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	<title>Moishe Alexander and Canadian Funding Corporation Review CMHC Reports&#187; project</title>
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	<description>Reviews of CMHC Housing Reports by Moishe Alexander</description>
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		<title>Governments of Canada and Manitoba Celebrate 40 New Affordable Housing Units for Seniors in Virden</title>
		<link>http://moishe-alexander-cmhc.com/2010/04/governments-of-canada-and-manitoba-celebrate-40-new-affordable-housing-units-for-seniors-in-virden/</link>
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		<pubDate>Fri, 16 Apr 2010 17:20:54 +0000</pubDate>
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				<category><![CDATA[CMHC]]></category>
		<category><![CDATA[Canada]]></category>
		<category><![CDATA[affordable housing]]></category>
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		<category><![CDATA[Brandon]]></category>
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		<guid isPermaLink="false">http://moishe-alexander-cmhc.com/?p=549</guid>
		<description><![CDATA[Posted by Moishe Alexander Funding for 40 new housing units for low-income seniors was announced today in Virden. The project, led by the Virden Centennial Housing Corporation, will include 19 one-bedroom units and 21 two-bedroom units. Construction on the project is expected to start this spring, and be completed in the spring of 2011. Merv Tweed, Member of [...]]]></description>
			<content:encoded><![CDATA[<p>Posted by Moishe Alexander</p>
<p>Funding for 40 new housing units for low-income seniors was announced today in Virden. The project, led by the Virden Centennial Housing Corporation, will include 19 one-bedroom units and 21 two-bedroom units. Construction on the project is expected to start this spring, and be completed in the spring of 2011.</p>
<p>Merv Tweed, Member of Parliament for Brandon – Souris, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with Brandon East MLA Drew Caldwell, on behalf of the Honourable Kerri Irvin-Ross, Minister of Housing and Community Development broke ground today at the project site.</p>
<p>Funding in the amount of $2.49 million has been made available for the project through Canada’s Economic Action Plan, the federal government’s plan to stimulate the economy and create jobs during the global recession. The federal and provincial governments are contributing equally to this initiative with an investment of $158 million under the amended Canada – Manitoba Affordable Housing Program Agreement.</p>
<p>“Through Year 2 of Canada’s Economic Action Plan, our Government remains committed to giving a hand-up to those who need it most here in Manitoba and throughout the country,” said MP Merv Tweed. “That’s why we’re investing in today’s project, which will deliver safe and affordable housing that meets the needs of seniors in Virden.”</p>
<p>“We’re providing seniors with the option to remain in their community surrounded by friends and family, and be able to find affordable housing there as well,” said Brandon East MLA Drew Caldwell. “This is an important project for the community of Virden and it’s great to work with such committed partners who want to see this project succeed.”</p>
<p>Funding from the governments of Canada and Manitoba will also support the development of geothermal heating and cooling.</p>
<p>Today’s announcement builds on the work of the Age — Friendly Manitoba Initiative to support seniors in leading active, socially engaged, independent lives that contribute to healthy aging. The initiative’s goal is to make Manitoba the most age-friendly province in Canada by working with the communities and the federal government to enhance the programs and services that benefit the well-being of all seniors.</p>
<p>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.</p>
<p>Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion, over five years, to improve and build new affordable housing and help the homeless.</p>
<p>The province, with the financial support of the Government of Canada, is making a two-year $327 million investment in social housing, and will create 1,500 more affordable homes over the next five years. As well, 1,500 households will benefit from renovations to their homes and 12,000 households will benefit from building improvements. HOMEWorks! supports ALLAboard, Manitoba’s Poverty Reduction Strategy, Aging in Place, and Manitoba’s Action Strategy for Economic Growth. It also provides vital links to community and economic development.</p>
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		<title>Governments of Canada and Yukon Celebrate New Affordable Housing and Retrofits in Territory</title>
