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# O t it B BB O tR N B A *A nb T ie t No ie Bd ige ational housing starts rose 0.6% in NSeptember to a seasonally adjusted annual rate (SAAR)*, of 153,600 units from a revised level of 152,700 units in August, reported Canada Mortgage and Housing Corporation. "Nationally, housing construction remains within a narrow range of activity. However, at the provincial level, September saw noticeably higher activity Urban starts ofâ€" singleâ€"detached dwellings reached 63,400 units (SAAR) in September, 3.1% higher than the level of 61,500 in the previous month. Multiple unit construction fell 1.5% to 65,200 units (SAAR), from a level of 66,200 units reached in August. Housing starts up .6% in September Offered for sale at $475,000 and filled with custom touches such as a solid cherrywood kitchen, dramatic interior decor, stone accents and much, much more. THE PEAKS OF PERFECTION WE LEPAG Urban starts in British Columbia fell to 36,100 units (SAAR) in September, following a 42â€"month high of 44,500 units in Ontario, Quebec and Alberta. By contrast, starts activity in British Columbia retreated, following two strong monthly reports," said Gilles Proulx, Chief Economist at CMHC‘s Market Analysis Centre. Offered for sale at $495,000. Over 3,400 sq. ft. of superior workmanship. Cathedral ceilings through living and dining rooms and full walkâ€"out basement are only two of a long list of features. Ontario‘s urban housing starts reached 37,300 units (SAAR) up from 33,900 units in August. The increase is mainly due to a rebound in multiple construction, although single starts were also slightly up. OVERWHELMING ELEGANCE WEDLAKE* Low interest rates, an attractive variety of mortgage options, competitive prices, and unparalleled housing choices have all combined to make housing more affordable than it has been for many years, according to the report The Dramatic Improvement in Housing Affordability. However, the report cautions pentâ€"up demand is building and "the current buyers‘ market will not continue indefinitely." The report found that: * Interest rates, which have a critical effect on affordability for most homebuyers, have declined significantly, offering substantial savings when compared to rates three years ago. The Greater Toronto Home Builders‘. Association (GTHBA) concurs with the findings of a new report from respected housing analyst Clayton Research Associates confirming that a variety of factors have made housing in most parts of Canada as affordable now as at any time since the early *70s. wUOrt d150 lower. Urban starts in Quebec recovered to 28,200 units (SAAR) from a level of 24,000 in August. Both singleâ€"detached homes and multiple unit construction advanced. Activity in the Prairies improved to 19,200 units (SAAR) in September, from 17,500 units in August, as starts jumped in Alberta (to 16,900 units), were unchanged Activity held steady in the Atlantig region‘s urban centres at 7,800 units (SAAR). Starts rose in New Brunswick (10 3,000 units SAAR), Newfoundland (tq 1,600 units) and Prince Edward Island (tq: 400 units), while they declined in Novfi Scotia (to 2,800 units). 4 *The SAAR is a monthly figure that i adjusted to remove normal season variation and multiplied by 12 to reflect annual levels. s ‘ Still a good time buy a house but market won‘t lastâ€"report *« The highly competitive mortgage market has resulted in flexibility by lenders and a range of financing options that are of benefits to buyers. *« House prices in Canada are competitive in markets across Canada. in August. The decline was mainly due to lower construction of condominiums and rental apartments, although starts of singleâ€" detached dwellings were also marginally lower. *« Two federal programs â€" one allowing firstâ€"time buyers financing with as little as 5% down, the other allowing withdrawals from RRSP accounts to assist with the down payment â€" have further enhanced the opportunity for buyers. + Affordability has returned to levels as good as the midâ€"80‘s and, before that, unseen since the 70‘s. * There is a large selection of houses available in all price ranges, assuring buyers a wide choice of designs, sizes and types of new housing. * Household incomes, hardâ€"hit by the recession and increased taxation, are becoming more secure as the econom improves. The economy is recovering, althoug! not as rapidly as hoped, according to th Clayton report: "After a major droj during the recession, it is expected tha there will be a net increase of 150,00 jobs during 1993 and a further 245,00 jobs during 1994. This will buo consumer confidence and assist th housing market." GTHBA President Murray Koeb said "this report, showing why there h been a dramatic improvement in th affordability of housing, is good nev for anyone considering buying a ne home. All the advantages of financin price, choice and supply which a described in the report are available} the Greater Toronto Area." * The new study analyzed the housi markets in the Halifax, Montre: Toronto, Winnipeg, Calgary a Vancouver areas. All the facto contributing to improved affordabilj applied in the markets except for t Vancouver area which has cxpericnj price escalation in recent years. in Saskatchewan (to 1,100 units) and fel] markedly in Manitoba, (to 1,200 umm) following two strong months. Home ownership as an investment 1992 Canadian Home Builde Association study, found that ownin home has been and will continue to4 an excellent, capital gains tax-fi investment for Canadians. The st concluded that even in a period of inflation and no increase in house prij homeowners would still be better than renters in terms of their net w in the long term. The latest Clayton study shows these benefits of home ownership | been extended to a larger poo potential buyers, because of reduction in interest rates . competitive house prices across Ca! At the same time, buyers now ha opportunity to buy at the bottom 0 housing price cyclé in most markets.