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THE HILLS HOMESTYLE Wednesday January 1991 Page Peaks and valleys of cyclical nature Declining consumer confidence levels and a poor economy dampened residential real estate activity In most major markets across the country during much of last year says Royal LePage According to the latest issue of the companys Survey of Cana dian House Prices released to day housing values for the fourth quarter of reflected the slug gish state of the economy Peaks and valleys are part of the cyclical nature of the real estate business says Executive Vice Presi dent Royal Residential Real Estate Services I believe prices have now bottomed out or are very near bottoming out in most areas Given the increased affordability with respect to house prices and mortgage rates and the wide selection of proper ties available sales activity should stabilize during the first of 1991 and show moderate growth thereafter Traditionally when mortgage rates drop prices begin to in crease This is the climate we are now in and supports my belief that prices are at or near bottom Uncertainty over the GST is expected to be gone by the end of the first quarter as consumer understanding gradually in creases he added made his comments with the release of the January issue of the Royal Lepage Survey The quarterly cross Canada study tracks the estimated selling price of seven categories of housing in over commumtfes from coast to coast The notable exceptions to the rule in 1990 were Edmonton Calgary the BC interior and Ottawa These areas bucked the national trend with housing values increasing over per cent in some categories For instance in the area of Edmonton a standard condominium increased per cent In Lethbridge a standard twostorey home jumped per cent in value Neighbours to the south in Calgary experienced a 247 per cent increase in the standard townhouse category in the area The senior ex ecutive home in Lake rose 171 per cent over the previous year In British Columbia the Pen- ticton area experienced in creases in excess of 20 per cent in four out of seven categories In Vernon the standard townhouse rose 247 per cent over last years level Homes located in the Ottawa region also appreciated significantly in value For exam ple a luxury condominium apart ment in Western Ottawa jumped 119 per cent over the January level Cities in close prox imity to Ottawa such as Pem broke also experienced in creases The rest of Ontario was feeling the effects of the recessiuon Out side of Metropolitan Toronto house prices increased marginal ly usually in the one to six per cent range or remained stable In Metro Toronto and adjacent areas such as Peel and York Region it was a buyers market as prices declined in nearly every category reported in the Survey Royal LePage is Canadas leading fullservice real estate organization with close to employees and sales represen tatives in residential and associate broker of fices in Canada the United States and overseas Survey Completed Friday January 25 1991 MORTGAGE RATES ANNUAL INTEREST SIX MONTH ONE TEAR TWO TEAR THREE TEAR FOUR YEAR FIVE YEAR TRUST COMPANIES Canada Trust 1200 1175 1200 1200 1200 1175 Municipal Trust NA 1250 1225 1225 12 12 NRSRoyal Trust 1200 1175 1175 1175 1175 1175 CHARTERED BANKS Bank of Commerce NA 1175 1200 1200 1200 1200 Bank of Montreal 1200 1200 1200 12 1200 1195 Bank of Nova Scotia NA 1200 12 1200 Royal Bank 1175 11 1200 1200 1200 1200 Toronto Dominion 1175 1175 1200 12 1200 1175 This survey was prepared to help the Herald Homestyle readers track weekly Bank and Trust Company rates IS YOUR HOUSE BEING PROPERLY ADVERTISED Our Homestyle Real Estate Section reaches more local readers than any other media in this area That means if your house is not advertised with us youre not getting to all the prospec tive buyers for your house that you should be If your house is taking too long to sell make sure its being adver tised properly and let your agent know you want it advertised in The Hills HERALD Home Newspaper of Halton Hilts Established For more information call Kim Haryott at 8772201