		<link>http://moishe-alexander-cmhc.com/2010/04/governments-of-canada-and-yukon-celebrate-new-affordable-housing-and-retrofits-in-territory/</link>
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		<pubDate>Mon, 12 Apr 2010 17:10:59 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[CMHC]]></category>
		<category><![CDATA[Canada]]></category>
		<category><![CDATA[Action]]></category>
		<category><![CDATA[Affordable]]></category>
		<category><![CDATA[Celebrate]]></category>
		<category><![CDATA[CONSTRUCTION]]></category>
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		<category><![CDATA[Diane Finley]]></category>
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		<category><![CDATA[funding]]></category>
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		<category><![CDATA[Honourable]]></category>
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		<category><![CDATA[Jim Kenyon]]></category>
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		<category><![CDATA[New]]></category>
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		<category><![CDATA[renovation]]></category>
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		<category><![CDATA[Senator Daniel Lang]]></category>
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		<category><![CDATA[Whitehorse]]></category>
		<category><![CDATA[YUKON]]></category>

		<guid isPermaLink="false">http://moishe-alexander-cmhc.com/?p=533</guid>
		<description><![CDATA[Posted by Moishe Alexander Senator Daniel Lang (Yukon), on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honourable Jim Kenyon, Minister responsible for Yukon Housing Corporation, announced today the construction of new affordable townhouses in the Ingram [...]]]></description>
			<content:encoded><![CDATA[<p>Posted by Moishe Alexander</p>
<p>Senator Daniel Lang (Yukon), on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honourable Jim Kenyon, Minister responsible for Yukon Housing Corporation, announced today the construction of new affordable townhouses in the Ingram subdivision of Whitehorse, in addition to renovation funding for existing social housing.</p>
<p>The $5.4 million federal contribution to the projects comes through Canada’s Economic Action Plan, the government’s plan to stimulate the economy and create jobs during the global recession.  Recognizing the distinctive needs of the North, Canada&#8217;s Economic Action Plan provides $200 million, over two years, including $50 million for Yukon, to support the renovation and construction of new social housing units. Additionally, CEAP provides $850 million to provinces and territories for the renovation and retrofit of existing social housing. 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.</p>
<p>“Our Government is taking action to help ensure our economic recovery and create the conditions for long-term growth,” said Senator Lang. “Year 2 of Canada’s Economic Action Plan will continue to create jobs and stimulate the economy here in Yukon and in all corners of the country, while also supporting Canadian workers and families.”</p>
<p>“Yukon Housing Corporation is pleased about this new housing project,” said Minister Kenyon. “Six Yukon families will find affordable and comfortable homes here, and the project is providing beneficial SuperGreen training to the construction industry. Investing in our existing social housing stock helps extend the life of the buildings and the retrofits will result in better, more comfortable housing for our clients.”</p>
<p>With some $2.1 million in federal stimulus funding, the new construction project in the Ingram subdivision of Whitehorse will be a 6-unit townhouse complex with two 4-bedroom units and four 3-bedroom housing units for eligible social housing clients. These barrier-free units are being built to meet Yukon Housing Corporation’s Super GreenHome standards. The Kwanlin Dün First Nation Development Corporation 42135 is constructing the project for Yukon Housing Corporation. Completion is anticipated for Fall 2010.</p>
<p>Stimulus funding has also contributed to various retrofits throughout Yukon communities. The federal government is contributing $3.3 million and the Yukon government is contributing $430,000 to these projects. In addition to adding more insulation to some units, Yukon Housing Corporation has also replaced 16 older furnaces with more efficient models, made upgrades to three boiler systems and installed 12 Heat Recovery Ventilation (HRV) systems. Forty-two steel fuel tanks were replaced with dual containment fiberglass tanks. Other retrofits include insulation and lighting upgrades, and attic air sealing. Two Yukon Housing Corporation apartment buildings in Whitehorse will be receiving major exterior retrofits, including superinsulating the building envelope.</p>
