Canada and Ontario Celebrate New Affordable Housing in Brampton

Moishe Alexander celebrates with the Government of Canada, the Government of Ontario, and the Region of Peel the grand opening of 30 affordable rental units. The project is supported by $4.2 million in funding through the Canada – Ontario Affordable Housing Program.

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.

  • Jun 16
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Housing Market

CNNMoney published a ranking of 299 U.S. housing markets, showing where home prices were most overvalued. Little was undervalued: Real estate was white-hot and prices were at or near what later proved to be their tops. A total of 213 cities were overpriced, and Naples, Fla., was deemed the most insane, with 84% of homes valued over a fair market price, according to statistics compiled by National City Corp. and IHS Global Insight.

That finding so rankled the Naples Chamber of Commerce and area real estate agents that they hired economists to dispute the evaluation, according to Richard DeKaser, the real estate consultant who engineered the report for National City.

What a difference four years makes.

Today, Naples real estate sells at a 29% discount and the median home price is just $165,500, down from more than $390,000, according to the newly released 2010 report compiled by IHS Global Insight and PNC Financial Services (PNC, Fortune 500) (which bought National City).

Nationwide, just 87 markets are considered overvalued, and Naples is now the 15th most undervalued area. Nearly all markets — 242 of 330 — are considered priced below fair market.

  • Feb 17
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Canadian housing market shows signs of ‘rebound’

OTTAWA — Despite signs long-term mortgage rates are creeping up, the housing market is continuing is bounce back to life according to the Canadian Real Estate Association.

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

  • Jul 17
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