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4The Canadiais Statesman, Bowmanville, November 27,1974 Section Two Good-Looking Fa mily of Three leading real estate broker in the Counties of Ontario, Dur- ham, Northumberland and Victoria, noted, however, that there was a substantial de- cline in total property for transactions in these regions in August this year, the atest month for which figures are avaibable. There were 294 sales for $14,981,727 in August this year compared to 912 deals for $39,465,836 for the similar month of 1973., Mr. Frank stated that "sales activity had picked up in September and October as vendors are, becoming more realistic, in their askîng prices." "In particubar we are exper- iencing a tremendous demand for smaller farms, vacation properties and country estat- es. In addition there is a vital interest in land for industrial development," he said. Mr. Frank predicted that "lwith lower mortgage interest rates next Spring, there would again be upward pressure on house prices." He also rcvealed that there was a sharp decline in the second haif of this year in housing starts in the Regional Municipality of Durham, which, would resuit in a shortage early in 1975. the. fn1lowing is a comioarison The following is a compari- son of the dollar volume of Interest Rate Drop Will Si*gnal Higher Hoir "Residential mortgage in- Kirkup explained that a terest rates will graduably de- typical mortgage of $40,000 amortized over 25 years at 12 eline to about 10 per cent by per cent interest would re- Sorin2 of 1975." accordineý to ihypyeto real estate industry spokes- quire a montlr ayeto man Donald B. Kirkup. The $413 to retire the principal and current rate for first mort- înterest. Most mortgages now gagefinncig i 12percent, are written for a 5 year terni, gage financiteis 12 pera new lban may be Kirkup, President of Kirkup renegotiated at the then pre- Realty Corporation, real es- vaiîing rate. In. other words, tate marketing consultants, today's (mortgagor) buyer suggcsted, however, that it who assume's the 12 per cent would be unwise for pros ec- mortgage is only locked in tive buyers to delay purc as- until 1979. Then the rates may ing plans. "lThere are many ,be up or down when hie shops 'bargains' on the housing for a new boan. market now." There are many properties 'now available withi 10 per cent sales in the January-August financing. For example, a periods in communities east of $40,000 mortgage amortized Metropolitan Toronto (with for 25 years at 10 per cent 1973 figures in brackets): would cost $358 per month. Pickering $28,634,846 ($39,324, The difference in carrying 578), Whitby $46,264,555 costs of the two boans is ($40,272,846), OshaWýa $145, therefore $55 per month or 077,266 ($107,760,757), Bow- $3300 over 5 years ($55 x 60 marvîlbe $24294,853 ($11,555, months).- 972), Port Perry $4,359,900 "The buyer who waits until ($3,516,791), Port Hloue $12. next Spring to save 2 points on 323,726 ($7,081,862), Cobourg a mortgage is gambling again- ",b4O,132 ,~,î,LinC- st inflation, which in these say $13,473,450 ($11,350,966). days is a fairly bad risk," ne Prices Kîrkup cautioned, when the costs of land, labor and materials is spirallîng upward at an annual rate of around 15 per cent." The concern is wbcthcr or not a potential saving of $3,300 over 5 years on financing is worthwbile if the price of an average bouse goes Up $10,000 or possibly $20,000 in the samne period," Kirkup said. "F.ven if housing costs go up at the same rate as inflation - 10 to 12 per cent- an average resale house in Metro which is selbing for $55,500 now woubd jCm to $88,577 whibe. new hmes now selling for an average of $75,000 would increase to $120,000, and these figures are compounded at a 10 per cent inflation rate." "A saving on interest be- tween now and Spring 1975 coubd similarly bc wiped out by a 10 per cent price hike when the market takes off again then," Kirkup' calcu- la tes. "Average bouse prices in Metro increascd 25 per cent in 1973 and 15 per cent in the first quarter of 1974. They dropped 10 per cent in the second and third quarter (April to Sept- ember) of this year. Now they have stabilized - still up 5 per cent in 1974" Kirkup calcu- lates. There are many good rea- sons for interest rates to corne down gradually: Moneywill corne out of the stock markets as prices start to recover: There is a tremendous buildup of capital in banks and trust companies; There