iday, July 15, 1994 - N

PRTC COE SOT SE ETT

orth Shore News

Mortgage credit grows

RESIDENTIAL MORT-
GAGE credit increased by
almost 2% in the first quarter
of the year compared to
1.2% in the fourth quarter
1993 reports the latest edi-
tion of Mortgage Market
Trends that was recently
released by Canada
Mortgage and Housing
Corporation (CMHC).

“The first quarter activity
supports our overall projec-
tion of 8% to 9% mortgage

credit growth this year,” stat-
ed Mare Pellerin, CMHC’s
Capital Markets Economist.
“While the first quarter
growth reflects a stronger
resale market and higher
average prices, the pace of
mortgage credit growth
remains modest.” he added.
While lending activity
accelerated during the first
quarter, secondary: market
activity slowed. New issues
of NHA mortgage-backed

securities (MBS) totalled 73
pools valued at $720.5 mil-
lion,

By comparison, 98 pools
totalling $1,571.3 million
were issued during the last
quarter of 1993,

The decline in activity
was mainly in the single res-
idential-unit pools which
reflects that more home buy-
ers ure selecting less expen-
sive shorter terms rather than
five-year mortgages.

ZAMIS

623-5525

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CALL MELVIN

EAS
NEWS photo Paul McGrath

THE TELL-TAIL signs of Caneda Geese — funny foctprints and feathers — were
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