Canadian Funding Corp. Reviews CMHC Statistics

MONTRÉAL, February 11, 2010 — The Government of Canada announced today that 62 housing co-­operatives and non-profit organizations located in the greater Montréal area will receive more than $5.8 million through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

The announcement was made in Montréal, at Maison Jean-Brillant, by Senator Claude Carignan, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), in the company of Richard McConomy, Chair of the Board of Directors, Maison Bieler inc.

“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 Senator Claude Carignan. “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 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. Repairs that are eligible for funding include general improvements, energy-efficiency upgrades or conversions, and modifications in support of persons with disabilities.

As of February 1, 2010, CMHC is accepting applications from eligible project sponsors for the remaining $75 million funding for Phase II of Canada’s Economic Action Plan. Sponsor groups can apply online or through the mail. Eligible repairs include general improvements, energy-efficiency upgrades or conversions, and modifications in support of persons with disabilities.

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

“The financial contribution of $259,893 provided under the federal renovation and retrofit initiative administered by CMHC will benefit the residents of Maison Jean-Brillant,” said Richard McConomy, Chair of the Board of Directors, Maison Bieler inc. “In fact, these funds will serve to renovate the elevator systems to ensure the safety of the residents. We are very pleased to have received this funding, which will help improve the quality of life and safety of our residents.”

Posted by Moishe Alexander, the CEO of Canadian Fundiing Corp.

In the ten major Canadian centres surveyed, six per cent of households intend to buy a primary residence in 2008, down slightly from seven per cent that actually purchased in 2007. The percentage of these households who intend to buy is the highest in Calgary at eight per cent, while the percentage of households who intend to buy was the lowest in Québec at four per cent.

The gap between the proportion of renters and owners intending to purchase a home in 2008 has narrowed compared to intentions reported in 2007. The majority of purchase intenders (53 per cent) are renter households compared to 60 per cent in 2007. In Montreal, close to two-thirds of households intending to purchase a home currently rent, while in Vancouver only 44 per cent of purchase intenders are renter households.

In five of the ten markets surveyed, households were asked more detailed questions regarding their purchasing intentions. Thus, the remainder of purchase intention results cover only the five centres listed: Halifax, Montréal,  Toronto, Calgary, and Vancouver.

A larger share of households intend to buy single-detached homes and the majority intend to purchase a larger residence Among households who intend to buy a home in 2008, the largest share plan to buy a single-detached home (55 per cent). Also, a majority of intenders (67 per cent) plan to buy an existing home.

Just over a quarter of households who intend to purchase a home plan to purchase a condominium unit. Of those who intend to purchase a condominium, the majority are between the ages of 18 and 24 years. Vancouver has the largest proportion of condominium purchase intenders at 41 per cent this year.

The majority of households who intend to purchase a home plan to purchase a larger home (57 per cent) compared to their current residence, 20 per cent of households intend to purchase a smaller home, and 20 per cent intend to purchase a similar sized home compared to their current residence.