Moishe Alexander points to Inky Mark, Member of Parliament for Dauphin – Swan River – Marquette, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), made the announcement along with members of the Ebb and Flow First Nation community.

Moishe Alexander – Manitoba and First Nations Reserve

“Our Government’s Economic Action Plan is creating jobs, stimulating the local economy and improving housing conditions for First Nation communities in Manitoba,” said MP Mark.

Inky Mark, Member of Parliament for Dauphin-Swan River-Marquette announces $3.5 million investment to retrofit 157 existing housing units in 12 First Nation Communities in Manitoba, as well as $4.1 million for subsidy associated with 19 new housing units to be constructed in three First nation Communities. L to R: Councillor Darrell Mousseau, MP Mark, Councillor Brenda Baptiste, and Murray Marchenski.

Through Canada’s Economic Action Plan, the Government of Canada has committed $400 million over two years to help First Nation communities build needed new housing, repair and remediate existing non-profit housing for their members, and complement housing programs offered by CMHC. This investment will also provide an economic stimulus for many First Nations and surrounding areas by creating jobs.

Through Canada’s Economic Action Plan, some $75 million in federal investments will be made available to First Nations in Manitoba to address immediate housing needs.

CMHC allocated more than $3.5 million to retrofit 157 existing housing units on-reserve in 12 First Nations communities in Manitoba, as well as $4.1 million for subsidy associated with 19 new housing units to be constructed in three First Nations communities.

“On behalf of the membership of Ebb and Flow First Nation, the Chief and Council would like to give thanks to CMHC (CEAP) program for giving the opportunity to renovate and build more houses for our community”, said Chief Ralph Beaulieu. “The program enabled us to create jobs and gave our people a better, healthy and social setting.”

In addition to the Government of Canada, through Canada’s Economic Action Plan, and the Government of Quebec, under the AccèsLogis Québec program of the Société d’habitation du Québec (SHQ), community partners contributed more than $435,000, including $320,000 from the Municipality of Saint-Placide.

“Our government is committed to giving a hand-up to the people of Quebec who need some help during these tough economic times,” said Minister Finley. “Through projects like this one, Year 2 of Canada’s Economic Action Plan will continue to create jobs, stimulate communities in all corners of the country and support Canadian workers and families.”

“The development of La Placidienne is excellent news and demonstrates the attention that our government is giving to the seniors of Quebec. Thanks to the combined efforts of the different partners that contributed to this mobilizing project, 20 households can now benefit from safe, quality housing that meets their needs, at an affordable cost,” said Minister Courchesne.

Moishe Alexander notes that 10 tenants of La Placidienne can benefit from the Rent Supplement program, which provides financial assistance to low-income individuals who would otherwise have to spend more than 25 per cent of their income on housing. The rent supplements provided will represent, over a five-year period, over $152,000 in additional financial assistance, including more than $137,000 from the SHQ and some $15,000 from the Municipality of Saint-Placide.

Saint-Placide and the CMHC – Moishe Alexander “lovely”

As well, the Agence de l’efficacité énergétique du Québec has committed to supporting the project with a grant of over $43,000 to ensure that the building meets the Novoclimat standard. The SHQ is giving particular attention to energy efficiency. In fact, starting in June, all projects developed under the AccèsLogis Québec program will have to be designed so as to obtain the Novoclimat certification.

The Government of Canada announced today that one housing co-operative located in Owen Sound will receive more than $384,000 through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

The announcement was made at the Ainslie Wood Housing Co-operative by Larry Miller, Member of Parliament for Bruce – Grey – Owen Sound, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).

“Through Canada’s Economic Action Plan, our government is taking action to help ensure our economic recovery and create the conditions for long-term growth,” said MP Miller. “Funding renovation and retrofit projects, like this one, will not only improve the quality of life of its residents by keeping their homes safe and affordable, but it will also help stimulate the local economy and create jobs.”

The Government of Canada, through Canada’s Economic Action Plan, announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects which they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing which it directly administers. Eligible repairs include general improvements, energy efficiency upgrades or conversions, and modifications in support of persons with disabilities.

The housing co-operative that will receive a contribution from the Government of Canada being announced today is Ainslie Wood Housing Co-operative.

“We congratulate and thank the federal government, Mr. Miller and CMHC for making a sound investment to help ensure that this affordable community is preserved as a legacy for the long-term benefit of its residents,” said Ken Elliott, President of the Co-operative Housing Federation of Canada. “Today’s announcement is an excellent example of stimulus funding that works towards helping to preserve jobs, assisting the local economy and protecting a valuable source of affordable housing for Canadians.”

