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House prices mortgages most attractive since GeorgetownActon Wednesday Nov by Mack Parliament Recessions like the one Canada is currently experiencing are periods of skepticism for some people but for others they are seen as periods of opportunity And this one presents every bit as much op portunity as the ones which preceded it Actually Canada has had six recessions since World War II of various duration and intensity The present one how ever is the most severe and the longest in recent memory Instead of prices coming down in a trou bled economic period they continued to rise Inflation continued apace eventually downgrading a dollar that was worth 100 cents in mi to only cents today Interest rates fall Now that la changing and some though not all prices are declining Inflation is receding That brings to the fore opportunity unity to make the cent dollar work der One the most welcome and important changes has been the steady decline in in terest rates which has occurred in recent months The Bank of Canada rate dropped to per cent We third week in October the lowest rate in several months The chartered banks have followed suit steadily reducing their personal loan and mortgage interest rates Of course when they reduce rates to borrowers which reached a peak of 22 per cent last year they also reduced the rates or depositors So savings now return fewer dollars in In With prime lend ing rates at 1375 per cent in October the return on deposits has skidded to per cent from 1715 per cent a year earlier Historically Cana have been In veterate savers and on average are removing 12 per cent of their dis posable income from circulation by locking it up In various forms of savings There Is now an op portunity for the savers to help dispel the grey clouds of the recession by spending some of the savings on postponed purchases Spending creates employment and the larger the item purchased the more man hours go Into Its production and even tually more money is placed In circulation creating even more jobs thus helping re cover from tho reces sion which have been ex tough pro duction year to put It mildly Sales of cars have slumped abysmally affecting the steel industry Con struction of new houses was at a seasonally ad justed rate of only in September seriously depressing the lumber building materials and appliance industries This was the lowest monthly housing starts figure in years It has occurred despite provincial aid pro grams the federal government S3 grant program to all buyers of new homes and first time buyers of existing resale homes and declining average prices According to Statis tics Canada the price of new homes lower than a year ago The average price of a de tached home in George town is listed at MS In Acton It is about The average price of existing homes has fallen even further Be tween August 1981 and the same month in the decrease was per cent dropping the average to 478 There are indications however the decline has bottomed out the past year mortgage Interest rates have followed the path taken by interest rates generally thereby undergoing a dramatic change and recent months staying on a steep downward track The oneyear closed mortgages have fallen from per cent in October 1981 to as low as per cent currently Rates for other types of mortgages have also declined to as low as 15 per cent for twoyear mortgages 1525 per cent for threeyear mortgages and 15 for five years The result savings to home purchasers are sub stantial age price of a resale home with a 10 per cent down payment of and the 000 federal grant there Is a pal balance of 59529 The monthly mortgage payment on this balance at last years per cent rate amortized over years would be 1 10 But as the current Interest rate this would drop to difference of per month a reduction of 31 per cent The saving Is even greater when the lower average price of homes today compared with a year ago is taken into account For 1982 Ontario Junior Citizens of the Year Meet orw of the twelve of the Year Award of JOEL ROWAN of Scarborough lost right log to cancer at the age of 13 But It t stop from skiing he took up Track Three skiing one on his left foot and two mora on the poles Joel has excelled in down hill skiing ever since A member of the Canadian Handicapped Ski Team Joel hope to be in the Olympics He also enjoys water skiing Do you know a young Canadian aged 6 to 18 who a Junior Citizen Award nominations are now being accepted by this newspaper Mi JUM0R CITIZEN COORDINATOR GEORGETOWN OPTIMIST CLUB The Omarto Junior Citizen of the Year Awards Program a joint project of the community newspapers of Ontario and CP Air Crown City a Realty Ltd In Hoc o4 Ctf OnirofthoptaucriKAY MAXWEUatB3M600