Posts Tagged ‘Affordability’

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Canada’s Economic Action Plan Delivers Housing-Related Infrastructure Loan for North Battleford

Comments: 0April 7th, 2010 by admin

Posted by Moishe Alexander

The Government of Canada announced today that the City of North Battleford has been approved for an infrastructure loan as part of Canada’s Economic Action Plan. The announcement was made by the Agriculture Minister Gerry Ritz and Member of Parliament (Battlefords – Lloydminster) 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 understands the importance of infrastructure in maintaining strong and prosperous communities,” said Minister Ritz. “This program is opening the door for municipalities to meet their housing-related infrastructure needs. Canada’s Economic Action Plan will continue to create jobs, stimulate communities in all corners of the country, and support Canadian workers and families.”

North Battleford has been approved for $2.5 million in a low-cost loan from CMHC’s Municipal Infrastructure Lending Program (MILP), to increase the water treatment capacity at the groundwater supply water treatment plant #1. The expansion will better utilize the existing groundwater supply facilities, will improve the availability of treated water storage and will reduce produced water loss for residents of North Battleford.

“The $2.5 million CMHC Municipal Infrastructure loan will help our city meet an increasing demand for water in North Battleford,” said North Battleford Mayor Ian Hamilton. “Site preparation for the expansion of Water Treatment Plant No.1 is now underway and the entire project will be complete by March 2011.”

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. Municipal infrastructure loans are available to any municipality in Canada and provide a new source of funds for municipalities to invest in housing-related infrastructure projects. These low cost loans can also be used by municipalities to fund their contribution for cost-shared federal infrastructure programming.

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 CMHC, Ontario, moishe alexander

Kitchener and Guelph CMAs

Comments: 0January 4th, 2010 by admin

Posted by Moshe Alexander

Demand for rental apartments in both the Kitchener and Guelph CMAs decreased in October 2009. The average vacancy rate for privately- initiated rental apartments in the Kitchener CMA increased to 3.3 per cent from 1.8 per cent in October 2008. In the Guelph CMA, the vacancy rate rose to 4.1 per cent from 2.3 per cent last October.

A number of factors, both demographic and economic, contributed to the decreased demand for rental accommodations. These factors included renters moving to home ownership, higher unemployment and lower demand from young adults. Although the main reason vacancy rates were up was a decrease in demand, additional rental housing which was not completed in time to be included in the survey but was available for occupancy before the survey also had some impact.

Many first-time buyers made the move to home ownership and vacated their rental units in 2009. Mortgage rates decreased to their lowest level in more than 60 years. With the uncertainty in the economy, home price growth was limited. As a result, mortgage carrying costs became more affordable. First-time homebuyers who had remained on the sidelines in the final quarter of 2008 and the first quarter of 2009, propelled sales of existing homes to strong levels in the second and third quarters of 2009.

Employment in the Kitchener CMA for the first three quarters of 2009 declined by 1.4 per cent, or 3,600 jobs, compared to the same period in 2008. All of the jobs lost were full time. Unemployment increased across all age groups. The unemployment rate for youth jumped to 15 per cent. Those in the 15-24 age group typically rent. Consequently, many youth chose to remain at home or double up with other rental households, resulting in more vacant units.

In the Guelph CMA, employment decreased by 2,600 jobs, or 3.4 per cent. As in the Kitchener CMA, unemployment increased across all age groups. Some rental households doubled up or made alternative living arrangements. As a result, fewer rental units were occupied.

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Posted in Alberta, British Columbia, CMHC, Canada, Manitoba, Ontario, Quebec, affordable housing

Governments of Canada and Ontario Celebrate New Affordable Housing in Orillia, Ontario

Comments: 0January 4th, 2010 by admin

Posted by Moishe Alexander

Funding of $9.2 million for 77 new affordable housing rental units for seniors, persons with disabilities, and low income households was announced today in Orillia.

Bruce Stanton, Member of Parliament for Simcoe North, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), and the Honourable Aileen Carroll, Ontario Minister of Culture, Minister Responsible for Seniors and Member of Provincial Parliament for Barrie, on behalf of the Honourable Jim Watson, Ontario’s Minister of Municipal Affairs and Housing; along with Cal Patterson, Warden of Simcoe County, and Ron Stevens, Mayor of the City of Orillia, made the announcement.

“The Government of Canada is helping make affordable housing available in Ontario and across Canada for those who need it most,” said MP Stanton. “Here in Orillia, this initiative will help many people in our community, while creating jobs and stimulating our economy. This investment is possible through Canada’s Economic Action Plan, our government’s plan to stimulate the economy and create jobs during the global recession. For Ontario, this includes a $1.2 billion joint investment.”

“New housing initiatives add significant support to the McGuinty government’s Poverty Reduction Strategy,” said Minister Carroll. “We will continue to work with our municipal partners to ensure more units are built during the life of this program.”

“The County of Simcoe is committed to providing a wide range of affordable housing options for residents in our 16 member municipalities and the cities of Barrie and Orillia,” stated County Warden Cal Patterson. “These new affordable housing units will support seniors in Orillia, allowing many to remain in their home community as they age. This project is another outstanding example of the great things that happen when we work in partnership with other levels of government and with our community.”

“We are extremely pleased to be awarded another 77 affordable housing units through the federal and provincial governments’ funding opportunities,” added Mayor Stevens. “As of today, non-profit organizations and private developers in the City of Orillia have completed 92 affordable and accessible housing units. With this new 77-unit project at 85 Barrie Road, we will have added a total of 169 units for low income families, seniors and the disabled since 2006.”

The Government of Canada wants to ensure that Canadians on fixed incomes can live with independence and dignity and remain in their communities, close to family and friends. Canada’s Economic Action Plan provides $400 million, over two years, to build new rental housing for low-income seniors. Overall, the Economic Action Plan includes $2 billion for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure.

Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion, over the next five years, to improve and build new affordable housing and help the homeless.

Today’s announcement celebrates the funding for 77 new affordable rental units at 85 Barrie Road in Orillia. The project is sponsored by developer Moe Zadeh of Serenity Residentials Inc.

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Posted in CMHC, Canada, affordable housing

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