Canadian Funding Corp. Reviews CMHC Statistics

HAWKESBURY, ON, February 10, 2010 — The Government of Canada, the Government of Ontario, the United Counties of Prescott and Russell and the Town of Hawkesbury today celebrated the start of construction of 24 affordable rental units. The project is supported by $2.88 million in funding through the Canada – Ontario Affordable Housing Program.

Pierre Lemieux, Member of Parliament for Glengarry – Prescott – Russell, 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 Jean-Marc Lalonde, Member of Provincial Parliament for Glengarry – Prescott – Russell on behalf of Jim Bradley, Minister of Municipal Affairs and Housing; along with Conrad Lamadeleine, Warden of the United Counties of Prescott and Russell, Jeanne Charlebois, Mayor of the Town of Hawkesbury, made the announcement.

“Our government is providing a hand up to those Canadians who need it the most,” said MP Pierre Lemieux. “We’re committed to making communities stronger through projects like this one here in Hawkesbury. These investments in local infrastructure will help create new jobs stimulate the local economy.”

“The province is committed to helping people who live on lower or fixed incomes stay in their home communities,” said MPP Jean-Marc Lalonde. “These 24 new affordable rental units are going to make a positive difference in the lives of the individuals living here, and make an excellent addition to the Town of Hawkesbury.”

The 24-unit project located at 300 Nelson Street received $2.88 million in funding through the two-year extension of the Canada – Ontario Affordable Housing Program and is sponsored by the Brisson/Labelle Partnership. The building will be occupied by individuals living on low incomes, including persons with disabilities and special needs.

“It is living proof that with partnerships between various levels of governments and the private sector, we can achieve important projects like this one and this participation will allow our community to enjoy more affordable housing,” said Warden Conrad Lamadeleine.

“We welcome this new housing development in our town and we congratulate Mr. Marc-André Labelle, Mr. Dominic Labelle and Mr. Jean-Luc Brisson for the opportunity they are offering our residents seeking affordable housing” said Mayor Jeanne Charlebois.

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 in new and existing social housing and lending of up to another $2 billion 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.

Ontario is moving quickly to get new housing built. The province has already approved more than $224 million for construction-ready projects, which will improve access to affordable housing for low-income families, seniors and persons with disabilities across the province. It will also create jobs and strengthen local economies. To find out more about affordable housing in Ontario, visit www.mah.gov.on.ca.

Posted by Moishe Alexender.

(VERNON, BRITISH COLUMBIA, CANADA) — The Rise announced June 1 that Land Launch Project Marketing has been selected to market the existing real estate inventory in its established neighborhoods. Land Launch was the first to bring liquidation style selling to the Okanagan with its recent sale for the Kelowna Mountain project.

As a result of the worldwide recession, liquidation real estate sales are a growing trend as several successful blowout sales have been conducted in Vancouver this year.  One such sale for the Omni Development Group sold more than 350 condos in eight weeks. Liquidation sales work when a developer has large inventories and can justify large discounts.

Land Launch moves to The Rise after four record sales years at Predator Ridge where most recently they sold out two phases of the Osprey Green town home project in 2008. Land Launch has selected to work with The Rise because the resort development has the type of product that is selling today: liquidation priced property.

“We have received more interest for our Kelowna liquidation sale than we have for all other campaigns this year,” says Greg Lowe, president of Land Launch Project Marketing. “In three weeks, we have had $10 million in sales. We are at The Rise to achieve the same level of success.”

In October 2008, The Rise, a 735-acre development with master plan approval for 1,200 units, was listed for sale with Marshall MacLeod of CB Richard Ellis in Vancouver.  In December 2008, The Rise was awarded protection from its lenders and creditors by the Supreme Court of B.C. using the Companies Creditors Arrangement Act for a period of nine months. The developer is currently operating the resort and the completed golf course while it works through its financial difficulties.

“Today’s real estate buyer is savvy and demands deeply discounted pricing,” says Lowe, “With the financial situation the developer is in at The Rise, now is the time for great deals. A new owner, with an improved capital structure, is not likely to be as motivated to offer large discounts.”

Marshall MacLeod, of CB Richard Ellis, reports that, “we have a number of qualified buyers seriously considering the opportunity to acquire The Rise.”  He further indicates that he expects to have a contract in place soon.

The resort’s $14-million Fred Couples Signature Golf Course has been open for the season since April and it is generating rave reviews. Recently, Score Golf magazine named The Golf Club at The Rise a nominee for its 2009 Best New Golf Course in Canada Award. The resort offers $105 million in amenities and infrastructure, including a beach club on Lake Okanagan. Though plans for a winery are currently on hold, the resort has 17 acres of vineyard with Gewurztraminer, Pinot Noir and Riesling vines.  The first harvest last year produced a quality of grape that has created rave reviews from the winemaker.

With over $310 million of recreation property sold since 2002 in the Okanagan, California and Washington, Land Launch attributes its success to knowing what the market wants.

It is currently devising a liquidation sale for The Rise that will be launched in early June 2009.

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