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for gers ing, etc. ‘lub asy hilâ€" Vilâ€" are The company opened an enâ€" tirely new field to financing in Canada and many new comâ€" panies, inspired by Coronation‘s success, have since followed its lead. These include the major acceptance and loan companies including Industrial Acceptance This second mortgage financâ€" ing was pioneered by Coronation Credit Corporation in 1958 when, as a small concern in Vancouâ€" ver, it realized the need of Caâ€" nadians for some acceptable form of supplementary mortgage funds, which complemented, raâ€" ther than competed with, . conâ€" ventional mortgages. But the newest and by far the most booming section of the business, is made up of comâ€" panies which lend money based on real estate appraisal values. W.hout the vagaries of using quickly â€" depreciating items â€" such as cars, furniture and apâ€" pliances â€" as collateral, these mortgage lenders are able to ofâ€" fer longerâ€"term repayment schemes to borrowers â€" up to 15 years in the case of leading public companies in the field. Under this method of financâ€" ing homeâ€"owners are able to use the capital they have tied up in their property, The longâ€"term reâ€" payment minimizes the monthly burden for the borrower. So great, in fact, was that need that in five years Coronation has expanded its operation to inâ€" clude 20 branch offices across Canada and its mortgage portâ€" folio currently stands in the reâ€" gion of $40 million, A less significant part of the credit scene is made up of the small loan companies which lend up to $1,500 against personal pussessions, dincre\nse,-;il at a phenomenal rateing 66% per cent of the appraisâ€" uring the last decade. led value of the real estate. Alâ€" Proof of this fact is contained‘ ; j in the statistical evidence thatlterm_,' ively, under the National Canadians borrowed a record| HOUsing Act, the federal governâ€" $5.2 billion â€" an increase of alâ€" ment‘s Central Mortgage and most 80 per cent â€" over the last| Housing Corporation could lend eight years. This staggering figâ€" as much as 95 per cent of the ure did not, of course, all come appraised value, but these NHA from mortgage companies. {loans were limited to new houses For example, high on the list up to a value of $15,000. For example, high on the list of credit organizations are the sales finance companies who do not deal with individual memâ€" bers of the public but buy sales contracts from retailers for cash and collect the balance owed, plus interest, from the customer. hwumbmmâ€",finh&qwfimum sent being spotlighted in the minds ‘of thousands of Canadians from coastâ€"toâ€"coast who have become caughtâ€"up in the everâ€"increasâ€" ing race for personal, or corporate, status. \ Today the desire to raise one‘s #â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€" standard ~of living, to compete Company and Canadian Acceptâ€" socially . and materially with ance Corporation. neighbours, colleagues or compeâ€"| Prior to 1958, conventional titive companies is .a "prevalent mortgages only were available factor in the lives of the vast\from trust and insurance comâ€" majority of Canadians whose panies which were restricted to general living standards have‘first mortgage loans not exceedâ€" When Financing A Home At 15% _ §yrs. Interest . equal pymits. 2000 4731 U%e 13% 15% Planning to remodel your home? Need cash to finance the university education of your son or daughter? Want to consolidate several scattered bills? You can get the money you need for any good reason through the Assoâ€" ciates‘ new Home Owner‘s Loan Plan. Here‘s how it works: Simply use the equity you have in your home as collateral for the looan. You may qualify whether your home is fully paid for or not. You get the cash quickly and at a reasonable rate of interest â€" no bonus charge or hidden fees added. Repayment can be arranged in comfortable monthly installments over periods of up to 7 years or more. So, phone your Associates office, or stop in if you wish, and ask our mortgage officer to explain the benefits of our new Home Owner‘s Loan Plan. 1% FOR A LOAN OF $5000. Mours: Weekdays 9â€"5 â€" Thurs, evenings until 8 p.m. HOME OWNERS! 