Moishe Alexander – Introduction to Prince Edward Island

Funding in the amount of $1.0 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 this overall investment of $8.54 million under the amended Canada – Prince Edward Island Affordable Housing Program Agreement.

The Government of Canada wants to improve the quality of existing social housing for low-income seniors, single-parent families, recent immigrants and Aboriginal households. Canada’s Economic Action Plan provides $850 million under the Affordable Housing Initiative to provinces and territories for the renovation and retrofit of existing social housing. It also 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 people 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.

“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 Prince Edward Island,” said Senator Duffy. “That’s why we are proud to have invested in the construction and renovation of these units in Montague and Eastern PEI, which will go a long way to providing safe, affordable homes for years to come.”

“We’re pleased to partner with the federal government on these significant initiatives spanning areas from Eastern Kings to Southern Kings to Charlottetown,” said Minister Janice Sherry. “The majority of the projects being funded here today support the continued provision of essential services in rural communities, consistent with our government’s Rural Action Plan. In addition to two new housing developments, this funding will also help renovate several existing social housing buildings.”

Today’s announcement highlights funding of over $1 million for 12 projects providing housing to groups such as seniors and families and people with disabilities. The projects being supported through funding in today’s announcement are Forest Hills Rural Native Housing, Georgetown Family Housing, Mount Stewart Family Housing, Souris Family Housing, Vernon Bridge Rural Community Housing, Cardigan Seniors Housing, GF Holdings Inc., Charlottetown Family Housing and Bella Place Housing. Two of the projects are new developments. GF Holdings Inc. in Montague will provide 10 new units for seniors and Bella Place Housing in Charlottetown will provide eight new units for seniors and three new units for people with disabilities.

Moishe Alexander notes that the funding was made available through Canada’s Economic Action Plan, the federal government’s plan to stimulate the economy and create jobs during the global recession. 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. The federal and provincial governments are contributing equally to this overall investment of $96 million under the amended Canada – Nova Scotia Affordable Housing Program Agreement.

The Government of Canada wants to improve the quality of existing social housing for low-income seniors, single-parent families, recent immigrants and Aboriginal households. Canada’s Economic Action Plan provides $850 million under the Affordable Housing Initiative to provinces and territories for the renovation and retrofit of existing social housing. It also 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 people with disabilities.

The Greystone project, located in Spryfield, will receive $5.9 million for repairs and renovation of 246 units for seniors and families. The Ida Mae Marriott project, also located in Spryfield, will receive $3.15 million to construct 15 new units and to regenerate six existing units for a total of 21 units, which includes 18 units for seniors and three units for people with disabilities. The remainder of nearly $5 million will be distributed amongst 10 projects (a total of 950 units for seniors and families) located throughout HRM for repairs and renovations. Repairs to the housing projects will include exterior refurbishments, including roofs, siding, windows and doors, in addition to interior upgrades to kitchens.

The Honourable Peter MacKay, Minister of National Defence, 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 Denise Peterson-Rafuse, Nova Scotia Minister of Community Services, made the announcement today.

“Our Government remains committed through our ongoing Economic Action Plan to giving a hand-up to those who need it most here in Nova Scotia,” said Minister MacKay. “That’s why we’re proud to be investing in the construction and renovation of these units in Halifax, which will provide safe, affordable homes for years to come.”

“The province is committed to making life better for families in Nova Scotia. Housing is a fundamental part of the equation,” said Minister Peterson-Rafuse. “We are very happy to improve and increase affordable housing in metro Halifax. This investment will mean more families, seniors, and people with disabilities will be living in safe, comfortable, accessible homes.”

Renovations and Retrofits in Labrador – Moishe Alexander

The funding was made available through Canada’s Economic Action Plan, which is a federal plan to stimulate the economy and create jobs during the global recession. 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. The Federal and Provincial governments are contributing equally to this overall investment of $58 million under the amended Canada – Newfoundland and Labrador Affordable Housing Program Agreement.

The Government of Canada wants to improve the quality of existing social housing for low-income seniors, single-parent families, recent immigrants and Aboriginal households. Canada’s Economic Action Plan provides $850 million under the Affordable Housing Initiative to provinces and territories for the renovation and retrofit of existing social housing.