<p>Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion, over five years, to improve and build new affordable housing and help the homeless.</p>
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		<title>Affordable Seniors’ Housing Underway in Penticton</title>
		<link>http://moishe-alexander-cmhc.com/2010/04/affordable-seniors%e2%80%99-housing-underway-in-penticton/</link>
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		<pubDate>Mon, 12 Apr 2010 17:06:36 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[CMHC]]></category>
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		<category><![CDATA[Ernst Schneider]]></category>
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		<category><![CDATA[Van Horne]]></category>

		<guid isPermaLink="false">http://moishe-alexander-cmhc.com/?p=530</guid>
		<description><![CDATA[Posted by Moishe Alexander The Governments of Canada and British Columbia, along with community partners, gathered today to celebrate the construction of a 58-unit housing development for seniors and persons with disabilities. “Through Year 2 of Canada’s Economic Action Plan, our Government remains committed to giving a hand-up to those who need it most,” said the [...]]]></description>
			<content:encoded><![CDATA[<p>Posted by Moishe Alexander</p>
<p>The Governments of Canada and British Columbia, along with community partners, gathered today to celebrate the construction of a 58-unit housing development for seniors and persons with disabilities.</p>
<p>“Through Year 2 of Canada’s Economic Action Plan, our Government remains committed to giving a hand-up to those who need it most,” 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). “That’s why we’re investing in this Penticton project, which will deliver safe and affordable housing that meets the needs of seniors and persons with disabilities.”</p>
<p>“In addition to providing increased housing access to Penticton seniors and persons with disabilities, this project will also stimulate our local economy by creating approximately 116 direct and indirect jobs,” said Bill Barisoff, MLA for Penticton.</p>
<p>Through an amendment to the Canada – British Columbia Affordable Housing Initiative Agreement, the federal and provincial governments are contributing a combined total of $3,278,000 million for 22 of the 58 affordable Seniors’ Rental Housing (SRH) units. In addition, the City of Penticton will provide reductions on development cost charges to help reduce the overall capital cost.</p>
<p>“The Kiwanis Van Horne apartments will be an important addition to our City by offering seniors and persons with disabilities increased access to affordable rental housing,” said Mayor Dan Ashton on behalf of Penticton City Council.</p>
<p>Penticton Kiwanis Housing Society (PKHS) provided the land, valued at $1.1 million, as well as $1 million in cash equity. PKHS is a non-profit organization providing affordable housing options for seniors and is an independent relative to the Kiwanis Club of Penticton.</p>
<p>“Our society is committed to providing quality housing options for seniors in our community,” said Ernst Schneider, finance officer for PKHS. “The Kiwanis Van Horne apartments will offer Penticton seniors access to 58 affordable rental homes. We are thankful to our government partners for collaborating with us on this important housing project.”</p>
<p>The Seniors’ Rental Housing (SRH) initiative is a result of a $365-million joint investment under an amendment to the Canada – British Columbia Affordable Housing Agreement, which includes funding through Canada’s Economic Action Plan and by the Government of British Columbia. The SRH initiative will provide $123.5 million, including $104 million for seniors and $19.5 million for persons with disabilities, to develop up to 1,000 new affordable rental housing units, which will help to stimulate local economies in smaller communities across B.C. Under terms of the agreement, the provincial and federal governments will provide matching contributions of $61.79 million.</p>
<p>Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion, over five years, to improve and build new affordable housing and help the homeless. It provides a total of $475 million, over two years, to build new rental housing, including $400 million for housing for low-income seniors and $75 million for housing for persons with disabilities. 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.</p>
<p>The Province of British Columbia’s $14-billion capital infrastructure program is creating up to 88,000 jobs, helping to build vital public infrastructure in every region of the province and stimulating local economies across B.C.</p>
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		<title>Governments of Canada and Saskatchewan Celebrate New Affordable Housing in Prince Albert</title>
