Comments Off

Canada’s Economic Action Plan Creates Jobs and Improves Housing On Reserve in Saskatchewan

Posted by Moishe Alexander

The Government of Canada announced today an investment of almost $2.3 million as part of the year one funding through Canada’s Economic Action Plan to improve housing conditions for the James Smith Cree Nation, Peter Chapman Band and Chakastaypasin Band communities.

The Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) and the Honourable Chuck Strahl, Minister of Indian Affairs and Northern Development (INAC), Federal Interlocutor for Metis and Non-Status Indians, made the announcement today.

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

Through Canada’s Economic Action Plan, the Government of Canada has committed $400 million over the next 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 and INAC. This investment will also provide an economic stimulus for many First Nations and surrounding areas by creating jobs.

“The Government of Canada recognizes that quality housing is a fundamental building block for every First Nation family and community,” said Minister Strahl. “Through Canada’s Economic Action Plan, our government invested $400 million over two years dedicated to new and renovated social housing projects, which includes $60 million for First Nations in Saskatchewan.”

Through Canada’s Economic Action Plan, some $60 million in federal investments will be made available to First Nations in Saskatchewan to address immediate housing needs.

CMHC will allocate almost $550,000 to retrofit 20 existing social housing units and more than $1.4 million in subsidy associated with the construction of eight new social housing units. In addition, INAC will contribute $386,000 for major renovations to 15 housing units. This funding will go a long way to help improve housing conditions in these First Nation communities.

On behalf of the combined 2800 band members, the three Chiefs wish to acknowledge the Canadian Economic Action Plan’s initiative to stimulate the Canadian Economy by investing millions of dollars in First Nation communities. These investments in First Nation housing and infrastructure allow for an increased standard of living and the continued delivery of essential services to our ever-increasing populations. Furthermore, the members wish to acknowledge the hard work, cooperation, and organizational efforts of the Canadian Government, the Canada Housing and Mortgage Corporation and Indian and Northern Affairs Canada in the implementation of the CEAP funding.

Comments Off

Housing Activity Stronger in 2010

Posted by Moishe Alexander

Housing starts rebounded in the second half of 2009 and will strengthen in 2010, according to Canada Mortgage and Housing Corporation’s first quarter Housing Market Outlook, Canada Edition*.

Following a total of 149,081 units in 2009, housing starts are expected to be in the range of 152,000 to 189,300 units in 2010, with a point forecast of 171,250 units. In 2011, housing starts will be in the range of 156,400 to 205,600 units, with a point forecast of 175,150 units.

“Canadian housing markets will benefit from improving economic conditions and low mortgage rates,” said Bob Dugan, Chief Economist for CMHC. “As well, measures recently announced by the Government of Canada to support the long-term stability of Canada’s housing market will help moderate housing activity as some potential buyers will have to save a larger down payment or consider a less expensive home.”

Mr. Dugan also noted that the existing home market has shifted from a buyers’ market, at the beginning of 2009, to a sellers’ market. The relative lack of new listings for existing homes has pushed some of the demand into the new home market, which helps explain the forecast for higher housing starts activity in 2010.

The strong pace of MLS®1 sales seen in the second to fourth quarters of 2009 reflects, in part, activity that was delayed in the previous two quarters. The pace is not likely to be sustained as pent-up demand is exhausted and financing costs increase with anticipated higher interest rates later in 2010. As a result, existing home sales will be in the range of 455,350 to 509,900 units in 2010, with a point forecast of 486,700 units, and then move slightly lower in 2011 to be in the range of 426,300 to 494,600 units, with a point forecast of 469,950 units.

With an improved balance between demand and supply, the average MLS® price is expected to remain close to the average in the last quarter of 2009, for most of 2010, and then rise modestly in 2011.

Comments Off

February Housing Starts

The seasonally adjusted annual rate1 of housing starts reached 196,700 units in February 2010. This is an increase from an annual rate of 185,400 units in January 2010, according to Canada Mortgage and Housing Corporation (CMHC).

Posted by Moishe Alexander

“The gain in February housing starts was concentrated in the multiple starts segment, particularly in Toronto,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre.

The seasonally adjusted annual rate of urban starts increased by 9.0 per cent to 179,100 units in February. Urban multiple starts increased by 19.1 per cent to 89,900 units while single urban starts increased by 0.5 per cent to 89,200 units.

February’s seasonally adjusted annual rate of urban starts increased by 28.6 per cent in Ontario, by 14.3 per cent in Atlantic Canada, by 10.8 per cent in the Prairie region and by 8.0 per cent in British Columbia. In Quebec, the seasonally adjusted annual rate of urban starts decreased by 14.1 per cent.