The Calan/Tololo supernova survey has discovered ~30 Type Ia supernovae out to z~0.1. Using BVI data for these objects and nearby SNe Ia, we have shown that there exists a significant dispersion in the intrinsic luminosities of these objects. We have devised a robust chisquare minimization technique simultaneously fitting the BVI light curves to parametrize the SN event as a function of (tb,m, m15(B)) where tb is the time of B maximum, m is the peak BVI magnitude corrected for luminosity variations, and m15(B) is a single parameter describing the whole light curve morphology. When properly corrected for m15(B), SNe Ia prove to be high precision distance indicators,yielding relative distances with errors 7-10%. The corrected peak magnitudes are used to construct BVI Hubble diagrams (HD), and with Cepheid distances recently measured with the HST to four nearby SNe Ia (37C, 72E, 81B, 90N) we derive a value of the Hubble constant of 63.1+/-3.4 (internal) km/s/Mpc. This value is ~10-15% larger than the value obtained by assuming that SNe Ia are perfect standard candles. As we have shown in Paper V, there is now strong evidence that galaxies with younger stellar population appear to host the slowest-declining, and therefore most luminous SNe Ia. Hence, the use of Pop I objects such as Cepheids to calibrate the zero point of the SNe Ia HD can easily bias the results toward luminous SNe Ia, unless the absolute magnitude-decline relation is taken into account.
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