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High interest rates slowing down Acton house market Escalating interest rites are definitely affecting the Acton real estate market making it difficult for first time home buyer to qualify for mortgages Local real estate agents admit the market has slowed considerably young couples looking for their first home or people with no mortgage trying to sell Dawe of Daw Real Estate explained those who qualified for a ISO mortgage a few months ago now only qualify for because of interest rates He said houses selling arc those with good present mortgages not due for a few years Some people buying a house with a new mortgage are only taking the loan out over one year in the hope the next time their mortgage comes due they will be paying less Soaring rates have not discouraged anyone from selling their home so far Mr said Those selling before the rates went bo high are still on the market People are thinking twice now before be said Mr Dawe noted that a person paying for their bouse will now more because of high interest The local agent is optimistic however He said rates have to go down and he expects this to happen next summer He thinks they could go down as low or lower than 13 per cent They are now over per cent He also claims the market is changing Homes that were are not selling because of the high rates In some cases homeowners are forced to lower the selling price to a figure less than what they sold brand new Many of the expensive homes are selling for what they originally cost This creates a problem because building materials are going up as much as per cent As a result the market for resale homes is better than for brand new homes Mr Stuart Johnson of Alec Johnson Real Estate does not feel the situation is as bad as the media says In spite of reported and 16 per cent mortgages someone willing to shop around and with a good credit rating can still pick one up for lower than 14 percent First time buyers are really the only ones fected he said People are no longer buying on speculation and most selling have a good reason such as a business transfer People with present mortgages coming due soon are a concern of Mr Johnson He explained some home owners may face up to a month more to carry their home which may not qualify them for a renewal afraid mortgage companies may have to foreclose on mortgages However he said they are not in the real estate business and will try to a void this He pointed someone with a mortgage with 2 down a few months ago had to make to qualify as a buyer He now has to make for the same mortgage Mr Johnson said the government will be forced to do something to stop the increases He reels con fident the rates will be down to 13 per cent by next summer In spite of the present dreary picture he still contends that buying a house is best edge against inflation Business is slower but the four salespeople in his office are still busy Jack Holmes of Jack Holmes Real Estate says One Hundred and Fifth YearNo ACTON ONTARIO WEDNESDAY NOVEMBER 14 1979 Twenty PagesTwenty Cents dogs were everywhere at dog trials recently at Christie Susan and her Irish Better Kelly and Don Farms Garth Gourlay Davidson and his Gordon setter Radar whose rather name setter John Tatham with another English seller pens to be Photo by ANNE CURRIE Vandals to blame for 8000 damage youd have Councillor Horry Levy he said he agreed with the Councillor Roy Booth mayor and Booth that suggested that council education and realization Vandals have cost the Town of Hills to date this year This figure was presented to general committee Monday evening in a report which council asked be put together in September outlining the acts of vandalism in the Town and the cost The most costly Item in the report was the replacement damaged street signs In the urban area and six stolen road name signs in the rural area Cost of replacements is Mayor Pete said he is critical of par and felt much of the responsibility of teaching children the seriousness of vandalism starts at home I am appalled to think people will go out and willfully damage something and then no action is taken You con t blame he police If you put one at every corner harder line on vandals after clerk administrator Ken Richardson said parents were contacted if vandals were caught however the Town has never taken is important in prevent Commission ing vandalism Make the parents realize if their children are doing the damage they re going to have to pay for it report submitted given for transition Acton Hydro Electric mayor Pete Commission is kicking in suggested Acton do the 000 for the transition same Mr to the Halton Hills Hydro said by putting in any of the vandals to by police total estimated court damage boll public and We re at fault here private in Acton have to take a harder town and Milton totalled line on vondals This will for a three month put us in a better position period January to and make people think March The total for the twice before taking part whole Region of Halton in As of April I Acton and Georgetown com miss ions and will amalgamate to form one Tins came after years of discussions in acts of vandalism lie he said Pat Patterson said people in the rural areas are against regional police from the stand point of the lion We get upset with the of the police not the boys in blue are doing a heck of a fine Job it where they are placed and moved around by the he Said totals SI 14 Acton office manager Audrey told the local commission Thurs day Georgetown had put into a special fund to help set up the new commission chairman Mcbaeh and Hills equal share of money Acton has a better argu ment when it comes time to centralize everything It is just my idea to keep Acton on the map he said We don want Georgetown going in and financing the whole Planning Board Towers will march through Halton Hills After of debate and legal argued a precedent could be set and wrangling Halton Hills Planning board someone might ask for a residential Tuesday night voted to prepare the by area law permitting hydro towers to go Kropf contended if the town has the through Hills authority the hydro towers would be The town was ordered by the Ontario allowed and if only the NEC has the Municipal Board to pass the Official Plan and Zoning bylaw amendment since they have been approved The bylaw will be presented for three Booth said the has no power readings at Monday a council meeting over the NEC central area Asked if John Minns of the Interested Citizens further action is planned Minns said Group consistent opponent of the the ICG filed an appeal to the Cabinet corridor along Concession 5 without an this morning Tuesday and expected a independent study questioned the hearing November or authority of council to rezone Lots to Minns also argued the letters of since they ore In the Niagara undertaking from Ontario Hydro Escarpment development control area covering such items as fences access All 32 lots in are covered In points gates planting drainage and the proposed bylaw easements did not offer as much pro- Minns said the would as a site plan agreement and change the