The funding is being used for items such as the replacement of roofing, siding, windows and doors, and a complete retrofit of the interiors, which can include the replacement of flooring, drywall, doors, kitchen and bathroom cupboards, flooring, counters and fixtures such as tubs, sinks and showers. The investment will significantly extend the life of these structures for future use.
As part of Budget 2010: The Right Investments — For Our Children and Our Future, the Provincial Government is investing $27 million for housing infrastructure projects, affordable housing and increased maintenance funding over the coming fiscal year. This renovation and retrofit work is also in keeping with the goals of the Provincial Government’s Social Housing Plan for Newfoundland and Labrador — Secure Foundations, which outlines a new long-term vision for social housing aimed at improving the housing circumstances of lower-income households and helping to create healthier communities. A copy of the social housing plan is available at www.nlhc.nl.ca/SocialHsingPlan/report.pdf.

The Honourable Peter MacKay, Minister of National Defence, 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 Tom Hedderson, Minister of Transportation and Works and Minister Responsible for Newfoundland Labrador Housing, made the announcement today.

“Through our ongoing Economic Action Plan, our Government remains committed to giving a hand-up to those who need it most here in Newfoundland and Labrador. That’s why we’re proud to be investing in the renovation and retrofit of these 125 units,” said Minister MacKay. “These projects are a good way to get the local economy moving, because they put construction workers and tradespeople to work quickly, while also providing safe, affordable homes for years to come.”

“This renovation and retrofit work will move Newfoundland Labrador Housing and our Provincial Government closer to addressing the need for decent, safe and affordable housing throughout the province,” said Minister Hedderson. “Our government understands how important adequate housing is to the physical and emotional health, and productivity of families, individuals, seniors and persons with disabilities as well as to their communities.”

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.

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 Vic Dhillon, Member of Provincial Parliament for Brampton West, on behalf of Jim Bradley, Ontario’s Minister of Municipal Affairs and Housing, along with Emil Kolb, Chair, Region of Peel made the announcement.

“Our government is dedicated to giving a hand-up to those who need it most through these tough economic times” said MP Stanton. “Through projects like this, our government is providing safe, affordable housing to many residents in our community while creating jobs and stimulating our economy.”

“The province is committed to helping people with special needs living on lower or fixed incomes stay in their home communities,” said MPP Vic Dhillon. “These 30 new affordable rental units are going to make a positive difference in the lives of these individuals. The construction is also part of our Open Ontario plan to create jobs and economic opportunities in the Peel region.”

“The Region of Peel is pleased to celebrate the opening of Nance Horwood Place with our federal and provincial partners and the new residents,” said Chair Emil Kolb, Region of Peel. “We are proud to have also partnered with Supportive Housing in Peel which provides on-site programs and services for residents in a supportive community environment.”

Brampton Housing – video presented for blog by Moishe Alexander

Nance Horwood Place, a 30 unit project located at 529 Main Street North in Brampton received $4.2 million through the Canada – Ontario Affordable Housing Program. The building will be occupied by seniors with special needs. The federal and provincial funding is complemented by $2.1 million from Regional housing development reserves.

“Supportive Housing In Peel, in partnership with the Region of Peel, is pleased to celebrate the opening of Nance Horwood Place,” said Laurie Ridler, CEO of SHIP. “This building creates increased housing for older adults and an exceptional opportunity for services to the tenants of these independent-living apartments that extends to the campus of care and reaches into the community of Brampton.”

The Canada – Ontario Affordable Housing Program Agreement comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.

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’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. Combined for Ontario, this means a further $1.2-billion joint investment under the amended Canada – Ontario Affordable Housing Program Agreement. The federal and provincial governments are contributing equally to this overall investment.

In June, 8.7% more homes were sold than in May. It’s the fifth straight month of increases — a 17.9% increase over June 2008.

“This rebound reflects the releasing of a pent-up demand by buyers who moved to the sidelines towards the end of last year,” said CREA chief economist Gregory Klump.

“Now there are signs the worst of the recession may be behind us, those people are emerging.”

The bounce back was strongest in British Columbia, where 39.8% more homes were sold in June this over the same month last year. According to the CREA report, Ontario was up 15.7%, Quebec 9.8%, Alberta 22.2%, Saskatchewan 25.2% and Manitoba 0.2%.

This surge in home buying came despite a decision by Canada’s five big banks last month to raise five-year fixed mortgage rates 40 basis points from 5.45% to 5.85%.

The decision was made despite the Bank of Canada’s efforts to keep borrowing low by pledging to hold interest rates at the historic low of 0.25% until the middle of 2010.

