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GALLEY FISH & CHIPS 161 QUEEN STREET -- PORT PERRY -- 985-8647 watch for our GRAND OPENING UNLIMITE -- at -- UNLIMITED 146 QUEEN STREET, PORT PERRY Frozen Yogurt in Fresh Waffle or Regular Cones and Cups Scumptiously Flavoured with Your Choice of Fruit -- Nuts -- Cookies -- etc. Use your imagination and ENJOY!! Hub International Corner of Winchester & Equipment Lid. 655-8401 Thickson Rd., Brooklin TILLAGE DAY Wednesday, April 20 (RAIN DAY -- APRIL 22) 10:00 AM to 4.00 PM On the Farm of ROY BERRY & SON, R.R. 2, Orono, 1/2 mile east of BerryBank Farms, 3/4 mile west of Hwy. 115, on Taunton Road. County Buildings \ L% Taunton Rd. <4 Oshawa TILLAGE Z Coop \7 DAY P > HERE . 2 |o Come drive the all new Case IH m * MAGNUM TRACTOR A + 85 SERIES casel | | * 9100 SERIES ARTICULATE TRACTOR Tillage Equipment Case IH * CULTIVATORS * CONSER-TILS * CHISEL PLOWS * PLOWS case] || Company Personnel will be in attendance to assist you. Refreshments provided. ), AY RS 77) yi WLS l/ \\ -- FOR FURTHER DETAILS CALL -- ts 324-6995 "us 655-8401 PORT PERRY STAR -- Tuesday, April 19, 1988 -- 13 In Port Perry and Scugog Township House market booming A glance at the real estatc sec- tion of this newspaper reveals the obvious--the real estate business is booming and house prices are going up. Of course, the upward spiral in Scugog isn't skyrocketing as craz- ily as it is in Toronto, where the average cost of a new home is $270,000 (and the average cost of a re-sale is $210,000), but the market is extremely busy. Some experts are saying this year could be even better in the real estate biz than last year-- which shattered all records and set the market on its ear. In the city, people were paying more than list price in out-of- control auctions. Line-ups for new homes were longer than any- thing you'll ever see at the movie theatres, as potential homeowners scrambled to grab hold of any chunk of land. Nobody, including the experts, really expected that kind of market to surface again this spring, and while auctions and line-ups are rare, house prices have gone up dramatically--in some cases, more than 20 per cent. This according to Garth Turner, business editor of the Toronto Sun and an interested spectator when it comes to the real estate game. He's calling what's going on a "springtime boom", he says house prices have never, ever been higher, and he predicts they'll get higher still--probably another 20 per cent before autumn. What's more, he predicts the trend will continue for an indefi- nite period of time. In a recent ra- dio interview, he said hc wished he could say when the boom will be over--when prices will come down. But he admits he sees no end in sight. "I think it's going to continue for a while longer yet," he said. In Scugog, prices are, naturally, lower than average prices in To- ronto (an average three-bedroom bungalow sells for approximately $150,000, compared to $140,000 last year at this time), but they're still moving up. Local realtor Ralph Fairman of Country Lane, says "the market is very steady," but doesn't think what's going on in Toronto has hit Scugog too hard. "The wave affect is coming from the city," he says, "but I don't think the big rage that came from the city last year has hit here yet. Last year it had a definite af- fect." . . David Tripp, realtor for D.A. Tripp, has heard long-range fore- casts from the district real estate board that call for a 10% increase a year for the next 10 years. "The prices," he says, "aren't . going to-go cheaper." The real estate section of this paper gives a pretty good indica- tion of where prices are at. In Port Perry, the only homes listed under $100,000 are those with either major repair needs, with limited space, or with under- sized lots. The average bungalow, in the style of Apple Valley, goes any- where from $130,000 to $160,000. Waterfront property, as always, is at a premium, and even the smallest frontage, with only a cot- tage on it, will sell for $125,000 or more. Waterfront property with standard homes (including bas- ments) are generally more than $200,000. Even lots are expensive, espe- cially those rare building lots in Port Perry, which rarely sell for less than $75,000. Even a lot on Scugog Island will set you back at least $60,000. Not too many years ago, $60,000 would have bought an entire house, in good repair, in downtown Port Perry. The "starter home" label is ap- plied to anything $120,000 or less, although cheaper real estate is available further north (Seagrave, Little Britain) and east (Caesarea, View Lake). What many people just starting out in real estate are doing, Mr. Tripp says, are buying cheaper places (in the $60,000 to $100,000 range) and building up equity until they can afford to buy closer to town. But he admits "it's tough to buy into the market unless both peo- ple are working." Springtime is traditionally a hot time for real estate, but once again, this spring is a hot one-- regardless of the weather. Even houses that sat with "for sale" signs on their front lawns all winter are now being snapped up. Usually at close to list price. And Mr. Fairman expects it all to continue. "I think you'll see a very steady continued growth in the market." cost you? Ltd. mortgage payments. $2,500. So the bottom line is this: house in Port Perry. And if your monthly budget envelope. THAT much! | So what, exactly, will the "average" house in Port Perry If the house you're thinking of buying is $150,000 (and it won't be a particularly fancy house, unless you're lucky), here's a basic breakdown of what it is going to cost. The figures were supplied by Century 21, Gerry Meharg, How much your mortgage payments are, of course, de- pend entirely on how much money you put down. If you have 10% ($15,000), your mortgage is considered high ratio at the bank, and you'll probably pay a premium in- terest rate (approximately 12 1/2%, last week). At 12 1/2% over five years, you'll be paying $1,440.46.in_| If you have a 25% down payment (you're either born wealthy or you just sold a house), your interest rate will be lower (last week you could get it for 10 3/4%). At 10 3/4%, your mortgage payments will be $1,063.56. On top of your down payment and mortgage payments, there are also "other" costs that include lawyer's fee, land transfer tax, appraisal, survey and mortgage fees. These "others" could tally up at anywhere between $2,000 and You'll need $17,000 minimum to buy the "average" your monthly income (as it is commonly suggested), you'll have to be bringing home $4,321.38 a month in your pay You could make less and afford the payments. But you'd better like Kraft dinner. A whole lot. for housing is one-third of A 4 High Daily Interest Paid Monthly Available to anyone up to age 22 Instant Teller Access - CIBC Smartstart Student Package A > Ad vaie 2 STTICINTINT A = -- paaen po FET? TS STL] smartstart> makes more of your money. smarfstart" means money when you want it. And it's really designed for you. | in April! IE NSRSISNG SANE