		<link>http://moishe-alexander-cmhc.com/2010/04/governments-of-canada-and-saskatchewan-celebrate-new-affordable-housing-in-prince-albert/</link>
		<comments>http://moishe-alexander-cmhc.com/2010/04/governments-of-canada-and-saskatchewan-celebrate-new-affordable-housing-in-prince-albert/#comments</comments>
		<pubDate>Wed, 07 Apr 2010 15:53:13 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[CMHC]]></category>
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		<category><![CDATA[Prince Albert Carlton Darryl Hickie]]></category>
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		<guid isPermaLink="false">http://moishe-alexander-cmhc.com/?p=519</guid>
		<description><![CDATA[Posted by Moishe Alexander Randy Hoback, Member of Parliament for Prince Albert, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with MLA for Prince Albert Carlton Darryl Hickie, on behalf of the Honourable Donna Harpauer, Minister of Social [...]]]></description>
			<content:encoded><![CDATA[<p>Posted by Moishe Alexander</p>
<p> Randy Hoback, Member of Parliament for Prince Albert, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with MLA for Prince Albert Carlton Darryl Hickie, on behalf of the Honourable Donna Harpauer, Minister of Social Services and Minister Responsible for Saskatchewan Housing Corporation, today announced support for a local housing initiative for seniors.</p>
<p>Funding in the amount of $2.3 million has been made available for the initiative through Canada’s Economic Action Plan, the federal government’s plan to stimulate the economy and create jobs during the global recession. The federal and provincial governments are contributing equally to an overall investment of $132 million under the amended Canada – Saskatchewan Affordable Housing Program Agreement.</p>
<p>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.</p>
<p>The amendment to the Canada – Saskatchewan Affordable Housing Program Agreement, which included funding under Canada&#8217;s Economic Action Plan, signed in May 2009, brought federal housing support of $74 million to the province. The Government of Saskatchewan will match that commitment for a total of $148 million to assist those in housing need and, in collaboration with other levels of government and community partners, to make various types of affordable housing programs possible. In Saskatchewan, federal-provincial housing programs are delivered through the Saskatchewan Housing Corporation.</p>
<p>“Our government is giving a hand-up to Canadian seniors who need it most during these tough economic times,” said MP Hoback. “Year 2 of Canada’s Economic Action Plan will continue to create jobs and stimulate the economy here in Prince Albert and in all corners of the country.”</p>
<p>”Our government is pleased to help seniors in need of affordable housing right here in Prince Albert,” MLA Hickie said. “This project exemplifies a commitment on our part to work with the federal government to improve the quality of life for lower income Saskatchewan seniors, and to help them remain in their communities.”</p>
<p>The project will consist of an 18-unit single level garden apartment, with 16 two-bedroom units and two wheelchair accessible one-bedroom units. The project was undertaken by the Prince Albert Community Housing Society (PACH), a non-profit corporation that owns and manages a housing portfolio of more than 260 rental units for people in need of affordable housing within Prince Albert.</p>
<p>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.</p>
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		<title>Rental Market report</title>
		<link>http://moishe-alexander-cmhc.com/2010/01/rental-market-report-2/</link>
		<comments>http://moishe-alexander-cmhc.com/2010/01/rental-market-report-2/#comments</comments>
		<pubDate>Mon, 04 Jan 2010 16:37:48 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<guid isPermaLink="false">http://moishe-alexander-cmhc.com/?p=463</guid>
		<description><![CDATA[Posted by Moshe Alexander Vacancy rate keeps rising According to the results of the latest CMHC Rental Market Survey conducted in October 2009, the rental apartment vacancy rate1 increased again in the Sherbrooke CMA. After climbing by 0.4 of a percentage point in 2008 to 2.8 per cent, the vacancy rate continued to rise in [...]]]></description>
			<content:encoded><![CDATA[<p>Posted by Moshe Alexander</p>
<p>Vacancy rate keeps rising According to the results of the latest CMHC Rental Market Survey conducted in October 2009, the rental apartment vacancy rate1 increased again in the Sherbrooke CMA. After climbing by 0.4 of a percentage point in 2008 to 2.8 per cent, the vacancy rate continued to rise in 2009, reaching 3.9 per cent. As shown in Figure 1, the rental market has now been easing more significantly for the past three years in the Sherbrooke area. However, the proportion of unoccupied units still remained far from the levels observed in the late 1990s, when more than 7 per cent of rental apartments were vacant.</p>
