Posted: August 19, 2009 at 12:45 pm | Tags: Aboriginal, Alexander, canada, City, CMHC, Diane Finley, Executive Director, Ground, Habitat, HFHWE, home, Housing Market, Humanity, milestone, Minister Responsible, Ontario, Profit, Rick Farrow, today, Urban Native, Windsor
Moishe Alexander brings you the latest from CMHC and Habitat for Humanity
WINDSOR, ON, August 19, 2009 — Habitat for Humanity Windsor – Essex Inc. (HFHWE), Canada Mortgage and Housing Corporation (CMHC) and Can-Am Urban Native Non-Profit Homes (Can-Am) joined together to break ground on a new home for a First Nations family today.
Today’s groundbreaking marks an important milestone for Habitat for Humanity Windsor – Essex. They are also celebrating 50 builds in the City of Windsor. Since 1994, HFH Windsor – Essex been coordinating volunteers and collecting building materials and funding to help families secure a home.
This build is the first Ontario partnership between an urban First Nation organization and Habitat to build a home specifically for a First Nations family under Habitat’s Aboriginal Housing Program that aims to help more Aboriginal families access homeownership. The Government of Canada, through CMHC, is a gold sponsor for Habitat for Humanity Canada and the lead national sponsor for Habitat for Humanity Aboriginal Housing Program.
“I would like to congratulate Habitat Windsor – Essex on this important milestone event,” said Jeff Watson, Member of Parliament for Essex, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for CMHC. “Affordable housing is an important part of our government’s commitment to build stronger, healthier and more sustainable communities. We are dedicated to working in partnership with organizations like Habitat to address housing needs in Ontario and across the country.”
All Habitat homes are built by volunteers and the successful applicant families under the supervision of professionals. This is a cost-effective way of producing a home while giving families the opportunity to participate in the construction of their own residence.
“It’s my great honour to work for this organization and its committed donors, partners, volunteers and staff on this landmark build,” says Laura Gould, Executive Director of HFHWE. “Seeing the difference these homes have made in the lives of children, is heart warming and visible proof that Habitat is indeed building hope.
“I’m elated to see that, in their 15th year, Habitat Windsor – Essex is completing their 50th partner home and building their first home for First Nations family,” says long-time supporter and past HFHWE President, Rick Farrow. “I applaud their continued efforts to address the ongoing housing concerns in our community.”
Also partnering on this project is Can-Am Urban Native Non-Profit Homes, which was started in 1988 by a group of volunteers who recognized an urgent need for affordable housing for First Nations people in the Windsor area. Currently, Can-Am has 81 single family homes, the Nash Kanonhsa Home and the Biimskiinodin Transitional House.
“As a Habitat supporter and build participant in previous years, we’re delighted to have assisted with the recruitment of a local First Nations family. The family is so grateful for this opportunity to reach their dream of home ownership,” says Margaret Messenger, Executive Director of Can-Am.
Overall, Can-Am strives to improve the socioeconomic well-being of First Nations residing in Windsor through various housing initiatives and provides leadership and involvement on various activities and projects.
As Canada’s national housing agency, CMHC has over 60 years experience helping Canadians access a variety of quality, environmentally sustainable and affordable homes. For more than seven years, CMHC Ontario Region has supported Habitat through staff support and charitable activities. CMHC has supported this build with a $10,000 Seed funding commitment, as well as a $10,000 donation from staff charitable activities and its contributions through Habitat’s Aboriginal Housing Program.
Habitat for Humanity Windsor – Essex is a non-profit, faith-based organization working for a world where everyone has a safe and decent place to live. Their mission is to mobilize volunteers and community partners in building affordable housing and promoting home-ownership as a means to breaking the cycle of poverty.
