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18 The Clarington Independent, Bowmanville, Saturday, July 16,1994 CMHC Releases 1993 Canadian Housing Stats THE ESCAPE CLAUSE Conditions were favourable in 1993 for first-time homebuyers, according according to the 1993 Canadian housing housing Statistics publication, released today today by Canada Mortgage and Housing Corporation. Their ability to buy was enhanced by mortgage interest interest rates at their lowest level in nearly 30 years and home prices holding steady in most areas of the country. Canadian Housing Statistics is published annually and is designed to bring together data relating to housebuilding housebuilding and mortgage-lending activity activity in Canada. Most of the data are derived derived from the operations of CMHC and from Statistics Canada. However, despite favourable interest interest rates in 1993, new housing construction construction was down 7.6 per cent, mortgage lending declined by 14.8 per cent and the value of those loans was 13.6 per cent lower than the previous previous year. Since federally insured mortgage approvals were up 12.8 per cent over the same period, the reduction was solely in the area of conventional mortgages. Chartered banks accounted for almost almost 60 per cent of the institutional mortgage lending on a dollar basis in 1993. Trust companies were next at 20 per cent, followed by loan companies companies at 9 per cent and life insurance companies at 6.5 per cent. Statistics Canada's New House Price Index rose by 1.3 per cent in 1993 after two years of relatively no growth. Land costs, primarily in Vancouver Vancouver and Victoria, are responsible for the increase. The construction cost component rose by only 0.8 per cent as sharp increases in lumber prices were offset by moderating labour labour costs. With regard to other housing costs, the rent index rose by 2.2 per cent while the homeownership component component rose by 0.2 per cent. Within the homeownership index, there was a 4.9 per cent decrease in the cost of carrying a mortgage while property taxes and insurance premiums rose by 7 and 4 per cent respectively. When a Purchaser needs the equity in his present property as a downpayment on a new home, you, as the Seller, may be faced with entertaining an offer conditional on the sale of the Purchaser's property. Many Vendors may be reluctant to accommodate such an offer. If it contains an ESCAPE CLAUSE, however, it should not affect the salability of your home. This clause permits you, the Vendor, to CONTINUE MARKETING YOUR HOME, while your purchaser is trying to sell his, rather than removing your home from the market and excluding other prospects. In the event that you receive another more acceptable offer (usually an unconditional one) then you so notify purchaser number one (in writing). If he is unable to remove ALL conditions in his offer within the time allotted in the Escape Clause - usually 24 to 72 hours, then his offer becomes null and void and you're at liberty to accept the second offer. Accepting a conditional offer without an Escape Clause is just one of the common errors made when marketing your home privately. In a declining market, this little oversight can mean considerable financial loss. To avoid this and other costly pitfalls when selling your most valuable asset, entrust a Real Estate Professional with the sale of your home! Your questions and comments are always welcome. If you're thinking of buying or selling in 1994, put my fourteen years of experience to work for you. I can be reached at Family Realty 2000, Ltd., 1 King St. W., Bowmanville, 623-2000 (24 hr, pager). ' & FRANK REALTOR W. FRANK REAL ESTATE LIMITED 234 King Street East, Bowmanville Telephone 623-3393 Toronto Line 686-1035 Management and Staff of W. Frank Real Estate Limited, Bowmanville, arc pleased to announce and welcome DIRK WOUDSTRA to our Sales Team. Born, raised and residing in Bowmanville, Dirk has been a licensed full time Real Estate Representative for over 18 years. DIRK has enjoyed a very successful real estate career and feels that by joining our office he will be able to better service his clients and customers. DIRK invites all his past clients, customers, friends and acquaintances to call him for professional, competent service. You can reach DIRK at the Bowmanville Office 623-3393 or at 623-1336 residence. Dirk Woudstra* © FAMILY REALTY Family Realty 2000 Ltd. 1 KING STREET WEST, BOWMANVILLE, ONTARIO L1C1R2 Toronto Line: (905) 683-11 T9 • Oshawa Line: (905) 404-1377 623-2000 Alf Annis Owner/Broker §§|f!f i $124,900 Totally Refinished 4 bedroom semi with gas heat • Wilmot Creek Retirement Village 2 bedroom • Florida Room • Immediate Possession WOW!! $126,900 4 level backsplit, double garage on large lot. l YOU CAN'T GO WRONG!! f Edna Hamel Sales Representative Sunday, July 17 2-4pm 213 Wilmot Trail S5X.OOO Betty Smith Manager nmffion Wilmot Creek - $84,800 k Backing on Golf Course & lake, f fabulous view from south-facing Florida Room & huge deck, 2 bdr., 2 bath, forced air heat w/cen. air. Monthly fees incl. use of all exec, facilities. IUST LISTED Albert St., Bowmanville $138,900 Very nice 3 bdr. backsplit w/comb. det. gar./wkshp. . Sep. din. rm., rec. room É w/wood stove, close to " hospital & schools. COUNTRY L8VSNG AT STS VERY BEST! ^ 4 bdr. home, 1.13 acres, -, ' heated wkshp., 2 stall .ixm*,," mi bam. LOW TAXES, LOW PRICE. A Call Ann Simpson ■WfiSIl 1 tor more details. saw m EXCELLENT VALUE! 3 bdr. home in Courtice on 66 x 660' k level lot. Newer furnace, windows. V Priced to sell at $134,900. Call Ann Simpson. Sales Representative [ OPEN MOOSE « Sunday, July 17 » 2-4 pm 5605 Old Scugog Rd., Hampton Bob Craig Sales Representative REDUCED TO $164,500! 5 bedroom century home in Hampton Village. Family room open to kitchen with wall to wall fireplace, pine floors, ensuite off master, 2 car garage with loft 'fJJ' : lÜS ............ ~ ~ ~~ I!!■■■■ Ilk. 1 mmm $99,000 Detached 1% Storey New roof, new siding, new oak kitchen, single A detached garage, 1 quiet dead end street. àrol HÜimai. Sales Representative $ 124,900 * Super Starter 2 kitchens, 2 baths, new plumbing & wiring, separate entrance to k basement, walk to all amenities, f