Real Estate

Mortgage demand
remains strong

MORTGAGE MARKET ae-
tivity continues Strong
despite recent increases in
mortgage rates of up to a
full percentage point.

According to Royal
LePage’s - latest Canadian
Mortgage Market Bulletin,
mortgage rates now range
“from 11% per cent for one-
“year terms to 13% per cent
for five-year terms.
: While most home buyers
haven't retreated from the
marketplace, they are opting
for shorter mortgage ‘terrns,
says Don Hewitt, Royal
LePage’s residential mor-
tgage spokesman.
* “We've seen an increase
‘in the number of two and
three-year terms taken in re-
- cent weeks, which is
~ “understandable—three-year

A steal at $3.9

terms are 12% per cent and
(wo-year terms 1] % per cent
in| most centres," Hewitt
says.

Commerciai market activ-
ity also remains steady.
However, ‘if rates continue
their upward trend, activity
can be expected to decline as
investors begin to retreat or
use other forms of financ-
ing,’ says Bill Anderson,
commercial mortgage
spokesman for Royal
LePage.

“Demand for commercial
Mortgage funds increased
significantly in the new year
as it became apparent mor-
{gage rates had bottomed.
Much of this increase is the
result of re-financing, but an
increase in commercial tran-
sactions, as well as com-

ALL THAT. glitters is not necessarily gold.
Sometimes, it’s just a jewel of a home, sitting ona
sandy stretch of private beech on the Pacific
Ocean, carrying a price tag of $3.9 million.

_ “Designing and building
of the West Vancouver
home, by architect Paul
Grant of Grant and Sinclair
Architects, took more than
two years,’’ according to Bei-
ty Ergas, who along with
Norma Stewart are the listing
sales representatives with
Royal LePage’s 105 Kapilano
‘100 Mall office. ‘In the in-

terest of creating an almost
utopian surrounding, no ex-
pense was spared and no
detail was left unattended.”’

The West Vancouver pro-
perty, one of the most expen-
sive homes currently listed
for sale in Canada, is situated
on 165 feet of prime water-
front that includes both a
boat house and a_ beach

panies arranging for interim
construction financing, also
have been factors,’’ says
Ariderson.

Both the commercial and
residential sectors report an
adequate supply of mortgage
funds.

The Canadian Mortgage
Market Bulletin is based on
information from Royal
LePage’s residential and
commercial managers across
the country who are in daily
contact with the Canadian
money market.

Royal LePage, Canada's
largest diversified real estate
services organization,
employs more than 9,000
people in approximately 330
locations in Canada, the
United Siates and Western
Europe.

million

house.

‘When designing the
home, it was the combined
desire of both Grant and the
owner to maintain the land-
scape,’’ she said. **The three-
year-old home sits on almost
one acre of park-like grounds

-with tree-shaded pathways."

To preserve the land and
keep the construction from
dominating the scenery,
Grant utilized a design

See page 20

ch - exceptional purchase oe A

_hew home on a ‘4 acre Jot

«. Starting from

$169, 900.00 ©

Sales office
open Sat.-Wed.
Afternoons
call Bryce Leigh

at 922-7011

3910 Sharon Drive

THE
SHARON
ESTATE

MARKETING RY DAHEBERG REALTY TED

7 - Friday, March 15, 1985 - North Shore News

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