Canadian Mortgage News

May 2006 National Archive

Mortgage News & Press Releases - May 2006

• GMAC-RFC Canada receives regional community involvement award
  TORONTO, Ontario, May 01, 2006 — The spirit of community involvement is alive and kicking at GMAC-RFC Canada as the company on April 26 in Mississauga, Ont., received a top regional award for the volunteer efforts of its 150 associates. GMAC Residential Funding of Canada and Mortgage Intelligence-part of the ResCap family-received the Volunteer Centre of Peel's 2006 Corporate Sun Award …
  
• MLS® home sales on track to set new records in 2006
  OTTAWA, Ontario, May 04, 2006 — Canada’s resale housing market will set new records in 2006, according to a revised forecast prepared by The Canadian Real Estate Association (CREA).After setting the fifth consecutive annual record in 2005 at 483,250 units, CREA expects national resale housing activity to inch even higher by 1.0 per cent to 488,160 units in 2006. Activity is then …
  
• Affordable Housing Project Begins Construction
  ST. CATHARINES, Ontario May 5, 2006 — The Government of Canada, the Government of Ontario, and Niagara Region held a ceremony today to mark the start of construction on a project that will create 40 units of affordable housing in St. Catharines under the Canada — Ontario Affordable Housing Program.
  
• MorWEB supports growth of Mortgage Brokers of Canada
  May 5, 2006 - Marlborough Stirling Canada is pleased to announce that Mortgage Brokers of Canada have begun using MorWEB for mortgage origination and customer management. MorWEB is a web-based portal service that lets mortgage brokers develop and maintain a customer database, enter client data for mortgage financing applications, perform credit inquiries, and select and send deals to a variety …
  
• Starts Pull Back in April
  OTTAWA, Ontario, May 8, 2006 — The seasonally adjusted annual rate1 of housing starts was 218,100 units in April, down from 251,700 units in March, according to Canada Mortgage and Housing Corporation (CMHC).
  
• Housing Starts Will Slow Down in 2006
  OTTAWA, Ontario, May 10, 2006 — Housing starts will begin to taper off in 2006, and reach 222,200 units after hitting 225,481 units in 2005, according to Canada Mortgage and Housing Corporation's (CMHC) second quarter Housing Market Outlook, Canada Edition report. Residential construction will continue to ease in 2007 to 204,100 units, marking 6 consecutive years in which housing starts …
  
• Affordable Housing Project Begins Construction
  KINGSTON, Ontario, May 12, 2006 — The Government of Canada, the Government of Ontario, and the City of Kingston held a sod-turning ceremony today to mark the start of construction on a project that will create six new units of affordable housing for lower income families and single people in Kingston under the Canada — Ontario Affordable Housing …
  
• Affordable Housing Project Opens in St. Catharines
  ST. CATHARINES, Ontario, May 12, 2006 — The Government of Canada, the Government of Ontario, Niagara Region, the City of St. Catharines and Meie Management, a private development company, held a plaque dedication ceremony today to mark official completion of a project that creates 19 units of affordable housing in St. Catharines under the Canada — Ontario Affordable Housing …
  
• CMHC Now Accepting Expressions of Interest for the Net Zero Energy Healthy Housing* Initiative
  OTTAWA, Ontario, May 15, 2006 — Canada Mortgage and Housing Corporation (CMHC) is now accepting Expressions of Interest (EOI) from builder and developer teams to participate in the Net Zero Energy Healthy Housing initiative (NZEHH), a national residential design-build demonstration project.
  
• BestRate Financial Ltd. chooses MorWEB
  May 16, 2006 - Marlborough Stirling Canada (MSC) is pleased to announce that BestRate Financial Ltd. have become the latest mortgage brokerage firm to select MSC's MorWEB system for mortgage origination and customer management.
  
• Construction Begins on Assisted Living Complex at Chippewas of Kettle and Stony Point First Nation
  FOREST, Ontario, May 17, 2006 — The Chippewas of Kettle and Stony Point First Nation marked the start of construction on an Assisted Living Centre with a sod turning ceremony today.
  
• Over 380,000 Households in Five Major Centres Intend to Buy a Home in 2006
  OTTAWA, Ontario, May 17, 2006 — Over 380,000 households in Halifax, Montreal, Toronto, Calgary, and Vancouver indicated they were ready to buy a home this year, according to the Consumer Intentions to Buy or Renovate a Home survey released by Canada Mortgage and Housing Corporation (CMHC). This represents an average of eight per cent of all households in those …
  
• Opening 20 New Social and Community Housing Units in Saint-Raymond
  SAINT-RAYMOND, Quebec, May 19, 2006 — Seniors with limited mobility in Quebec now have more options to live independently thanks to the construction of 20 new housing units as part of Phase II of Habitations Saint-Raymond.
  