117.78 67.75 70.67 Avoid Small Firm With Large Interest Rates ASSOCIAT ES REALTY CREDIT LTD. *First and second mortgage loans are arranged in any amounts from $1,600 to $16,000 or more. 4180 _ 38.00 _ 3537 | ss32 00 si71 _ 3046 0 2945 0 me: e2m _ s714 0 3106 â€" ana? «se | ies 0 will = a2ss sse1 _ Tels | To7s = s6.83 sg#o ae o um â€" u 10452 _ onm | ssa% 8630 0 0 feis 0 foéa o mss COMPARISON OF PAYMENTS BY TRUE INTEREST RATES ON A LOAN OF $3000 gL0L | asan 00 ao7% 0 3737 34.68 §3.04 . 480200 41700 0 4037 37.74 â€"â€"â€"â€" _ PHONE _â€"â€"â€" Clifford 9â€"9621 CHerry 4â€"6438 pymis. §6.73 62.71 QUICK REFERENCE GUIDE TO LOAN 57.14 or A ROUND CHURCH on a square lot. This is’ architects created a church using modern maâ€" how the Etobicoke firm of Dunlop, Wardel!, l terials and concepts yet retaining the religious Matsui and Aitken designed Wexford Presbyâ€"| atmosphere. terian Church. Using a commercial design, the | Photo: Panda, Architect Knocks Design At C NE Modern Materials Not Used Right There is less demand for the custom designed home said Daniâ€" al Dunlop, senior partner in the form of Dunlop, Wardell, Matsui and Aitken, Architects, To have an architect design a home specifically for one person is expensive, he said. With the This situation still exists as far as conventional mortgage funds are concerned. 46.74 9 vs. 10 yrs. 1 you. 12 you. . 13 yrs. 108 120 132 144 156 equal _ equal _ equal . equal equal 47.58 |\_ When the firm was commisâ€" |sioned by the congregation of |\ Wexford Presbyterian Church in |Searborough the first problem facing Dunlop and his associates , was designing a church for a square lot, Most churches are reâ€" | tangular, but the shape of the | property forced the architects to | changes their traditional lines of thought. Using the same principle !u the commercial design of a local driveâ€"in hamburger estabâ€" lishment, Dunlop said they creaâ€" ted a beautiful piece of architecâ€" ture. ; _ ‘"There is nothing an architect | can‘t do providing he is given the| | space and money," Dunlop addâ€"| ed. With modern materials there | are no problems which cannot be ’licked. Unfortunately, he said, ‘flexible materials do not alwayt | mean good architecture will be | the end result. "Architecture deâ€"| cispline is lost and many buildâ€" ings are merely "jJazzed" up fadâ€" dish designs," commented Dunlop | filling his pipe. Using the buildâ€"| ings of the Canadian Nationa!l| Exhibition to illustrate his case.| Dunlop said most of the workk 1was mere commercial designs ‘and not architecture. I The interior of the church is round and the steeple resembles a crown of thorns, In Dunlop‘s opinion the greatâ€" est challenge to an architect was the designing of a hospital beâ€" eause of all the problems inâ€" To create a fine piece of archiâ€" tecture the man has to be sincere about his work; "sincerity is more important instead of trying to create a startling effect". An architect is an artist and like all are forms architecture is influenced by the society. The current trend is away from the box, Dunlop said. The Victorian era had a great influence on architecture, he remarked. Then there was a great reaction to Victorian design and architecture lapsed into an era of steel and glass sterility. Now there is a trend back to design and more decoration is being used on homes and public and private buildings." Architects are allowed a conâ€" siderable amount of freedom when designing a church, he said. However the size of the lot, the budget and the attitudes of the clients are the restrictions imâ€" posed on the final design. Churches also offer a greater challenge because an atmosphere has to be created and the design must be beautiful yet functional. current value of property and materials the customized home is far outside the Budget of most families. PAYMENTS has led to widespread adverse publicity arising from questions being raised in government cirâ€" cles. Borrowers have rightly been advised to investigate a company thoroughly before signâ€" ing any contract. The following guide is given as a yardstick which anyone conâ€" sidering a second mortgage should observe. 