Bus TERRACE STANDARD INESS REVIEW. The Terrace Standard, Wednesda ‘Out & Real estate prices so About low some can't leave New in Nass A COUPLE of new busi- nesses have sprung up in New Aiyansh. Diversified Automotive and Towing was started by Helmer Grandison is April. He’s got a tow truck and a small shop. Grandison said he no- ticed tow ‘trucks being called to the Nass Valley fram Terrace at least three times a week. When a tow truck came up for sale he decided to take advantage of the op- portunity. Another new business there is NassCo Business Services and Quick Copy Centre, run by Esther Adams. It provides services in- cluding colour phetocopy- ing, word processing, re- sume and letter writing. Adams said opening the business in town has helped local people who otherwise had to drive ta Terrace. Her knowledge of the Nisga’a language means she's also able to translate documents to and from Nisga’a for major events in ihe Nass valley. Adams started as a home-based business but has evolved into a store- front location. Jets — won't go soon, if at all THEY'RE slashing flights and laying off employees, but the effects of Air Ca- nada’s scramble to keep afloat are not being felt in Terrace yet. If anything, service be- tween here and Vancouver is going to improve slight- ly since the company an- nounced it would lay off 1.000 regional network employees and eliminate certain flights as cost sav- ing measures. Terrace now has three non-stop flights daily weekday flights between Vancouver and here. The afternoon flight ‘from Vancouver that used to land in Prince Rupert before coming to Terrace is now non-stop. The new winler sche- dule, which goes into ef- fect Nov. 4, will see the non-step daily flights con- tinue. And each of those flights will be serviced by Fokker F28 jets, said Den- nis Erickson communica- tions director for Air Cana- da Regional. The other jet used on the Terrace to Vancouver’ route is the Bae-146, which will be phased out by the end of January. Whether the F28s will stay after the winter sche- dule concludes next April remains to be seen, Air Canada’s long term plan was to eliminate all _ jet service to Terrace by December 2002 amid speculation they would be replaced with Dash 8 tur- boprop aircraft which are smaller and slower. And now, that plan may or may not be put into ac- tion. “We are at the same ‘time looking at a fleet re- newal program that. will include newer, regional jets,”. said. Erickson. He would not say if those jets. will be coming here or when that coul happen. fe House price drop hits recent buyers By JEFF NAGEL DIVING REAL estate markets have left some recent home buyers unable lo sell and move away, says the Northern Real Estate Board's rep in Terrace. “For someone who bonpht in 1996, it’s guaranteed they’re losing 15 to 18 per cent,” realtor Lisa God- linski says. : That means many people who bought in recent years with the mini- mum five per cent down payment owe more on their mortgage right now than their homes are worth, she said, “Some people who went in with minimum down are in a position where they can’t afford to sell,” Godlinski said. “They have no equity.” Some are able to absorb the loss, she said, and some banks will allow . them to push the loss into a future mortgage if they relocate. Losses are being experienced by sellers who bought their homes from. 1994 to 2000, she said. The market drop has been most severe since the Skeena Cellulose crisis began to unfold in 1997. “If you bought then you're going to lose now,” Godlinski said. “Unless somehow you purchased something that was already at that time aggressively priced.” Real estate board stats show the Terrace market lost further ground 98 Eee SELLING a house has become increasingly difficult. this year. Single family homes sold for an average of $124,194 here up to Sept. 30 this year, down from an ‘average sale price. of $138,199 in the same ~ nine months of 2000. _ ; Average selling prices of homes peaked around $160,000 here in 1996. Godlinski said many people thinking about buying are holding off: because they fear the declines could continue because of the uncertainty surrounding Skeena Cellulose. “Lots of people are waiting to see what happens with the mill.” Although the value declines. are serious here, she said it isn’t as bad as in Prince Rupert, which reloca- tion companies have classified as a “depressed area.” t / mo 36 months Seourity deposit walved "2,795 downpayment Includes ‘840 air tax/tretght or purchase far $21,79 + air tax. freight included 2002 Facus Wagon SE OL with 4-Sprad Avto « Air Conditioning + AM/FM Stereo with CO Player » Power Door Lockt © Remote Keyless Enty + Heipht Adjustanle Ociver’s Stal » Sacurilock™ Aati-Thett GO/40 Folding Raat Saat = Lugpape Rack /nciades Comfort & Power Groups: Spaad Control » Tit Steering » Power Windows/Wirrorg + Rear Saat Head Restraints The threshold for that classifica- tion is a seller experiences a 20 per cent drop in value, she said. Godlinski said that gives more fa- vourable buy-out terms for corporate executives, bankers, RCMP officers and others who take a job on an em- ployer’s guarantee to shield them from real estate losses. “It hasn’t reached 20 per cent yel,” she said of the drop in Terrace. That’s been difficult for those clients here, she noied. As an example,.a home bought for $200,000 but would now sell fer $30,000 less wouldn't qualify unless the lass was $40,000, “I’m sorry but $30,000 is a lot of money,” Godlinski said. Adding to the “challenge” for sellers is the volume of other homes on the market. . At the end of September, 372 pro- perties were listed, and the ratio of sales to listings is low. A tolal-of 142 properties had sold so far this year, down 18 per cent from 174 in the same period last year, The depressed prices actually means opportunity for people inter- ested in buying now, she added. “People transferring and coming ‘in are getting the benefit of the mar- -ket values,”. she said, adding sales are stil) happening, Interest rates are also “phenomenally low,” she said. ‘In some cases four-year rates are available as low as 4.75 per cent — levels not seen since the 1950s and early 1960s. October 24, 2001 - A13 TERRACE VOLUNTEER BUREAU & Seniors’ Information Access ANNUAL GENERAL MEETING October 30, 2001 a 7:30 a.m. TDCSS Boardroom (Lower City Hall) 638-1330 The cast of "A Hotel on Marvin Gardens" currently in rehearsal for Terrace Little Theatre season opener, Opening night is November 15, 2001 for this comedy by Nagle Jackson and directed by Diana Braathen. by Nagle Jackson Our official ticket outletis..... inl E vi sit our web sitel . 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