PAGE 10, THE HERALD, Thursday, April 6, 1978

Home buyers face higher
interest on mortgages

ON FERGUSON
Nin (CP) = If
ou're buying a home
Sithin the next few
months, expect to pay a
higher interest rate on
the mortgage.

Real estate analysts
say that. will be the effect
of a Bank of Canada
decision Monday to raise
its bank lending rate a

half percentage point to

&5 per cent, the second
rise in a month.

“T can’t see any joy in
the next six to nine
months,’’ said John
Macarlane, treasurer of
Royal Trust, one of the
country’s major mor-

tgage lenderf. “Mortgage -

rates are g
and they're go
there.”

But there may also be a
silver Hning in that ap-
proaching cloud. In-
dustry experts say in-

to go up
to stay

could lower demand for
houses and this will keep
house prices stable.

“We were anticipating
an average five-to six

er-cent increase in

use prices this "
said Lloyd Metcalf, vice-
esident of the Canadian

t Estate Association.

"An increase in
mortgage rates could
keep prices where. they
are if not reduce them
somewhat.

George Frieser, _.

esident of Marto

mes Ltd. in Edmonton,
and chairman of the eco-
nomie research com-
mittee of the Housing and
Urban Development
Assoclation (HUDAC),
predicts 11 per cent
mortgages within a few
months.

Principle and interes
payments on a. $4,000
mortgage amortized over
3 years would be $364.55

a month. At 11 per cent,
be

yments would
545.02, an increase of
$20.47 a month or about
$246 a year.

The increase in the
lending rate by the Bank
of Canada is a signal to

private lending _ in-
stitutions that the
overnment wants

mestic interest rates
increased to encourage
foreign investment and
ease pressure on the
Canadian dollar, whicm

‘has fallen below 88 cents

American.

Some of the chartered
banks, including the
Royal Bank of Canada
and the Bank of Mon-
treal, announced half-

point increases in their

rime lending rate
esday to 944 per cent
from 8% per cent. Rates
on savings accounts were
also raised a half point to
6% per cent. Other banks

were expected to follow.
Mortgage rates are
much slower to react
because money is in-
vested for a long term,
there are.many more
lenders and the market is
more competitive. Rates
are influenced by the
supply of money as well
as demand for those
funds,

At the same time,
demand for funds is slow

‘at this time of year. Most

house sales are in spring
and summer.

’ BAGS ARE DANGEROUS

DETROIT (AP) — Air
bags are “more dangerous
than a hangman's noose,”
saya a retired Ford Motor
Co, engineer who hedped
develop the auto safety
devices. Emil Grenier, 67, of
Ann Arbor, is 50 convinced
air bags are dangerous that
he has filed for a U.S. patent
categorizing them a3 execu-
tion devices.

creased mortgage rates

BUSINESS DIRECTORY

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accessories in stock Now!

EQUIPMENT SALES LTP.

KITCHEN CABINETS ° VANITIES @ INSTALLATION
@ MOULDED COUNTERTOPS ®

ALWOOD
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BRAD REESE.
_ AREA MANAGER
869 - STH AVENUE

Reroofing Specialist
FREE- ESTIMATES
Call evenings 635-4600

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4539 Grelg - 635-6384 . BUS. 564.1488 . nor x
Dealer No. 012494 SUZUKI GOES THE DISTANCE! RES. 562.2283 FRE ESTIMATES
_ ;
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No. 12-3624 Kalum St. Phone 635-4768
(Sunnyhill Trailer Park) .

Come and try our excellent
. Selections of j
imported meats, ,
e cheeses and
delicacies,

' Northland Deli
(1978) Ltd.

GLENN CARSON
WALLY LEFEBVRE
PHONE (604) 635-3863

3092 HWY. 16 EAST,
TERRACE, B.C.”
VaG 3NS

4623 Lakelse Phone 635-2833

frame”

WE BUY AND SELL
USED BOOKS. —
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Phone 635-3081

it?

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PHONE 638-1991

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Phone 638-1464

CLOSED MONDAY ~

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Gall us at 635-6357 9 to 5.

a

‘

. HARDWARE STORES

ANDERSON

All listings subject to change without notice.
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Store Hours:

)

VISA

. . a Z
Thursday, April 6 5 p.m. to midnight .
KING 3 CFTK acTV @ KCTS
(NBC} (CAA) (CTV) (PBS)
:00 | the Newlywed | Tlintstones Star Mister
1S |. Game Ftintstones Trek Rogers
130 7 News * Mary Tyler - The Gong Electric
45 7 News Moore Show Company
100. «1. News Hourglass News Loom
. 115 J} News Hourglass Hour Zoom
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45 | News Hourglass Hour Easy
“00 Seattle C.H.I.P.S. Fish MacNeil
; 15 Tonight C.AALP.S. Fish Lehrer
730 || Match Game C.HLP.S. grand Old Best of
M5 PAO” C.HI.P.S. Country E. Kovacs
———
00 Flintstones Carot Burnet! e The.
., 115 | Flintsiones Show | Waltons Prisoner
30 F Flintstones Carot Burnett the The
145 Cont show waltons Prisoner
:09 | Blacksheep Thurs. Night at » CTY. Drug
. 115 | Squadron Movie Reparts Abuse
230 || Blacksheep “Shamus” A.E.S. Hudson Drug
:45 | Squadron Cont Street Abuse
106. «ff Police Cont Baretta Possum
. 215 — Woman cont Baretta Trot
230 Police Cont Baretta Cda. Cinema
a ~) Woman Cont Baretta B.C.
News :
. 100 The National CTV Cda.. Cinema
ig) f News Night Final News BC.
:39«f Tonight 9 Minutes Hour Turnabout
245 | Show Live Final Turnabout
, 00 Tonight 9) minutes | The Late Show Sign Off
7 5 Show Live “Hunter ofthe
130 |. Cont 90 Minutes Unknown”
745 | Cont Live cont
Fria 10 am :
Friday, April 7 — Wan. to 5 pm:
‘00 | Whee! of Canadian Jean Cannem Electric
115 | Fortune Schools Show Company
230 | Knockout + Mr, Dressup Definition Two Cents
5 7 Knockout Mr. Oressup Definition Worth
, :00 «| To Say Sesame Kareen’s Art
15 the Least Street . Yoga Cart
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745 | Show Street Move Easy
200 | Hoilywood | Dream Neon Electric
; “#15 -| Squares of Jeannie News Company
. 730° | Days of . Ryan’s Movie Matinee Inside
745 J Our. Lives Hope “Pony  Soldler’. Out
- 10- | Days of Bob Mclean Cont “The Music
:15. | Our Lives Show Cont Place
330 | The Doctors Bob McLean Cont Measure
. 45°] The Doctors Show Cont Up
0 | Another Hallywood © Another Bread and
. 15 | World Squares Wortd Butterflies
ok) Another Edge of Another Making
: 145 World Night World Music
100 | Movie High Alan Hamel Speakout
115 | “The George Raft Hopes Show ; Speakout
2 «9 Story” — Take Alan Hamel Villa
_ +45 | Cont Thirty Show Alegre’
mm :00 | Cont Klahanie The Eucy Sesame
iS | Cont Klahanie Show Street
230 7 Cont Friday after Star Trek Sesame
‘45 Cant School Star Trek Street

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