The Honourable Lawrence Cannon, Minister of Foreign Affairs and Member of Parliament for Pontiac, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada, along with Stéphanie Vallée, Parliamentary Assistant to the Premier of Quebec and Member of the National Assembly for Gatineau, on behalf of Laurent Lessard, Minister of Municipal Affairs, Regions and Land Occupancy, officially opened today the two housing projects of the La Pêche Development Corporation, which provide 24 new affordable housing units for semi-independent seniors. This represents an investment of nearly $3.5 million on the part of public and sector partners for the construction of these units.

The Government of Canada, through Canada’s Economic Action Plan, and the Government of Quebec, under the AccèsLogis program of the Société d’habitation du Québec (SHQ), contributed a total amount of nearly $1.5 million, while partners and the Municipality of La Pêche invested nearly $2 million. Of this sum, more than $1.3 million will be provided by the Municipality of La Pêche in the form of a capitalized tax rebate. Canada’s Economic Action Plan was put in place to stimulate the economy and create jobs during the global recession. The federal and provincial governments will invest, on a 50:50 cost-shared basis, $538 million in Quebec under the Affordable Housing Initiative Program Extension Agreement.

“Our government is committed to giving a hand-up to the people of Quebec during these tough economic times,” said Minister Cannon. “Through projects like these, Year 2 of Canada’s Economic Action Plan will continue to create jobs, stimulate communities in all corners of the country and support Canadian workers and families.”

“The opening of these two establishments is excellent news and demonstrates the attention that our government is giving to the seniors of Quebec. Thanks to the combined efforts of the different partners that contributed to this mobilizing project, 24 households can now benefit from safe, quality housing that meets their needs, at an affordable cost,” said MNA Stéphanie Vallée, in the presence of Robert Bussière, Mayor of La Pêche and Chair of the Board of Directors of the La Pêche Development Corporation, and community partners.

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.

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.

Twelve tenants of these two housing projects can benefit from the SHQ’s Rent Supplement program, which provides financial assistance to low-income individuals who would otherwise have to spend more than 25 per cent of their income on housing. The rent supplements provided will represent, over a five-year period, a total of nearly $183,350 in financial assistance, including $165,000 from the SHQ and more than $18,350 from the Municipality of La Pêche.

Since 2003, 980 community housing units have been, or are being, developed in the Outaouais region, including 82 in the constituency of Gatineau, representing total investments of nearly $114 million by the Government of Quebec.

The Government of Canada announced today that 36 housing co-operatives and non-profit organizations located in the greater Outaouais region will receive more than $1.8 million through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

The announcement was made by the Honourable Lawrence Cannon, Minister of Foreign Affairs and Member of Parliament for Pontiac, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).

“Through Canada’s Economic Action Plan, our government is taking action to help ensure our economic recovery and create the conditions for long-term growth,” said Minister Cannon. “Funding renovation and retrofit projects, like these ones, will not only improve the quality of life of the residents by keeping their homes safe and affordable but also help stimulate the local economy and create jobs.”

The Government of Canada, through Canada’s Economic Action Plan, announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects that they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing that it directly administers. Eligible repairs include general improvements, energy-efficiency upgrades or conversions, and modifications in support of persons with disabilities.

The housing co-operatives and non-profit organizations that will receive contributions from the Government of Canada being announced today are listed in the attached backgrounder.

“The financial contributions provided under the federal renovation and retrofit initiative administered by CMHC will benefit the residents of Shawville Apartments inc.,” said Dr. Earl Potvin, Chair of the Board of Directors, Shawville Apartments Inc. “In fact, these funds will serve to replace the windows to ensure our quality of life. We are very pleased to have received this funding, which will help improve the comfort and safety of our residents.”

The Government of Canada announced today that one housing co-operative located in Peterborough will receive more than $291,000 through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

The announcement was made at the Kawartha Village Co-op by Dean Del Mastro, Parliamentary Secretary to the Minister of Canadian Heritage and Member of Parliament for Peterborough, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).

“Through Canada’s Economic Action Plan, our government is taking action to help ensure our economic recovery and create the conditions for long-term growth,” said MP Del Mastro. “Funding renovation and retrofit projects, like this one, will not only improve the quality of life of its residents by keeping their homes safe and affordable, but it will also help stimulate the local economy and create jobs.”

