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the HERALD Sunday Januarys Money Matters Page IS Resale housing market should improve in 1992 The anticipated economic tur naround in should spur both resale home sales and prices in major centres across Canada ac cording to Royal LePage Currently most larger Cana dian centres have very tentative demand softening house prices and a surplus homes listed for ales says Gino Romanese Vice President for Royal ePage However we an- icipate that as the economy strengthens so will resale hous ing markets across Canada Royal LePage believes that economic improvement along with higher immigration levels and pentup demand for housing should help to increase sales as progresses Lower interest rates and more attractive prices in some regions should also help resale markets Home sales in Canada are forecast to rise by 50 per cent next year to 315000 units The average house price should edge up by 30 per cent to Although all major Canadian centres are expected to see in creases in both resale housing unit sales and prices in 1992 regional variations in markets are anticipated Note all percentage changes indicated are in comparison to levels Specifically Private pension changes announced Financial Institutions Minister Brian Charlton recently announc ed changes to private pension plan regulations which recognize the competitive pressures facing Ontario business while protecting employees pension security Changes to regulations under the Pension Benefits Act 1987 will relieve solvency funding pressures for certain pension plans particularly in the manufacturing sector Mr charlton said The Minister also introduced new conditions for withdrawal of surplus funds from woundup plans to be in effect for three years SOLVENCY The current solvency funding requirement introduced in 1987 was intended to ensure that plans are adequately funded to cover pension commitments if the com pany goes under This created unexpected high costs for some pension plans with generous special benefits Mr Charlton said The changes will help create greater certainty in the business environment now facing serious competitive pressures Mr Charlton added The high solvency funding costs will be relieved by ex cluding plantclosure benefits and growin to consent benefits from solvencyfunding re quirements Continued pension security while minimizing risk to taxpayers will be provided through a more viable Pension Benefits Guarantee Fund Created in Pension Benefits Guarantee Fund insures pension plans which have a shortfall upon wind- up and an insolvent sponsor The changes will increase employer- paid premiums based on the principle the higher the risk the higher the premium For plans fully funded on a solvency basis the increase in PBGF premiums will be negligi ble Mr Charlton siad A draft of the solvency regula tions will be circulated to the ac tuarial community pension lawyers and other professionals for technical comment SURPLUS The government also announc ed changes to the regulation joverning withdrawal of surplus woundup plans The new ulation will require employers to negotiate surplus distribution from a woundup plan Surplus withdrawal will be allowed where there is an agree ment of the bargaining agent Where there is no bargaining agent the agreement of two- thirds of plan members will be re quired The Pension Commission would determine the extent to which agreement of other beneficiaries including retirees would be needed The existing system en courages parties to resort to cost ly court action to settle their dif ferences The changes make it easier to distribute surplus funds when plans are wound up and aonsprpajaxoemfeera Mr Charlton said The Minister said the change provides greater certainty for employers and employees because it will be in place for three years Applications for surplus withdrawal now in pro cess will be decided under ex isting rules Vancouver Affordable prices and increased migration into British Columbia are likely to contribute to stronger housing sales beginning in the spring Royal is forecasting a 30 per cent increase in sales to 35500 units in Vancouver in 1992 and an average sale price of up per cent from levels Edmonton Concerns about job security and reduced activity in the petrochemical sector are like ly to constrain the resale housing market in Growth of the resale housing sector is expected to moderate from the above- average activity of with sales rising by per cent to units and the average home price increasing by per cent to Calgary The health of the residential real estate market in 1992 will continue to be closely tied to the wellbeing of the oil patch It is anticipated that in terest rate stability will en courage home sales to rise by per cent to units in and the average house price to grow 30 per cent to 132500 Begins Royal Lepage- expects that higher housing demand sup ported by new business locating the city will produce a healthier market in dur ing 1992 However the improve ment may be moderate by the provinces hard hit agricultural sector Unit sales are expected to climb 42 per cent to 2500 homes during the year and the average price to reach up 29 per cent from 1991 Saskatoon The resale housing market in Saskatoon may be af fected by continuing weakness in the agricultural sector as well as softness in its local servicebased economy However it is expected that greater home buyer con fidence will help increase sales by per cent to units and prices by 20 per cent to Winnipeg By the spring of the pentup demand from first- time and tradeup buyers com bined with excellent home af- and lower interest rates are expected to stimulate Winnipeg house sales Sales are forecast to increase by 50 per cent to units and the average price to firm by per cent to HamiltonBurlington Sales of lowerpriced homes to firsttime buyers will continue to drive the HamiltonBurlington resale market Unit sales are expected to rise by per cent to homes in 1991 with the average price increasing per cent to 167500 In Toronto More affordable prices will help entice buyers into the Toronto market in 1992 The current inventory of 30000 homes for sale should be worked off by spring Royal LePage expects about homes sales up 50 pe cent from levels and the average house price to rise by per cent to 240000 Montreal The prospect of a stronger Quebec economy is ex pected to build confidence levels of potential home buyers and in crease demand Royal LePage believes many of the citys homes are currently undervalued so an anticipated 50 per cent increase in sales to 20725 units during should help move the average resale home price up 50 per cent to Royal LePage is Canadas largest fullservice realtor with close to 11000 employees and sales representatives In residential commercial and associate broker offices in Canada the United States and overseas CANADIAN TIRE GEORGETOWN LOCATION ONLY TOILET BOWLS ONLY Priced to sell at PLEBE Lined Toilet Reg 99 Bono Colour No 635269 ECONOMICAL 2 Pc TOILET NonInsulated 99 White Only No 635290 FRAMELESS TUB ENCLOSURE Reg 99 Gold No ECONOMICAL 2 Pc TOILET Reg 8299 99 Bono Colour No WALTEC UNLINED TOILET Reg 10476 Bone Only- No 635216 TRACKLESS TUB ENCLOSURE Reg 27999 Bone No -DELUXE- LINED TOILET Reg 17275 1 Grey Only No PEDESTAL SINK American Standard Reg White No 3 Panel3 Glass TUB ENCLOSURE Reg 139 Chrome No DRESDEN BLUE LINED TOILET PEDESTAL SINK American Standard Reg 10999 Grey No TUB SURROUND KIT Tempest Floral Tile Reg 12553 79 White- No 6302S3 CANADIANMADE Insulated Toilet Reg 10251 Bono Colour No FRAMELESS TUB ENCLOSURE Reg 18999 Chrome- No 59 TUB SURROUND KIT 9fA9 No TUB SURROUND KIT Reg- I IT ALL ITEMS SUBJECT TO PRESALE ALL SALES