UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549
                                
                          SCHEDULE 13D
            Under the Securities Exchange Act of 1934
 
                       (Amendment No. 1)*
 
                    FIRSTSERVICE CORPORATION
                        (Name of Issuer)
 
                          COMMON SHARES
                 (Title of Class of Securities)
 
                            33761N109
                         (CUSIP Number)
 
        HAROLD P. HANDS, EXECUTIVE VICE PRESIDENT, LEGAL
 MACKENZIE FINANCIAL CORPORATION, 150 BLOOR STREET WEST, SUITE M111,
            TORONTO, ONTARIO  M5S 3B5 (416) 922-5322
 (Name, Address and Telephone Number of Person Authorized to Receive Notices
                       and Communications)
 
                        JANUARY 24, 1997
     (Date of Event which Requires Filing of this Statement)
 
 If the filing person has previously filed a statement on Schedule 13G to report
 the acquisition which is the subject of this Schedule 13D, and is filing this
 schedule because of Rule 13d-1(b) (3) or (4), check the following box [ X ].
 
 Check the following box if a fee is being paid with the statement [ ].  (A fee
 is not required only if the reporting person: (1) has a previous statement on
 file reporting beneficial ownership of more than five percent of the class of
 securities described in Item 1;  and (2) has filed no amendment subsequent
 thereto reporting beneficial ownership of five percent or less of such class). 
 (See Rule 13d-7).
 
 Note:  Six copies of this statement, including all exhibits, should be filed
 with the Commission.  See Rule 13d-1(a) for other parties to whom copies are
 to be sent.
 
 *  The remainder of this cover page shall be filled out for a reporting
 person's initial filing on this form with respect to the subject class of
 securities, and for any subsequent amendment containing information which would
 alter disclosures provided in a prior cover page.
 
 The information required on the remainder of this cover page shall not be
 deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
 Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
 the Act but shall be subject to all other provisions of the Act (however, see
 the Notes).
 
 CUSIP No.     33761N109       13D                   Page 2 of 4
 
 
 
     1.   NAME OF REPORTING PERSON
          S.S.  OR  I.R.S.  IDENTIFICATION NO. OF ABOVE PERSON
          Industrial Equity Fund Limited, by its Investment Advisor,
          Mackenzie Financial Corporation
 
     2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *     (a) [   ]
                                                       (b) [ x ]
 
     3.   SEC USE ONLY
 
     4.   SOURCE OF FUNDS
          Internal, Investment Company Assets
 
     5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
          PURSUANT TO ITEMS 2(d) or 2(E)                   [   ]
 
     6.   CITIZENSHIP OR PLACE OF ORGANIZATION
          Toronto, Ontario, Canada
 
          NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
     7.   SOLE VOTING POWER
          400,000 Shares (through investment advisor, Mackenzie Financial
           Corporation
 
     8.   SHARED VOTING POWER
          NIL
 
     9.   SOLE DISPOSITIVE POWER
          400,000 Shares (through investment advisor, Mackenzie Financial
           Corporation
 
     10.  SHARED DISPOSITIVE POWER
          NIL
 
     11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
          400,000 Shares
 
     12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
          SHARES. *                                        [   ]
 
     13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
          4.7%
 
     14.  TYPE OF REPORTING PERSON *
          IC - Unregistered Investment Company (Canadian Mutual Fund Trust)
  
                          Schedule 13D              Page 3 of 4 
 
 Item 1   Security and Issuer
          Common Shares
          FirstService Corporation
          1140 Bay Street, Suite 4000
          Toronto, ON M5S 2B4
          
 Item 2   IDENTITY AND BACKGROUND
 
 Item 2(a)     Name
          Industrial Equity Fund Limited
 
 Item 2(b)     Business Address
          150 Bloor Street West, Suite M111
          Toronto, Ontario, Canada   M5S 3B5
 
 Item 2(c)     Principle Business
          Canadian Mutual Fund Corporation
 
 Item 2(d)     Criminal Convictions
          Nil
 
 Item 2(e)     Civil Proceedings
          Nil
 
 Item 2(f)     Citizenship
          N/A
 
 Item 3   Source and Amount of Funds or Other Consideration
          Purchase price paid from internal source - net assets of Canadian
           Mutual Fund Corporation.
 
 Item 4   Purpose of Transaction
          The purpose of the transactions reported on this Form Schedule 13D
           is investment.  The reporting entity has acquired the securities
           in the ordinary course of business and not with the purpose nor
           with the effect of changing or influencing the control of the
           issuer, nor in connection with or as participant in any transaction
           having such purpose or effect, including any transaction subject
           to Rule 13d-3(b) under the Securities and Exchange Act of 1934, as
           amended.
 
 Item 5   INTEREST IN SECURITIES OF THE ISSUER
 
 Item 5(a)     Aggregate Number and Percentage of Shares Beneficially Owned
          400,000 shares, 4.7%
  
                          Schedule 13D              Page 4 of 4 
 
 Item 5(b)     Number of Shares as to which such person has:
     (i)  Sole power to vote or direct the vote:  400,000 Shares
          through Investment Adviser, (Mackenzie Financial Corp.)
     (ii) Shared power to vote or direct the vote:           NIL
     (iii)     Sole power to dispose or direct the disposition:400,000 Shares
          through Investment Adviser, (Mackenzie Financial Corp.)
     (iv) Shared power to dispose or direct the disposition: NIL
 
 Item 5(c)     Transactions
          (i)  Transaction effected by:      Industrial Equity Fund
                                              Limited
          (ii) Date:                              January 24, 1997
          (iii)     Amount:                       185,700 Shares
          (iv) Price per share:                   $6.65
          (v)  Where and how transaction effected: Market Transaction
          
 Item 5(d)     Other Interests
          Nil
 
 Item 5(e)     Date on which reporting person ceased to be beneficial owner of
                more than 5%
          January 24, 1997
 
 Item 6   Contracts, Arrangements, Understandings or Relationships with
           Respect to Securities of the Issuer
          N/A
 
 Item 7   Material to be Filed as Exhibits
          N/A
 
 
 
 
 
          After reasonable inquiry and to the best of my knowledge and
           belief, I certify that the information set forth in this statement
           is true, complete and correct.
 
 
 
 
 
          Margo D. MacGougan
          Assistant Vice President              February 3, 1997