=

‘applied more. to

- construction,
Canada. Mortgage and

REAL ESTATE

BF)

PRIME MINISTER Kim
Campbell recently an-
nounced a five-year exten-
sion on the First Home
Loan Insurance (FHLI) pro-
gram, which permits home
buyers to purchase their first
house with a downpayment
as low as five per cent.

Over the last 18 months,
about 110,000 Canadian
households have bought
their first house with a fed-
erally insured downpayment
as low as five per cent,”
said Paul Dick, the minister
responsible for Canada
Mortgage and Housing Cor-
poration (CMHC).

A recent survey of Cana-
dians. who bought a home
with less than 10% down

' showed that almost 76,000

households would not have
been able to purchase their
home when they did without
the FHLI program.

Of these who could have
the
dowrpayment: of their
homes, 80% indicated that

BRITISH COLUMBIA
leads the nation in housing
according to

Heusing Corpo ration
(CMHC).

Housing starts in. August
were 4,220 units and. year-
to-date starts were 25,499

; Units in urban B.C. Both

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they used the extra funds
for home-related improve-
ments, expenses and fees.

“The program’s popu-
larity has greatly exceeded
our original expectations
when it was introduced last
year. It has increased acces-
sibility to homeownership
without added cost to gov-
ernment and has enabled
more Canadians to invest in
a home to build -equity,”
Dick said.

As of August 1993, the
FHLI program has gener-
ated $10 billion of residen-
tial activity in the housing
market across Canada.

The program will continue
to expand access to home-
ownership while supporting
economic growth and job
creation within the residen-
tial construction sector, said
Dick. ,

When introduced in Feb-
ruary 1992, the two-year
FHLI program reduced the
minimum 10% downpay-
ment requirement for feder-
ally insured mortgages to

figures were the highest of
any province.

The condominium sector
has been the driving force in
housing construction:

“The numbers reflect not
only the strength of the
B.C. housing market but
also the weekness in other
provincial markets,’’ . said
Helmut Pastrick, senior ad-

parkiand

ILI program extended

five per cent for first-time
home buyers.

{t was intended for people
who could afford the
monthly mortgage payments
but had difficulty saving the
minimum 10%,

Respondents to CMHC’s
survey said that a number of
factors were instrumental in
affecting the timing of their
home purchase, the most
important being mortgage
tates, the availability of the
FHLI program, home prices
and borrowers’ household
incomes.

The FHLI activity repre-
sents 36% of the total value
of homeowner foans insured
under the National Housing
Act, by CMHC, during the
same period.

CMHC figures show that
households buying a home
with. a five per cent
downpayment are cautious
in assuming mortgage debt
and do not carry higher debt
loads than regular CMHC
business.

“

_ BC. leads in nat’! housing starts

viser, market analysis for
CMHC B.C., Yukon region.
“Starts are on a record pace
in B.C. this year.’’
Nationally, housing stip-
ped to 153,000 units at a
seasonally adjusted “ annual
rate (saar) from a revised
161,700 units saar in July.
Ontario and Quebec’ starts
turned down in August.

« Chartwell - 4 level split level contemporary
¢ 3 bedroom - 3 baths
« Cul-de-sac location bordering creek &

« Up to the minute decor

* Black bottom poe! & jacuzzi

eoneey

Boose

* Extensive decks & patios

3010 CAPILANO ROAD
SPOTLESS & SPACIOUS
* 4bdims + den, 2% baths
¢ Private, level, ‘vell-landscaned yard

* Separate master suite

* Well priced

¢ Adelightful home

Emerald Manor
First time offered! 58 suites

: City and Water -
~ Views Availabiel! ,

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Sales Office: 983-0685
360 E. 2nd Street, North Vancouver
Sat. & Sun..1-5 MW Th 4-7

Pauline Birch
Colin Foo

Mirza Kassam

Linda Lait

1220 DUNCAN ST., WEST VAN.
OFF JEFFERSON (between 14th & 15th)

« Some ocean view
* Double garage
* Huge sundeck

* 3,000 sq. ft
«5 bdrms, 3 baths
« Family room
* Recreation room

$129,900

#53-1825 PURCELL WAY, N.VAN.
CAPILANO COLLEGE CONDO

* Best price in area

© 2level— 1 bdrm — 2 balconies

* NEW ~ Appliances, baihroom, paint, floor
coverings

* PETS OKAY « HUARY!

Sussex Group - Joy Realty Incorporated

2464 Haywood Ave. West Vancouver

Lonsdale Ave.

Lonsdale Quay
Seabus Terminal

WESTHILL VISTA to
2611 WE: TRILL WAY, WEST VAN.
* 3,150 sq. ft. :
* Luxuricus * 2 Bedraorns & Den .,
¢ Huge rooms ~ perfect for entertaining
¢ Spectacular VIEWS
* Exclusive GATED comraunity
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WATERFRONT PENTHOUSE
#304-2190 ARGYLE AVE., WEST VAN.

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