BUSINESS e Castiegar Sun WEDNESDA September 20, 1995 B2 Wednesday, Septmber 20, 1995 The Castlegar Sun Page B3 Painting the town: City Hall has been getting 4 padly-needed facelift over the last week, as workers strip off the Ouiiding'’s weatnerec yellow paint and replace it with a friendlier creamy hue. The work is scheduled for compi opening of the Downtown Revitalization Project or Pay off your home in record time BRUCE MORRISON For The Castlegar Sur Chance are your house 15 the largest single financial! commut men you'll make And because you're likely to borrow money to buy that house your mortgage likely represents by far the greatest borrowing cost you will ever face If you haven't added up the cost of a morgage, you might: be surprised. For example. if you were to borrow $200,000 at 10 per cemt, over a typical 25-year amortization you'd pay $336,694 in interest charges That's a lot of money that could be going elsewhere. So how can you cut back on the interest you pay? Simple — by paying off the principal amount of the mortgage more quickly If you were to pay off that min time for the grand SUN STAFF PHOTO | Menayr Strong $200,000 im 15 years instead of 25. you would pay $184.542 in meres! COStS. That's a saving of $152,242 over the 25-year amortization Plus you could enjoy the financial security of knowing your house 15 paid off a full 10 years earber Here are five ways to pay off your mortgage faster: + Shorten your amortization penod. When setting up a new mortgage, arrange to pay it off over a shorter period. Although the typical amortization is 25 years, financial institutions will allow you to choose the penod that best suits you as long as you meet their qualifying Tequirements Of course, your payments will be higher, so be sure your budget can afford to do this. Stan by con- sidering a 20-year amortization. + Make weekly or bi-weekly IT’S YOUR B.C. CHRYSLER TEAM’S 1995 Dodge Ram Regular Cab Tough to beat. Only one truck was tougt back-to-back 4-WWheel & Off-road Magazir year” awards Dodge Ram *2,000 Factory Rebate’. 1995 Chryster Cirrus 26) Pac A trunk full of awards wn it it 1s possible to build a luxur road as it 1s on your budget *21 3986 Including freight and $1,000 factory rebate CHRYSLER Dodge Jeep cluding freight and $650 factory rebate A Package of Canada’s "1995 ve tall ina a stunning design eee —4 199° Per month for 30 months Including freight and $1.500 factory rebate 1995 Chrysier intrepid 22C Package Carguide Magazine's Best Buy of the Year in the farnily sedan category packs a lot of punch and a jot of value in $19, 988e- 329" Per month for 30 months Qf ONLY AT YOUR B.C. CH 1995 Dodge Stratus 244 Package The recipient of Popular Mechanic's Engineering Award” shows how you don't Including freight and $1,000 factory rebate Design and have to sacri- fice your love of the road for the need of four doors. $17,988 379° Per month for 30 months 1995 Chrysler Sebring From it’s beautifully mannered suspension and handling to t's luxurious leather seats, the highly acclaimed Sebring makes every. moment count *750 Factory Rebate’. Come in for a hassle-free test drive and receive a FREE Rand McNally Travel Guide. Cali now for a convenient appointment. | 800 333-3678 RYSLER TEAM. on oma on ve pcs CHRYSLER Plymouth Jeep Eagle payments Accelerated weekly oF bi-weekly payments can reduce the total cost of your mortgage by thousands of dollars For example, by paying week ly, rather than monthly or se monthly, you'll pay off re each year, since there are shghtly more than four weeks in ¢ month. This has the same effec as adding one extra monthly pay- ment 4 ycat « On a $200,000 loan at 10 per cent, you would save $101,967 ip interest costs by makang regular weekly payments instead of monthly payments, and you would pay off the mortgage in 18.7 years « Increase the amount of the payments. Many lenders will allow you to increase your pay- ment amounts. These are «usu: restrictions on the increase, how ever, most allow up to a 10 per cent payment increase For example, a normal month ly payment on a 25-year $200,000 mortgage at 10 per cent is $1,788.98. If you imcreased that payment by 10 per cent. or $179 each month, you would save $107,674 in interest costs. and pay off your mortgage in 18.2 years. « Make lump-sum prepay ments. Many institutions allow you to “pay down™ — to pay a lump sum amount off — the principal amount of your mon gage loan at least once each year. This pay down amount 1s usually up to 10 per cent of the onginal principal If your mortgage carnes the |( per cent prepayment privilege. be sure to ask how if is Calculated Many mongagees (lenders) allow 10 per cent of the orginal amount borrowed. So atthough you may have just $100,000 of a $200.000 mortgage outstanding. you may sull be allowed to prepay $20,000, once a year. Put your RRSP refund toward the mortgage. If you contribute regularly to a regis tered retirement savings plan, you may be receiving a sub- stantial income tax refund. By putting this money toward your mortgage, you'll save on inter- est costs without having to find extra money In the end, paying down your mortgage could prove to be on¢ of the best investments you 'D ever make. : expected to recover in the closing months of 1995 and ‘The recovery will extend to the new housing markets as well as to resale market where a rebound is currently under way due to the drop in morigage costs in the first half of this