Archive for July 16th, 2009

Penticton area housing starts for the first half of the year totalled 34, which is down from 104 for the same period one year ago, according to Canada Mortgage and Housing Corporation.

Both the detached home and multi-family sectors recorded fewer housing starts during this period, in Penticton there were 26 single-detached homes built in the first half of 2009, versus 39 in 2008. On the multi-family resident side there were eight projects versus 65 in the previous year. Overall, that made for a decline of 67 per cent.

“Builders continue to face strong price competition from a well supplied existing home market,” explained CMHC Market Analyst Paul Fabri. “Rising inventories of new, completed and unoccupied homes have also contributed to fewer housing starts this year.”

While comparisons for the first half of the year are less than stellar, starts for the month of June alone aren’t dismal and Penticton maintained the status quo of five starts year over year.

All in all, the situation is much the same across the province.

“Slower employment growth translates to less demand for housing,” explained Fabri, noting that markets are cyclical.

“We have seen downturns in the past. In the Okanagan, there was one in the early ‘80s, one in the mid ‘90s, so I do anticipate that we will see some improvements.”

There’s already been a bit of improvement in the area of existing home stock, and that improvement will eventually play out in the new home construction market. Read More

Sudbury has become one of the fastest growing cities in Ontario with its flourishing mining industry it has become increasingly difficult to keep up with the housing demands.

On July 14, 2009 Barb Millsap of Raiffeisen Non-Profit Housing Corporation along with Minister of Industry Tony Clement,Minister of Community Safety and Correctional Services Rick Bartolucci,and Mayor John Rodriguez announced that the Government of Canada, the Government of Ontario, and the City of Sudbury would be beginning a project for the building of 80 low income housing units.

“The city is very pleased with this ground breaking ceremony” said Moishe Alexander CEO of the CFC. Many residents of Sudbury said this project was overdue. There are many families in Sudbury that are struggling to make their rents because of the lack of residential properties available the housing costs just keep going up and up. With this new low income housing initiative and hopefully many more to follow there will be some kind of relief to these families that cant keep up with the constant inflation on the housing market.

The project has been budgeted for $11.8 million whitch includes $3.3 million from the Canada and Ontario Affordable Housing Program. The Canada and Ontario Affordable Housing Program has a commitment from both levels of government for $301 million whitch will help build some 20,000 houses in Ontario.

“The City of Greater Sudbury is very excited about the possibilities afforded to our community by the generous support of CMHC and Municipal Affairs and Housing,” said Greater Sudbury Mayor John Rodriguez. “In difficult times, it is always good news when the Canadian community rallies together to put together solid projects that will help citizens achieve greater quality of life and living.”

“The Government of Canada is committed to making affordable housing available in Ontario and across Canada for those who need it the most,” said Minister Clement. ”These new units in Sudbury provide low-income individuals and families with access to suitable, affordable housing that meets their specific needs.”

“The construction of safe, affordable housing is a priority for the McGuinty government,” said Minister Bartolucci. “We are proud to support initiatives such as this, which will provide long-term affordable housing for vulnerable persons in Sudbury.”

“Today’s announcement marks the culmination of our 14 year dream, and two years of focused development work to build Raiffeisen Phase 2 adjacent to our Phase 1 co-operative,” said Barbara Millsap, President of Raiffeisen Phase 2. “We are grateful to all three levels of government who have contributed to the funding of our 80-unit one and two bedroom affordable apartment complex overlooking the downtown center of the City of Greater Sudbury.”

This project is truly going to help the City of Sudbury whitch because of its tremendous growth in the past five years has become an increasingly more difficult place to find low income housing. Now that the 14 year dream of Raiffeisen Phase 2 has become a reality everyone can benefit from a better City.