Wednesday, May 14, 2008 
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Current Press Releases and Mortgage News

At CanEquity Mortgage, we bring you the latest mortgage news and housing related articles within Canada. If you have Canadian mortgage news that you would like to contribute, please contact us.

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Making the News

  • Attitudes about housing market vary by province
    May 14, 2008 — Canadians overall have not changed their opinions about the housing market. They are knowledgeable, but not influenced by the speculation that the Canadian economy will be negatively affected by the U.S. economic downturn, according to a report released today by the Canadian Association of Accredited Mortgage Professionals (CAAMP).
  • The dream of owning home out of reach
    May 13, 2008 — Home ownership is the Canadian dream. We scrimp, save and make big sacrifices to own our own digs. Then, we scrimp, save and make big sacrifices to enjoy the freedom of being mortgage free.
  • Calgary bucks trend with home price hike
    May 13, 2008 — Year over year growth in new housing prices across the country slowed for a second consecutive month in March, according to Statistics Canada.
  • Toronto stock market sets record high
    May 12, 2008 — Two of Canada's most valuable companies have helped lift the Toronto stock market above its previous record high, set 10 months ago just before the credit crunch took the life out of many investments.

Canada Mortgage & Housing Related Press Releases

New Women’s Shelter Breaks Ground in Hamilton

HAMILTON, Ontario, May 13, 2008 — A ground breaking ceremony is being held today for a new women’s shelter in Hamilton. The 40-bed facility is the first of four buildings designated for the site that will be named Good Shepherd Square and will help provide women fleeing abuse and their children with a safe and supportive environment.

“Our government is committed to making affordable housing available in Ontario and across Canada for those who need it most,” said MP David Sweet on behalf of the Honourable Monte Solberg, Minister of Human Resources and Social Development. “The creation of these units will provide women and their children with access to safe housing and the support they need to help them to start a new page in their lives.“

The project has received $277,000 from the Government of Canada through the Shelter Enhancement Program (SEP). The Shelter Enhancement Program (SEP) assists in repairing, rehabilitating and improving existing shelters for women and their children, youth and men who are victims of family violence; and in acquiring or building new shelters and second-stage housing where needed.

As Canada’s national housing agency, CMHC draws on over 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.

For more information, call 1-800-668-2642.

For media inquiries, please contact:

Susan Monic
Canada Mortgage and Housing Corporation
416-250-2745

Archive: /mortgage-news/archive/2008/2008-05-13_CMHC-womens_shelter_breaks_ground_hamilton.stm
News source: Canada Mortgage and Housing Corporation (CMHC)


Housing Starts Dip in April

OTTAWA, Ontario, May 08, 2008 — The seasonally adjusted annual rate1 of housing starts was 213,900 units in April, down from 243,000 units in March, according to Canada Mortgage and Housing Corporation (CMHC).

“Housing starts in April moderated from the high levels posted in February and March. Most of the decrease reflected a drop in multiple starts, which in March and February had reached their second and third highest levels since March of 1978, respectively,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Despite the decline, starts remained robust at over 200,000 units.”

In April the seasonally adjusted annual rate of urban starts edged down by 16.3 per cent to 185,400 units compared to March. Urban multiples were also down to 113,900 in April from 141,000 in March. In addition, singles decreased 11.3 per cent to 71,500 units.

The seasonally adjusted annual rate of urban starts went down in all regions of Canada, except British Columbia, which saw an increase of 17.1 per cent to 34,900 in April. Urban starts decreased  to 7,500 units in Atlantic Canada, 37,600 units in Quebec, 73,000 units in Ontario, and  32,400 units in the Prairies. In terms of single urban starts, all regions except Quebec were down in April. Quebec registered an increase of 9.3 per cent to 12,900 units.

Rural starts were estimated at a seasonally adjusted annual rate of 28,500 units in April2.

