PETERBOROUGH, ON, January 22, 2010 — The Government of Canada, the Government of Ontario, and the City of Peterborough today celebrated the official opening of an affordable housing project. The project is supported by more than $2 million in funding under the Canada – Ontario Affordable Housing Program.
Dean Del Mastro, 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; Jeff Leal, Member of Provincial Parliament for Peterborough, on behalf of the Honourable Jim Bradley, Minister of Municipal Affairs and Housing; Henry Clarke, Deputy Mayor of Peterborough on behalf of Paul Ayotte, Mayor of Peterborough; and Bonnie Clark, Chair of Peterborough Housing Corporation made the announcement.
“This is great news for families and individuals in Peterborough. Our government is providing a hand-up to those families in need,” said MP Del Mastro. “Through projects like these, our government is stimulating the economy and creating jobs to help Canadians recover from the economic downturn.”
“The province is committed to helping people who live on lower or fixed incomes stay in their home communities,” said MPP Leal. “Investment in affordable housing is not only a fundamental support for individuals and families trying to break the cycle of poverty, it also improves job prospects and supports local trades and business.”
Today’s announcement recognized the official opening of 30 affordable housing units at Saunders Court, located at 130 Anson Street. The project for households with low incomes and persons with special needs is sponsored by the Peterborough Housing Corporation.
The federal and provincial allocations to the project were complemented by $355,459 in municipal financial incentives.
“Saunder’s Court is an exciting new development that will provide 30 new affordable housing units in the City of Peterborough,” said Mayor Paul Ayotte. “Peterborough Housing Corporation is to be congratulated for their continued efforts to create housing opportunities for low-income households in Peterborough.”
"We believe this building is our best effort yet", said Bonnie Clark, Chair of Peterborough Housing Corporation. “This site has been part of a continuum of service to the community for nearly a century, as both a refuge and home for those in need.”
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 implement this additional funding. 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.
To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan. For more information on Canada’s Economic Action Plan, call 1-800-O Canada or visit www.actionplan.gc.ca.
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Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
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Friday, January 22, 2010
Wednesday, January 20, 2010
Government of Canada Helps Expand Financing for Student Housing
LONDON, ONTARIO, January 20, 2010 — Ed Holder, Member of Parliament for London West, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), today announced mortgage loan insurance policies to facilitate the financing of student housing in Canada.
“Our government is dedicated to meeting the increased demand for student housing across the country”, said Ed Holder, Member of Parliament for London West, “We’re helping developers and borrowers access competitive interest rates for the life of the mortgage, benefit from greater financing choices and lower renewal risk. Our government is supporting students and creating jobs in university and college communities across the country.”
The Government of Canada will help finance loans of up to 85 per cent of the lending value for the construction, purchase or refinancing of housing purposely built for students on or off campus through CMHC’s Mortgage Loan Insurance for multi-unit student housing. This initiative supports the housing needs of Canadian publicly-funded educational institutions, including universities and colleges.
The demand for student housing is anticipated to continue to increase for an extended period as a result of changing demographics, forecasted enrolment figures and continued growth in international students.
“Today's announcement is good news and will help developers in Canada respond to the housing needs of students,” said Ray Stanton, President of London Property Corporation.
The Government of Canada has taken additional measures to help Canadian families. As of August 1, 2009, new federal student financial assistance measures — the Canada Student Grants Program and the Repayment Assistance Plan — are helping students and families access post-secondary education and better manage their student loan debt. To find out more about how the Government of Canada is helping students achieve their educational goals, visit CanLearn.ca.
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.
Source: CMHC
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Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391
“Our government is dedicated to meeting the increased demand for student housing across the country”, said Ed Holder, Member of Parliament for London West, “We’re helping developers and borrowers access competitive interest rates for the life of the mortgage, benefit from greater financing choices and lower renewal risk. Our government is supporting students and creating jobs in university and college communities across the country.”
The Government of Canada will help finance loans of up to 85 per cent of the lending value for the construction, purchase or refinancing of housing purposely built for students on or off campus through CMHC’s Mortgage Loan Insurance for multi-unit student housing. This initiative supports the housing needs of Canadian publicly-funded educational institutions, including universities and colleges.
The demand for student housing is anticipated to continue to increase for an extended period as a result of changing demographics, forecasted enrolment figures and continued growth in international students.
