fi s much as $2.7 billion of £%, the forecast $12.7 billion 4. Japer year in inheritances and cash gifts will find its way into the housing market, according to the latest issue of Canada. Mortgage - and Housing Corporation's Mortgage Market Trends. Wednesday, September 1 16, 1998 “Nearly $1.4 billion of these funds will be spent on renova- tion while the remaining $1.3 billion will be devoted to new construction,” according to Ali Manouchehri, a senior econo- mist at. CMHC’s Market Analysis Centre. In. another. article, Mortgage Market Trends examines Canadian real estate investment trusts (REITs). The trusts are growing in pop- ularity as Canadian real estate becomes. increasingly. scruti- nized and more properties are held through the stock. mar- ket. In oe REITs have grown ____ REAL ESTATE nearly 40 fold since 1993 to reach over $4.5 billion by mid- 1998. The article describes who benefits from REITs, exam- ines the REITs as an invest- ment instrument, and discuss- es their past, present, and potential performance. Mortgage terms in 1998 among longest i in 20 years An increasing number of.: borrowers - have. ‘selected longer-term mortgages since 1995, according the lat- est issue “of » Mortgage Market ‘Trends, published. ~ recently...-by Canada Mortgage -and = Housing» “Corporation (CMHC). Asa < : result, the average mortgage term in 1998 was five years. Terms are now the longest : ‘in 20 years. “Borrowers are moving ‘toward longer mortgage “terms because rates are low, “he the yield curve has flattened, ) : es slips - Vancouver Island homebuilding alidt to 1181 new. homes star ed in August, down from :209 in July;: ‘according: ‘to Canada Mortgage. ‘and Housing Corporation (CMHC). Victoria. “Port: _.<" Alberni, Campbell River and Duncan ‘saw more new homes- _ break ground during August. However, slower home building i in 4... Victoria, Nanaimo and Courtenay overshadowed gains in other markets,” says CMHC Victoria Senior Market analyst Lee F. + King. “Disappointing economic growth and rising mortgage rates have slowed home-building this summer.” “Vancouver Island home-building bucked both national and : provincial trends. B.C,’starts held steady at 18,500, seasonally §, ~~ adjusted at an. annual rate (SAAR). Nationally, starts jumped - 11.7 per cent to 134,700 compared to 123,000 SAAR in July. CMHC” surveys homebuilding monthly. across —_ : Shles : & Chuckies Pre-School — ff Spaces now available (655-7016 - Co orner of Third & Bevan “Borrowers are moving toward longer mortgage terms because rates are low, the yield curve has flattened, and | longer-term morigages are more widely available.” Sb CMC's Market Analysis Centre economist Ali Manouchehrii omist.:at. CMHC’s Market Analysis’ Centre. “The trend ‘is widespread. ‘Terms of five years or r longer: have been and longer-term mortgages are more widely available,” - according to... Ali” i Manouchehri, a senior “econ- : ‘Resraven by ae | to view at jst Is 36, 900. | ~cadult building, Permits rentals « ~ Call today! OS Camosun Peninsula , - chosen by over 55 per cent of © those renewing their mort- gages and 75 per cent of first- time home buyers.” In. another article, Mortgage Market Trends con-. siders: how. suitable the Canadian way. of financing housing might be in emerg- ing. economies. - The — publication also examines the record-setting -_ ~ performance .of Mortgage- Backed Securities in the first quarter of the year, when it ~ New. issues., swimming pool, jacuzzi; arin clubhouse with: 1 “§ views .out over the: extensive gardens. i's like being i on vacation all year — not many. like inis. Call now. ye FABULOUS PANORAMIC VIEWS! | $389,000 : ‘This beautifully maintained home is situated in popular Dean Park & features panoramic views of the San Juan & Gulf Islands, air- “ port, Sidney & spectacular Mt, Baker. Large home could accom- ~ modate a blended or extended family easily. Downstairs there i isa, -huge 37’) recreation room & an inlaw suite that could be 1, 2 or - 3 bedrooms! Both levels. are level entry & could accommodate a wheelchai. Please call Gaye for immediate appointment... ants meoramri ere ener sever emer Yrs ne INVESTORS, RETIREES OR FIRST TIME NESTERS! WSs: 7070 West Saanich Rd. Open 2-4 Sunday - ~ $121,000. Here's an opportunity to. view this allordable condominium in - Brentwood Bay, This 2 bedroom home is located on the top floor - ~& features a lavaly south west exposure, Well. managed, quiet; ideal for - investor or showbird,, 655-0608 4 registered, over $3.7 billion i in. PENINSULA NEWS REVIEW 27 TOWN OF SIDNEY NOTICE OF TAX SALE Pursuant to the Municipal Act, Section 403, the following properties will be offered for sale by public auction in the Council Chamber of the Sidney ~ Municipal Hall, 2440 Sidney Avenue, Sidney, B.C. on September 28, 1998, at 10:00 a.m. unless the delinquent taxes, including interest, are paid before ‘that time. 1. Property code 120602.010; 9972 Fifth Street; Lot A, Plan 18363, Section 12, Range 4E, North Saanich Land District, PID #003-734-528 2. Property code 120629.027; 304-9900 Fifth Street; Lot 17, Plan SP1038, Section 11, Range 4E, North Saanich Land District, PID #000-862-827 3. Property code 120809.000; 2499 Rothesay Road; Lot W120' or 240' of 11, Plan 5405, Section 12, Range 4E, North Saanich Land District, PID #005-964-661 4. Property code 130968.000; 2291 Amherst Avenue; Lot 10, Block 1, Plan 1197, Section 13, Range 3E, North Saanich Land District, PID #007-969-546 ~ Prospective purchasers are advised that the purchase of a tax. sale property is subject. to. tax under the Property Purchase Tax Act on the fair market Value of the re ~-D; Joan Brooks, CGA Collector DISTRICT OF NORTH. SAANICH TAX SALE- Pursuant to Section 459 of the Municipal Act, the . : |. District of North Saanich.is required to publish the | ~ legal. description and street address, ‘if ary, 4 properties subject to Tax Sale. The 1998 Tax Sale will be held in the Council Chambers of the Municipal Hall, 1620 Mills Road, at 10;00 a.m. on Monday, September 28, 1998, The following properties will be included in the Sale unless delinquent taxes, plus interest are sooner paid. an 4178 Bluebell Place ; Lot 53, Saction 23, Range 1 West, Plan 50560, ig 01610179, North Saanich District 9900 Canara Bond Bie gee the gett oes ~ Lot B, Section 6, Rango 3 Eas st, Plan 23418, PID 003105164, North pea District - 1448 Cypress Fload a hott, Block, 6 5, ‘Section 21, “mange: 1E Ast, Plan 1767, PID 001326708, North § Saanich District “1904 Mavnavidw Taraca’ (Ping oh 8 a Loto, Section 3, Range 1 Eos {, Plan 6 §2 2980, | “PID 01 rareo4t, North Saanich District ue + PROF f ATES SOLD AT TAX SALE ARE § sur SECT 10. . THE, PROPERTY PURCHAS E TAX oy. : ents nie ing ad ao ior He Honea M9 Ne me