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 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.

The Government of Canada announced today that five housing co-operatives and non-profit organizations located in Montmagny – L’Islet-Kamouraska – Rivière-du-Loup will receive more that $160,000, through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

The announcement was made today by Bernard Généreux, Member of Parliament for Montmagny – L’Islet-Kamouraska – Rivière-du-Loup, 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 MP Généreux. “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 Government of Canada has announced an investment of more than $14 million as part of the year one funding through Canada’s Economic Action Plan to improve housing conditions for 20 First Nations communities in Ontario. 

Greg Rickford, Member of Parliament for Kenora, made the announcement in Kenora today on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).

“Our Government’s Economic Action Plan is creating jobs, stimulating the local economy and improving housing conditions for First Nation communities in Ontario,” said MP Rickford.

Through Canada’s Economic Action Plan, the Government of Canada has committed $400 million over two years to help First Nations communities build new housing, repair and remediate existing non-profit housing, and complement housing programs offered by CMHC. This investment will also create jobs for the communities, providing an economic stimulus for many First Nations and surrounding areas.

Of the funding, $65 million will be made available specifically to Ontario First Nations in order to address immediate housing needs. CMHC allocated more than $4.7 million to retrofit 251 existing housing units on-reserve in Ontario, as well as more than $9.6 million for subsidy associated with 47 new housing units to be constructed in six First Nation communities in Ontario.

MP Rickford was pleased to announce this funding on behalf of Minister Finley, since he began his career as a nurse and spent time in many isolated First Nations communities in Ontario.

“Our Government’s investment is crucial not only to address overcrowding, but to allow communities to tackle many of the social challenges and health issues that accompany it”, said Rickford.

The Government of Canada is committed to supporting First Nations through targeted investments to build and renovate housing. Today’s announcement is the latest in a series of commitments by the federal government to improve housing conditions in First Nations communities. 

This commitment is in addition to the federal government’s annual investment, through Canada Mortgage Housing Corporation (CMHC) and Indian and Northern Affairs Canada (INAC), of approximately $277 million for on-reserve housing needs, and INAC’s investment of approximately $118 million annually for First Nations on-reserve in the form of shelter allowance payments under the Income Assistance Program.

Under Canada’s Economic Action Plan, the Government of Canada has provided $400 million over two years to support on-reserve housing. Of the $400 million committed, $250 million will be delivered through CMHC over two years for the creation of new on-reserve housing ($125 million) and the repair and renovation of existing federally-assisted on-reserve social housing ($125 million). The remaining $150 million will be delivered by Indian and Northern Affairs Canada (INAC) for lot servicing, renovations, new construction of high-density multi-unit dwellings, and renovations to support the conversion of band-owned housing to private ownership.

In 2007, the Government invested $300 million in the First Nations Market Housing Fund, which encourages market-based housing on-reserve.

New home construction in the Winnipeg CMA will move upward in 2010 following a slower year for builders in 2009. Local builders are on pace to start 1,925 homes in 2009, a decline of 36 per cent from 2008, before production will move up 25 per cent to 2,400 units in 2010.

To the end of September 2009, total starts are 33 per cent below the same period in 2008, with 1,504 foundations poured compared to 2,247 during the first nine months of 2008. This reduction has been a response to elevated inventories in both the single-detached and multi-family markets as well as a lower level of demand created by the economic uncertainty that existed over the first half of the year.

Given demographic patterns in the Winnipeg CMA, both 2009 and 2010 will see the rate of household formation in the city surpass housing starts. Lower starts to adjust for heightened inventories are necessary to bring levels in line with long term averages and the new home market into balance again.

The single-detached sector will finish 2009 with 1,425 starts, down more than 26 per cent from 2008. Activity will rebound in 2010 when 1,600 starts will be recorded, 12 per cent more than 2009. Price growth will remain positive, but modest, with the New House Price Index rising 2.5 per cent in 2009 and 3.0 per cent in 2010.

While the number of single-detached units under construction has recently moved slightly below the ten-year average at 691 units, the number of complete and unabsorbed units remains high by historical standards at 199 units. That compares to a ten-year average of 169 units. Nonetheless, the decline in starts earlier in the year has allowed for the absorption of many complete and unabsorbed units, which reached their peak of 301 units in November of last year. Despite the recent decline in inventory, builders have been hesitant to start new spec units given current market conditions.

The challenges faced by builders in 2009 are underscored by the 1,053 single starts recorded through September, a decline of 28 per cent from the same period in 2008.

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

Employment in the Charlottetown area is forecast to post a slight decline this year before posting a moderate increase in 2010. During the first three quarters of 2009, the decrease in employment in Charlottetown was dispersed among all industries except the public service sector, which posted a small increase. Despite the modest declines in employment in 2009, the capital region remains attractive for job seekers compared to other parts of the province. This fact has lead to the continued trend of urbanization, as Islanders continue to move to the capital region from more rural parts of the province.

