Archive for September, 2009

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Canada’s Economic Action Plan Delivers Housing-Related Infrastructure Loan for Prince Albert

Comments: 0September 22nd, 2009 by admin

Posted by Moishe Alexander

The Government of Canada announced today that the City of Prince Albert has been approved for an infrastructure loan as part of Canada’s Economic Action Plan.

The announcement was made by Randy Hoback, Member of Parliament for Prince Albert on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) and His Worship Jim Scarrow, Mayor of Prince Albert.

Prince Albert has been approved for an $8,000,000 low-cost loan from CMHC’s Municipal Infrastructure Lending Program (MILP), to cover its share of a $24 million dollar infrastructure upgrade to its Water Treatment Plant. The Federal and Provincial government will cost share the remaining $16 million as part of the Federal Government’s Building Canada Fund.

“Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said Mr. Hoback “This program is opening the door for municipalities of all sizes to meet their housing-related infrastructure needs and create jobs. It’s good news not only for Prince Albert, but also for Saskatchewan.”

Canada’s Economic Action Plan provides up to $2 billion in direct low-cost loans to municipalities, over two years, for housing-related infrastructure projects through the MILP. These low cost loans can also be used by municipalities to fund their contribution for cost-shared federal infrastructure programming.

“By providing a low cost loan, CMHC and the federal government will enable the City of Prince Albert to realize a savings of approximately $1.5 million,” said Mayor Jim Scarrow. ”This is obviously good news as it will allow the City to use those funds to benefit Prince Albert residents.”

Eligible projects include infrastructure related to housing services such as water, power generation and waste services, as well as local transportation infrastructure within and into residential areas, such as roads, sidewalks, lighting and green space.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

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Posted in Alberta, CMHC

Moishe Alexander Celebrates New Affordable Housing in Durham Region

Comments: 0September 8th, 2009 by admin

The Government of Canada, the Government of Ontario, and the Regional Municipality of Durham today celebrated the start of construction of four new affordable housing projects, and the near-completion of one project. The projects are supported by $11.2 million in funding under the Canada – Ontario Affordable Housing Program to create 160 affordable housing units.

Colin Carrie, Member of Parliament for Oshawa, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada, and Minister responsible for Canada Mortgage and Housing Corporation (CMHC); Joe Dickson, Member of Provincial Parliament for Ajax – Pickering, on behalf of the Honourable Jim Watson, Minister of Municipal Affairs and Housing; Regional Chair Roger Anderson; and affordable housing sponsors Durham Regional Local Housing Corporation, Ajax Municipal Housing Corporation, TGFG Ventures, Inc., and Cher-Brook Properties Inc., attended the event.

“The Government of Canada is committed to making affordable housing available in Ontario and across Canada for those who need it most,” said MP Carrie. “These projects are helping low-income families access safe and suitable housing, and build a stronger future for themselves.”

“Our government knows that providing affordable housing is one of the most important ways we can help our citizens,” said MPP Dickson. “The projects we are celebrating today, such as the 82-unit residence in Ajax, will make a positive difference in the lives of the people who will call them home.”

Today’s announcement recognized five affordable housing projects in the Region of Durham:

  • A 32-unit project in Oshawa for individuals living in low-income and individuals with special needs, sponsored by TGFG Ventures Inc. The $3.9 million project received more than $2.2 million under the Canada – Ontario Affordable Housing Program.
  • An 82-unit project in Ajax for individuals living on low-income, sponsored by Ajax Municipal Housing Corporation. The $13.7 million project received more than $5.7 million in funding under the Canada – Ontario Affordable Housing Program.
  • A 29-unit project in Oshawa for individuals living on low-income and individuals with special needs, sponsored by Cher-Brook Properties Inc. The $5.1 million dollar project received more than $2 million in funding under the Canada – Ontario Affordable Housing Program.
  • A 5-unit project in Uxbridge for seniors, sponsored by Durham Regional Local Housing Corporation. This $666,655 project received $350,000 under the Canada – Ontario Affordable Housing Program.
  • A 12-unit project in Oshawa for individuals living on low-incomes, sponsored by Durham Regional Local Housing Corporation. The $2.8 million project received $840,000 under the Canada – Ontario Affordable Housing Program.

The federal and provincial allocations to the projects were complemented by over $4.5 million in municipal financial incentives.

“Today’s event is a celebration of affordable housing in Durham Region,” stated Regional Chair Roger Anderson. “We are appreciative of the funding commitment provided by our provincial and federal partners. We will continue to work in co-operation with them to help ensure that the residents of Durham Region have access to affordable housing for years to come.”

The Canada – Ontario Affordable Housing Program Agreement, signed in 2005, comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.

Last fall, the Government of Canada committed more than $1.9 billion over the next five years to improve and build new affordable housing and to help the homeless. Canada’s Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing and lending of up to another $2 billion to municipalities for housing-related infrastructure. Combined for Ontario, this means a further $1.2-billion joint investment under the amended Canada – Ontario Affordable Housing Program Agreement. The federal and provincial governments are contributing equally to this overall investment.

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Posted in CMHC, Housing Market, affordable housing

Housing Activity to Rebound in Second Half of 2009 and in 2010 reviewed by Moishe Alexander

Comments: 0September 8th, 2009 by admin

Housing starts are expected to rebound in the second half of 2009 and will reach 141,900 for the year. Starts will increase to 150,300 for 2010, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarter Housing Market Outlook, Canada Edition* report. The overall forecast totals for housing starts remain unchanged from the second quarter release.

“Economic uncertainty and lower levels of employment tempered new housing construction in the first half of this year”, said Bob Dugan, Chief Economist for CMHC. “In the second half of 2009 and in 2010, we expect housing markets across Canada to strengthen.”

Improving activity on the resale market and lower inventory levels in both the new and existing home markets are expected to prompt builders to increase residential construction.

Existing home sales, as measured by the Multiple Listing Service (MLS®)1, have rebounded strongly since January and will reach 420,700 units in 2009 and remain close to that level at 419,400 units in 2010. The average MLS® price is expected to moderate to $301,400 in 2009 and to increase to $306,300 in 2010.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

* The forecasts included in the Housing Market Outlook are based on information available as of July 23, 2009. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.

1 The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA). Data are for 10 provinces.

Information on this release:

Charles Sauriol
CMHC Media Relations
613-748-2799

National Housing Outlook

Key Housing Market Indicators

2008
Actual		 2009
Forecasts		 2010
Forecasts
Total housing starts (units) 211,056 141,900 150,300
Total single-detached houses 93,202 68,400 72,450
Total multiple housing units 117,854 73,500 77,850
Total MLS® sales1 433,990 420,700 419,400
Average MLS® selling price ($) 303,607 301,400 306,300

Provincial Housing Outlook

Total Housing Starts

2008
Actual		 2009
Forecasts		 2010
Forecasts
Newfoundland and Labrador 3,261 2,950 3,000
Prince Edward Island 712 625 640
Nova Scotia 3,982 3,050 3,325
New Brunswick 4,274 3,285 3,500
Quebec 47,901 43,175 41,100
Ontario 75,076 48,675 50,000
Manitoba 5,537 4,000 4,300
Saskatchewan 6,828 3,750 4,150
Alberta 29,164 16,100 18,250
British Columbia 34,321 16,250 22,000

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Posted in Alberta, British Columbia, CMHC, Manitoba, Newfoundland, Ontario, Quebec

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