The Government of Canada, through Canada’s Economic Action Plan, announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects which they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing which it directly administers. Eligible repairs include general improvements, energy efficiency upgrades or conversions, and modifications in support of persons with disabilities.

The housing co-operative that will receive a contribution from the Government of Canada being announced today is Kawartha Village Co-op.

“We commend and thank the federal government, Mr. Del Mastro and CMHC for making a sound investment to help ensure that this affordable community is preserved as a legacy for the long-term benefit of its residents”, said David Granovsky, Government Relations Co-ordinator for the Co-operative Housing Federation of Canada. “Today’s announcement shows how stimulus funding helps to preserve jobs, assist the local economy and protect valuable affordable housing assets for Canadians.”

“We are very pleased to be receiving the Renovation and Retrofit grant through Canada’s Economic Action Plan to improve our cooperative,” said Mary Earls, President, Kawartha Village Co-operative Homes Incorporated. “These significant renovations will have a tremendous positive impact for our members and their quality of life.”

Employment to increase slightly in 2010 In 2009, the Sherbrooke area was spared by the slowdown in economic activity that affected all industrialized countries. During the first six months of the year, the average number of jobs2 in the area declined by 2 per cent, with losses registered in both part-time and full-time employment. However, the situation improved somewhat from July to September, as the number of jobs rose by 1.5 per cent. While this rise was entirely attributable to the gains recorded in part-time employment, full-time job losses are moderating more and more, suggesting that increases could occur shortly. Thanks to this renewed economic activity, the Sherbrooke CMA will end the year with 83,000 jobs, or the same level as in 2008.

The Government of Canada announced today that the Rural Municipality of Hanover, has been approved for an infrastructure loan as part of Canada’s Economic Action Plan.

The announcement was made by the Honourable Vic Toews, President of the Treasury Board, 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), and Reeve Stan Toews, elected head of the Rural Municipality of Hanover.

The Rural Municipality of Hanover has been approved for a $3,000,000 low-cost loan from CMHC’s Municipal Infrastructure Lending Program (MILP), for the construction of a new wastewater treatment facility for the community of Mitchell. The new facility has been designed to allow the community’s population to grow to 4,000 persons.

“Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said Minister Toews. “This program is opening the door for municipalities of all sizes to meet their housing-related infrastructure needs and create jobs. It’s good news not only for Hanover, but also for Manitoba.”

Canada’s Economic Action Plan provides up to $2 billion in direct low-cost loans to municipalities, over two years, for housing-related infrastructure projects through the MILP. These low cost loans can also be used by municipalities to fund their contribution for cost-shared federal infrastructure programming.

“The Rural Municipality of Hanover is pleased to secure low interest long-term funding from the Federal Government through Canada Mortgage and Housing Corporation to assist the community of Mitchell in the construction of their new lagoon”, Reeve Stan Toews said. “This facility will allow the community to see substantial growth over the next two decades and provides an interest rate that will result in the community saving approximately $500,000 over the next 15 years in interest costs.”

Eligible projects include infrastructure related to housing services such as water, power generation and waste services, as well as local transportation infrastructure within and into residential areas, such as roads, sidewalks, lighting and green space.

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 and cities across the country.

More balanced market conditions have emerged, effectively ending the stronghold that buyers had on the market over the past six to eight months. Canada’s largest markets, Toronto and Vancouver, led the charge-with June sales among the highest in history for both local real estate boards. Close to 11,000 properties changed hands in Toronto, up 27% over one year ago, setting a new record for sales in the month of June. The figure was just slightly off the all-time peak of 11,146 units. Residential sales in Greater Vancouver increased 75.6% over one year ago, to 4,259 units, just short of the record breaking 4,333 sales, which occurred in June 2005. Overall, major markets began to recover in March, posting escalating sales in April, May and June. The impetus is expected to continue throughout the remainder of 2009, with most centres now forecasting year-end sales on par or ahead of 2008 levels.

“While sales are the leading indicator, there are other clear signals that recovery is indeed underway,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Renewed consumer confidence, albeit cautious, has been key, supported by improved economic news. In addition, we’ve seen sale price-to-list price ratios climb across the country, rising as high as 105% in some communities. Vendor incentives have also come off the table, both for resale and new housing stock.”