<p>In the other CMAs across the province, the Québec area still had the tightest rental market, with fewer than 1 per cent of apartments vacant. As for the Saguenay, Montréal and Gatineau areas, their proportions of unoccupied units remained relatively stable between October 2008 and October 2009, edging down from 1.6 per cent to 1.5 per cent in Saguenay and rising slightly from 2.4 per cent to 2.5 per cent in Montréal and from 1.9 per cent to 2.2 per cent in Gatineau. In the Trois-Rivières CMA, however, the vacancy rate was up, reaching 2.7 per cent (+1 percentage point). Among all of Quebec&#8217;s urban centres with 100,000 or inhabitants, Sherbrooke had the highest percentage of vacant rental housing units in 2009, for a second straight year.</p>
<p>Supply increases while demand slowsThe vacancy rate hike in the Sherbrooke CMA in 2009 resulted from a moderating demand and a rising supply.</p>
<p>On the demand side, migrants who come to an area, whether from other areas of Quebec or elsewhere, are definitely one of the main factors. In fact, most newcomers to an area choose to rent when they arrive. The relationship between migration and the vacancy rate is illustrated in Figure 3, with high net migration often being associated with a tighter rental market and the opposite also being observed.</p>
<p>Preliminary data2 show that no substantial immigration gains should be registered in the Sherbrooke CMA since the last survey. Stagnant immigration is no doubt one of the factors that contributed to moderating rental housing demand in the Sherbrooke area this year.</p>
<p>As well, the Sherbrooke CMA has recorded negative net interregional migration3 of about 100 people among the group aged from 15 to 34 years4, for the past two years. In other words, more young people left the capital of the Eastern Townships than settled there. This decrease therefore moderated demand for rental housing units, as the young population is an important client group on the rental market. In fact, according to data from the latest census (2006), most Sherbrooke area households whose primary maintainer is aged from 15 to 34 years are renters.</p>
<p>In addition to migration, several other factors contributed to slowing rental housing demand in the Sherbrooke CMA in 2009. One such factor was that the labour market was less favourable for young people (labour force aged from 15 to 24 years) between the October 2008 and October 2009 surveys. Compared to last year, the average employment level fell by 14 per cent among young people aged from 15 to 24 years, with this decrease mainly affecting full-time jobs (-24 per cent). In these conditions, many young people may have been deterred from leaving the family home, or encouraged to share accommodations, which also slowed demand on the rental market.<br />
Changes in the age structure of a population (in this case, the aging of the population) may also have an effect on the proportion of unoccupied rental housing units in an area. According to our latest demographic projections, the growth in the number of young households (aged from 15 to 34 years) in the Sherbrooke area will be relatively weak, if not stagnant, between 2008 and 2009, which will limit the potential renter client pool. Negative growth is even forecast for the next few years, which will further curb demand on this market.</p>
<p>Another major reason for the vacancy rate increase is that financing conditions have been favourable to home buying, which means that a number of renter households possibly became homeowners. In fact, the strong sales of existing and new homes registered in the CMA in recent years seem to support this point. The same scenario was likely repeated in 2009, which again drove up the percentage of vacant units in the Sherbrooke area.</p>
<p>With such demand conditions and a rental housing supply that increased by 2.5 per cent between our last two surveys (from 30,842 units in 2008 to 31,621 in 2009), it was therefore not surprising to see a hike in the vacancy rate in 2009 in the Sherbrooke CMA.</p>
<p>Lastly, it should be mentioned that, even with the low vacancy rates observed in recent years, the growth in the supply on the rental market has been rather limited. It should not be forgotten that, in the late 1980s, rental housing construction had been very strong in the CMA, such that the vacancy rates had hovered around 10 per cent in the years that followed. Some builders may have then decided to focus their activities on other market segments. Now, even with the low vacancy rates registered in recent years, rental housing construction has never returned to its previous pace. This is generally the case, as a lag is often observed between changes in the vacancy rate on a market and the ensuing adjustment in the level of rental housing starts.</p>
