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CASTLEGAR NEWS, August 23, 1981

Skyrocketing prices, mortgages

For many Canadians, the
idea of owning a home is no
longer a realistic one. With
sky-high prices running
out of control, some people
are opting for rentals in

Others must take second
jobs to meet increasing
mortgage payments. This
story provides an overview
of the country's grim hous-
ing situation.

(First of a series.)
By Art Chamberlain

TORONTO (CP) — Most
Canadians dream of a home
of their own, a place for the
children to grow up.

Today, that dream has
become a nightmare as
record-high mortgage
rates and house prices
combine to shut out first-
time buyers and threaten
to throw out thousands

who thought: they had a
home.

The dire economic con-
ditions also threaten a
major industry which em-
ploys thousands across the
country as builders and
contractors down
their operations.

For years, first-time
buyers have worried as
they watched prices move
higher and higher. The
latest boom in the spring
frightened many into buy-
ing quickly before prices
rose even higher. But now,
with mortgage rates over
20 per cent, the fear has
spread.

Though many families
are listed as homeowners,
most are really just mort-
gage payers who face
drastic increases in their
payments brought on by
the high interest rates.

For example, a year ag a
$50,000 mortgage amor-
tized over 25 years at 13.5
per cent would have cost
$569.09 a month.

PAYMENTS JUMP

Today, at 22 per cent,
the same mortgage would
cost $882.06. That's
$813.04 or 55 per cent more
— that's inflation,

And inflation is the key.
It's the reason so many
people have been glad they
have owned homes. The
percentage of families own-
ing homes has increased
steadily since the 1940s
and until recently thos
owners have felt lucky.
Prices have increased sev-
eral fold since the early
1970s, making many home-
owners rich, at least on
paper.

In just four months this
spring, thanks to the latest

price jump, a bungalow in
Toronto rose 34.9 per cent
to $145,000; in Ottawa the
increase was 14.4 per cent
to $73,100; in Vancouver,
where the boom was dying
out, prices actually drop-
1 Any,

sod £2,000 ts
ped $9,000 tc

That inflation, partly
fuelled by strong demand
from buyers convinced
that higher prices are in-
evitable, has provided a
healthy nestegg for many
persons nearing retire-
ment. They have been able
to sell their homes for
much more than they paid,
buy a smaller home or con-
dominium, and pocket the
difference.

But the same rising costs
which helped homeowners
now have come back to
haunt them.

The federal govern-

_ Ment’s main weapon in its

battle against interest
rates. The theory, courtesy
of the monetarists and the
Reagan government, has
been that high interest
rates would kill demand
and, ultimately, inflation,

Inflation has survived
thus far but many busin-
esses and homeowners
claim they have been in-
jures and their dreams
destroyed.

In Winnipeg, Bill Merritt
recently saw his monthly
payments increase $280 to
$625 when he was forced to
renew his $46,000 mort-
gage at current rates,

Merritt has been forced
to take a part-time job at
night to meet the pay-
ments.

Others have decided the
battle to own a home is not
worth the fight at the
moment, Last year, Ian

Housing situation looks grim

Deakin hd his wife Leanor
sold their Montreal home
for $83,000. They wanted
to move downtown but
looked at what they could
afford and decided to rent
until today’s prices deflate.

Politicians like federal
NDP Leader Ed Broadbent
and Opposition Leader Joe
Clark have warned that
thousands of families will
be forced to give up their
homes,

HITS POOR FIRST

So far only the poorest
families have been shunted
out. Against its wishes the
Canada mortgage and Hou-
ing Corp. has taken back
thousands of homes from
purchasers who bought
under the Assisted Home
Ownership Plan.

Butterflies Are Free

108Graspsfirmly 16 Chinesedynasty 73 Bay window

58 Style of

architecture

61 Fragrant wood

63 Star of the first
magnitude

64 Kind of butterfly

66 Mongrel

Ev 67 Kind of butterfly 125 Bowling lane
24 Kind of butterfly 69 Insect eggs
70 Irish tavern
71 Green vegetable
72 Kind of butterfly 128 ‘Good

25 Habituate
28 Sicilian resort
27 Ferbernovel
29 Early Irish 76 Dandy
tenant
30 Javanese
carriage 83 Uncanny
$1 Disease ofrye 85 Contorts
$2 Bandof witches 86 Privy to
87 Saltpeter
89 1

‘77 Kind of butterfly 129 Bristles
82 Isles ofIreland 130 Different:

111 Steep
113 Tolamb
115 Reiute formally

120 Hesitate
121 Gold was his (

124 Neglect

126 Prattle

127 Pearl buck
heroine
Queen—”

comb, form
131 Prong
DOWN

17 — Domini at

18 Straight, as
adrink

119 French novelist 28 Prods

31 Outward

Anat.)

33 Force (L.)

35 Sea birds

37 Hawaiian
hawks

Average time of solution: 66 minutes.

