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"The rise in new home affordability is primarily due to the big drop in mortgage rates in the last four years, and also reflects the industry‘s efforts to build smaller, more affordable houses," said Duerden. Lower priced resales are also abunâ€" dant. In 21 urban areas, more than half of the active listings are within the price range of potential firstâ€"time buyers. The most and least affordable markets are on the nation‘s coasts. St. John‘s remains the most affordable centre, where 52.6% of renters could afford an average priced resale starter home in the second half of 1993. Vancouver, at 20.9% of renters who can buy, and Victoria, at 9.6%, remain the most costly centres as demand keeps house prices up and affordability down. "Most firstâ€"time buyers think new housing is out of their price range. Times have changed and that‘s not necessarily the case anymore," explained Kirk Duerden, Market Analyst with CMHC‘s Market Analysis Centre. "Not only is there a good supply of starter homes, in many markets, the share of renters who can buy them has also grown," said Duerden. Growth in potential homeâ€"buyers was strongest in southern Ontario, where prices of resale starter homes have been falling in several centres. In Toronto, the ore firstâ€"time buyers are findâ€" ing new housing an affordable option, according to Canada Mortgage and Housing Corporation‘s (CMHC) Canadian Housing Markets report, released today. A new CMHC affordability indicator shows that in 25 of 26 major urban areas, newly built single and semiâ€"detached homes were more affordable in 1993 than in 1989. The percentage of renters who can afford to buy has risen in 23 of 27 centres in the last year and hit new highs in 15 areas. Housing now affordable for more firstâ€"time buyers ELIZABETH DOYLE* © (416) 329â€"5122 NICK MONACHESE* © (416) 540â€"6718 AN INDEPENDENT MEMBER BROKER Member of the Oakville/Milton District plus Toronto Real Estate Boards... sufton group â€" people properiies inc. ETH DOYLE* © (416) 329â€"5122 PAUL SCHELL* © (416) 720â€"3535 share of renters who can buy is at a record high of 31.6% â€" five times the 1989 level. The average monthly carryâ€" ing cost of a resale starter home in Toronto has fallen from $2,032 in 1989, to $1,450 in 1993 â€" a savings of nearly $600. "The combination of low mortgage rates and stable or declining house prices, have boosted both the percentage of renters who can afford to buy and the selection of affordable homes in many area," said Duerden. WITH EXPOSURE TO OVER 23,550 MEMBERS Warmly Welcomes * Sales Rep. * *Assoc. Broker An expenienced Oakville Real Estate Sales Professional Unique layout, main floor family _ Approx. 2,400 s.f., F/P. Over $100,000 laundry room. $ 1/2 baths, 3 bdrms., _‘ in upgrades., separate dining room ., fully fenced, large lot. top of the line builtâ€"ins. S An awardâ€"winning husband and wife team, consistently muiltiâ€"million dollar producers at your service â€" 48 Hours a Day. Res. 827â€"6286 or 24â€"Hour Pager 329â€"5019 Main floor den, épen concept Separate Dining Roomn, large kitchen, 3 kitchen./family room., ceramics, bdrms., hardwood cerar;rsfc floors, rec. skylight, 4 bdrms., neutral tones. room, w/ brick FP., new windows, pool OVER 2,800 SQUARE FEET | | © 1994 ArtPress International Gordon Pape is a financial author and broadcaster. On the Money provides general informaâ€" tion on money management. For specific advice, consult an appropriate financial professional OVER 1,700 SQ. FT. 1 G. WALTER DeMARZO Avoid tax return mistakes Over 60% of taxpayers received refunds last year. You can speed up your refund â€"â€" and perhaps get a little more back â€" by avoiding mistakes. PAPE‘S TIP: "Errors on your return can mean processing delays of as long as several weeks." Math mistakes, especially calculating ies M tax credits, surtax and nded to taxpayers total tax payable. qr 1992 tax year e Failing to apply for the _ Reverve Canada GST tax credit. ®@ Improper RRSP deductâ€" Unless your taxes are ions. Only you and especially complex, it‘ your spouse can conâ€" _ not worth paying som tribute to your RRSP. _ one to fill out your ® Only tuition fees over _ return. You are more $100 at same instiâ€" likely to find that extra tution can be claimed. _ credit to claim yoursel n floor den, Jpen conce $199,900 _ _ $499,900 10 it main flanr famils mssc s t/n ol k84 Unless your taxes are especially complex, it‘s not worth paying someâ€" one to fill out your return. You are more likely to find that extra credit to claim yourself. Average tax refund $12.0 pittion AN INDEPENDENT MEMBER BROKER Member of the Oakville/Milton District plus Toronto Real Estate Boards... WITH EXPOSURE TO OVER 23,550 MEMBERS sufton group â€" people properties inc. BARBARA DeMARZO es Representative Frequently missed Transfers from spouse or child. Look especially at age, penâ€" sion, disability, tuition and education credits. Provincial tax credits. Can be substantial. Find special forms and instructions in your tax package â€" read them carefully. Equivalentâ€"toâ€"spouse credit. For single parents, there‘are big tax dollars here. Carrying charges. If you paid a trustee fee for your RRSP, you have a deduction. No receipt necessary. GRAPHICS SYNDICATE 374