The Government of Canada announced today that a housing co-operative located in British Columbia will receive more than $54,000, through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

“Through Canada’s Economic Action Plan, our government is taking action to help ensure our economic recovery and create the conditions for long-term growth,” said the Honourable Stockwell Day, President of the Treasury Board and Minister for the Asia-Pacific Gateway, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC). “Funding renovation and retrofit projects, like this one, will not only improve the quality of life of its residents by keeping their homes safe and affordable, but it will also help stimulate the local economy and create local jobs.”

The Government of Canada, through Canada’s Economic Action Plan, announced $1 billion for social housing renovation and retrofit.  Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects which they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing which it directly administers. Eligible repairs include general improvements, energy efficiency upgrades or conversions, and modifications in support of persons with disabilities.

The Phoenix Court Co-operativewill be using the contribution from the Government of Canada to complete disability modifications, and to replace baseboard heaters and appliances.

“We congratulate and thank the federal government and Minister Finley for making a sound investment to help ensure that this affordable community is preserved as a legacy for the long-term benefit of its residents, “said Ken Elliott, President of the Co-operative Housing Federation of Canada. “Today’s announcement is an excellent example of stimulus funding that works towards preserving jobs, assisting the local economy, and protecting valuable affordable housing assets for Canadians.”

The Government of Canada announced today that four housing co-operatives located in Louis-Saint-Laurent will receive more that $386,000 through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

The announcement was made today by the Honourable Josée Verner, Minister of Intergovernmental Affairs, President of the Queen’s Privy Council, Minister for la Francophonie, and Minister Responsible for the Québec Region, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC). This contribution is part of the more than $22 million federal investment, announced earlier today by Minister Finley, for the renovation and retrofit of housing projects across Québec.

“The four renovation projects announced today in my riding are concrete examples of measures that our government has put in place to help ensure our economic recovery and long-term growth. It is through initiatives like these ones that our economic action plan is improving the quality of life of our citizens, creating jobs and stimulating the economy, right here in the Québec region,” said Minister Verner.

The Government of Canada, through Canada’s Economic Action Plan, announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects which they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing which it directly administers. Eligible repairs include general improvements, energy efficiency upgrades or conversions, and modifications in support of persons with disabilities.

The Government of Canada announced today that four housing co-operatives located in Roberval – Lac-Saint-Jean will receive more that $362,000 through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

The announcement was made today by the Honourable Denis Lebel, Minister of State (Economic Development Agency of Canada for the Regions of Quebec), on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC). This contribution is part of the more than $22 million federal investment, announced earlier today by Minister Finley, for the renovation and retrofit of housing projects across Québec.

“Through Canada’s Economic Action Plan, our government is taking action to help ensure our economic recovery and create the conditions for long-term growth,” said Minister Lebel. “Funding renovation and retrofit projects, like this one, will not only improve the quality of life of its residents by keeping their homes safe and affordable, but it will also help stimulate the local economy and create local jobs.”

The Government of Canada, through Canada’s Economic Action Plan, announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects which they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing which it directly administers. Eligible repairs include general improvements, energy efficiency upgrades or conversions, and modifications in support of persons with disabilities.

Provincially, the labour force and employment are expected to rise moderately in 2010, while in Halifax, growth is expected to be more significant. Halifax will continue to see steady growth in the economy and this will translate into improving conditions in the local housing market.

The local economy in Halifax continues to benefit from positive migration patterns. With more people moving to Halifax than moving away, the labour force has been growing. Almost every month of 2009 saw greater numbers of people looking for work in Halifax and by the summer months there were more people looking for work than ever before. Fortunately, most of these job seekers found employment which resulted in a record level of employment in Halifax. Employment was up by three to four per cent in 2009 compared to 2008. Employment may ease off of record highs during certain months in the forecast period, however overall employment is expected to continue to show positive growth in 2010.

