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Page 2 THE HALTON HILLS HOMESTYLE Saturday July 28 1990 Less public protection plan could prove very unpopular TORONTO There a move afoot in North America to make people more responsible for the safety of their money The way it is now the Canada Deposit Insurance Corp covers deposits of up to WO a person at any one financial institution Bankers say this encourages peo ple to seek the highest return regardless of how sound the bank or trust company may be They are right Even so a move to less public protection will not be popular In the United States the Treasury Department itself wants to lower the limit on deposit in surance now 100 US The Department is like Canada s Finance Department The S government is facing the incredible billion US bailout of failed savings and loan institutions Canada has had its own share of bank and trust company failures there be more before the cur rent slowdown is over The sugges tion that depositors may be part of the problem rings true Yet not all financial institutions agree Indeed big and little ones have their own reasons for taking sides in the debate Making depositors shoulder more of the Dianne responsibility for the safety of their money would favor the Big Six banks The Canadian Bankers tion thinks it is a terrific idea The Trust Companies Association of Canada does not How can you expect a depositor to assess a financial institution when the authorities sometimes hae difficulty John Eans president of the Trust Companies Association He has a point But National Trust for example thinks the bankers are right After all it is the smaller trust com that cause a problem The bankers plan first set in 1985 runs like this Deposits would be fully insured up to Deposits of more than would be 75per cent in sured up to- After that depositors would be on their own This plan has the advantage of pro tecting small depositors No one expects changes to be made soon But if more financial institutions fail the heat will be on deposit insurance After all when banks and trust companies fail the taxpayer ends up footing the bill TROUBLING SIGNS South of the border the savings and loan bailout is beginning to hit home President George Bush said it was the reason he decided to raise taxes The disaster is spilling over into the US real estate market as desperate lenders try to unload foreclosed property We can t afford to have something similar happen here even on a much smaller scale A persuasive counter argument to the banks plan is that govern ment regulators should be able to keep financial institutions in line Instead they have failed miserably In some cases has not been for want of trying The problem is that regulators have too little power to catch ir responsible financial institutions in time Often by the time regulators get their hands on the financial statements of the regulated parent company the institution is insolvent There is no easy solu tion Real Estate Board was formed to protect property owners interests Well GO ago a group of real estate salespeople decided to form an association for the purpose of protecting interests of proper t owners while working to eleate the industn he of the public This practice has ed over the sears and to real estate boards are in operation across Canada But as the public usualh interacts with the members of the real estate board or Realtors and not the board itself chances are that the ac tual operation of such an mav be unknown to the average customer Here then is a look at a typical real estate board and the role it plays not just in the industry but in the as well The prime reason for a board s ex istence is the operation of a Multiple Listing Service MLS The MLS is a system through which information about properties for sale is made ac to all members of the board This provides for a greater exposure to broker offices thus increasing the opportunities for a speedy sale And through either direct computer cess or the printed version of the in formation Realtors have a superior selling tool at their fingertips working to match sellers and buyers MLS is also invaluable in providing statistical outlooks on the housing market status at given moment Equally as important in a board functions within a community or a region is enforcement of a strict Code of Ethics and high Standards of Business Practice The board pro vides a forum in which to adjudicate complaints and can in some cases impose or recommend disciplinary action as a result of improper business practices The interests of both the consumer and the board members are thus protected Another key function relates to education Once have received their real estate licence and have chosen to become members of the board Realtors can receive further orientation in areas such as career development the use of the MLS computer training and other for mative courses to the formal training towards licensing and specialization And bv liaising regularh with pnnincial the board maintains a proper of tools materials to en sure a high qualitv of education among its members Although these functions con the basis of operation of a real estate board other services in vaning degrees are also provided For instance the board can act as a resource centre