For the first four months of 2008, actual starts in rural and urban areas combined were up an estimated 3.3 per cent compared to the same period last year. Actual starts in urban areas to date have increased by an estimated 9.6 per cent over the same period in 2007. Actual urban single starts for the four months of this year were 14.9 per cent lower than they were a year earlier, while multiple starts increased by 29 per cent over the same period. 

1. All starts figures in this release, other than actual starts, are seasonally adjusted annual rates (SAAR) — that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels.

2. Rural housing starts for the January to March period were revised down from the original estimate of 33,200 units per month to 21,400. CMHC estimates the level of rural starts for each of the three months of the quarter, at the beginning of each quarter. During the last month of the quarter, CMHC conducts the survey in rural areas and revises the estimate. The downward revision to rural starts over the January to March period reflects, in large part, the unexpected impacts of harsh winter weather experienced during the first quarter of 2008 as well as a shift in rural/urban boundaries.

As Canada’s national housing agency, CMHC draws on over 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.

For more information, call 1-800-668-2642.

Information on this release:

Kristen Scheel
CMHC Media Relations
613-748-4632
kscheel@cmhc-schl.gc.ca

Julie Girard
CMHC Media Relations
613-748-4684
jagirard@cmhc-schl.gc.ca

For regional starts information contact:

Atlantic provinces:

Alex MacDonald
CMHC
902-426-8964
amacdona@cmhc-schl.gc.ca

Quebec:

Kevin Hughes
CMHC
514-283-4488
khughes@cmhc-schl.gc.ca

Ontario:

Ted Tsiakopoulos
CMHC
416-218-3407
ttsiakop@cmhc-schl.gc.ca

Prairie provinces:

Richard Corriveau
CMHC
403-515-3005
rcorrive@cmhc-schl.gc.ca

British Columbia:

Carol Frketich
CMHC
604-737-4067
cfrketic@cmhc-schl.gc.ca

Housing Starts in Canada — All Areas*

Housing Starts, Actual and SAAR*
   
Actual
SAAR
April
2007
April
2008
March
2008
April
2008
 
Final
Preliminary
Final
Preliminary
Canada, all areas
19,961
19,053
243,000
213,900
Canada, rural areas
2,931
2,619
21,400
28,500
Canada, urban centres**
17,030
16,434
221,600
185,400
Canada, singles, urban centres
8,231
6,345
80,600
71,500
Canada, multiples, urban centres
8,799
10,089
141,000
113,900
         
Atlantic region, urban centres
460
479
15,400
7,500
Quebec, urban centres
4,274
3,751
40,800
37,600
Ontario, urban centres
4,918
6,382
77,200
73,000
Prairie region, urban centres
4,542
2,724
58,400
32,400
British Columbia, urban centres
2,836
3,098
29,800
34,900

Source: CMHC
*Seasonally adjusted annual rates
** Urban centres with a population of 10,000 and over.
    Detailed data available upon request.

Archive: /mortgage-news/archive/2008/2008-05-08_CMHC-housing_starts_dip_april.stm
News source: Canada Mortgage and Housing Corporation (CMHC)


First Nations Market Housing Fund is Open for Business

GATINEAU, Quebec, May 05, 2008 — The Government of Canada is making home ownership a reality for more First Nations people living on reserve. Today, Monte Solberg, Minister of Human Resources and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC) and Chuck Strahl, Minister of Indian and Northern Affairs Canada and Federal Interlocutor for Métis and Non-Status Indians announced the official opening of the First Nations Market Housing Fund.

The plan for the $300 million Fund was first announced in Budget 2007. It is a new and innovative way to give First Nations members the opportunity to own their own homes on reserve or on settlement lands, where appropriate. It is anticipated that up to 25,000 new homes over 10 years will be provided through this Fund.

“Our Government understands how important home ownership is in Canada, which is why we wanted to give this opportunity to First Nations people living on-reserve,” said Minister Solberg. “By creating this First Nations Market Housing Fund, more First Nations families and individuals living on-reserve will be able to own their own homes — homes suited to their personal housing needs, financial situations and choice. We expect that in 10 years, this Fund will help to build 25,000 new homes.”