Posted: July 9, 2009 at 1:00 pm | Tags: Alexander, canada, canadian funding corp, canadian funding corporation, Credit, deflation, fallout, home, industry, Insurance, interest, Life, loan, moishe alexander, News, Rate, Term, World, year
Times have changed drastically in the world of home loans because of recent happenings. What’s up next for us now? Is there any way to guess if the rates will continue to improve?
Tight conditions in the mortgage world should normally mean lower rates, since banks would have to lower rates in order to attract customers with good credit ratings. But it sems that banks are actually raising rates, in the hope that will improve their revenue.
Under other circumstances, this would seem like a bad choice since the usual route to increased earnings is to lower prices. This shortsightedness is not limited to the home loan industry; credit card companies are doubling and even tripling their rates in reacton to defaults on the part of customers in this depressed economic environment.
It used to be that when the economy slowed down, banks would lower their interest rates and this would give an incentive to borrowers. But with the lending industry in turmoil, it seems like none of the old rules count.
So what is the solution for a potential homebuyer with the right credit score to borrow? Wait for this phase to pass and for rates to come down or grab a loan now, while there is still some credit around, or wait for the fallout from the recession?
Not only is there a current, there are many who even believe there is a depression coming, which will surely lead to deflation. Normally, deflation will in turn lead to lower interest rates, so this indicates a wait and see attitude is the best to take right now.
Some lenders are still actively seeking borrowers. Many small lenders never had the capital to delve into the giant home loan programs that many of the larger banks did. In this case, being small was an advantage, since many of them were insulated from the problems now haunting most of the credit industry.
A second good argument for waiting is that home prices continue to plummet, with predictions of futher price cuts of as much as 35%, even after the 20 to 25% decreases already seen. The Case-Schiller study published in November of 2008 reported year on year decreases of 17% nationally, with 25% in some areas. If the scenario is set not only for decreased rates, but also for lower home prices, it would seem wise to wait until more of the credit crisis fallout can be judged.
http://www.classic-realestate.com/term-life-insurance-canada-the-news-in-the-interest-rate-world.html
reviewed by Moishe Alexander, CFC canadian funding corp CEO
Posted: July 9, 2009 at 9:21 am | Tags: Alexander, Board, Calgary, canadian funding corp, canadian funding corporation, crisis, Doug Porter, downturn, economist, Edmonton, Housing Market, June, moishe alexander, month, Ontario, ottawa, price, province, Real, record, sale, talk, Toronto, Vancouver, winter, year
TORONTO – Despite all the talk of a housing downturn and economic crisis in Ontario, the province’s two biggest cities both saw record housing resales last month for the month of June.
The Toronto Real Estate Board said Monday there were 10,955 sales in the Greater Toronto Area in June, a 27% increase from the 8,600 homes sold a year ago. It was the best June for sales since the board started tracking the numbers in the mid 1960s.
In Ottawa, housing sales jumped 12.5% in June to 1,895, also a new record for the month.
The average sale price in the GTA last month $403,972, up 2% from a year earlier. In Ottawa, the average sale price rose 3% annually to $306,925.
“I think the next stage” might be price pressure, said Doug Porter, deputy chief economist at BMO Capital Markets. “The moderation we have seen in prices may not last long if this kind of sales and listing balance remains in place.”
Porter said the mad scramble to buy a house is playing out across the country, as consumers wade back into the market tempted by interest rates the lowest they’ve been in 50 years.
Five-year fixed rate mortgages were as low as 3.75% last month, though they’ve nudged back up to about 4.5% since.
“Vancouver sales were up about 76% from a year ago, the second best June ever for them. Calgary sales were up 27%, and Edmonton sales were up 38%,” said the economist. “A lot of people emerged from their foxholes over the winter and have been brought in by low mortgage rates or a belief the economy is going to improve.
“There was some pent-up demand, things almost froze over solid over the winter.”
http://ontariomortgageinfo.blogspot.com/2009/07/housing-sales-soar-in-ontarios-biggest.html
brought by Moishe Alexander, CFC canadian funding corp CEO