The Canadian housing industry recently received a boost, with the governments of Canada and Newfoundland and Labrador announcing a cost-shared investment of more than $2 million under the country's Economic Action Plan for the continuing renovation of 52 affordable social housing units located in St. John's.
The Honorable Peter Penashue, minister of Intergovernmental Affairs and regional minister for Newfoundland and Labrador, said the next phase of the plan is stimulating the economy while creating jobs.
"These upgrades will continue to provide safe and affordable homes for families and individuals with low incomes," said the Honorable Tom Hedderson, minister Responsible for Newfoundland and Labrador Housing Corporation. "Over the past two years we have carried out unprecedented renovations and improvement work on our housing portfolio throughout the Province."
The Canada Mortgage and Housing Corporation recently released a statement saying it has received an unexpectedly high number of requests for large amounts of portfolio insurance, according to CBC News. In response, the CMHC served notices to banks and other lenders stating it is closing in on the limit of mortgage insurance it can offer. Canadian mortgage rates remain a point of emphasis for the government, consumers and lenders.
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