“Today's announcement is good news and will help developers in Canada respond to the housing needs of students,” said Ray Stanton, President of London Property Corporation.
The Government of Canada has taken additional measures to help Canadian families. As of August 1, 2009, new federal student financial assistance measures — the Canada Student Grants Program and the Repayment Assistance Plan — are helping students and families access post-secondary education and better manage their student loan debt. To find out more about how the Government of Canada is helping students achieve their educational goals, visit CanLearn.ca.
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.
Source: CMHC
It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391
Loonie falls 1.5 cents (U.S.) in biggest one-day drop since October 2009
The Canadian dollar fell to 95.47 cents (U.S.), a decline of 1.55 cents -- the biggest one-day decline since October 2009. The decline was attributed to a number of factors, including a Statistics Canada report that showed domestic inflation wasn't as strong in December as expected.
It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391
It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391
Tuesday, January 19, 2010
Bank of Canada Rate Remains Unchanged
Once again, the Bank of Canada announced it would keep the key interest rate at a record-low 0.25 per cent to achieve its inflation target of two per cent.
While the Bank said economic growth in Canada resumed in the third quarter of 2009 and there has been a slightly higher than expected rate of inflation in recent months, it reiterated that the economy is still lagging, particularly due to factors like a strong Canadian dollar and low levels of U.S. demand.
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Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391
While the Bank said economic growth in Canada resumed in the third quarter of 2009 and there has been a slightly higher than expected rate of inflation in recent months, it reiterated that the economy is still lagging, particularly due to factors like a strong Canadian dollar and low levels of U.S. demand.
It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391
Monday, January 18, 2010
Large markets suffer as commercial vacancy rises in Canada
Office space vacancy rates in Canada are expected to rise to 10 per cent by year-end 2010, but there will eventually be a strong recovery in commercial real estate, said Avison Young in its annual report.
"Opinion remains divided on the question of whether Canada's economy will see the beginning of a sustainable recovery in 2010, or whether a further correction is to come before things start to look up," said Bill Argeropoulos, Avison Young's VP and director of research in Canada.
But he says Canada still remains in better shape than the U.S., and many others around the world, and "is poised for a more rapid recovery," particularly in the retail sector.
The downside of the report was the prediction that the national office space vacancy rate will likely rise by one per cent in 2010. Two of the country's strongest markets -- Calgary and Toronto -- have been hit the hardest, both with vacancy rates already just above 10 per cent. This has largely been due to new supply hitting the market, said the report.
Things could get even worse in Calgary, where office space vacancies are predicted to reach as high as 18 per cent by 2012, according to Avison Young. In Vancouver, the rate is expected to rise three percentage points higher than a year ago to reach eight per cent.
Source: www.mortgagebrokernews.ca
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Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391
"Opinion remains divided on the question of whether Canada's economy will see the beginning of a sustainable recovery in 2010, or whether a further correction is to come before things start to look up," said Bill Argeropoulos, Avison Young's VP and director of research in Canada.
But he says Canada still remains in better shape than the U.S., and many others around the world, and "is poised for a more rapid recovery," particularly in the retail sector.
The downside of the report was the prediction that the national office space vacancy rate will likely rise by one per cent in 2010. Two of the country's strongest markets -- Calgary and Toronto -- have been hit the hardest, both with vacancy rates already just above 10 per cent. This has largely been due to new supply hitting the market, said the report.
Things could get even worse in Calgary, where office space vacancies are predicted to reach as high as 18 per cent by 2012, according to Avison Young. In Vancouver, the rate is expected to rise three percentage points higher than a year ago to reach eight per cent.
Source: www.mortgagebrokernews.ca
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Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
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CENTUM Core Financial Inc. Brokerage License #: 10642
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Flurry of December home sales sets Canadian record
The Canadian housing market has roared into the new year at top speed, with existing home sales activity reaching the highest level ever for December, and with prices still rising.
According to statistics by the Canadian Real Estate Association, residential sales numbered 27,744 units in December 2009, a whopping 72 per cent above activity in December 2008. At this time last year, the CREA was reporting the lowest activity in a decade.
"Sales activity in 2009 came in like a lamb and went out like a lion," said CREA President Dale Ripplinger. "The continuation of unusually low interest rates may keep national sales activity near current levels over the coming months, as will a blip in housing demand in Ontario and British Columbia from homebuyers motivated to beat the introduction of the HST."