land from agricultural to said he understood such a written industrial undertaking was supposed to be in the Planner Brian pointed out the town hand by this time OMB was aware Lots to were in the NEC Centra area and included them In their ruling He added the NBC has approved the hydro towers and pointed out the lawyer says the question is academic Councilor Ray Booth a member of the NEC admitted he hated to with Minns but claimed the town can not zone in the NEC central area He would be allowed Developments approved Planner Mario said hydro assumed him such a written under taking would be in the towns possession when the recommendation for the bylaw was passed Planner Kropf explained this would be a specific for the purpose itility corridor and no other use The six acre Investments development the seven acre Cedar Road development on Churchill North were cleared for house building thing Actonhastohavea Tuesday say jections were raised at a public Ontario Hydro will be meeting paying back Esquesing The mandatory public meeting was portion of the costs after held before Hills planning board the money is spent Mr recommended the of the land said from rural to residential The Cedar Road project adjacent to Acton High School is slated for 25 signlc homes and the Civiero project on the other side of the road between Acton Curling Club and the Bo vis subdivision will have semidetached homes The motion to refer the amending by law to council for three readings passed with no comment from planning board members Vietnamese family will soon arrive Acton s Vietnamese refugee family will soon be arriving Immigration author itics informed local Operation Lifeline member Bruce this week that a couple with four children ages six to 15 will be arm lug in 11 next few days although no date was set Mrs Bruce told The Press commodation has been obtained and local leers are currently sett up house with fur nishmgs clothing and food Employment op portunities have also been offered b local businesses Committees tunc been set up without the group to handle post arrival or such as English lessons school shopping budget and finance community involvement etc These responsibilities will be on going until the family is fully self sufficient Mrs Bruce said The family speaks V only and help m interpreting has secured through Vietnamese persons living in Guelph and Bel fountain The family comes to Acton escaping from oppression starvation and fear in their native land Our willingness to accept these people into our community offers us an unprecedented tunity to become closely and meaningfully in volvcd with people from another culture Mrs Bruce said inside this week want members Acton takes in refugees Acton remembers war dead news on Page Page 2 3 5 EmUMUaarevtcaDdCanlyaeHMre eat council wreaths Iran their school the cenotaph Remembrance Day service Sewage capacity for more homes There could be cop- water rates across the already been provisions acity for new homes region taxation is now made for the Acton in Acton al the sewage based on a user basis largest firm in the recent treatment plant if Beard- Beardmore treats their sewage treatment plant more decides not to book own sewage and are not expansion into the municipal sew hooked in the municipal He explained that if age system system will save Mayor Pete approximately in not to hook into the in an interview with The taking system all that extra Acton Free Press ex care of themselves capacity will be avail plained with the However Mr able He estimates there equalized sewer and said then has is room for 1 more he has had several potential commercial property buyers back out of deals because of the high costs of borrowing Mr Holmes says all people are affected because the price of homes are high enough without adding higher Interest rates to them The entire picture is out of whack with no balance he claims He too suggests the govern should do something about it Rates are too much to gamble with he says Mr Holmes advises those who must out a mortgage to pay the extra onequarter per cent and get a one year term It costs more he says but is worth it as the buyer can ref Inanco next year He hinted some potential home buyers who cannot afford the house they want at the present time should rent for while and wait for lower interest rates Nonqualifiers are in trouble People with mortgages coming due soon and not able to qualify for renewal because of soaring inter est rates arc in trouble says J D Euwail of the Misslssauga branch of the Central Mortgage and Housing Corporation Mr pointed out the matter is currently being discussed daily in Parliament He feels the government Is going to have tocome up with a hard ship clause or something similar to save the homes of those involved He himself sees a few options for the mortgage holder Parliament is passing on amendment allow one year mortgages to be sold rather thah five years so this type of mortgage can be bought The other option is in the case where there is only one person working The spouse may be forced to get a job until such a time they can afford the gage on one salary When the mortgage comes due bonds and investments can bo cashed in and paid towards a down payment of the new mortgage thus helping to I the m pay he id People who cannot accept these options may find themselves having to sell their homes Mr does not sec mass foreclosures by lending institutions He explained most firms do not make the mortgage holder qualify for renewal when rewriting the loan as it is done automatically Mr Euwait would not predict when the interest rates will level off or beg dropping Only ists can do that he says Color music to greet Santa Acton traditional Santa Claus parade wilt feature as many as floats and four bands Colorful floats have been entered by the Optimist Club Indusmln Robert Little and St Jose school the s Men and the firefighters The Acton Citizens Band will be in the Vanguard followed by Air Cadets Georgetown Air Cadets and Georgetown High School bands Air cadets will also be marching to the bands tunes as will Brownies and the Georgetown Majorettes and Drum Corps The parade will form at McKonzleSmith Middle School Nov and step off at m The parade Is end at Park Ave Judging the parades floats will be Ron McKnlght Terry and Ed Wood Prizes of will be awarded to the three best float Its possible cable tele vision will broadcast the parade After Santa has en joyed his annual display he will hold court for youngsters in the Police want piece of action Region Police Commission Is going to find out if it can get more dollars for its used cruisers following a motion by Milton Mayor Donald Gordon The staff Is to report on alternate ways of getting rid of the vehicles We re getting and Joe Blow is getting I m saying we should see if we can get a piece of the action Gordon said during Thursday com mission meeting at Oakvillc disposes of its old cruisers through a wholesaler The OPP uses the auction method Flame Missbsavga after a train carrying propane gas and chlorine liquid derailed In he heart of the city The accident had a strong effect Acton See stories and on Page