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		<title>Continued Growth in Employment to be Supportive of Housing</title>
		<link>http://moishe-alexander-cmhc.com/2009/11/continued-growth-in-employment-to-be-supportive-of-housing/</link>
		<comments>http://moishe-alexander-cmhc.com/2009/11/continued-growth-in-employment-to-be-supportive-of-housing/#comments</comments>
		<pubDate>Tue, 03 Nov 2009 20:52:11 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Alberta]]></category>
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		<guid isPermaLink="false">http://moishe-alexander-cmhc.com/?p=342</guid>
		<description><![CDATA[Posted by Moishe Alexander 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 [...]]]></description>
			<content:encoded><![CDATA[<p>Posted by Moishe Alexander</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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</p>
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		<title>Changing Times for the Victoria Housing Market</title>
		<link>http://moishe-alexander-cmhc.com/2009/11/changing-times-for-the-victoria-housing-market/</link>
		<comments>http://moishe-alexander-cmhc.com/2009/11/changing-times-for-the-victoria-housing-market/#comments</comments>
		<pubDate>Tue, 03 Nov 2009 18:34:39 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[British Columbia]]></category>
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		<guid isPermaLink="false">http://moishe-alexander-cmhc.com/?p=325</guid>
		<description><![CDATA[Posted by Moishe Alexander The Capital Region will experiences increases in existing home sales, and significant residential construction in 2010. Employment growth, continued migration, and low mortgage rates will contribute to the stabilization of Greater Victoria housing demand. After a slow 2008 and first quarter of 2009, lower home prices and low mortgage interest rates [...]]]></description>
			<content:encoded><![CDATA[<p>Posted by Moishe Alexander</p>
<p>The Capital Region will experiences increases in existing home sales, and significant residential construction in 2010. Employment growth, continued migration, and low mortgage rates will contribute to the stabilization of Greater Victoria housing demand. After a slow 2008 and first quarter of 2009, lower home prices and low mortgage interest rates contributed to a significant rebound in resales in mid-2009. Expect both resales and average home prices to experience small increases in 2010.</p>
<p>Housing starts will bounce up in 2010, following two years of reduced levels of residential construction activity. The mid-2009 surge in resale activity combined with less supply (fewer homes under construction, and fewer existing and new homes for sale) will boost the number of new homes breaking ground in Greater Victoria next year.</p>
<p>Modest growth in existing home sales is projected for 2010, following a slight rebound in 2009. The growth will result from a stabilizing economy and continued sales by those looking to take advantage of low interest rates and ample, but shrinking supply. The recent up tick in resale prices (after bottoming out in the first quarter of 2009) combined with the anticipation of higher mortgage rates next year have led some potential home buyers to believe that Victoria-area homes will become more expensive. The favourable buying conditions will elevate sales through the remainder of 2009 and into 2010.</p>
<p>After six years of above average resale activity across the Capital region, a significant lull in existing home sales was observed in 2008 and through the first quarter of 2009. Since then, resale conditions have rebounded strongly due to relatively low mortgage rates and a downward adjustment in resale prices observed between the first quarter of 2008 and 2009.</p>
<p>The improved affordability that has been observed across Greater Victoria is evidenced by the reduced average mortgage payment that is required to purchase a home. In inflation- adjusted terms, the monthly payment associated with purchasing a single- detached home in Victoria declined 17 per cent between the peak of unaffordability (Q2 2008) and the August 2009 level.2</p>
<p>Affordability became a major issue for potential homebuyers during the extended upswing in resale prices that took place between 2001 and 2008. Over this period, the average resale home price in Greater Victoria increased at an average rate of 12 per cent per year. The recent improvements in affordability have been a breath of fresh air for those who previously could not afford home ownership, or were waiting for a more opportune time to enter the home ownership market.</p>