year. “In 1996, the housing recovery will lead to 127,100 stasts, a double digit jump from this year,” said Gilles Proulx, Chief Economist at CMHC's Mar- ket Analysis Centre. Activity will be sustained because of a moderate expan- sion in the economy and job market combined with affordable mortgage costs.” “Single-detached con- struction will account for ———— See CMHC - acy ieeinyaalipulaiaithinstoaninmrenaicn-iniuents Glance Thought of the week Persistence prevails'when all else fails Sign o' the times Critters Crunchies and Pet Supplies now ‘have a sign installed in their new location at the corner of Columbia Ave. and 13th St Now open ry Cantel Cellular has opened an office in Castlegar in the Castle~ ar B Services Build located on Columbia Ave. across from Mohawk Gasoline New president Peter T. Pope, chair 'and CEO of Pope and Talbot, has d Finally! After 10 months of intensive study, the first graduates of Selkirk College's legal assistant program are completing their practicums throughout the western provinces. The program is the only one in B.C located gutside the Lower Mainland. Photo submitted that Michael Flannery is the new company president and chief operating officer. Flannery has been group vice-president and gen- eral manager for the company’s wood products division since 1986. His replacement in the wood products division has not yet been named. Women and health The Castlegar and District Library is sponsoring a short series of seminars on women's health issues and alternative medicine, The first speaker is Susan Shaw, a classically trained homeopath with more than 12 years experience in practicing and teaching. Her pre- sentation will be Thursday, Sept. 21 at 7 p.m. The price is only $10 with proceeds going toward the library's automation fund. Business ‘women are invited too. First students | of legal assistant program graduate After 10 months of intensive studies, the first graduates of the Selkirk College legal assistant program are now completing practicums throughout B.C., Alberta and Saskatchewan. Pl ts for practicums Elaine Kruse of Castlegar has started a h based b called Vintage Style Clothing. Available for rentals or sale, vintage style men’s and ladies clothing from the 1400s to early 1900s is available. And she will create made-to-order clothing suitable for i ion: ial celebrations, tourism businesses etc. Anyone for a Renaissance party? Fall classes Everlasting Floral Interiors is offering a variety of fall classes. Katherine Kalmakoff has more details. Building Castlegar The City of Castlegar reports that so far this month, it has issued six new single-family residential building permits, one garage and carport permit, 21 residential alteration/renovation permits and five ial addit ion permits. Snap it up Brian Panchiv is now the Snap-on Tools distributor for the area. Congratulations Brian! Poet Castlegar resident Bob Martens was recently notified by the Cana- dian Poetry Institute of Canada that a poem he wrote will be pub- lished next spring. Bob's poem is about a topic he knows very well — being a house husband. Bob's wife Lesley is a service advisor at Kalawsky Pontiac. New faces Reanne Jeffs has joined the staff at Zazoo Beauty Centre. She is available from 8 a.m. to 8 p.m. by appointment New hours Dairy Queen in the Castleaird Plaza has new hours. The restaurant is now open Monday to Saturday 9 a.m. to 10 p.m. and Sundays from 11 a.m. to 10 p.m. Full moon? The West Kootenay Astronomical Society meets during the new moon phase each month for fun, discussion and a telescopic view- ing of stars, planets and deep-sky objects This month, they will meet Friday, Sept. 22 at 7:30 p.m. Umbrella of service Castlegar Savings Insurance Services and Cohoe Insurance now each have a neon umbrella in their window which indicate that the two agencies are under the umbrella of Castlegar Savings Credit Union. Cohoe’s umbrella has its logo in the centre surrounded by the CSCU logo, while Castlegar Savings Insurance Services has its own logo in the middle, surrounded by the Cohoe Insurance logo. Downtown revite Plans are underway for the grand opening of the Downtown Revi- talization Project. After four years, the project will be completed when the telephone lines are taken down sometime before Oct. 15. The grand opening is scheduled for the afternoon of Wednesday, Oct. 25. The Minister of Municipal Affairs will be here to tour downtown Castlegar and make it all official. Hot dine and dash Smitty's Restaurant in the Fireside Motor Inn has a hot lunch spe- cial buffet. Choose from six hot items, salads and fresh fruit, including at least one vegetarian dish. The buffet menu changes each day. Watch for their 2-for-1 coupon in today’s and next week's Castlegar Sun A united effort Be at the ‘Castlegar Community Complex on 6th Ave. this Satur- day, Sept. 23 for the United Way Kick Off day. The flea market and pancake breakfast start at 8 a.m. The breakfast is sponsored by Castlegar Savings and Kootenay Savings Credit Unions. There will be a book sale, bingo and model airplane demonstration — and a whole host of other good fun and entertainment will be ready for you! All proceeds will go toward the United Way charity fund. Home away from home If you're looking for a one-storey prefabricated Artisan trailer, size 14° x 52°, the City of Castlegar might have just what you're look- ing. The deadline for sealed bids on the trailer is Sept. 29 at