Archive for November 2nd, 2009

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Housing Activity to Strengthen in 2010

Comments: 0November 2nd, 2009 by admin

Posted by Moishe Alexander
Housing starts have started to recover and are expected to continue to improve in the second half of 2009. Starts are expected to reach 141,900 for the year and will increase to 164,900 for 2010, according to Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter Housing Market Outlook, Canada Edition report.

“We expect housing markets across Canada to strengthen leading into and over the course of 2010 as economic conditions improve”, said Bob Dugan, Chief Economist for CMHC.

“Demand for existing homes has rebounded since the beginning of the year. In addition, lower inventory levels characterize both the new and existing home markets. As a result, stronger housing demand will be reflected in higher levels of housing starts in 2010”, said Mr. Dugan.

The strong pace of MLS 1 sales seen in the second and third quarters of this year reflects, in part, activity that was delayed in the previous two quarters and is not likely to be sustained. The level of sales is expected to move back closer in line with anticipated economic conditions. As a result, existing home sales, as measured by the Multiple Listing Service (MLS), will reach 441,300 units in 2009 and increase to 445,150 units in 2010. The average MLS price is expected to be $312,950 in 2009 and $324,500 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 October 1, 2009. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.

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Posted in CMHC, Canada, affordable housing

Seniors’ Housing Project Opens in Hanley

Comments: 0November 2nd, 2009 by admin

Posted by Moishe Alexander
A seniors’ housing project featuring 12 new affordable rental units officially opened today in the Town of Hanley. The funding for the project is $648,000 and was provided by the Government of Canada, the Province of Saskatchewan and the Town of Hanley.

The announcement was made today by the Honourable Lynne Yelich, Minister of State for Western Economic Diversification, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC); Greg Brkich, Member of the Legislative Assembly for Arm River – Watrous, on behalf of the Honourable Donna Harpauer, Minister of Social Services and Minister Responsible for Saskatchewan Housing Corporation; and Marvin Gerbrandt, Mayor of Hanley.

“The Government of Canada is helping make affordable housing available in Saskatchewan and across Canada for those who need it the most,” said Minister Yelich. “These new units in Hanley are helping seniors access safe and suitable housing, and build a stronger future for themselves.”

“Our government is committed to providing affordable housing and housing services for the people of Saskatchewan, including seniors who helped build this province,” said MLA Brkich. “By working together with both levels of government and community partners, we are working to help meet various housing needs in Saskatchewan communities and building brighter futures and sustainable communities.”

“The Town of Hanley is proud of the opportunity to have provided seniors with affordable housing following the construction of a complex consisting of 12 two-bedroom suites,” said Mayor Gerbrandt. “Through this project, we have enabled the seniors of our community to stay in Hanley while encouraging other seniors to take advantage of what our town has to offer.”

The project consists of two buildings which were renovated into 12 two-bedroom rental units for low and moderate-income seniors, both singles and couples. The total capital cost of the project is approximately $1,200,000. Of that amount, the three levels of government provided $648,000 in the following manner: $324,000 from the federal government; $259,200 from the Province of Saskatchewan; and $64,800 from the Town of Hanley. The funding balance was provided in the form of mortgage financing (Saskatchewan Elks Foundation) and land contribution (Town of Hanley).

In 2008, the Government of Canada committed more than $1.9 billion over 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, plus up to $2 billion in loans to municipalities for housing-related infrastructure.

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Posted in CMHC, Canada, affordable housing, moishe alexander

Seniors Housing Project Opens in Saskatoon

Comments: 0November 2nd, 2009 by admin

Posted by Moishe Alexander
There is more affordable housing for seniors in Saskatoon, thanks to a $2.8 million federal, provincial and municipal funding partnership. Bethany Manor, a 56-unit affordable rental housing complex for low to moderate-income seniors, was officially opened today.

“The Government of Canada is helping make affordable housing available in Saskatchewan and across Canada for those who need it most,” said Maurice Vellacott, Member of Parliament for Saskatoon – Wanuskewin, 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). “Through this investment we are stimulating the local economy and creating jobs. We are also making an important difference in the lives of individuals and families in Saskatoon who are working towards building a stronger and better future for themselves.”

“As our population ages, there is a growing need for quality, affordable housing that will allow seniors to continue to live in their communities with dignity and independence,” said MLA Joceline Schriemer, MLA for Saskatoon – Sutherland, on behalf of the Honourable Donna Harpauer, Minister of Social Services and Minister Responsible for Saskatchewan Housing Corporation. “Projects such as Bethany Manor help meet that need, as well as contribute to healthy communities and healthy neighbourhoods.”

“Bethany Manor means so much to the seniors in Saskatoon,” said Mayor Donald Atchison. “It provides affordable housing to a very important target population as identified in the Saskatoon Community Plan on Homelessness and Housing. We are all partners in keeping our seniors safe, secure, and active in our community.”

Located at 210 Pinehouse Drive in the Lawson Heights area of Saskatoon, Bethany Manor consists of 56 one- and two-bedroom life-lease and affordable rental housing units for low and moderate-income seniors in a supportive setting. The project was undertaken by Saskatoon Mennonite Care Services Inc., a community-based non-profit corporation established in Saskatoon in 1981.

The building’s innovative geothermal heating and cooling system, worth approximately $1.1 million is expected to save approximately $100,000 a year in utility and operational costs. The environmental impact in terms of greenhouse gas will mean a reduction of almost 3 million kilograms of carbon dioxide annually.

The total cost of the project is approximately $7.7 million. Of that amount, $2.8 million in funding was provided to assist in the construction by the federal, provincial and municipal governments: $1.4 million from Canada Mortgage and Housing Corporation; $1.1 million from Saskatchewan Housing Corporation, and $280,000 from the City of Saskatoon. The funding balance consists of land, equity, in-kind contributions, equity from occupants and mortgage financing.

In 2008, the Government of Canada committed more than $1.9 billion over 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, plus up to $2 billion in loans to municipalities for housing-related infrastructure.

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Posted in CMHC, Canada, moishe alexander

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