Mary Webb, a senior economist with Scotiabank, says the low long-term interest rates in the spring were a reflection of a global economy with almost no signs of growth and that was bound to change.

“Now we’re looking for a recovery, and not just in Canada but globally, and we’re seeing it already in China and we expect growth to strengthen later this year and early next,” Webb said.

With more people borrowing, banks are being forced to pay more to borrow the money they lend to home buyers, and that drives up long-term interest rates, she said.

http://www.torontosun.com/news/canada/2009/07/15/10136046-sun.html

brought by Alexander Moishe, Canadian Funding Corp CEO

Sales rose 8.7 percent to 41,304 homes from the previous month on a seasonally adjusted basis, the Canadian Real Estate Association said today in a statement from Ottawa. Average home prices rose 3.6 percent from a year earlier and the inventory of unsold homes fell to its lowest since August 2007.

Recent data on Canada’s housing market suggest the Bank of Canada’s efforts to stimulate spending with interest rate cuts are helping fuel demand for homes and may be reversing a slump in home construction. The Bank of Canada, which forecast that housing will shed 1.1 percentage points from growth in 2009, has cut its benchmark lending rate to a record 0.25 percent.

“Obviously there is one segment of society that doesn’t believe this will be a lengthy downturn,” said Doug Porter, deputy chief economist with BMO Capital Markets in Toronto.

New home sales jumped a record 32 percent during the second quarter to 114,173 units, the realtor group said. The number of months needed to sell current inventories fell to 4.2 in June, the lowest level in more than two years.

Agents and Brokers

Output of real estate agents and brokers was up 8.2 percent in April, Statistics Canada said June 30. Canada Mortgage and Housing Corp. said July 9 that new home construction rose for a second month in June, while the total value of permits issued by municipalities jumped 15 percent in May.

One explanation for the pick-up in the real estate market, Porter said, may be that the decline earlier this year was “extreme” and created pent-up demand for homes. Existing home sales fell in January to their lowest since 2000.

“I can’t help but wonder whether these gains are sustainable,” Porter said.

The country also may be benefiting from a financial system that has largely escaped bad-asset problems plaguing other countries.

“The positive impact of low interest rates on mortgage demand is clearly much more powerful in Canada than in the U.S.,” Derek Holt, an economist at Scotia Capital in Toronto, said in a note to investors.

http://montrealhypotheque.blogspot.com/2009/07/june-home-sales-rise-87.html

reviewed by Moishe Alexander, CFC Canadian Funding Corp CEO

OmniTRAX president and real estate developer, Patrick Broe …

A real estate developer?

Others undoubtedly saw that line and took in its full meaning. But I had focused on Broe as president of a U.S. railway company, OmniTRAX, who was bidding for BCRail. And who, rumour says, was offered a substantial consolation prize for losing out. Or being pushed out. Or something.

OmniTRAX had trains in the U.S., but had only just begun its quest for a Canadian empire. OmniTRAX had obtained ownership of Hudson Bay Railway and the Port of Churchill. What a deal that was, with the Arctic Ocean opening up because of global warming. Today is July 14, 2009 and today I think Pat Broe is a real estate developer who knows more than we do about how railways lead to real estate.

News item in BUSINESS WIRE for March 15, 2004: Broe begins land division with initial operations focused on Intermodal, Rail Related … Read about it HERE.

So OmniTRAX president, Pat Broe, is a major real estate developer. Early in 2002, he was meeting with, and corresponding with Gordon Campbell and promoting OmniTRAX as an attractive partner in Gordo’s vision for B.C. prosperity.

Broe, as OmniTRAX, already owned a small railway in the Okanagan, plus Hudson Bay Railway and the Port of Churchill. HBRY is 810 miles of former CN track, from The Pas to Churchill, Canada’s only Arctic seaport [www.portofchurchill.ca] Broe’s OmniTRAX took possession of the whole shebang, port and rail line, by paying $10. to the Canadian federal government in September 1997. Ten bucks.

Gordon Campbell, the Vancouver real estate developer, formed the BC government in 2001 and immediately began talking about selling BCRail. Pat Broe must have zeroed in very quickly.

Then Erik Bornman enters the scene by registering with Gordo’s B.C. government as a consultant lobbyist representing the Broe Companies. Bornman busies himself looking for B.C. investment opportunities in economic development and trade, such as rail transportation.

