WHITY FREE PRESSWEýDNESDAY, JULY 18,1<990, PAGE il wHI I T S FREEPRESS- REAL ESTATE SECTION New home sales . refleet stagnant. economy Sales of new homes An 'the Greater Toronto Area continue to refiect the stagnant Canadian economy. June sales totalled 574, down 23 por cent from the 742 sold during May and down 39 per cent from the 937 homes sold in June, 1989, said the first vice- president of the Toronto Home Buildersd Association (TIBA). David Keenan, of Coscan Development, said that during the first six months of 1990, 3,928 homes were sold, compared with 10,439 during the same poriod last year. "Ottawals obsession with keeping interest rates high continues ta, erode consumner confidence and cause mounting uznemployment throughout the homebuilding industiy" he said. The government uses the housing industry as a leading indicator of the-health -of the nationls economy. Keenan said the latest Canada Mortgage and Housing Corporation'. ominous statistics on housfing starts confirm what the THIBA bas been warning about for months. "As the housing industry goes, so goes the country. And both are going nowhere fast. The effect on everyone i. enormous. Ottawa must adt now ta, get the derailed économny back on track," said Keenan. Keenan said although the real estate miarket is cyclical ini nature, ejyigits peaks and, suffering its vallB., there are signe the current down- turn stands as the moat dsmag- ingon record. "Financial analysts who per- sist ini saying the downturn is merely a necessary correction are istaken. The economny has fal- len far beyond any correction. 'We sold nearly 36,000 new homes* in 1988 and just over 15,000 in 1989. We wil be fortunate to seil 8,000 this year __ 4,000 less than 1982, the previous, worst year on record. Tbat's not a correction, it's a criais," he said. The situation is not without some bright spots, said Keenan. Many young couples - attracted by price, smaller homes, builder mortgage buydowns and favorable down payment schedules - -are finding it easier to purchase their first home. "Astute new home buyers are taking advantage of the many excellent opportunities that exist. When Ottawa lowers interest rates, the pent-up demand will send prices upward," he said. Housing Data Report, prepared by Brethour Research Associates for the. THBA, stated that June sales consi-sted of 394 freehold homes (69 per cent of market) and 180 condomimniums (31 pr cent). The condoinium toalis the highest since November, W'~ Eerald fr~.Point A Rare Rentai QpOflrtuniy Ini A Luxurious Lifestyle For 1990 H[WY. 401 & BROCK ROAD (Minutes from Pickering Town Centre) 1 Bedroom & Den, 1,009 sq. ft. & Up 2 Bedroom Suites, 1,074 Bq. ft. & up iN-SITE FETURS. incuding. *5 applianes, includingi-suite laundry facilities *Solarium ',% *Wall towall quality broadloom *Individually controlled heating/air cond.iionin IFESTYLE AMENITIES, induin *Indoor pool, whirlpool sauna, squash *Residentand visitors parking *Guest suites Card access entry system *Easy access to GJo transit *Party room MODEL SUIE NOW OPEN F OR ARPOINTMENT CALL 686-6860'OR 29-9800 EXT 844 BENTAL CENTRE HOUES: Monday toiFriday - [2 noon to 9 Pm Saturday add Sunday - 10 amn to 6 pm EasuHw 14txtY I. :~~4)Iy401 1 .. ý e & 1 0 * * i* e q .t 4 % f, - 1989. The west region led in frýeehold sales with 189, followed by north, 110, east 75 and central 20. Missssuga set the pace in the west ein with 94 sales, followed b Brapton with 52 and Oavi with 41. Richmond HFEU and Thornhill led the north region with 24 sales 'each, followed by Markham withý 21 and Newmarket with 18. Ajax toppod ail east locations with 35 sales, followed by Oshawa with 18 and Pickering and Whitby il each. Ini the central region, Scarborough, North, York and Etobicoke recorded 11, 5 and 4 sales respectively. The west region led in Monday, JuIy 23/90 onIl'M ALL tUPRIGHT & SPREADUNG JUNIPERS 257.off 1 GRANULAR BONE MEAL $6.89 GREAT BONI MEAL GRN ~ 2220 rAWE _____Reg. $8.29 IL S udayJuly 22/90 only PERENNIALS$18 mI condominium saes with 117, followed by central (45), north (17) and east (1). Brampton topped ail locations with 55 sales, followed by Mississauga (43), Scarborough (20), Toronto (18), Newmarket (10) and Thornhill In addition ta eprtn Metro-area sales, Housing Data Report compiled sales figures reported by Toronto builders active in areas outside the THBA's tracking area. The 26 sales were distributed as follows: Barrie (14), Kitchener (4), Bolton (2), Crillia (2), Peterborough (1), Cobourg (1), Newcastle (1), Wasaga Beach (1). Friday, JuIy 20190 only GERANIUMS 4 1/2"/5"/6" pots GIREAT I GARDEN ~f' VLEReg. $1.95 DAILY JuIy 18 JuIy 19 JuIy 20 JuIy 21 July 22 JuIy 23 July 24 SPECIALS Wed. Thurs. Fri. Sat. Sun. Mon. Tues. Marigolds impatiens Geraniumns Petunia. Perennials Saturday, ' JiJIy 21/90 onIy~ PETUNIAS baie tieg. $89e $.89 $.99 $.89 $1.89 $1.35 $1 .55 $1.95 $1.35 $2.25 Junipe r Upright/Spreading 25%/, off Vinca $.89 $1 .35 *~ANDERMEeR URSERY Lü 72BAYLY Sr.E.; AJAX.. 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