New records for the month of December were reported in Ontario, Quebec, Saskatchewan, New Brunswick, and Newfoundland & Labrador. The whole fourth quarterly performance of 2009 was also the strongest ever, with a seasonally adjusted 137,957 homes trading hands, up 2.6 per cent from the previous record set in the first quarter of 2007.
On an annual basis, the 2009 numbers were still down 10.7 per cent from the peak reached in 2007. The latest spurt has impacted prices, as the national average home price was up 19 per cent year-over-year in December to reach $337,410. Nearly all local markets saw new records set for average prices, according to CREA, with the exception of Alberta.
These results will likely continue fears of a housing bubble in Canada. CREA Chief Economist Gregory Klump says that is not the case, and the market could slowly start to correct itself in half a year. "Cooler heads recognize that many of the recent gains reflect temporary factors that could fade by summer," he said.
Source: www.mortgagebrokernews.ca
It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391
According to statistics by the Canadian Real Estate Association, residential sales numbered 27,744 units in December 2009, a whopping 72 per cent above activity in December 2008. At this time last year, the CREA was reporting the lowest activity in a decade.
"Sales activity in 2009 came in like a lamb and went out like a lion," said CREA President Dale Ripplinger. "The continuation of unusually low interest rates may keep national sales activity near current levels over the coming months, as will a blip in housing demand in Ontario and British Columbia from homebuyers motivated to beat the introduction of the HST."
New records for the month of December were reported in Ontario, Quebec, Saskatchewan, New Brunswick, and Newfoundland & Labrador. The whole fourth quarterly performance of 2009 was also the strongest ever, with a seasonally adjusted 137,957 homes trading hands, up 2.6 per cent from the previous record set in the first quarter of 2007.
On an annual basis, the 2009 numbers were still down 10.7 per cent from the peak reached in 2007. The latest spurt has impacted prices, as the national average home price was up 19 per cent year-over-year in December to reach $337,410. Nearly all local markets saw new records set for average prices, according to CREA, with the exception of Alberta.
These results will likely continue fears of a housing bubble in Canada. CREA Chief Economist Gregory Klump says that is not the case, and the market could slowly start to correct itself in half a year. "Cooler heads recognize that many of the recent gains reflect temporary factors that could fade by summer," he said.
Source: www.mortgagebrokernews.ca
It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391
Thursday, January 14, 2010
U.S. foreclosures hit close to three million last year
The number of U.S. foreclosures hit a record-high 2.8 million properties in 2009, according to RealtyTrac, a 21 per cent jump from 2008.
The real estate data company said that while foreclosure prevention programs, including government-implemented loan modification programs, helped keep more homeowners in their homes, there is still a high level of re-defaults or bank repossessions. It predicted the high number of foreclosures will continue in 2010 due to an unemployment rate of over 10 per cent and wage cuts.
"Until the lenders start to get into principal balance reduction you're going to continue to see high re-default rates," Rick Sharga, senior vice president at RealtyTrac, said in an interview with Reuters, adding he hadn't seen any appetite for re-defaults on the part of the lenders.
While foreclosure rates in the U.S. dropped in the fourth quarter of 2009 compared to the rest of the year, December saw a 14 per cent jump in foreclosure notices compared to November, according to RealtyTrac. The company said California, Florida Arizona and Illinois accounted for more than half of all foreclosure actions in 2009.
Sharga told Reuters the U.S. housing market would see a "long, slow, and flat" recovery that "probably won't feel much better until 2013."
It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391
The real estate data company said that while foreclosure prevention programs, including government-implemented loan modification programs, helped keep more homeowners in their homes, there is still a high level of re-defaults or bank repossessions. It predicted the high number of foreclosures will continue in 2010 due to an unemployment rate of over 10 per cent and wage cuts.
"Until the lenders start to get into principal balance reduction you're going to continue to see high re-default rates," Rick Sharga, senior vice president at RealtyTrac, said in an interview with Reuters, adding he hadn't seen any appetite for re-defaults on the part of the lenders.
While foreclosure rates in the U.S. dropped in the fourth quarter of 2009 compared to the rest of the year, December saw a 14 per cent jump in foreclosure notices compared to November, according to RealtyTrac. The company said California, Florida Arizona and Illinois accounted for more than half of all foreclosure actions in 2009.
Sharga told Reuters the U.S. housing market would see a "long, slow, and flat" recovery that "probably won't feel much better until 2013."
It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391
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