2. There should never be charges of any sort except the legal expenses of drawing and registering the mortgage. For inâ€" stance, appraisal fees, finders still exist a number of individuâ€" als and small private companies which charged excessively interest rates, and this inf 1. Look for clearly stated true interest rate which should never exceed 15 per cent. Unfortunately within this finâ€" 14 yrs. _ 15 urs. 168 1o equal equal 41.92 ! Dunlop concluded by remarkâ€" ling that current home designs | were more refined and softer in idesign than after the war. The ‘rear of the home was becoming | more important because of the privacy, and more frequent use ‘ by the family for dining. l "I have never found an area { where property is so well mainâ€" 'uined," says Leblanc. He should know, he visits over 20 homes in the Etobicoke area each week. loon" payment is involved. In other words, the first payment, the last payment and all interâ€" vening payments are for the 6. For sound advice on mortâ€" gaging ask your bank manager or go to one of the reputable public companies. fees, administration fees, etc., are all considered s part of the SEDs Lop ifi c tw lar payment of the agreed monthly installment the. loan will be completely amortized in the agreed term of the mortgage. ment completes the loan, 5. Seldom, if ever, and then only after sound advice, should a second mortgage be greater than the current balance of any first mortgage. In Etobicoke, one of the largâ€" est public companies in this field â€" Coronation â€" hbas estaâ€" blished one of its most active offices. Under the managersbip of Don Leblanc, the company has found an eager market for its services. 3339 Bloor W. BE. 3â€"1267 3. An assurance that by regu We invite your inquiries. Clinton M. Bunston Kenneth C. Bunston William A. Stewart Gordon S. Eckersley INDUSTRIAL & COMMERCIAL REAL ESTATE CONSULTANTS RESIDENTIAL SALES SERVICE In The West End Kingsway and Islington Area BE. 3â€"1267 A Well Established Business with over MEMBER TORONTO REAL ESTATE BOARD APPRAISERS 40 YEARS CONTINUOUS Fred Mitcham John Riley Fred Swallow â€" and â€" and the last payâ€" One out of every six singleâ€" family homes financed under the National Housing Act last year contained four bedrooms. This compares with one out of eight in this category in 1961. Between 1954 and 1960 only one out of every 16 N.H.A. financed houses contained four bedrooms. Now twoâ€"bedroom houses are almost nonâ€"existent. Only 779| twoâ€"bedroom houses â€" one out of every 275 financed under| NH.A. â€" were started in 1962.| Between 1954 and 1961 one out! Now is the best time to buy a new or resale home, says R. W. Telford, President of The Torâ€" onto Real Estate Board. ®© There are plenty of houses to choose from right now, both old and new ®@ There is plenty of money around to finance your purchase as soon as you give the word. Buyers want more â€" space. Rooms are larger, and there are more of them. There are more fourâ€"bedroom houses and most of them have more than one bathroom. © Homeâ€"buyers have had a wider choice or a opportunity to upgrade standards of housing. In the past decade 1,274,370 new houses have been built in Canada. Last year production was still zipping along at a good rate with more than 130,000 There are some modern or contemporary designs, but the trend to Conventional and Traâ€" ditional architecture is running strong. Georgian stylingâ€"someâ€" times referred to as colonial or early American â€" is very popuâ€" lar, So are decorative details that evoke the past: ornamental ironâ€" work, white columns, louvered shutters, coach lamps and coloâ€" mial style windows. Even ranch style houses and other contemâ€" porary types display these roâ€" mantic touches. dwelling starts. The peak was hit in 1958 when construction was started on 164,632 housing units, Canadian home builders will increase production in 1963 by three to five per cent to between 135,000 to 140,000 â€" residential units. Thanks to these thousands of new houses, the average quality of our stock of homes is better now and the shortage is no more. There still is plenty of demand but you can take your time, explore, investigate houses and neighborhoods carefully and compare until you find a house that really measures up to your expectations. Now suppose you are in the market for a newly built house and ready to sally forth to look over the current crop. What will you see? One of the first things that will strike you is that this year‘s houses look different. ROMANTIC TOUCHES Trend To Traditional Homes D. J. LEBLANC