• 79 New Affordable Housing Units for Saint John
  SAINT JOHN, New Brunswick, May 23, 2006 —The Government of Canada and the Province of New Brunswick announced today a contribution of $3.3M for six new affordable housing projects in the Greater Saint John area.
  
• Affordable Housing Project Begins Construction
  ST. CATHARINES, Ontario, May 23, 2006 — The Government of Canada, the Government of Ontario, and Niagara Region held a time capsule placement ceremony today to mark the start of construction on a project that will create 32 units of affordable housing in St. Catharines under the Canada — Ontario Affordable Housing Program.
  
• Assisted Living Development Announced in Smithers
  SMITHERS, British Columbia, May 23, 2006 — Federal and provincial representatives celebrated today the official groundbreaking of The Meadows, a new $4.15 million assisted living development for seniors. When complete, The Meadows, located at 1180 Alberta Street in Smithers, will house 14 one-bedroom subsidized assisted living units. The development, which is the first of its kind in …
  
• Bank of Canada raises overnight rate target by 1/4 percentage point to 4 1/4 per cent
  OTTAWA, Ontario, May 24, 2006 — The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 4 1/4 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 4 1/2 per cent.
  
• Affordable Housing Project Kicks Off Renovation in Welland
  WELLAND, Ontario, May 24, 2006 — The federal, provincial and municipal governments, along with Gateway Residential and Community Support Services of Niagara Inc. gathered today to celebrate the start of conversion of a new affordable housing apartment complex in Welland, The project is called the Dr. Peter Grant Haven of Hope and is named in memory of a St. Catharines psychiatrist. It will …
  
• Construction Begins on Three Affordable Housing Projects in Peterborough
  PETERBOROUGH, Ontario, May 24, 2006 — The Government of Canada, the Government of Ontario, and the City of Peterborough celebrated the start of renovations on three projects that will create 93 units of affordable housing in Peterborough with over $2 million in funding from the Canada — Ontario Affordable Housing Program.
  
• Official Opening of The Bridges Project
  CAMBRIDGE, Ontario, May 24, 2006 — The Government of Canada, the Government of Ontario, the Region of Waterloo, the City of Cambridge and Making Room Community Support for the Homeless Inc. today celebrated the official opening of The Bridges, a unique and innovative affordable housing and shelter project that creates a 40 bed shelter, plus 3 family shelter units and 20 units of affordable …
  
• Financial Assistance Available from CMHC for Rental Housing Repair
  TORONTO, Ontario, May 25, 2006 — Canada Mortgage and Housing Corporation (CMHC) is opening a call for applications for financial assistance for renovation of rental and rooming house properties and family violence shelters in Ontario. The deadline for applications is July 7, 2006.
  
• Toronto Families Benefit from $1.6 Million in Property Renovations
  TORONTO, Ontario, May 25, 2006 — Canada Mortgage and Housing Corporation's (CMHC) popular Residential Rehabilitation Assistance Program (RRAP) has helped 127 Toronto families remain in their homes through $1.6 million in funding for renovation projects.
  
• Coastal Community Credit Union partners with Marlborough Stirling to accept mortgage applications via MorWEB
  May 25, 2006 — Coastal Community Credit Union has become the latest lender to begin accepting mortgage applications through MorWEB, Marlborough Stirling Canada's mortgage origination system for brokers.
  
• New Emergency Shelter Opens in Fort St. John
  FORT ST. JOHN, British Columbia, May 26, 2006 — A $1.01 million addition to The Salvation Army Fort St. John Care and Share Centre officially opened its doors today. Dignitaries, funding partners and community members were on hand to celebrate the 20 new emergency shelter beds which will help the homeless and families in crisis.
  
• Health Minister Opens New Supportive Housing Residence
  TORONTO, Ontario, May 26, 2006 — Federal, provincial and municipal government representatives joined today to celebrate the official opening of St. Jude Community Homes, a new supportive housing residence for persons living with mental health issues who were formerly homeless or precariously housed.
  
• Village Shelter to Benefit Prince George Youth
  PRINCE GEORGE, British Columbia, May 27, 2006 — A newly renovated shelter for youth at risk was officially opened today by the Prince George Native Friendship Centre Society, along with federal, provincial and community partners.
  
• CMHC to Help Create a New Mortgage Insurance Company in Jordan
  OTTAWA, Ontario, May 28, 2006 — Canada Mortgage and Housing Corporation (CMHC) and the United Arab Investors Group of Companies (UAIC) held a signing ceremony in Jordan today to commence a project for the creation of a new mortgage default insurance company in Jordan.
  
• Seed Funding of $4 Million Now Available from CMHC
  OTTAWA, Ontario, May 31, 2006 — Canada Mortgage and Housing Corporation (CMHC) is announcing today seed funding of $4 million this year for the development of affordable housing.