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lortgage rate dip beosts sa

HOMEBUYING IS _ becom-
ing more affordable this year
due to falling mortgage rates,
according to the Canadian
Housing Markets report,
released recently by Canada
Morigage and Housing
Corporation (CMHC).

- During the | first six
months of 1995, an average
of 30% of those renting were
in a position to buy their first
home. This is up from 27.7%
in the last half of 1994.

continuing to bring down
monthly payments and by
July, 36% of renters could
afford a staner home,” said
CMHC market analyst Dan
Guerrette. ‘Slow price move-
ment, ample supply and sta-
ble mortgage rates will keep
homes affordable for the rest
of 1995.

Chicoutimi has the most
affordable average starter
home price in Canada at
$67,000. Just over half of

to buy a home. By contrast,
Vancouver has the most
expensive average = starter
homes at $188,000 and just
20% of renters in that city can
make the move into home-
ownership.

“Falling rates, flat house
prices, and the construction
of more modest hemes have
given the first-time buyer a
wide selection of starter
homes to choose from in
most centres,“ added
Guerrette.

Half the new homes sold
in the first six months of 1995
went for prices first-time
buyers could afford.

In addition, nearly half of
the homes on the resale mar-
ket in June were affordabie to
first-time home shoppers.

Loan approvals under
CMHC’s First Home Loan
Insurance (FHL!) program
have increased since the first
quarter of 1995 in response to
a 2% drop in mortgage rates
between March and July.

les

This is seen as a key indi-

cator of first-time buying vol-

umes.
The latest edition of
Canadian Housing Markets
also has a profile of first-time
buyers who bought with the
help of the FHLI program.
The data helps builders and
realtors learn who first-time
buyers are, what they are
buying and how they are
financing their first homes.
FHLI's introduction in
1992 improved: downpay-

ment affordability. In fact,
45% of FHLI buyers would
have delayed buying three or
more years had they needed a
conventional mortgage which
requires a 25% downpay-
ment.

The findings also show
that during 1992-95, more
and more buyers had house-
hold incomes under $50,000.

This means that owner-
ship markets have been open-
ing up to larger segments of
the -population due to
improved affordability.
During the same time, more
single person houscholds and
older Canadians were buying
homes for the first time.

“Mortgage rate relief is Chicoutimi renters can afford

Roger
Jung
657-0645

WHISTLER OPPORTUNITY!

This large home is located in the desirable Whistier Highlands, ski-in and ski-out location at
@ Whistler Creek, 9-12 bedrooms, 5 bathrooms, approx. 3400 sq.ft. on four leveis/ Excellent for
large extended family (or friends), part for employee housing, potential B&B operation, or revenue
% Seant This is a rare tind, only 16 years old, some updating being done now. 2605 Whistler Road. §
4 $680,000. :

$77.1 million is spent each year on personal air travel

and package tours by the North Shore residents.
To reach this market of globe trotters, place your ads
where the readership is.

Cali Roger 657-0645 in Van. or Lynne at Whistler 932-2300
Fireplace inns, Studio apt. Last one eft! $78,500

NORTH VAN, MAGNIFICENT VIEW

«. at this 14th floor, concrete hi-rise at Ocean Vista, lower Lonsdale, close to SeaBus and the

ANTHEA
YEO.
929-0693

SHEILA
‘COLVIG

. MILLION DOLLAR VIEW :
Estate sized 20,000 sq.ft. lot. Contemporary home with Halian marble, lois ot glass, skylit island is
kitchen, 4 beds, 4 baths (2 ensuite): , p
OPEN SUN 2-4

BRECKELS
Agent 9.15
924-0693
.» DAN
‘MORRISON |

1 #17-3634 GARIBALDI DR.
(OFF ROCHE POINTE DR)

COMPARE! You won't. find,
BETTER VALUE! From the 3-4
bedrooms, the den, 2.1/2 baths,
spacious eating area, family rm off
kitchen to the finished rec room with |
“wat bar make, this'2440 sq.ft. END
UNIT the right choice. Skylites, 2
‘gas tiraplaces (s-0-0-0 comtart-
able), ground level front entry, 2 car
parking, plus the Quality finishing
- craates absolute VALUE. for this
FULLY completed SIG, BIG, BIG:
TOWNHOME, Price for action at
$299,900! :
Calt TOM; ‘BRECKELS or DAN
MORAISON for more details, or
your own private showing "

° + Private Individual root gardens with panoramic views
je Private secure, 2 car garages
y ° Beautifully appointed throughout

* Vaulted ceilings, skylights ¢ Large rec roam

8 Up to 2000 sq. ft. * New luxury townhouses

- Starting at $284, 900. incl. GST

Dispiay suite open daily 12-6om (EXCEPT FRI)
', 233 EAST 6TH ST. NORTH VAN

DAMMHOLZ ESTATES INC..

SHARON POTSCHKA -
473-81 54 direct, 224-6558 off,

no