Soon Pat Broe, Dwight Johnson are having dinner with the B.C. Minister of Finance, Gary Collins. For some reason, police wanted to know what those men were discussing. There were RCMP inside the Villa del Lupa restaurant as well as outside, making videos of that meeting. Thank goodness.

Today is July 14, 2009 when various spectacular BC Rail properties can be scooped by CN for $1. Or so we hear.

I think that maybe Collins, Broe, and Johnson were talking, in a roundabout way, about land, lots and lotsa land to be had for 1/10th the cost of the Hudson Bay Railway plus Port of Churchill.

Pat Broe is a real estate developer.

- BC Mary.

“”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”"”

lynx has left a new comment on your post “Give me land, lots of land, under starry skies above …”:

In light of what BC Mary has just written – here is an excerpt from hansard between Joy MacPhail and Gary Collins: (Read between the lines and think real estate deal and it reads a whole new way.)

J. MacPhail (Leader of the Opposition): I have two concluding questions. These are a follow-up from my questions around lobbying. The minister said he never met with Pilothouse. Did he ever meet with anyone from Omnitrax itself?

Hon. G. Collins (Minister of Finance): Yes. I have met with Pat Broe prior to the B.C. Rail transaction process starting. I met with him once after the B.C. Rail transaction had completed.

J. MacPhail: Boy, I’m sure glad I get the questions right. Is the minister aware of any of his staff that met with Omnitrax on his behalf?

Hon. G. Collins: I’m not aware of that, whether it would have happened or not — certainly not on my behalf. I wouldn’t have directed anybody to do that.

J. MacPhail: And Pat Broe is whom?

Hon. G. Collins: He’s the owner, president and CEO, I think, of Broe Companies, of which Omnitrax is a subsidiary.

J. MacPhail: What were the two meetings about?

Hon. G. Collins: The first meeting was, “Hi, this is who I am,” on his part. “I’d like to come and invest in British Columbia. I think what you guys are doing makes sense. It looks like a great place for me to invest. I’m interested in all sorts of things.” Just a general get-to-know-you type of meeting. I have those regularly with potential investors in British Columbia, if they want to come and talk. It’s more of a welcome, get-to-know-you, individual meeting.

After the transaction had closed, Mr. Broe wanted to tell us that despite not winning the B.C. Rail contract,, he would be interested in continuing to be part of British Columbia, if he could — similar to the prior meeting.

J. MacPhail: Was Mr. Basi present at either of those meetings?

Hon. G. Collins: No.

J. MacPhail: Who staffed the minister?

Hon. G. Collins: I rarely take staff with me. I think it’s a waste of their time for the most part when I travel or when I meet with them. Sometimes I do; sometimes I don’t. It depends on what the need is. I had a dinner, and I didn’t feel I needed staff at a dinner.

J. MacPhail: Was the minister aware that Omnitrax was bidding on the B.C. Rail spur line to Roberts Bank during that period of time?

Hon. G. Collins: No, I wasn’t. I knew they were generally looking to do investments in British Columbia. We certainly didn’t talk in any great detail about any of their proposals. Rather, it was a general discussion of things they might do in British Columbia. They were still interested in British Columbia. They were disappointed, obviously, that they weren’t the successful bidder on CN, but they wanted to continue to have a presence in British Columbia. They were looking for things they might do.

There are a whole range of things they might do. I hope at some point that they are part of that.

http://bctrialofbasi-virk.blogspot.com/2009/07/give-me-land-lots-of-land-under-starry.html

reviewed by Moishe Alexander, CFC Canadian Funding Corp CEO

The Canadian Tourism Industry Benchmark Study: Where Do We Rank in the Context of the Canadian Economy? shows how the total tourism industry measures up. Using the most recent available data from 2007, the report reveals Canada’s tourism sector is performing favourably compared to other broad sectors of the economy. It ranked fourth in a composite analysis, behind: finance, insurance and real estate; wholesale and retail trade; and community, business and personal services.

It’s a strong and consistent performance over a broad range of economic and financial performance measures juxtaposed with other major economic sectors. The results suggest the tourism industry is certainly worthy of future investment considerations.

Meanwhile, the primary industries sector (agriculture, fishing and trapping, and forestry), which, like tourism represents 2% of Canada’s Gross Domestic Product, was the weakest performer in the report’s index.

