Posts Tagged ‘record’

« Older Entries

Vancouver and Abbotsford CMAs

Comments: 0January 4th, 2010 by admin

Posted by Moshe Alexander

Renters had an easier time finding rental accommodation in Vancouver this fall, compared to last year. Higher rental apartment vacancy rates have meant that renters have more choice. Although higher than last year, Vancouver’s vacancy rate is still below the national average and among the lowest in the country.

A slowdown in employment sent Vancouver’s rental apartment vacancy rate higher in 2009. The vacancy rate increased to 2.1 per cent, after sitting below one per cent for three consecutive years. Unemployment in the Vancouver Census Metropolitan Area (CMA) for the first ten months of 2009 increased to seven per cent from 4.3 per cent for the same period last year. Although employment has been gradually improving since the spring of this year, it has only been in the last couple months that full-time employment has grown.

A shift to homeownership also contributed to higher rental vacancy rates in 2009. A combination of low mortgage rates and home prices off their peak value has meant that monthly mortgage payments are lower. As of September 2009, the average monthly mortgage payment for an apartment condominium was approximately ten per cent less than it was one year ago3. Although the average mortgage payment is still higher than the average monthly rental payment, some renters have chosen to take this opportunity to enter homeownership.
Virtually all communities in the Metro Vancouver area saw an increase in vacancies in 2009. The only exception to this was the University Endowment Lands (UEL). The vacancy rate in the UEL, along with several areas of Vancouver City and North Vancouver, remained tight, below one per cent in October 2009.Vancouver City, with its educational infrastructure and job opportunities in the business centre, and the lifestyle communities of West Vancouver and White Rock recorded vacancy rates just over one per cent.Vacancies increased in all other municipalities, with suburban communities north of the Fraser River near three per cent, and communities south of the Fraser, in the 4-6 per cent range.

The rental availability rate4 for private rental apartments moved higher in 2009. The availability rate increased to 2.8 per cent in October 2009, from 1.1 per cent a year earlier. The vacancy rate for investor-owned rental condominiums increased in 2009, but to a lesser extent than that for purpose-built rental units. The rental condominium vacancy rate moved up to 1.7 per cent from 0.6 per cent last fall. The stock of rental condominiums is generally newer and features more amenities than their purpose-built rental counterparts. These benefits shore up demand for rental condominiums.

Tags: , , , , , , , , , , , ,
Posted in CMHC, Canada, affordable housing

Changing Lives — Creating Partnerships

Comments: 0November 5th, 2009 by admin

Posted by Moishe Alexander

The lives of 18 individuals changed for the better today with the official opening of the Stella Burry Community Services’ new and much-anticipated housing project in Rawlins Cross.

The Honourable Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway, 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), made the announcement today.

“The Government of Canada is proud to invest in initiatives that directly help people in our community access safe and suitable housing,” said Minister MacKay. “This project will provide safe and supportive housing and help individuals build a stronger future for themselves.”

The project has received federal funding from various initiatives to off-set construction costs. Funding by the Government of Canada, through CMHC, includes $905,000 under the Canada – Newfoundland and Labrador Affordable Housing Initiative and $216,000 through the Residential Rehabilitation Assistance Program. Stella Burry Community Services also received $348,900 from the Government of Canada homelessness funding and $20,000 in Seed Funding from CMHC during the initial planning stages.

Also, the General Council of The United Church of Canada contributed $250,000 toward the completion of the project. Incorporated under The United Church of Canada, Stella Burry Community Services provides programs in the community that reflect the social justice philosophies of the United Church.

“This is such an exciting day for us,” said Jocelyn Greene, Executive Director of Stella Burry Community Services. “From the beginning, the community, the city, our staff, our board members, as well as our federal and provincial partners have all been tremendously supportive of the entire project. I know it is because people relate to the work that we, as an organization, do in this community. We all firmly believe that everyone deserves an affordable and safe place to call home; that everyone deserves opportunity and supports to be the best person that they can be. A project such as this would not be possible without that strong, unified support, for which we are incredibly grateful and blessed.”

“We are extremely proud of the work that is being carried out by Stella Burry Community Services, and are delighted to contribute to this wonderful project in St. John’s,” said Mardi Tindal, Moderator of The United Church of Canada. “The availability of affordable housing has been a persistent concern of The United Church of Canada and our record of advocacy on issues relating to housing and homelessness is well known. The leadership shown by Stella Burry Community Services to increase the availability of housing for low income individuals in the St. John’s region is to be commended as we celebrate the opening of this beautiful building today,” she added.

Last fall, 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’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 and lending of up to another $2 billion to municipalities for housing-related infrastructure.

Tags: , , , , , , , , , , , , , , , ,
Posted in CMHC, Canada, moishe alexander

Continued Growth in Employment to be Supportive of Housing

Comments: 0November 3rd, 2009 by admin

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 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

Tags: , , , , , , , , , , , , , , , , , , ,
Posted in Alberta, Housing Market, New Home Starts, elevator replacement, lighting upgrades, moishe alexander

« Older Entries