The recent surge in resale activity can be attributed to three key factors-pent-up demand, low interest rates, and greater affordability. The combination-in conjunction with declining inventory levels-has created heated market conditions in hot pocket neighbourhoods, prompting a resurgence in multiple offers in June. Average prices are holding steady or climbing, days on market are down, and inventory levels continue to tighten, especially at entry-level price points.

“The strength of the market, amid the most significant global recession in recent history once again underscores its relevance to the nation’s economic engine,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Canadians believe in homeownership — a fact best illustrated by the purchasers who ventured forward in recent months and snapped up some of the best real estate deals this market has seen in years. Those who chose to sit it out on the sidelines are now facing a market in transition, characterized by the threat of rising interest rates, low inventory levels, and upward pressure on housing values.”

Although the current pace may be unsustainable, all markers point to greater stability in the market, leading to healthier activity in the long run, with inventory levels a key variable influencing pent-up demand.

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Market by market overview:

Greater Vancouver Area

Growing consumer confidence levels have prompted a serious upswing in home buying activity in the Greater Vancouver Area, with sales in June (4,259) the second highest on record for the local real estate board. From White Rock to Vancouver, radiating out to the Fraser Valley, bidding wars are breaking out on well-priced product. In Kitsilano, an estimated 50% of housing is selling in multiple offers. Low interest rates and increased affordability – average price is still significantly lower than one year ago – have served to stimulate market activity. Inventory levels have been on the decline in recent months, placing greater upward pressure on values. First-time buyers are driving freehold hous ing sales at the $600,000 price point, while those looking at more affordable alternatives are considering condominiums starting at substantially less. Balanced market conditions prevail overall. Pent-up demand has also been building, with local purchasers and international investors both active in the market. The upcoming Olympics, and the completion of the much anticipated Canada Line this Fall are expected to further bolster the cautious optimism characteristic of the Greater Vancouver market at present. Home buying activity, as a result, is forecast to continue at a healthy pace for the remainder of the year, with year-end sales slightly ahead of 2008 levels.

Calgary

Balanced conditions have returned to Calgary’s resale housing market. Strengthening momentum – residential sales at over 3,000 units were up in double-digit territory in June -has already begun to place upward pressure on prices in the entry level. With increasing competition among first-time buyers, the supply of starter homes is tightening. Buyers who moved in spite of doom and gloom forecasts in the Fall, Winter, and early Spring realized considerable savings, while those who hesitated are discovering it has cost them. Multiple offers are re-emerging in a few choice neighbourhoods on well-priced product, although there are still a few good deals to be had in the mid-range. Prices on the whole, however, are stabilizing. Signs of a transitionally stronger market include rising sales-to-new listings ratios, shorter days on market, and fewer incentives from vendors/builders. Activity is expected to remain better than average this summer, as those who paused over the past six months dive back in before interest rates rise. Momentum will continue to build into the fall, with overall 2009 sales edging slightly ahead of 2008 levels by year-end.

Edmonton

The residential resale market is springing back to life in Edmonton, with sales setting a new record for the month (June) and the third best month for unit sales in MLS history. While activity has been steadily improving in the second quarter, the heated momentum has yet to put any serious pressure on average price, which, although rebounding, remains down year-over-year. The market has shifted, moving from buyer’s territory to more balanced conditions, prompted by the recent flurry in home buying and the slow return to more traditional inventory levels. Stability will characterize Edmonton’s housing sector going forward, with low interest rates, rising consumer confidence levels and affordability the impetus behind healthy demand. The frenzied climate of previous upswings will be conspicuously absent. While multiple offers have re-emerged – particularly in the $300,000 to $450,000 price point – they will continue to be the exception rather than the rule, driving sales price close to, but not typically over, asking price. Demand is expected to remain strong in the months ahead, bolstered by looming interest rate hikes and glimmers of positive news on the economic horizon, as consumers regain a cautious optimism.

Regina

Positive economic performance continues to bolster home buying activity in Regina. Despite a 10% decline in year-to-date sales (1,778 vs. 1,977 units) from levels reported January to June 2008, the gap is narrowing as purchasers move to take advantage of low interest rates and greater affordability. Sales in May and June were up in double-digit territory over one year ago and momentum is building. First-time buyers remain the most active segment of the market, sparking sales under $275,000. Inventory levels have been responsible for the steady upward pressure on housing values in the lower-end of the market. Limited supply of starter product in Regina has most properties in good condition, in desirable communities, moving quickly – some in multiple offers. The top-end of the market has also seen some bounce back, with sales between $400,000 and $450,000 up about 25% over one year ago.