Positive net-migration is one of the key factors that has contributed to the strong housing market over the past seven years. As of July 2009, the population of Prince Edward Island was estimated at 140,985; an increase of 1,534 persons or 1.1 per cent from 2008. While this increase in population was the result of both a natural increase and positive net migration, the vast majority was the result of the latter. From July 2008 to July 2009, 1,793 international immigrants chose the Island as their new home, which is the highest annual level since recording began in 1971. The main reason for this substantial increase in international migration was the increased effort that the province has allocated to this initiative. The results seen in 2007 and 2008 are expected to be the start of a new upward trend in international migration with preliminary data for 2009 indicating that the year could end up showing an even larger inflow of people. The local housing market is benefitting from this initiative as many of these households are relocating to the capital region, and as such require housing within all tenure types. While the aforementioned data

While the aforementioned data on immigration is positive, it is for the province as a whole. It is important to note that the capital region consistently outperforms the province. For the last census period ending in 2006, the Charlottetown CA, which encompasses the entire urban area around the city, recorded a population growth of 1,391 people or 2.4 per cent. While there was some natural population growth during this period, the majority of the increase was due to in-migration. For the Charlottetown area it had been typical that about 70 per cent of the people moving to the capital region came from elsewhere in the province, while the remainder were from other regions of the country. This ratio had remained fairly constant since the early 1990′s, but since 2006 it has started to change. The reason for this is twofold, with both the movement of people to the west and the recent influx in international immigrants. As earlier referenced, the influx of international immigration is expected to end up being even stronger in 2009 than 2008, due to the popularity of the province’s programs with new immigrants. This will especially benefit the capital region as the majority of the people are settling in the area. This trend should continue to bolster the local housing market over the forecast period, as the population continues to grow.

As a result of the aforementioned market forces, the Charlottetown housing market is expected to exceed the level set in 2008. Although single starts in Charlottetown recorded a decline so far in 2009, multiple starts at the end of the third quarter are on track to have the strongest year since 1988. Single starts are expected to decline 25 per cent in 2009, when compared to 2008. This decline was expected, as many potential homeowners are taking a wait and see approach, before making any large purchases. In addition, single home construction in Charlottetown posted seven years of impressive growth that mirrored the national trend. As such, the decline in 2009 is seen as the market returning to a more sustainable level. In contrast to the decline in singles, multiple starts will end the year close to setting a new record high. The strength in multiple starts is the result of several factors. The increase in multiple unit starts also created a situation where there was a temporary oversupply of rental units that was not fully absorbed until the end of 2007. However, one area where new construction has continued to remain strong is multiple units intended for homeownership. A key reason for the increased activity in this part of the market is the relatively lower cost of semi-detached and row units compared to single-detached homes. Despite the forecasted increase in semi-detached units over the next two years, it is expected that the overall housing market will remain strong during the forecast period. 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.

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.

Housing starts in the Kitchener and Guelph Census Metropolitan Areas in 2010 will increase from the relatively low level recorded in 2009. In the Kitchener CMA, housing starts will reach 2,170 in 2010, up 12 per cent from the expected 1,930 starts in 2009. Housing starts in the Guelph CMA will increase by 16 per cent to 535 in 2010 from the forecast 460 starts in 2009. Slowly improving employment, more spill-over from the resale home market, low inventories and low mortgage rates will combine to push housing starts above the levels recorded in 2009. Starts of both single-detached and denser forms of housing will be up in 2010. Starts will move higher over the next few years, more in line with population growth and household formation.

Single-detached housing starts in the Kitchener CMA will increase by ten per cent to 1,100 homes, while Guelph CMA detached starts will grow by 10 per cent to 275 units. Although these increases in detached starts seem significant, starts will still be well below levels recorded in the first half of the decade. While the new construction market has been slow to react to the tighter resale market conditions after the first quarter of 2009, the expected spill-over demand from the resale home market will result in stronger 2010 starts. Mortgage rates will remain near historically low levels in 2010, although rising slowly throughout the year, and combined with little price growth for new detached homes, affordability will play a part in increased demand for detached homes. Inventories of new single-detached homes have not increased significantly, as was seen in the early 1990s. As a result, any demand for new detached homes must be met through new construction.

The announcement was made at Haney Pioneer Village Co-operative by Randy Kamp, MP, Pitt Meadows – Maple Ridge – Mission, 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).

As part of Canada’s Economic Action Plan, the Government 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.

“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 MP Randy Kamp. “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 jobs.”

Haney Pioneer Village Co-operative is an 84-unit seniors’ complex built in the early1970’s. The original single-pane windows that are now outdated and inefficient will be replaced with new double-pane “Energy Star” white slider windows.

“We are delighted that our co-operative will benefit from the federal government’s renovation and retrofit initiative delivered by CMHC. Not only will this funding make our co-op more energy efficient, but it will also help ensure these homes are available to meet the needs of future generations, “said Richard Silver, President of Haney Pioneer Village Co-operative.