<p>A return to more balanced resale market conditions will occur in 2010, as both resale demand and supply stabilize. The strong demand recorded this summer has reduced the number of active MLS® listings considerably since reaching a peak last fall. As resale market demand stabilizes in 2010, so too will the supply of existing homes in Greater Victoria.</p>
<p>The fluctuations in existing home sales observed over the past two years have impacted average resale prices across the Capital region. After an extended period of steady and significant price gains, the average resale price declined 12 per cent from peak to trough in response to weak resale demand. Since bottoming out, the average Greater Victoria resale price has been edging up and currently sits three per cent below the peak level. With resale market conditions stabilizing, this will translate into minor price appreciation next year.</p>
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		<title>Seniors Housing Project Opens in Saskatoon</title>
		<link>http://moishe-alexander-cmhc.com/2009/11/seniors-housing-project-opens-in-saskatoon/</link>
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		<pubDate>Mon, 02 Nov 2009 16:33:06 +0000</pubDate>
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		<guid isPermaLink="false">http://moishe-alexander-cmhc.com/?p=300</guid>
		<description><![CDATA[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 [...]]]></description>
			<content:encoded><![CDATA[<p>Posted by Moishe Alexander<br />
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.</p>
<p>“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.”</p>
<p>“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.”</p>
<p>“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.”</p>
<p>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.</p>
<p>The building&#8217;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.</p>
<p>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.</p>
<p>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.</p>
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		<title>Affordable Housing announced for Quispamsis</title>
		<link>http://moishe-alexander-cmhc.com/2009/10/affordable-housing-announced-for-quispamsis/</link>
		<comments>http://moishe-alexander-cmhc.com/2009/10/affordable-housing-announced-for-quispamsis/#comments</comments>
		<pubDate>Fri, 16 Oct 2009 17:27:08 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[CMHC]]></category>
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		<guid isPermaLink="false">http://moishe-alexander-cmhc.com/?p=289</guid>
		<description><![CDATA[Posted by Moishe Alexander 16 new accessible and seniors apartments were announced today by the provincial and federal governments. The new Quispamsis units are funded under Phase III of the Canada – New Brunswick Affordable Housing Agreement. New Brunswick Social Development Minister Kelly Lamrock, also the Minister responsible for Housing, and Saint John MP Rodney Weston announced the [...]]]></description>
			<content:encoded><![CDATA[<p>Posted by Moishe Alexander</p>
<p>16 new accessible and seniors apartments were announced today by the provincial and federal governments. The new Quispamsis units are funded under Phase III of the Canada – New Brunswick Affordable Housing Agreement.</p>
<p>New Brunswick Social Development Minister Kelly Lamrock, also the Minister responsible for Housing, and Saint John MP Rodney Weston announced the $1.8 million project at Ken-Val United Church Suites today.</p>
<p>“We are pleased to collaborate with our partners to provide affordable living for low-income seniors, and to those who have accessibility needs in the Quispamsis area,” said Lamrock. “Affordable housing is part of this government’s efforts to ensure that we provide New Brunswickers with a quality, energy-efficient place to call home. ”</p>
<p>The housing units are being developed by Ken-Val United Church Suites Inc, a non-profit corporation. The project is receiving $480,000 in funding under the federal Affordable Housing Trust to offset construction costs, as well as just over $1 million in rent supplements from the Province of New Brunswick.</p>
<p>“This is great news for seniors in the Quispamsis area,” said MP Weston. “These new apartments will help provide more options for seniors in need of suitable, affordable housing and they will also contribute to the economic and social well-being of the community.”</p>
<p>MP Weston spoke on behalf of Diane Finley, Minister of Human Resources and Skills Development Canada, and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC).</p>
<p>Funding is available to private non-profit organizations, co-operatives, and community or private developers interested in developing projects for low- to moderate-income families, seniors, non-elderly singles, disabled persons and persons with special needs.</p>