7

Cum) fo fit iz pis

75 Dill plant
76 Movies

Tl Ascend
78 Strong breeze

38 Small

39 Italian violin
maker

40 Biblicalname

42 Israeli city

43 Jewishhome
festival

45 Tree pest

46 Friend, in
Seville

99 Second

47D
1Stud

90 Hairdos
91 Sinuses

92 Installed in

office
94 —Bierce

96 Most ancient
‘97 House wing
98 Title of respect

100 Napped
leather

55 Kills
88 June beetle

VANCOUVER (CP) - Five
cable companies were order-
ed by the B.C. Supreme
Court Wednesday to pay
$1,624,888 to Cominco Ltd. in
connection with a fire that
shut down the Trail, B.C. zinc
smelter ‘in 1973.

Mr. Justice J.C. Bouck
ruled that the i

101 Hold session
102 Thing, inlaw

years (abbr.)
106 Word inthe
Psalms

2 Prepositi
3 Sign of healing

49 City in Alaska
50 Laths
51 Angler's need

53 Fond feeling
55 Suffocate

101 Legislative

103 Rods for roast-
ing meat

57 Plunders

8Soft,deepmud 61
9 Kind of 62
butterfly
10 Madeasearch
11 Forearm bone
12 Musical study
13 Mistakes
M4 Scottish
negative
15 “Aida,”
for one

1973 smelter fire

Cominco wins damages

the bundled cable spreading
the fire.

The fire shut down the
entire smelter operation
from Dec. 7, 1973, to Jan-
uary, 1974. It started in the
switchroom when the elec-
trical system became over-
loaded and, according to the

failed to warn Cominco of the
danger of fire being spread
by polyvinyl-chloride-coated
cable when it is installed in
group configurations.
Cominco sued for negli-
gence and breach of contract,
claiming the cable was sold to
them as non-flammable.
The judge found that most

NEW IN TOWN?

along
the electrical cable to motor
control centres,

Judgment was given
against Canada Wire and
Cable Co. Ltd., Northern
Telecom Ltd., formerly
known as Norther Electric
Co. Ltd., Canadian General
Electric, Pirelli Cables Ltd.
and Phillips Cables Ltd.

Cominco also sued West-

71 ‘Mack the —"
72 Clergyman's
residence

60 Ecclesiastical
vestment 1 ee
Chicagoplayer 109 CityinNew

York
110 Medical suffix

104 Youngturkey *

122 Onth
114 Ireland
116 Islandeast
of Java
117 — Bator
118 Vocal quality
120 Dance step
122 Weight of Indie

inghouse Canada Ltd. and
Canada Wire and Cable Ltd..

Workers
lose jobs

VANCOUVER (CP) — A
total of 67 VIA Rail employees
in British Columbia will lose
their jobs when the railway
ends its Edmonton-Vancouver
service, a spokesman for ‘VIA
Rail said Friday.

Elimination of the run is
part of a series of cuts made
by the federal government to
reduce losses on the subsi-
dized service.

> aT THE LOSING

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WANETA |

VANCOUVER "(cB)

presidency’ when. ’n6,"one
else would accept the risk
and guided B.C. Resources
Investment Corp. through
its stormy evolution.
His business judgment,
personal integrity and
came under attack
during his three-year ste-
wardship. ;
Then he was shuffled
upstairs as chairman of the
board, a powerless figure-

“These three years with
BCRIC have been more
like 10 years with any
other company and if I had
to'do it all over again, I
wouldn't,” says Helliwell,

“T'm tired, very tired. I
definitely want to move
on, sooner or later. I only
want to serve as a linch-pin
from the old to the new as

David Helliwell todk Li 4

lliwell wi

tied by friends and
for his integrity and
incerity..

“David is a guy who has
standards hard to relate
to,” says a close friend.

“I think he feels a real

ass0-

why he's still there. But
when he feels his presence
to

“BORIC took a lot out of
him, but what hurt the
most for him was the loss
of his family's privacy,”
says a BCRIC employee

* who has worked with Helli-
well almost from the start.
“The attacks on his family
were savage.”

Helliwell's five children,
ages 11 to 18, were har-

ed, led and emba-

no longer is jal
the shareholders, he'll
leave.”

Helliwell’s role with
shareholders never
more apparent than during

Resources’ second

annual meeting in May,
almost six months after
Bruce Howe had taken
over as company presi-
dent. Heiliwell alone field-

rrased by classmates. His
wife, Margie, was dragged
into the headlines over the

Kaiser

pany.

“Tt was so unfair to my
wife to have to open up the
door at 8:15 in the morning
and have a television re-
porter shove a microphone
in her face,” Helliwell says.

ABRY TIME

8C
“when I was fighting in

long as approp
Helliwell is highly re-

the hes, I was more

impervious to it all, but for

my family, it was an
emotional and scary time.
“We got picked at like
vultures attacking a skel-
eton. I would never have
taken on the BCRIC job if
Td known this was what I
was getting into.”
Margie, whose father
was s_ stock broker,

because she though they
were a good ‘buy. .

