bedrooms + den

4303 LIONS AVE., NORTH VAN,

4

“BRAND NEW TRADITIONAL”

4 — Sunny soutliside lot .

& — City & ocean view forever
fl — Approx. 5000 sq.ft.

B — Hardwood floors

89 E.

—5 bdrms + den, rec roorn,
— Private backyard
~ Pick your colors now

RAEMAR

Fam. rm.

NEXT 5 BUYERS CAN SAVE UP
TO $250 PER MONTH FOR ONE
FULL YEAR!

Down Payment:
Monthly Mortgage:

$8,975 (5% Cash)
$1,385

(3 Year 8.75% Mortgage Term)

Taxes:
Maintenance:

0
0

There has never been a better time to buy your own home, or
move up into something special. Gables West offers the best
in value, style and location on the

North Shore.

This special offer makes
owning your own home
even easier ~ for more
information call:

James Askew

Pager: 623-0718

Sates Office: 988-2433:

855 West Sth Sireet

North Vancouver

Open Daily: noon - 5p.m.

Closed Fridays.

MACLEAN

“MANAGLMWENT Oe >

NEW @PHOM:
CRIME 0: