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Tid Biz Business Week PAGE 30 . WATERLOO CHRONOCLE. WEDNESDAY APRIL 19, 1909 "The project is quickly gaining momentum and we look forward to linking new tenant Wilts "Now that the required lands are in place and the development agreement is executed, we are proceeding in high gear," Gary Richardson, Entredev president, is quoted as saying in a company media release, The company has also announced it intends to open for Christmas 1990, a full year earlier than the agreement or1ginally called for. After more than four months of delay, Torontmbased developers The Torgan Group and The Entredev Development Group Limited last Friday signed the development agreement for a $48 million retail/com. mertuabhotel complex in Upown Waterloo. Waterloo City council approved the agreement last December. conditional on the developer reaching an agreement with two property owners whose land Torgan/Entredev wanted. Torgan/Entredev signs development agreement ~h3. B, k \ / . _ ' " . . Ian Kirkby Chronicle Staff Humor mores: rates are not wt havmg a strong Impact on - ---_- "_-e-" ,_. __ _..--. ._. "mm... ulna um "ma, 5-, lWII business people. Domestic car sales are being buoyed by 9.9 Ber cent company interest rates. according to Aim Chalmers. I... mm M Recent interest me Increases have yet to meet local housing and car sales, any local I'm-im- mnl. non-nun- --. .-n-- -- n.-n__ v..-.-" L, " - - - - . - Market stays lively despite interest rates the local housing and automo, tlve markets according to In. dustry representatives, "During the months ofJanu Hydro proposes 5.5 per cent Increase thttario's municipal utilities will be charged an average 5.5 per cent increase in 1990 by Ontario Hydro if a proposed increase is mod. Customers leave a list of family members. friends or business associates with the Erb Street store. and Yum Yum takes care of the rest. They will make up a gift using their baskets. crates or designer bags. The contents could include gourmet foods, fine chocolate and gift items. Prices are set in advance. Custom-de- signed creations are also possible. In the near future," the media release quotes Richard. Claiming a five per cent yearly growth in electricity son as saying. use. Ontario Hydro president Robert Franklin is quoted in a media release " saying the increase will be Yum Yum: mglstry necessary to bring new generating equipment into for Wm Pcm'om service " well as meeting increased costs for maintain. Waterloo's sinfully delightful Yum Yum Creations ing the existing system and meeting environmental has come up with a new twist for people looking for legislation. gifts to help celebrate those special oeeagiong, Large industrial customers served directly by Ontar. Customers leave a list of family members. friends or io Hydro will gee their bills increase an average of 51 business tet?et', with the Erb Street store. and Yum per cent, noted the release. Yum. c. s. M... " n... ....a rim... mm -- _r, .- 1., "17}, '* /,.os f) t'Ihte'. a: or 'Nat?' ary, February and March in K.W there has been no effect (on the real estate) market whatsoever," said Gary r tat" ".."r.eyt aLCe Toyota sales have not been adversely affected by the inter. est rate climb, said Paul Volz, president of Waterloo Toyota Ltd. Toyota is not offering discount financing, he said "People buy on" price or on quality. With gimmicks, some- one has to pay somewhere he expects business to stay strong through the traditional. ly good spring season. Sales of used cars are also up, he said, largely due to a new marketing campaign erm phasizing demonstration cars and "special buys." Despite the national trend. Chalmers said he hopes the local sales stay buoyant de. spite interest rate Increases "to the end of the year. My livelihood depends on it." Gary Stockie of Schluoter Chevrolet-Oldsmobile Ltd. said his firm is also "selling more than we did last year - a good 10 per cent more." - The try per cent financing has helped, he said, although Forbes is also offering an "internal promotion" - 9.9 per cent interest rates for used car buyers. Chalmers said this has helped keep used car sales stable as well. Normal bank rates are cur. regtly in the 13 per cent range. The big three domestic car manufacturers have exper- ienced a large decline in sales nationally, and have re- sponded with reduced interest rates. Chalmers agrees the current " per cent rate of. fered by Ford is helping main. tain sales. "It may seem against the grain, but we've had a sub. stantial increase in (business) the rtrgt three months," agreed Alan Chalmers, vice.president of Forbes Motors Inc, Schnarr, president of the Real Estate Board of Kitchener-Wa. terloo. If itturmud,Untali"iiii, Division Education at 8244120. Health and safety In the 1990. A national conference on the future of occupational health and safety issues from corporate. labor, govern- ment and professional perspectives is being held May 2A at University of Guelph. Because of the migration to this area, it is more difrumlt now than five years ago to predict the level at which interest rates will strongly discourage homebuyers, he added. The higher interest rates are a deliberate government policy to slow down the housing market in central Ontario "and I believe it's starting to happen now," said Schnarr. But "as rates continue to rise, sooner or later they'll have an effect." "There are far, far more purchasers entering our mar. ket and leaving other markets than ever before," said Schnarr. “I often wonder if our local governments are ready for it. I'm not sure they are" The decline m sales is less than might be expected be. cause of an exodus of people from the Toronto area as home prices in that city escalate beyond the grasp of many consumers, he said, Sales for the first two weeks of April suggest "preliminary indications are we are slowing down," he tsaid. "The rates are rmally click. ing in and having somewhat of an effect." Housing sales for K-W slowed down from 620 (multi- ple listing sales) in February to 599 in March, said Gary Schnarr. Nevertheless, sales are up over the same period of 1988. Housing sales increased to $93.2 million in February 1989 from $58.1 million a year earlier. March 1989 sales were $91.2 million, up from $76 million for the same month last year. Further increases in interest rates could affect sales. "if they go too high it will hurt the economy in general and then it will hurt us" along the line. The consumer is paying somewhere." of Continuing