LAVERNE THE donkey ambies up to visitors as they view a nativity scene set up at North Van-
couver’s Maplewood Farm. The seasona! drive-by light disp'cy can be seen from 3 to 9 p.m.

nightly until Jan. 3.

Mortgage credit up almost 2%

RESIDENTIAL MORT-
GAGE credit grew 1.9%, in
nominal terms, to $269
billion during the third
quarter of 1992, according
to a report released by
Canada Mortgage and
Housing Corp. (CMHC).
The third-quarter figure
compares to 2% and 1.6%
growth recorded in the se-
cond and first quarter
respectively.

The October issue of CMHC’s
Mortgage Market Trends reports
the growth of mortgage credit is
not forecast to accelerate for the
rest of the year as the advantages
of low house prices and interest
rates will be partially offset by
sluggish economic activity.

“In spite of very good affor-
dability, mortgage lending activity
will not pick up strongly until
employment and, hence, consumer
confidence are re-established,"
said Marc Pellerin, CMHC’s capi-

Safety tips _
when cooking
with grease

When cooking with grease or fat:
@ Avoid using open pans, if
possible.

@ If grease starts to smoke, it’s
hot enough to ignite. Reduce heat
immediately.

@ Never leave grease cooking
unattended.

@ Remove pan and turn off heat
if answering the phone or
doorbell.

@ Clean grease from burner pans,
stove top, fridge and walls regu-
larly.

If grease in pot or pan catches
fire: .
@ Smother the flames by covering
pan with a lid.

@ Turn off the heat immediately.
@ Use baking soda (flour can be
explosive} on shallow grease fires.
@ Never throw water on a grease
fire.

@ Never turn on an overhead fan.
This could spread the fire
throughout the entire building.

LY

tal markets economist.

Consumer preferences on mort-
gage lending practices are review-
ed in an article entitled ‘What do
borrowers like — the good the
bad and the ugly,’’ written by
Alan Silverstein, a Toronto lawyer
specializing in real estate and
mortgage financing.

The things borrowers like the
most in relation to mortgages are
convertible mortgages, portability,
and early renewal. What con-
sumers dislike the most is the lack
of flexibility in prepaying their
mortgage at low cost.

Despite what many people
think, just because a mortgage is
paid weekly or bi-weekly does not
automatically result in significant
savings for borrowers. Simply
dividing the total annual mortgage
payment by 52 for a weekly pay-
ment or dividing by 26 for bi-
weekly payment offers little sav-
ings to borrowers although
technically these alternatives are
still weekly and bi-weekly pay-

ment mortgages.

To accomplish savings, the
monthly payment must be divided
by four for a weekly payment or
by two for a bi-weekly payment.
Both these payment methods en-
sure that additional payments are
made each year, permitting the
borrower to pay a larger amount
of the principal thus reducing the
interest paid over the life of the
mortgage.

Issues of NHA  Mortgage-
Backed Securities (MBS) con-
tinued to surge in the third
quarter of 1992. Surpassing the $1
billion mark for the second
quarter in a row, issues totalled
$1,777.4 million through Li8 new
pools. This accounted for 26% of
the estimated increase in mortgage
credit outstanding during the third
quarter,

Two more articles on NHA
MBSs are featured: the return of
the 25-year fixed-rate residential
mortgage, and the prepayment
experience of Canadian MBSs.

Friday, December 18, 1992 — North S! 19

NV City considers
heritage nominations |

NOMINATIONS ARE now
being received for the City
of North Vancouver's 1993
Heritage Awards which
recognize groups or indi-
viduals who have made a
Significant contribution to
saving or promoting the ci-
ty’s heritage.

There are three categories for
the awards as follows:
® Residential Buitding Conserva-
tion: Honoring the outstanding
conservation of a residential
building or its landscaping.
@ Commercial Building Conser-
vation: Honoring the outstanding
conservation of a commercial
building or its landscaping.
@ Personal Achievement: Honor-

ing an individual or group for
outstanding achievement in sup-
port of heritage conservation in
the community.

Nomination and criteria forms
can be obtained at City Hall or
the North Vancouver Museum and
Archives. The deadline for sub-
mitting nominations is Jan. 14,
1993,

The 1993 Heritage Awards will
be presented at a Valentine’s Day
Heritage Brunch on Sunday, Feb.
14, 1993. The city encourages res-
idents to submit a nomination for
these important awards.

Nominate yourself, your
neighbor, or a heritage building or
project that has impressed you.

For more information call City
Hall at 985-7761, local 216.

Oriental Furnishings &

Home Accessories

s bbe! -3
Pearl Wail Panel

Reg. $199.00 .. Ni

Long-lasting
Gift
of
Great
Value

OW $99.00

A WIDE SELECTION OF

CHRISTMAS GIFTS

© Jewellery Boxes

° Porcelain Vases & Pots
® Cloisonne Wares

® Table Lamps

® Glass Bonsai

Solid Rosewood Nest
of Tables (set of 4 pcs.)
Reg. $349.00 $249.00

oe _West tt St.

® Rosewood & Lacquer Furniture

CAPILANO MALL 980-8920 |