for Realtors to research various economic and market aspects of the industry It can also provide its members with literature audi6 visual aids and other materials useful in their daily activities In all areas of the trv resale statistics are made available to help in determining a fair market value for an given type of property As well the board participates in Political Action Committee which is in fact an impressive lobby ing force that acts on behalf of both the industry and the consumer It monitors federal housing and laxa tion policj and issues of national concern such as housing income and sales tax reform and employment standards for the in dustry Similar efforts at the provin and municipal levels put valuable Realtor expertise at the disposal of policy makers In addition to its efforts on the legislative educational and economic fronts the board may also be involved in community services of various types The board either in programs or at least en courages its members to take part in activities that benefit charitable organizations and the community as a whole through programs such as Watch Much work is done by the members and staff of your local real estate board Next time you talk to an agent find out if he or she is a Realtor this means he or she is a member of the board subscribes to a strict Code of Ethics and Stan of Business Practice and has much to offer looking after your reai estate needs This article Is supplied by The Canadian Real Estate Association to benefit consumers in the housing market For more Information about the pure or sale of a home con tact local real estate board or iel in ouch with vour neighborhood Realtor Mora one At I 1 1 277 Survey Completed Wednesday July MORTGAGE RATES ANNUAL INTEREST SIX MONTH ME TWO YEAR THREE FOUR FIVE TRUST COMPANIES Canada Trust 1425 14 25 14 1425 1425 Municipal Trust N A 75 14 14 CHARTERED BANKS Bank of Commerce N A 14 1425 Bank of Montreal 14 14 14 14 14 14 Bank of Nova Scotia A 14 25 14 14 14 14 Royal Bank 14 1425 14 14 14 14 Toronto Dominion NA 14 14 14 1425 1425 This survey was prepared to help the Herald Homestyle readers track weekly Bank Trust Company rates Advanced House mirrors the future CODE jw 321 St Oltowo KIN W If you thought that being en vironmentally responsible and mg in an energy efficient home meant sacrificing comfort or style think again The Advanced house located in Brampton offers stateof theart solutions and a creative design for the future This 3 100 sq ft model home uses energy efficient technology from the roof to the basement According to Elizabeth White project manager The Advanced House is a small step towards environmentally responsible housing It demonstrates that new products and technologies many developed in Canada can dramatically reduce total home energy use without com promising comfort safety or style It was the job of five ARIDO Association of Registered Interior Designers of Ontario members to design The Advanced House interior and transform the initial empty space into a pleasing and livable home Aiello of Designs Con Margt of Margael Designs and Pat Saya of Anna Patricia Interior Design with the assistance of Virginia Warwick and Colette Anthon worked on the project for over six months and donated all design fees The designers wanted to prove that the high tech energy efficient features built into The Advanced House would not look out of place in traditional French country in tenor The design team worked almost entirely with donated pro ducts and materials including low toxicity paints and natural materials for furnishings and finishes wherever possible The result is a perfect balance between leading edge technology and ban comfort Then are J variety of ways to become energy efficient in your own The Advanced House offers practical and efficient solutions to everyday household demands on energy Here are some examples All appliances are smaller and more compact they use less energy than conventional ap pliances Windows are extra efficient at keeping the heat in triple glazed and make use of passive solar heating Natural lighting is maximized wherever possible with skylights Fluorescent lighting is used throughout the house which saves approximately of the energy of a regular incandescent light for ex ample one watt fluorescent bulb gives the same light as a watt in candescent bulb and lasts 13 times longer regular light fixtures were adapted to fit fluorescent bulbs High levels of cellulose insula made from recycled newspapers drastically reduces space heating and cooling energy The sun room floor acts as a solar collector which stores heat for the rest of the house The fireplace burns at very high temperatures and stores heat in the masonry The savings are impressive Total energy consumption of The Advanc ed House is of an equivalent conventional home built to Ontario Building Code standards Building these features into a new home will cost more initially but will be recovered over time through energy savings Many of the ideas from The Advanced House can be in corporated into your own home cither with slight modifications or during renovation The Advanced House located in Brampton is open to the public all year from p m to m Wednes day Thursday and Friday and from a m to on Saturday and Sunday