*Helliwell says he never
discussed the B.C.
Resources-Kaiser negotia-
tions with her but by the
final week before the offer,
he realized the potential
problem.

“But lawyers told us not
to sell the shares because
we could be accused of
holding inside k led;

ll leave BCRIC

when we know it would be
$$56 five days later. It’s a
good illustration of a lesson
learned.”

NONE WANTED JOB
When the Social Credit
government set up B.C.

assets of about $50 million
gross sales of about
$100 million,

Last year, he decided
perhaps the B.C. Resour-
ces job was too big for him,
so we “pushed and
prodded” the board to find
a

Resources, it apprached

the calibre of Howe. Bub
none of those were prepar-
ed to take the risk of
becoming the company’s
first chief executive officer
when it wasn't . clear
whether it would get off
the ground.

B.C. Resources was just

a shell with no assets, but ~

Helliwell took on the
challenge and became its
first employee on March 1,
1978, Six days later, B.C.
Resources acquired $151
million in assets from the

GAINED EXPERIENCE
But Helliwell probably
has gained more exper-
fence and business matur-
in running B.C,
Resources these past three
years than have heads of
many other companies.

He virtually molded the
company into what it is
today - a major resource
company with assets near-
ing $2 billion and gross
sales of about $500 million -

the market didn’t have,” he

» says.
“In effect, we were told

we couldn't sell at $32

Before joining B.C. Re-
sources, Helliwell was pre-
sident of Bteel Bros. of
Canada, a company with

par with the $663-
million Kaiser acquisition,
Canada’s largest coal com-. |
pany and B.C. Resources’
major asset.

a
}

CASTLEGAR NEWS, August 23, 1981 AZ. (

Pulpit & Pew,

by Ministers In the
West Kootenay...

alarm their family unit disin-

social structure is crumbling.

Christians usually contri-
bute it to the Godlessness of
the age. Many outside the
Christian faith however ag-
ree with us that the greatest
contributing factor is the
breakdown of the family unit.
It is also a result of our sick
society. i

Oh: -yes, procreation is
going on as usual. Nothing
has severely hampered that,
but a housefull of blood
relatives doesn't necessarily
make a family. It takes more
that sisters and brothers and
mom and dad to ea

_ house a home or a household

a family.

It is not so much a matter
of pedigree as philosphy. Not
so much the letter of the law
as the spirit of the thing.
That's where it all goes back
to a matter. of spiritual
values. Sp

Slocan hospital

Renovation is going wel

Substantial completion of
the ‘$181,000 Pavilion im-
provement project was

to the . Slocan
Community Hospital’ and
Health Care Society board of

trustees at their August”

meeeting.
‘The project, according to a
planning ‘committee report,

saw the total renovation of -

the dietary department so it
can food service for
the amalgamated 10-bed

acute care hospital and the
28-bed

acute care hospital op:
will move from the. present
kildare Street location to the

care prog
Approaches have been made
to Victoria on plans appro-
val and financing, while the

Slocan fair plans
well underway

Plans are well underway

Sept. 12 at Slocan' Park.

New.

has‘ been assisting with the

adult long term! day care
Both

Se
tember. At that time the

Post office will close

Postal facilities throughout
British Columbia and the
Yukon will be closed Sept. 7,
in observation of the Labour
day Holiday.

There will be no mail
deliveries on this holiday.

new acute care building,
linked to the Pavilion inter-
mediate care building, an be

ceeupied.

All furnishing and equip-
ment for the new centre has |
-arrived or is on order and
expected shortly, Many
donors

completion of an adult day

to the pound.

The begins
with a slow pitch tournament
at 8 e.m., a parade at 10 a.m.
and the grand opening at
10:80 a.m.

Other events include ba-

varian gardens, the haunted
house, a horgehsoe tourna-
ment, loggers’ Hiakried the
grandma and pa con-
test and an outdoor dance
from 8 p.m. to midnight. °

Lose them and you. lose
contact with a Godly home.

Show mea boy from whole-
some parents who is rebell-
ious at home and I'll show

you one who has lost the

sacredness of sonship. A. girl
from’ a caring home who
flaunts her independence in
spite of. her parents’: or
pastor's better judgement
has lost sight of the precious
value of family. :
Parents often witness with

values? ..

at home and keeping them
together.

‘The fall fair has
been hard at work during the
past year planning events for
the fun day so come out and
enjoy the excitement.

‘Kennel club is holding
a show next week

will be r d.

dary School.
Included!

firmation «(beauty contest).

Almost every type of

are different ;
“Yevels-of obedience and con-* eftries will comic from Alber: ”

The show will have six

judges, coming from as far |

away as Florida.
The leub expects about 250
entries’a day besides B.C.;

ta, Eastern Canada and the
US.

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