<p>Ken-Val United Church Suites is being built to high energy-efficiency standards, and the developers have involved consultation with Efficiency NB. Builders of affordable housing projects for low-income individuals may receive an incentive of $2,000 per apartment unit if the building is heated by low greenhouse gas emission technologies as approved by Efficiency NB.</p>
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		<title>Expanded Shelter Opens its Doors in Cobourg</title>
		<link>http://moishe-alexander-cmhc.com/2009/10/expanded-shelter-opens-its-doors-in-cobourg/</link>
		<comments>http://moishe-alexander-cmhc.com/2009/10/expanded-shelter-opens-its-doors-in-cobourg/#comments</comments>
		<pubDate>Fri, 16 Oct 2009 17:16:29 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[CMHC]]></category>
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		<guid isPermaLink="false">http://moishe-alexander-cmhc.com/?p=283</guid>
		<description><![CDATA[Posted by Moishe Alexander The Government of Canada and Northumberland Services for Women (NSW) today celebrated the official opening of their new and expanded shelter. Rick Norlock, Member of Parliament for Northumberland – Quinte West, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada [...]]]></description>
			<content:encoded><![CDATA[<p>Posted by Moishe Alexander</p>
<p>The Government of Canada and Northumberland Services for Women (NSW) today celebrated the official opening of their new and expanded shelter.</p>
<p>Rick Norlock, Member of Parliament for Northumberland – Quinte West, 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); Deputy Mayor of Cobourg, Gil Brocanier, on behalf of Cobourg Mayor Peter Delanty; and NSW Board Chair, Barry Gutteridge, along with guests attended the event.</p>
<p>“The Government of Canada is helping to provide supportive housing in Ontario and across Canada,” said MP Rick Norlock. “With the opening of this project, women and children in Cobourg can access safe and suitable housing, and build a stronger future for themselves.”</p>
<p>NSW provides a safe environment and services for women and their children in crisis as a result of family violence and abuse. The expanded shelter will offer 19 emergency beds for women and their children in Northumberland County. The facility was made possible with funding of more than $480,000 through CMHC’s Shelter Enhancement Program.</p>
<p>In addition, the Ministry of Community and Social Services contributed more than $284,000 as well as almost $490,000 in municipal donations, fundraising activities, and in-kind services helped to support the project.</p>
<p>“Congratulations and best wishes to the Northumberland Services for Women as they officially open their expanded facilities,” said Mayor Peter Delanty. “This expansion of services and space is, unfortunately, so badly needed by women desperate for a safe haven against violence and abuse. A special thanks to the Government of Canada for their generous financial support and, also, the myriad of volunteers and donors who helped make this dream a reality. Your dream has made our area a better, safer and more secure community. ”</p>
<p>“On behalf of the Board of NSW, I would like to thank the Federal Government for its support of this project,” said Barry Gutteridge, NSW Chair. “The amount of CMHC funding which contributed to over one third of the construction costs and the timing spurred us to get shovels in the ground early this spring, while we were still fundraising. We would not have the completed building that you see today without the assistance of CMHC.”</p>
<p>Expansions to the east, west and south wings of the facility offer a welcoming space where clients can feel safe and access NSW’s support programs and services, including emergency shelter, counselling, emergency transportation, a 24-hour crisis line, 2-hour free legal advice certificates, educational programming, and a children’s shelter.</p>
<p>Northumberland Services for Women has been offering quality, emergency shelter and support services since their first shelter opened in 1985 at 355 Division Street in Cobourg. In the past year NSW provided services to over 500 women and children.</p>
<p>CMHC’s Shelter Enhancement Program offers financial assistance for the repair, rehabilitation and improvement of existing shelters for women and their children, youth or men who are victims of family violence, as well as for the acquisition or construction of new shelters and second-stage housing where needed.</p>
<p>In 2008, 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&#8217;s Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure.</p>
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