is a back- log 6f demand for housing to ofet this increase in money supply; The demand for business loans is siackening thus making more money available for housing; Gov- ernînient, particularly in the United States, wish to stimu- late their economies to avoid a deepening recession, Those who argue that the best way to control inflation is to increase production with easier money will cventually win- their case; It remains the basic objective of the Bank of Canada's policy to facilitate rates of expansion of mn and credît consistentw continuing 'growth of the Canadian economy as well as a moderation of inflationary pressures. Trends in the economy and public pressure will make some form of price and income controls inevitable. As boan demand slackens. U.S. banks will'lower their p rimetlending rates (rates on bans ttop rated commercial borrowers) to less than 10 per cent from il at present. Thîý- Federal Reserve Board in the U.S. is easing up on its tight money policy by pouring funds into the bank system. Thi wilb drivê money rates down. The Bank Rate was increas- cd by the Bank of Canada to 914 per cent effective Julv 24. 1974. l'tie Bank Rate had been' set at 83/4 uer cent on May 13. -.1974. IF FILORIDPA HEA T /5 YOt/R REQU1ES7#»WERE NHE EXPERTS W/1O w/ Do 71H.--B1ST95; SPARTN ER ORONO 983-5206 ESSO HOME HEAT SERVICE These three young citizens of R.R. 2, Bowmanville, from left to right Kenneth Jamies',Jr.-, aged six on Nov. 5th, Deanne Lynne, one, on Aug. l15th anc1 Christo-pher Dean, four on Nov. l7th. Their parents are Mr. and Mrs. Kenneth J. Wright, -Bowmianville grandparents are Mr. and Mrs. Fred Wright and Mr and Mrs, Pýercy F lintoff . Public Wlorks Co-mmttee Faced With- New Buîlding Permit Hassie Mr. and Mrs.Leslie Kemp and their four children are at present living in the family boat at te Port Hope Marina. They are .hoping to g et a building permit to begin construction on a 13 acre parcel of lan.d they own on Concession 8-in the former Township of Clarke. However, the situation looks very bleak. Throuigh an in- credible chain of misunder- standings, Mr. and Mrs. Kemp have for several years harbox - ed 'the ' ilsiàn tha t they had "limproved"the r-nd on which their laýnd fronits, and that they would qualify for a building- permit when they applied. When they were buildin2 a "TI-AT LOSS REALLY HURT" Each businessman should review bis many risks- fire, explosion, theft, public liabit- ity, glass breakage, business interruption, and then protect against them ail with a Multi-Perit policy from James Insurance Agency LM. 24 King P,, E., Box 100 BOWMANVILE, ONTARIO DOUGLAS S. JAMESi Office 623--,06 Residenc 623-5023ý large new barn on the proper- ty, Mr. Kemp alleges that hie was told that if hie moved some earth from one side of the road to the other, the road would be gravelled and snowplowed the extra 200 feet to bis driveway entrance. Mr. Kemp thought this work would constitute "improving" the road and the fact that it would be maintain- cd would cntitlc him to a building permit. Although there was some plowing donc the first wintcr (71-72), thcy neyer received any gravel and soon the winter maintenance was discontin-, ued. This didn't bother the Kemps as they were not using the property in the winter montnhs and still had fairly easy access whienever they nieeded it. Now they have sold their Oshawahome and want the alleged verbal promhise of 1971 kept. Hoad Superintendent Mr. Ross for the former Twghipý of Carke, cannot rmentbef- the details of is 1971 conver- sationi with Mr. Kemp but points out that if hie refused to use the township equipment to move earth from one side of the road to the other, it is highly unlikely that hie would have promised a load of township gravel or snowplow- îng to the Kemps. Mrs. Kemp, who was pres- cnt'at the recent Public. Works Committee meeting to plead Local1 Sales Thé total valuec transactions in Cities and Towi Metropolitan Torc a record in the months of this yea to Walter Frank( Real Estate Limi ing local Realtor. Mr, Frank, w offices between1 Kingston, reportec properties were s( 986,728 in the: months of this yeai Municipalities co 5,602 sales for $2, the correspondini August pcriod ofl an increase of $54j her case, countered his argu-, ment with the assertion that hier, husband would scarcely have wasted two or three days of his time moving eartb for the good of bis heabth. Despite a long emotional argument, nothing