44 — Friday, October 31, 1986 - North Shore News Real Estate Why some mortgage markets are slower RESIDENTIAL mortgage demand, although strong and steady in the majority of Canadian markets, has slowed in a few areas when compared with activity levels of recent months. According to the latest Royal LePage Canadian Mortgage Market Bulletin, demanc’ for mortgages has tapered slightly in Edmonton and Ottawa. However, homebuyers and those renewing mortgages in other centres, particularly metro- politan Toronto, continue to place heavy demands on local mortgage markets, reports Royal LePage’s resi- dential spokesman. The company’s residential spokesmah notes that demand for five-year terms has lessened following an in- crease in longer-term rates in taid-September., Canada’s major mortgage lenders in- creased four, five and seven-year morigage interest rates by one-quarter of a percentage point. This caus- ed rates to increase to Tt, 11%, and 11% per cent, respectively, in the majority of Canadian mortgage mar- kets. “Earlier this summer, when longer-term rates reached the lowest level in eight years, we found that the majority of consumers were locking in for five years. However, following the increase in longer-term mortgage rates, we've notic- Boom year in MID-YEAR housing starts have confirmed builders’ expectations for a boom year in 1936. Cunada Mortgage and Housing figures released recently confirn: the forecast record building of single family homes as reported in the Pulse ’86 Survey con- ducted at the Canadian Home Builders’ Association (CHBA) Annual Conference. in Edmenton in February 1986. . Pulse '86 revealed that - builders were extremely op- timistic about the demand for new homes in 1986 and forecast a 29 per cent in crease in single family homes over 1985. This buoyant forecast exceeded that made by traditional in- dustry analysts. CMHC, in their mid-year report, confirmed builders* optimism with reports of an annualized rate of 199,000 housing starts to the end of the second quarter of the year. This is an increase of 29 per cent over the same period in 1985, exactly as ed a reversal of this trend. Approximately half of those applying for mortgages now are asking for six-month and one-year terms,"’ notes the residential spokesman. The company’s residential spokesman says the volume of activity in many centres is expected to remain “ex- tremely high" in the future. “For example, pemt-up demand for new and resale housing is so strong in the metropolitan Toronto area that we expect it will con- tinue to fuel mortgage activ- ity.” In the commercial market, he said mortgage funds have been mildly stimulated by the increase in longer-term rates. homes predicted in February by the Pulse Survey of builders at- tending the CHBA _ con- ference. The actual number of starts exceed the most op- timistic forzcasts by analysts and suggests that 1986 will be an outstanding year for the home building industry. The poll also indicated that builders expected new houses to increase in price by eight per cent. In fact, the overall cost of Canadian homes “has increased seven per cent. Discover — the pleasures ... al ‘Rensingio love of the North Shore went into these quality condominiums which offer you a secure, convenient and ™ quiet lifestyle. From the mountain views to the active harbour activities, the Royal Kensington sits ideally to take it all in. Whether youre enjoying the exercise room and whirlpool, ‘entertaining your guests, or relaxing at sunsets experiencing the spectacular view . There’s no place like the North Shore There’s no place like the Royal Kensington’ 2 bdrm from $90,000 1 bdrm from $72,000 5% MURB CMHC approved Free Interior Design Consultation These were built for you! Francoise Band Gerry Milligan Open daily 2-5 except Friday Fridays by appointment only 444 Lonsdale Ave. 985-9544 | legance Relax on the sundeck and experience the superb view — Bellevue Sunset, close to the ocean, a refreshing combination of quie! living minutes from select shopping. A home of tasteful comfort with elegant kitchens and bathrooms with a full range of high quality fittings and fixtures all complement the generous living spaces. Call us for an appointment at 925-1111 or visit our display suite Saturday, Sunday and Monday 12 noon to 5 p.m. Experience the ultimate in West Vancouver elegance. - SI 7 Sunset ¢ Bellevue Sunset 2433 Bellevue Avenue West Vancouver, B.C. Marketing by J. Dahlberg Realty Ltd. “BEAUTY AND THE BEST” 4386 COVE CLIFF RD. H Over 2500 sq.ft. of quality and care, main floor is bright with skylights, custom § g kitchen with oak cabinets, 3 good sized bdrms, master has dbl. closets & 2 pce. § Z enste, open liv rm with white marble f/p feature wall, loads of bright windows, § a main floor family rm with patio doors to large front deck, ground level bsmt totally § E developed with lovely liv rm, fip, oak custom cabinets, huge master suile, 4 § W pce. bath, 2 d/w, vac flow, and yes, your own private tranquil creek, immaculate § B yard & parking for at least 7 cars. THIS BEAUTY HAS A 1ST MORTGAGE OF : Bf S98,000 AT 10%. garett s. sinclaire res. 984-2222 TIRED OF HOUSING AROUND? CALL RE/MAX DS