NEWS photo Nail Lucente FRED FENNINGS (left) was presented with a feather portfolio as part of a recent Bank of B.C. promotion. Offering the gift is Jeff Dowle, vice-president of the bank's B.C. region. high i in urban areas A GROWING number of metro- _ politan centres have high rental vacancy rates according to the results of Canada Mortgage and Housing Corporation’s (CMHC) April 1993 vacancy survey. In April, 16 markets had a _ vacancy rate of five percent or more, up from 11 markets in Oc- tober 1992. Overall, 21 of 26 rental. markets surveyed in April had a vacancy rate of three per- cent or higher. ““As @ general rule, a vacancy “ pate: reaching three percent pro- vides renters with a reasonable choice. When rates exceed. five percent for a prolonged period, choice gets better, but new fental construction is discouraged,” ex- _plained Greg Goy, manager “of “Jocal market analysis for CMHC. Overall, more renters are ‘mov- ~, ing .out and. buying homes, Goy added. “Low ‘interest rates - ‘and two popular federal housing programs — the five /Percent ‘downpayment and RRSP withdrawal plans — have allowed many renters to™ become homeowners in the last six months, thereby freeing up rental units.’” In addition to these two na- tional factors, regional and local market factors have also caused vacaticy rates to change. In Vancouver and Victoria markets, vacancy rates in April were two and 2.1% respectively, up from 1.6 and 1.5% in October. An increase in renter mobility. that occurs each spring and first time buyer activity accounted for much of the increase in these cen- tres, Continuing employment growth and high immigration kept vacancy rates well below those in other areas. CMHC’s semi-annual survey is conducted in April and October to provide vacancy -information on privately initiated apartment Structures of three units or more in 26 metropolitan areas. National housing starts bounced back in April -NATIONAL HOUSING | starts bounced back 15.1% in April to 170,200 units at a seasonally ad- justed - annual rate (SAAR), up from a revised March level of 147,900 units, reported Canada Mortgage and Housing Corp. (CMHC). : In urban centres, starts of single-detached dwellings rose to 68,400 units SAAR, up 13.2% from a level of 60,400 in March. “Multiple unit construction was up 15.3% to’ 73,800 units, from a level of 64,000 units in March. “The recovery from severe winter weather was widespread, with all regions, except for the al- ready strong B.C. market, report- ing improved activity,’’ said Gilles Poulx, chief economist at CMHC’s Market Analysis Centre. “And since both single and multiple unit construction posted increases, it’s safe to say April’s gains were solid.”’ For the third consecutive month, Ontario starts rose slight- ly, to 42,700 units SAAR, up from 39,300 units in March. The increase in construction of single-detached dwellings was partly offset by a lower amount of multiple construction. Within the See A good page 28 (ATRIMONIA’ “Over Thirty Years Combined Experience” Authors of DOMESTIC CONTRACTS A Book on Marriage and Separation Agreements. @ CUSTODY @ MAINTENANCE 88 PROPERTY @ MEDIATION 1412 - 925 W. GEORGIA ST, VAN., B.C. (CATHEDRAL PLACE) PHONE 682-4999 KIRSTIE MACLISE Your last shot at a charter membership. Blasting o out of the sandtrap on the 14th green. 1's so speetacular here the challenge is keeping your eye on the ball. We're just putting the final touches on what is definitely the most beautiful] club from sea to sky on earth. You absolutely have to see it for yourself, We recommend haste. After June 30th our full privilege memberships go uP from $30,000 to $36,000. Just 10 minutes north of Lions Bay, Furry Creek was designed by world renowned Robert Muir Graves. The par 72 course opens Saturday, July 31st, 1993. If you’ve been waiting to join the perfect club, your wait is over. Picture yourself in the incredible Members Clubhouse looking out at the waterfall or socializing with the members in front of the fireplace. This will be the club. For an appointment to view Furry Creek and beat the June 30th deadline cali Membership Sales at 689-0169 or 689-0189. You can fax us at 684-4782. Or if you like, drop by our Membership Office at the golf course. Our staff would love to chat with you and show off the club. It could change the course of your life.