was resolv- cd and Mrs. Kemp went away with the suggestion from Public Works Chairman Don Wearn that she and the other residents of Concession 'B petition to have the status of the road changed. Horace Best, By-law En- forcement Officer, wbo was also invobved in the discussion suggested another alternat- ive. The residents could as- sume the cost of improving the road themselves and perhaps the Ganaraska Conservation Auttiority wouidi be interested in sharing the costs. Readers will remember that Mr. J. Litay, in a similar situation, fOund that it would cost $20,000 to improve the 1000 feet of road on wbich his ,pHoperty 'iii Haydon fronts. Hbwever . Couin.War thought that, the 200 feet which Mr. and Mrs.Kemp woubd have to improve (acting unilaterally) would cost ess that the, proportionate $4,000 because the road is in better condition to start with. Mrs. Kemp tcf t the meeting dissatisfied b ut at least inter- csted enough in the alterna- tives suggested to ask for a list of the other property, owners with frontage on Concession 8., Real Estate Reach Record of real estate per icent." the major Mr. Frank, wbo is the vns east of onto reached Business Directory efirst eight ar ccoding Accountancy ited, a lead- WM. 1. H. CQGGINS Chartered Accountant who bas 12 11 Liberty Street South Toronto and Bownrlnville dthat "4,658' Phonie,623-3612 uolu for $283J, first eight r in the local ampared to 29,046,783 in g January- 1973., This is 1921_945 or 24 AUTO USED CARS, LICENSED MECHANIC ONDUTY. TOP PRICES FOR WRECKS' AND SCRAP GOOD SELECTION, 0F USED CARS Two Miles North of No. 2 on Morgan's Rd. WILLIAM C. HALL B.CoUni. Chatered Accountant 36%k King St. E., Otïhawa Telephone 725-6539 Chi rap ractic G. EDWIN MANN, D.C. Chiropractor Office:1 115 Elgin Street corner of Horsey Street Phone 623-5509 Office Hours: By appointmnent Dental DR. ANGUS M. BLAIR D.D.S. 26 Frank St, Bowmanvllle (near Dom-inion Store) Office Hours: 9:30 a.m. to 9 p.m. including Saturday Telephone 623-3181 DR. WILLIAM KEANE Dental Surgeon' 222 King Street Eat . rofessional Bldg Office Houri: Weekdays - 9 - 5 Te1èkhone 623-7412 If'bsy -623-4731 DR. WILLIAM KENT D.D.8, 222 King St. E., Suite 106 Professional Bldg. Bowmanvîlle Office Hours: Weekdays - 9 to 5 Telephone ~374 DR. W. M. RUDELL, D.D.S, 75 King St. E, Bowmanvifle Office Houri: i., ues., and Thurs. 9til5 Wednesday 9 til 2 Friday 9 tii 4 Not open Saturday or Sunday Office Plione 623-57q0 FACEttE ROYALE (ASST O COLORS) Bathroom21 TissuePKG. CARNATION Coffee- Mate Il O PRICES EFFECTIVE WED. THRU SAT. NOV. 27, 28, 29,30 FANCY <ASST'D VARIETIES) 0 FL Ayimer Soups 4O i-N JIFFOAM (PP. 1.09) 14OZ Oven Cleaner ARO88, KELLOGG'S Rice Krispies 1 88, CLAIRE REGULAR t ALI SHEER OR LIUEEN SIZE (POPULAR SHADES) ONE SIZE 8 NORMAL, DRY OROILY Breck Shampoo OZ. BTL880 Pork, oasts- SHOULDER PORTION BUTT PORTION FRESH' 4 Butt rorkCnops 1L. MEATY PORK, LAZY MAPLE OR McQUAID ES (2 PIES PER PKG.) STEAK, CHICKEN PAN DANDIES OR PETITE TOURTIERE Prk Sausage 'PK 80 Meat Pies 2 P 88 ECONOMICAL fr NUTRITIOUS Pork Liver DEVON RINOLESS SLICED Side Bacon àWIFT'S PREMIUM (SVARIETIESI 2 185 . Sandwich Spread s 2 cHUBS 88* SWiFT'S PREMIUM "010 WDRLO" 1 Salami ChUbS 7iVARIElIES ~ 15 HUMPTY DUMPTY, REGULAR OR RIPPLE Potato Chips SOF-SPREAO Imperial Margarine HUNT'S Tomato rOcI' Sauce JFO IASSORTED FIA VORS) Nestle's 9SIFEVES G Puddings FOINR11 WE RESERVE THE RIGHT TC LIMIT QUANTITIES ,, 790 FREEZER ORDERS SIDES, HINDS, CHUCKS CUT AND WRAPPED TO ORDER. DILIHERD Et SPICE OR ONION 8 OZ. 880 Kraft Ready-Dip 2 TrUBS PILLSBURY OUICK Crescent Rolis 2 PKGS 88 F B I PURE UNSWEETENEO Grapefruit Juice 2z 32OZ. TS8 o RIO CHOICE FROZEN SLICEO Strawberries CHUN KING FROZEN, CHICKEN &t PINEAPPLE SWEET Et SOUR BREADED SIIRIMP OR PEPPER STEAK Chînese Dinners 11..88, ATTENTION SENIOR CITIZENS If you cash your pension icheque in our store, we wiII have- BREAD 30Cea. R. R. 2 - Newcastle 987- 4636 , 15 OZ. 2PURE 880 PAK CONTS. MONEY ON QUALITY DX PREMIUM FUEL OIL FUEL OIL -and 'STOVE OIL BOWMANVILLE CUSTOMERS .CALL COLLECT Ask Operator for 668-3381 or Dial 1-668-3381 CA LL U s DX FUEL OUL TO0-'DA y FORPRMP1CUROU SERVICE P7FLORIDA MARSH SEEDLES9 RED OR WHITE ~~~ Gaeruit Io s 1z 10F 0 R CRISP. PRODUCE 0F U.S.A. NO. 1 GRA-3E' Celery Stalks 24's uNH390 FLAVORFUL PRODUCE 0F U.S.A. Spinach 3PKGi CRISP, LOCAL GROWN CANADA FANCY GRADE MclntoSh Apples 69 r Play.~ "LUCKYPUCK FEA TURF" o,-= TOP BREED YOU COULD MwMMràhý