Condominium sales, however, have softened year-over-year, with an oversupply of product currently listed for sale. Although conditions currently favour the buyer, the market is transitioning. More balanced conditions are expected to emerge in the months ahead. Given a continuation of current economic fundamentals, the number of homes sold in Regina by year-end is expected to match 2008 levels.

Greater Toronto Area

Pent-up demand for residential housing continues to fuel home buying activity across the Greater Toronto Area. The number of homes sold in June – at 10,955 — came close to the historic record of 11,146 units set in May 2007, while pressure on average price is sending housing values higher than one year ago. Although balanced market conditions prevail, there are those communities that have clearly transitioned into sellers markets. Inventory is key, with the number of properties currently listed for sale down approximately 30% from 2008 levels. Over the past six weeks, momentum has been building, with demand strongest for homes priced between $300,000 and $600,000. Multiple offers are once again commonplace, especially in the city’s coveted hot pocket neighbourhoods. Affordability – in terms of low interest rates and housing values – has been the impetus for first-time buyers. Luxury home sales have also experienced solid demand in recent months, with 291 homes changing hands over the $1 million price point in June – a new record. The threat of higher interest rates and home prices are expected to stimulate a flurry of home-buying activity in the months ahead. By year-end, sales are forecast to exceed 2008 levels.

Ottawa

Solid economic fundamentals in the nation’s capital continue to prop up housing activity. Year-to-date sales for January to June are slightly ahead of 2008 levels, with the number of properties sold in June (1,895) up 12.5% over one year ago – the third consecutive record setting month. Pent-up demand has been a major factor, with purchasers who put their home buying decisions on hold during the late fall and early winter now entering the market en masse. As a result, the balanced market that prevailed in recent months is now shifting in favour of the seller. Multiple offers are occurring on desirable properties in virtually every price range. Inventory levels, which peaked in April, are now falling. With less product on the market, certain segments are experiencing serious shortages-in fact, single family homes priced between $275,000 to $375,000 are few and far between. In the past four to six weeks, the upper-end has also started to rebound as all segments of the market work in tandem. While the threat of an upcoming election will have some impact on the market, healthy sales activity is expected to continue throughout the remainder of the year, with sales ahead of 2008 levels.

Halifax-Dartmouth

Improved purchasing power, combined with the threat of rising interest rates, effectively spurred fence-sitters back into the resale housing market in June, halting the trend of double-digit declines in sales. The number of homes sold was up five% to 805 units in June 2009, compared to one year ago.

Despite the increased momentum, buyers remain firmly in the driver’s seat, benefiting from increased inventory and negotiating muscle, as motivated vendors adjust pricing to position their homes more competitively. Although sales remain down year-over-year, the gap is narrowing. Affordability and the stability of Halifax-Dartmouth’s relocation market continue to prop up activity, and first-time buyers remain the driving force. Opportunity exists for purchasers in the mid-to-upper price ranges, where demand and conditions have generally been softer. Consumer confid ence is strengthening once again. With the upswing expected to extend into the fall, more balanced market conditions are forecast to emerge, and Halifax-Dartmouth may once again find itself a market in transition.

St. John’s

Strong consumer confidence, buoyed by a vibrant local economy and a healthy employment picture, has kept St. John’s real estate engine moving at a steady clip. With billions of dollars in capital works projects planned or underway, in-migration remains positive and demand for resale housing continues to be solid. Improving inventory levels have shifted the market slightly into buyers territory, giving purchasers the necessary traction to make their moves. The threat of interest rate hikes has further stimulated home buying activity, pushing fence-sitters off the sidelines and into action. Residential sales in June 2009 (354 units) are slightly ahead of June 2008 (351 units) figures. The year-to-date average price recorded a 24% increase to $211,221, compared to $170,500 for the same time period last year, bolstered by greater momentum in the mid-range. Corporate transfers have been a significant stimulus. Entry-level homes, priced between $100,000 and $200,000, are being snapped up at an unprecedented pace given the sharp upswing in pricing. Listing inventory levels are higher and the upper-end continues to move well, supported by the relocation market. Inventory will be a key factor influencing St. John’s housing sector in the months ahead. The pace is expected to continue, with sales rounding out the year at or ahead of 2007 levels, but below record numbers reported in 2008.

http://www.chineseinvancouver.ca/2009/07/buyers-market-is-gone-study/

brought to you by Moishe Alexander, CFC canadian funding corp CEO