The CTC commissioned The Conference Board of Canada to provide this benchmarking study on the vibrancy and competitiveness of the Canadian tourism industry.

http://www.adventuretravelnews.com/?p=472

reviewed by Moishe Alexander, CFC Canadian Funding Corp CEO

RBC Economics says home affordability recorded some of the biggest quarterly improvements on record in the first quarter. Senior economist Robert Hogue says with market turmoil decreasing and credit flows increasing, resale activity has “rallied impressively.”

He says what is most impressive is how widespread this rebound has been, “with all major cities in Canada experiencing a revival.”

Declining costs of home ownership during the last year were driven by significant cuts in mortgage rates.

In the first quarter, says RBC, monthly payments on a typical detached bungalow fell by close to 17 per cent from a year earlier.

RBC says the proportion of pre-tax household income needed to own a home improved across all housing segments.

It says the benchmark detached bungalow moved to 39.4 per cent, the standard townhouse to 31.9 per cent, the standard condo to 27.1 per cent and the standard two-storey home to 44.7 per cent respectively.

RBC’s affordability measure for detached bungalows in the largest cities were 62.6 per cent in Vancouver, 45.9 per cent in Toronto, 39.1 per cent in Ottawa, 36.5 per cent in Montreal and 35.1 pr cent in Calgary.

“Housing markets generally appear to be on the mend in Canada but the road to full recovery still has obstacles,” added Hogue.

He added that further improvement in affordability will depend on greater gains in family income.

http://www.google.com/hostednews/canadianpress/article/ALeqM5iE0WgUzhh7xwb3MGbU8RjqZkWe_A

reviewed by Moishe Alexander, Canadian Funding Corp CEO

“Declining costs of home ownership during the last year were driven by significant cuts in mortgage rates along with the federal government taking an active role in supporting the mortgage securities market,” RBC said. “In the first quarter, monthly payments on a typical detached bungalow in Canada had decreased by close to 17 per cent from a year earlier.”

The average cost to own a bungalow in this year’s first quarter was $1,350 a month, down from $1,520 in 2008’s fourth quarter and $1,620 in last year’s first quarter.

RBC’s affordability index — the percentage of pre-tax monthly household income needed to maintain a home, including mortgage payments, utilities and property taxes — improved across all housing segments in Canada.

The average affordability for a bungalow in the first quarter was 39.4 per cent, down four points from 2008’s fourth quarter. It was 44.7 per cent for a standard two-storey (down five points), and 27.1 per cent for a condominium (down 2.8 points).

The average cost of maintaining a detached bungalow in Vancouver was 62.6 per cent of household income during the first quarter, while in Toronto it was 45.9 per cent, RBC said. Ottawa affordability was 39.1 per cent, Montreal 36.5 per cent, Calgary 35.1 per cent, and Edmonton 34 per cent.

From a provincial standpoint, RBC said housing affordability in British Columbia saw its biggest improvements since 1991, with the percentage of income required for various housing types dropping between 3.4 and 7.4 percentage points during the quarter. In Ontario, RBC said housing sales activity has returned to levels seen in mid-2008, largely as a result of improved affordability.

“With the turmoil in financial markets partially subsiding and the flow of credit increasing, home resale activity has rallied impressively since the late winter,” said Robert Hogue, RBC’s senior economist. “What’s most impressive is how widespread this rebound has been, with all major cities in Canada experiencing a revival.

“”With property values stabilizing and the effect of the steep drop in mortgage rates likely behind us, further improvement in affordability will depend on greater gains in family income,” Hogue added. “Those gains will be dictated by the speed of the economic recovery expected during the second half of this year.”

The RBC’s assessment follows a separate report this week from real estate agency Royal LePage that said improved housing-market conditions in this year’s second quarter points to a better overall performance in 2009 than previously anticipated.

Also, a number of local markets saw sharp spikes in sales last month, including Toronto, Ottawa and Edmonton, where new sales records were set for June.

Percentage of gross income required to own a standard bungalow in first quarter of 2009 (change from previous quarter):

British Columbia 59.0 (-6.0)

Alberta 33.2 (-4.6)

Saskatchewan 42.0 (-3.3)

Manitoba 35.3 (-2.9)

Ontario 38.6 (-4.2)

Quebec 32.3 (-2.5)

Atlantic 31.3 (-2.9)

Canada 39.4 (-4.0)

Source: RBC Economics

http://www.canada.com/Business/Home+ownership+getting+more+affordable/1771375/story.html

brought by Moishe Alexaneder, CFC Canadian Funding Corp CEO