“Our Government has created this important new opportunity for First Nations families to obtain loans from financial institutions and build, buy or renovate a house on-reserve. First Nations members will now have the same housing opportunities and responsibilities as other Canadians, and a new ability to meet housing demands,” said Minister Strahl. “I would like to recognize the leadership and innovative thinking of our partners who have worked with our Government to achieve this, including the Assembly of First Nations and Canada’s financial community.”

“The Assembly of First Nations have had an active role in creating the Trust Fund parameters and must now consider the more important role of how First Nation communities can use this new optional tool available to them in the near future,” noted Assembly of First Nations Regional Chief of Nova Scotia and Newfoundland, Rick Simon.

"We're hopeful that the success of the First Nations Market Housing Fund will demonstrate the value of investing in an on-reserve housing market and promote home ownership. Our emerging middle class needs to have access to the same quality of life that other Canadians take for granted." said Grand Council Chief John Beaucage, Chair of the First Nations Market Housing Fund. "Good housing for a First Nation family isn't just built on a foundation — it is a foundation that contributes to the health and self-sufficiency of our community members."

BMO Bank of Montreal National Director of Aboriginal Banking Stephen Fay says this new initiative with the federal government enables BMO to enhance its existing housing on-reserve loan program and respond to the specific needs of First Nation communities.

“BMO Bank of Montreal is pleased to participate in the Government of Canada’s Market Based Housing Fund initiative,” said Mr. Fay. “For more than a decade, BMO has been working with First Nations to help provide affordable housing, with the bank’s On-Reserve Housing Loan Program available to qualified members of 35 First Nations across Canada."

The Government of Canada also acknowledged the new Fund’s Board of Trustees — with its Chair John Beaucage and Vice-Chair Ruth Williams.

CMHC will support the day-to-day activities of the Fund in the initial years, under the direction of the Board of Trustees. For further information on the trustees, please see the attached biographies.

For further information on the First Nations Market Housing Fund, please call 1-866-582-2808.

Backgrounder
Biographies — Board of Trustees
Audio-Cast of Press Conference

For media inquiries, please contact:

Lesley Harmer
Director of Communications
Office of the Honourable Monte Solberg
Minister of Human Resources and Social Development
Tel.: 819-994-2482

Josée Bellemare
Press Secretary
Office of the Honourable Chuck Strahl
Tel.: 819-997-0002

Kristen Scheel
CMHC Media Relations
Tel.: 613-748-4632 
Cell: 613-513-6546
kscheel@cmhc.ca

INAC Media Relations
Tel.: 819-953-1160

See related speech

From left, Monte Solberg, Minister of Human Resources and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC) and Chuck Strahl, Minister of Indian and Northern Affairs Canada and Federal Interlocutor for Métis and Non-Status Indians, announce the official opening of the First Nations Market Housing Fund, in Ottawa, Monday, May 5, 2008. They were joined by Ruth Williams, Vice-Chair of the First Nations Market Housing Fund, Rick Simon, Assembly of First Nations Regional Chief of Nova Scotia and Newfoundland, John Beaucage, Chair of the First Nations Market Housing Fund.
From left, Monte Solberg, Minister of Human Resources and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC) and Chuck Strahl, Minister of Indian and Northern Affairs Canada and Federal Interlocutor for Métis and Non-Status Indians, announce the official opening of the First Nations Market Housing Fund, in Ottawa, Monday, May 5, 2008. They were joined by Ruth Williams, Vice-Chair of the First Nations Market Housing Fund, Rick Simon, Assembly of First Nations Regional Chief of Nova Scotia and Newfoundland, John Beaucage, Chair of the First Nations Market Housing Fund.

Archive: /mortgage-news/archive/2008/2008-05-05_CMHC-first_nations_market_housing_fund.stm
News source: Canada Mortgage and Housing Corporation (CMHC)


 

 
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