Employment is being bolstered by the construction industry and the public sector. Large construction projects and large military contracts have contributed to strength in these industries. The largest employment sector in Halifax is the services sector which has seen slow but steady growth of approximately three per cent so far in 2009. The opening of some new or trendy retail stores has contributed to the growth in this sector. Areas experiencing weakness are the finance, trade and primary goods sectors which are struggling due to global economic issues and reduced demand for exports. Wages are also expected to continue to move upwards. As of August 2009, seasonally adjusted average weekly earnings have risen by over six per cent compared to the 2008 average. Average earnings now exceed $39,000 per year compared to just under $37,000 in 2008.

Record employment levels and wages  will be supportive of housing activity in Halifax for the remainder of 2009 and 2010. Continued in-migration and near historic low interest rates will also contribute to increased housing demand in the Halifax Regional Municipality (HRM). In the near-term, some lingering effects of the weakened economy will keep demand subdued. In the medium- term, however, expect to see demand and activity begin to increase again in 2010.

The Bank of Canada cut the Target for the Overnight Rate in the early months of 2009. The rate was 1.50 per cent at the start of 2009 and has since fallen to 0.25 per cent. The Bank has committed to keeping this rate at 0.25 per cent through the middle of 2010 unless inflationary pressures warrant an increase.

Mortgage rates have fallen over the course of 2009, but are now expected to remain relatively stable for the rest of the year. Posted mortgage rates will gradually increase through 2010, but will do so at a slow pace. For 2010, the one-year posted mortgage rate will be in the 3.50-4.25 per cent range, while three and five-year posted mortgage rates are forecast to be in the 4.50-6.00 per cent range

Residential construction and existing home sales levels
in Halifax are expected to rebound in 2010 following declines in 2009, according to
Canada Mortgage and Housing Corporation’s (CMHC’s) Housing Market Outlook
released today.
“New home construction in Halifax will rebound by 16 per cent in 2010,” said Matthew
Gilmore, senior market analyst with CMHC’s Atlantic Business Centre. “Employment
and wage levels have hit new record highs in 2009 while interest rates have been
historically low. These factors will be supportive of growth in the industry in 2010,”
Gilmore said.
Apartment-style construction will outpace other styles with 800 units expected to start in
2010 – an increase of 33 per cent.
Existing home sales will rebound by over six per cent in 2010. The average price of an
existing home is expected to climb by 2.5 per cent reaching $243,500 next year.
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.

MISSISSAUGA, August 10, 2009 — The Government of Canada and the Province of Ontario today announced that the Tannery Gate Tower Cooperative in Mississauga will receive support for repairs and renovations over the next two years.

The work will include lighting upgrades, boiler replacement, roof replacement, elevator replacement, garage ramp heating and other capital repairs.

The Tannery Gate Tower Cooperative will receive $227,540 — part of a national allocation of more than $30.1 million to Peel Region to repair and retrofit existing local social housing units.

The funding was made available as a result of a $1.2 billion joint investment under the amended Canada – Ontario Affordable Housing Program Agreement, which includes funding through Canada’s Economic Action Plan and by the Government of Ontario. The federal and provincial governments are contributing equally to this overall investment.

Bob Dechert, Member of Parliament for Mississauga – Erindale, 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 Bob Delaney, MPP for Mississauga – Streetsville, on behalf of the Honourable Jim Watson, Ontario Minister of Municipal Affairs and Housing, made the announcement today.

“Renovation and retrofit projects, like this one, will improve the quality of life for residents by keeping their homes safe and affordable,” said MP Dechert. “It is also a good way to get the local economy moving because it puts construction workers and trades people to work quickly and most of the materials and supplies are made in Canada.”

“These repairs are another step towards improving social housing in Peel Region,” said MPP Delaney. “This new funding will help ensure that people living in social housing have a safe and reliable place to live. Ontarians deserve nothing less.”

Ontario is moving quickly to invest a total of $704 million to repair eligible social housing across the province. In an effort to get shovels in the ground quickly, projects must be committed by the end of the fiscal years 2010 and 2011.

The funding will help improve the quality of life for residents living in social housing communities. Funding will be used to renovate and make energy-saving upgrades to existing social housing as well as to undertake accessibility modifications for the benefit of seniors and persons with disabilities. It will also create jobs and strengthen local economies. To find out more about affordable housing in Ontario, visit