noon. Bid forms are now available from City Hall Winter Wishes, Summer Dreams While you're packing for a late-summer vacation, remember to include a copy of The Castlegar Sun in your suitcase! Have your picture taken holding The Sun at your favourite holiday spot and enter it in our Winter Wishes Summer Dreams contest. You could win a trip for two anywhere that Canadian Regional Airlines flies: or one of three other great prizes. Bring your photo to The Castle- gar Sun, located at 465 Columbia Ave., Castlegar and pick up an entry form while you're here More signs 0’ the times The Hi-Arrow Hotel had a new sign installed last week at the cor- ner of 18th St. and Columbia Ave., indicaing its new name — The tlegar Inn. Also on the sign ts the Red Lantern Restaurant vary from RCMP detachments, court registries, crown counsel Offices, law firms, notary public, legal services society to govern- ment auto insurance. Successful graduates from the program are: Sonja Anderson, Adrianne Bonacci, Maria Ciar- dullo, Anna Crowe, Cynthia = CMHC Davidson, Mikki Dergousoff, Michelle Johnston, Angela La Plante, Lori Picco, Pat Piotrows- ki, Leah Schmidt, Helga Som- merfeld, Jackie Smith, Jody Standidge, Cheryl Swedburg, Michelle Usher. The focus of this program, which started in October 1995, is the study of substantive and pro- cedural law. Legal research com- prises an integral part of each component. Selkirk College is the only B.C. college located outside the Lower Mainland to offer this specialized training Continued from B2 most_of the increase. The recov- ery of multiple units construction will be held down because of excess rental apartments and slow residential markets in British Columbia,” Proulx added. Construction is expected to drop to 112.500 dwelling units started this year due to a combi- nation of slow demand and sur- plus existing supply. Both the single-detached and multiple dwelling sectors are expected to record declines of more than 25 per cent. All provincial construction markets will see fewer starts this year but most should recover next year, with Ontario, Quebec and Manitoba expected to lead Specializing in: Home made breads, pastries & Located Playmor Junction Ph: 359-7770 TAXES + TAXES * TAXES Learn How To Work Smarter! Not Harder! Keep More of What You Already Make FREE SEMINAR Thurs.,Sept. 21 7 p.m. Castlegar Rec Centre 2101 6th Ave. (Kootenay Room) 1-800-255-5215 Sonfrmaton Estate Preservation Keep what's yours from the tax man You'll likely be surprised at the size of your estate, and how much Revenue Canada will take away from your spouse and children Eliminate the tax grab on your valuable assets. (RSPs, your cottage, rental prop- erties, your business, your investments) Money Concepts has solutions to this major financial problem. Contact us today for a free consultation “Concepts that work” Burt Campbell’s ‘The Money Management People Wayne Miller + Bill Wenman * Burt Campbell 365-4980 * 1-800-897-0807 City Centre Square, Castlegar The existing market, with a recovery under way, will have a comparatively smaller 15 per cent sales drop this year. In this buyers’ market, the lower activity will cut more than four per cent in the transaction price to an average of $151,900. In 1996, sales volumes will improve by nearly 10 per cent and prices will be up by two per cent WEG We weld anything... Anytime ¢ Anywhere ICE METAL WORKS -811 Bylaw No. 1122 NOTICE OF PUBLIC HEARING NOTICE is hereby given that @: Public Meeting will be held on TUESDAY, SEPTEMBER 26TH, 1996, at 7:00 p.m., at the Ootischenia Community Hall, to receive representations from all persons who deem it representations regarding the following proposed amendment Bylaw No. 422, 1984, Electoral Area “J” The intent of Bylaw No. 1122 is to add a this use on the following property:. District 2949, except part included in Plan 6282, Barry Road, Kootenay River Kampground, Ootischenia, as shown on the map below. submissions made, at the Public Hearing. written submissions must be delivered (or faxed: (604) 352-9300) to B. the Nelson address below, prior to the Hearing Castlegar City Hall, 460 Columbia Avenue, hours of 8:30 am to 4:30 pm daily, except Saturdays, Sundays, and holidays. W SUBJECT =< + ,. PROPERTY F ia rk “ s The aforementioned proposed bylaw may be inspected from August 21st to September 26th, inclusive, at the locations and times as follows: Planning Department Office, Regional District of Central Kootenay, 601 Vernon Street, Nelson, B.C. ViL 4E9, between the hours of 8:30 am to 12:00 noon, and 1:00 pm to 4:00 pm daily, except Saturdays, Sundays, and holidays, and , B.C. -V4N 362, between the DATED at Nelson, B.C. this 7th day of September, 1995, B. Baldigara Secretary/Assistant Administrator Jeans and Runners. ao He Went From Designer Baby Clothes To Old % Ps . =a” , He Saves Money By Cutting His Own Hair. earned a 13% patronag Charlie says his parents are starting Clearly, your teenager ts getting a handle on saving money Charlie has an account at Kootenay Savings. And, like other members, he was thrilled at receiving a 5% dividend on membership and patronage shares, and a 13% patronage dividend on interest earned on his deposits Charlie says he learned about finance from Kootenay Savings. And his parents. They rebate on interest paid on their mortgage and personal loans, as well ds 13% on their deposits Set with in” Kootenay Savings South Soca ® Nakusp New Denver ® Waneta P