photo Stuart Davis

A BULLDOZER prepares the site for a new home in the Tempe Heights subdivision in

the City of North Vancouver.

Rate decline fuels demand
for short-term mortgages

DECLINES IN mortgage
rates are fueling demand for
shorter-term mortgages, ac-
cording to the latest Royal
LePage Canadian Mortgage
Market Bulletin.

Data generated by place-
ments with Royal LePage
Pre-Approved Mortgage
shows that approximately 60
per cent of clients are choos-
ing terms of one year or less,
while 20 per cent are choos-
ing five-year terms.

“During the second and
third quarters of 1986, the
majority of our mortgage

customers were committing
to five-year terms, largely
based on the perception that
such rates had bottomed,”
said Oswald Jurock, presi-
dent of Royal LePage Resi-
dential Real Estate Services.
“At present, the majority of
homeowners believe it is
more advantageous to
choose shorter-term rates.
We believe, however, that
individuals who require
greater financial security
should consider the advan-
tages of longer-term rates,
given that five-year terms

now stand at a_ nine-year
low.”

Strong demand for six-
month and one-year term
mortgages follows a series of
morigage rate cuts by
Canada's lending institutions
in January and February.

Six-month mortgages are
eight per cent in the majority
of markets, while one-year
rates are 9% per cent. Five-
year rates also have declined
to 10% per cent in most
markets, one-quarter per
cent lower than a month
earlier.

Bae Mi...

oY - Friday, March 27, 1987 - North Shore News

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