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trail eeonomistsun the tribune third section 29422006402100 wednesday august 14 1985 townhouse residents rebel against mortgage increase by donna cox staff reporter after an increase two per cent above the average mort gage rate a group of union- ville townhouse owners are voicing their objections in an attempt to warn others in similar situations last year the municipal savings and loan company in barrie purchased the townhouse mortgages of 653 village parkway the com- pany then hiked its mortgage rates well above current bank levels a move that infuriated the townhouse residents it is thought they bought the mortgages from the pre- vious company canada life at a discounted rate said bill carney president of the condiminium board then by raising the rate they fi gured people would either sell their mortgages to anothe company and the municipal would make a quick profit or given the short period of time to renew 11 days people would be forced into accept- barry epstein irate tenant ing the higher rate and they would still makea profit the sixmonth interest rate is consistent with other len ders but the oneyear rate is slightly above that of most banks a fiveyear mortgage with the municipal runs at 13875 per cent compared to the bank rate at 1175 per cent the renewal fees also run up to six times higher than any other lender most banks charge a flat renewal fee of 65 to 75 renewal costs for a sixmonth mortgage with the municipal are 100 while the cost for a fiveyear mortgage is 300 when the economist and sun attempted to ask doug cherry general manager of the municipal why the rates and the renewal costs are so high he requested the ques tions to be submitted to him in writing before he would answer them eight questions were submitted and the eco nomist received no answers brad elliot a loans officer at the municipal told town- house resident barry epstein that it was the best rate they eatons has new manager malcolm coles new manager although hes only been at it a few weeks malcolm col es the new store manager at eatons in the markville shopping centre is already enthused with his new sur roundings the people are extremely friendly said mr coles the store is nice too because its only three years old mr coles had worked for various department stores in england before coming to toronto while he was work ing in the china department of a downtown toronto eatons storehe decided to take the company management train ing program after working in the bra- malea store mr coles spent the next few years moving up the management ladder at various eatons locations around the toronto area mr coles noted i have been exposed to just about ev ery function of the company mr coles was previously the store manager of the eatons in the rockwood mall in mississauga before coming to markham he replaces gerry barss the first store manager of eatons markvil le who left to open up a store in pickering were able to offer at this time the rates are outrageous the renewal fees are out rageous said an upset mr epstein its a pure rip off ethically its wrong but legally its not noted mr carney in the 60s the bank act was changed and banks could use their own discretion to set rates the government wont do anything unless the company is definitely goug ing for example maybe 10 per cent above average when the residents brought this problem to their lawyers many discovered that there have been problems with the municipal before in the complex of 77 units mr carney knew of 40 who signed on with other lending companies the others didnt call him but he hasnt heard of a single case of anyone re newing with them id be very surprised if they did said mr carney the bank of nova scotia and the bank of montreal approached the residents and offered to take over their mortgages with a 70 fee for appraisals the banks also absorbed the legal fees them selves we all the residents in the complex were all together so it was a collective effort we helped each other out said mr carney but how many people are stuck in a situation like this and they dont realize that they can do something about it how many people are being stung mr carney suggested that anybody drawing up a mort gage should ask their lawyers to put in a consent clause to be in agreement if the lender de cides to sell the mortgage mr epstein added that when the residents told the municipal they would not re new an 85 discharge fee was- imposed per tenant an addi tional 40 was charged for printing a statement of account while legal mr ep stein thought the fee exorbi tant the unionville residents question whether this is a reg ular practice or whether this is an isolated case if it is reg ular practice they wish to warn others in the same situa tion to shop around uxbridges lisa northeast right and sylvia jones prepare a load of young coho salmon for finclipping at the ringwood fish culture station james duncan left is one of a group of oxbridge junior rangers who assisted the operation during a recent fourday stint the fish hatchery is operated by the ministry of natural resources chris shanahan somethings sure fishy at ringwood hatchery by chris shanahan its a fishy business but somebody has to doit that may well be the thought of workers at the ringwood fish culture station as they finclip a total of 212000 coho salmon the clipping program is designed to aid assessment of the ministry of natural re sources stocking program explained brian marchant manager of its hwy 48 facility we also get the return rate to the angler of our fish he said adding that all lake ontario salmon are identified in this manner a group of 12 junior rangers came over from their uxbridge camp to assist the op eration last week they helped mark about 80000 salmon during a fourday stint a total of 21 uxbridge rangers are work ing on a variety of environmental projects this summer under ministry of natural re sources guidance at ringwood the salmon are put to sleep with a chemical anaesthetic so that the right pectoral fin can be removed with lit tle difficulty according to mr marchant the procedure causes the fish no discom fort all of these coho salmon will be stocked in lake ontario this march theyre about seven grams in weight at present and will be ready for release when they grow to 22 grams sterling open longer hours the sterling trust corporation located in the station plaza on main st markham has recently announced that they will be extend ing their banking hours as of august 1 the new hours will be monday to friday from 9 am to 8 pm saturday the bank will be open from 9 am to 2 pm also as part of their savings and chequing campaign any new customer opening a new chequing account will receive one year free chequing privileges sterling will also pay a 25 bonus to any existing sterling trust cus tomer who refers a new chequing or savings account to the branch for further information on this program stop in at the station plaza sterling trust home of the week ballantrae home hacks onto beach a twostorey brick house at 18 highcrest rd in ballantrae has been chosen as our home of the week the home which also has a triple gar age backs onto a beach front the formal entry is finished with cera mic flooring and has a spiral oak staircase leading to the second floor the living room entered through french doors has four large windows and is well lit with the use of potlights this room leads into the full sized dining room the kitchen has plenty of oak cabinets and fluorescent lighting under the cup boards as well as an illuminated ceiling the centre island has a triple jenaire in cluded is the garburator trash compactor microwave electronic dishwasher and builtin oven there is also a separate breakfast room with a walkout to the deck the main floor family room comes com- pletewith a floortoceiling stone fireplace with heatilator the brass fireplace doors are included the room is lit with potlights and there is a door to the garage and a walkout leading to the deck the master bedroom has a brick fire place and a walkout to the deck this room has opens onto a sevenpiece ensuite com plete with a stepup whirlpool bath there are four other bedrooms with dou ble closets and access to a fivepiece bath room i the main floor library has builtin book shelves parquet flooring and plate railing the laundry room and twopiece powder room are also conveniently located on the main floor the basement has recreation room potential with a finished fireplace there is roughed in plumbing which can be used for a sauna bar whirlpool etc a walkup leads to the garage and a walkout leads to the backyard the triple garage comes complete with electronic openers there are stairs which lead to a partially finished room above which is ideal for teenagers maids quar ters or inlaws other extras include an electronic alarm system central television antennae sys tem to all rooms outside brass light fix tures automatic security lighting central air cleaner central vacuum system and a fire alarm system the asking price is 229900 and is listed with family trust corporation realtor on main st north in markham the agent is linda killackey who can be reached by calling 2941372 or 2946055 this home has an asking price of 229000 and is listed with family trust the living room is large and has a fireplace the kitchen has a centre island the bedroom has a fireplace and a walkout