MANAGER Victoria, Vancouver, House Buyers Are Younger CORONATION â€" THE FIRST NATIONAL PUBLICLY OWNED\ CANADIAN COMPANY TO OFFER A COMPLETE RANGE OF SERVICES â€" WHICH INCLUDE: complete those long thought of additions, renovations on d improvements to your home. Coronation mortgages con be arronged quickly and conveniently by wellâ€"quolified personnel with many years of mortgage experience. up to a need for extra cash. A Coronation mortgage can solve this problem by allowing you to use your home equity. Coronation mortgages can be paid off at any time with no cost to the borrower, and there are no extra or hidden charges. "o“! nwu!n “onTGAEs A Coronation mortgoge is a sensible approach to consumer financing, and the perfect onswer to debt consolidation for the homeowner: Low cost Coronation mortgages can be fully amortized over 10 â€" 15 years and require much smaller monthly payments than most other forms of consumer finance. HOME IMPOVEMENT MORTGAGES + SUPPLEMENTARY MORTGAGES : never better their » Calgary, Edmontom, Wianitths, e i -&"'V la m'm. Supwe, of 10 NH.A. houses constnuctedof the N.HA. borrowers were contained two bedrooms. under 35 years old. Threeâ€"quarâ€" Twoâ€" port‘ :J"e: &.uu -::‘d from Twoâ€"storey houses are MOrE soormons Between 1956 and popular than they have been f0r/196:, iwo.thirds of the/ buyers 10 years. In 1962 builders PUt UP were first.time buyers. one twoâ€"storey dwelling for e 6, every 16 bungalows started. In| Families are larger, averaging the last decade â€"â€" between 1962,1.87 children per family in 1962 and 1961 â€" builders erected 30 bungalows for every twoâ€"storey dwelling. In other words, while bungalows are still the most popular, twoâ€"storey houses have doubled in popularity. New house prices are edging upwards because of an increase in land costs and a demand for larger finished floor areas. The sale prices of new N.H.A. houses increased more than $300 to $15,â€" 053 in 1962 from an average of $14,727 in 1961. In fact, new house prices are continuing their upward trend after levelling out from a high in 1957. New houses are larger. 31.6 per cent of the N.H.A. financed houses in 1962 contained more than 1,200 square feet of floor area. In the previous year only 27.2 per cent of these NHA. homes contained more than 1,200 square feet of living space. The average house built in 1962 conâ€" tained a floor area of 1,189 square feet compared to 1,154 square feet in 1961. Construction costs per square foot dropped slightly to $10.26 in 1962 from $10.44 in 1961. Construction costs per square foot are about the same now as they were in 1956. Land costs (prices paid for lots) have increased 35 per cent since 1956. Home buyers are younger. The average age of NH.A. borrowâ€" ers was 34.5 years in 1962; 55.9 per cent were under 35 years of age. In 1950. only 525 per cent $3,500 Down â€" NH.A. resale, 3 bedâ€" tached gorage, Eringate resale. rooms, solid ‘rug brick bungalow, atâ€" The above properties are just two of the many fine resales we now have to show. For an aoppointment or further information, M. PRISTUPA â€"REALTOR INYESTMENT COMPANY LIMITED YOUNGER BUYERS 1950, only 52.5 per cent SPECIALIZING IN ERINGATE â€" ISLl (Call or write for information) NATIONAL BRANCHES 3 62â€" 7192 THE ADVEITlSFR «_ w;s“_"]z 1 pared to 1.83 in 1961 and 1.24 in 1950. Thirty per cent of the buyers had three or more chilâ€" ‘dren in 1962 compared to 12 per LE. 2â€"6602 WULTIPLE LISTING SERVICE Before Yqu Buy or Sell Consult a Member of The RESULTS COUNT!! down payment on a home plus moving expenses, furniture and other necessities con quickly odJ A Coronot& mortgage is an excellent means of providing necessary capital to carry out and TORONTO REAL ESTATE BOARD Please Call $16,500 â€" Eringate area, three bedâ€" room solid brick bungalow, paved private drive, divided basement. Close to schools. 7,135 Houses Sold For $126 Million This Year Marie, Toronto, Dén ‘Mills, Etobleok®, ISLINGTON ©pB parts of the market. There is a buyer‘s market for resale houses as well as for new ones. So if you are in the market for a house at all, shop both cent with three or more a home | have there ter homes with lower price: owners of older homes are dis« covering that they cannot expect to make. an automatic profit when they sell. Now is the best time to