While construction is up by 2 per cent for the first nine months of the year in the Quebec part of the Ottawa-Gatineau census metropolitan area (CMA), 2009 will end with fewer housing starts than in 2008. It is expected that a total of 3,000 units While construction is up by 2 per cent for the first nine months of the year in the Quebec part of the Ottawa-Gatineau census metropolitan area (CMA), 2009 will end with fewer housing starts than in 2008. It is expected that a total of 3,000 units
Posts Tagged ‘review’
Comments: 0November 12th, 2009 by admin
Comments: 0November 5th, 2009 by admin
Posted by Moishe Alexander
Canada Mortgage and Housing Corporation (CMHC) today announced the six winners of CMHC’s Housing Studies Achievement Award. Six prizes of $10,000 — three at a master’s level and three at a doctoral level — were presented by Mr. Douglas Stewart, CMHC’s Vice President, Policy and Planning, at an awards event held today in Ottawa.
“CMHC is proud to honour Canadians whose work is at the forefront of helping us foster a better future for quality, affordable housing in this country. I want to congratulate this year’s winners of the CMHC Housing Studies Achievement Award for their important contributions,” said Mr. Stewart.
The CMHC Housing Studies Achievement Award program, held every second year, was originally created to commemorate CMHC’s 60th anniversary in 2006 and the first winners were announced in November 2007. The academic work of the 2009 award recipients contributes to housing research and policy development in Canada, whether in social, economic, design or technical aspects of housing. In addition to paying tribute to the work of the award winners, CMHC is also acknowledging the work of four “honourable mentions” singled out for recognition by the expert panel of jurors reviewing submissions. Attached is a backgrounder profiling the work of the 2009 CMHC Housing Studies Achievement Award winners and Honourable Mentions.
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 across the country. For more information, call 1-800-668-2642.
Comments: 0February 18th, 2009 by admin
January 15, 2009 — Moishe Alexander’s review on how the current world economy and Canadian economic down turn is affecting the London Ontario Rental Market
London, Ontario - Credit abdallahh, Flickr
The London Ontario rental vacancy rate has moved up to 3.9% in 2008 and Canada Mortgage and Housing Corporation is predicting that the vacancy rate will rise to 4.2% in 2009. For a city the size of London Ontario, this means that a tenants market for rental units has returned to the London Ontario area.
It is good times now for tenants in London Ontario to find good rental accommodations at reasonable rents, as line-ups at landlord’s offices is over.
SLIGHT COOLING OFF OF THE LONDON RENTAL MARKET
The London rental market has cooled off slightly and the vacancy rose to 3.9% in 2008 from 3.6% in 2007. The average rent on rental units increased by 1.5% in 2008 form the 2007 rental rate figures, which was slower than the 2.6% increase in 2007, from the 2006 rental period.
The rental vacancy rate increased in the surrounding communities i.e. St. Thomas and Strathroy substantially, which affected the overall vacancy rates. Canada Mortgage and Housing Corporation is predicting that the overall vacancy rate in London will increase to 4.0% for the period ending 2009.
SEVERAL REASONS FOR CONTINUED INCREASE IN VACANCY RATE
The Canada Mortgage and Housing Corporation report states that many factors have combined to increase the vacancy rate in London. Some of those factors include a surprising decrease in university students and huge unemployment increases. As well as the substantial increase in the creation of rental units, which increased to 836 units in 2008, versus 586 in 2007.
CONTINUED MODERATE RENT INCREASES
The Canada Mortgage and Housing Corporation report states that last fall in London Ontario, a one-bedroom apartment that used to rent for $554.00, plus utilities is now renting for $565.00, plus utilities, compared to the same period last year. A two-bedroom unit that rented last year for $625.00, plus utilities, is now renting for $645.00, which is approximately a 1.5% increase.
Government sources say that with these moderate increases, welfare recipients are not hard pressed to rent in London Ontario. Increased vacancy rates in this area of the province have caused rents to increase moderately for the same period last year. However, rent increases in purpose-built apartment rent units that were new, were more significant in most areas of the City of London Ontario.
RENTERS PREFER LARGER AND NEWER BUILDINGS
Canada Mortgage and Housing Corporation report states that apartment buildings with excess of 100 units or more have the lowest average vacancy rate in London Ontario at 2.9%. Rental apartments constructed after 2000 are becoming popular and preferred by the London area tenants, specifically in the downtown core.
LONDON’S RENTAL AFFORDABILITY INDICATOR
Canada Mortgage and Housing Corporation affordability indicator will decline to 119 by year-end 2008, which indicates that the value of 100 suggests that 40% of the median income of rental households is necessary to rent a two bedroom apartment, well above the Canadian average.
NATIONAL VACANCY RATE DECREASED IN OCTOBER 2008
Canada Mortgage and Housing Corporation reports that the vacancy rate in Canada’s 34 major centers decreased to 2.2% from 2.6% in October of 2008, for the same period the year before. Vacancy rates were as high as 14.6% in Windsor to a low of 0.3% in Vancouver and Abbotsford BC.
Canada Mortgage and Housing Corporation reports that the highest average monthly rent for a two bedroom apartment is in Calgary, Alberta with a monthly rental cost of $1,148.00 to a low of $543.00 in Sherbrooke, Quebec.
You can find the entire report in PDF format through the following link:
http://www.cmhc-schl.gc.ca/odpub/esub/64403/64403_2008_A01.pdf