Canadian Funding Corp. Reviews Housing Updates

Moishe Alexander reports – The 2010 Mortgage Consumer Survey, released today by Canada Mortgage and Housing Corporation (CMHC), shows that the Internet has become an important resource for first-time homebuyers with 89 per cent indicating that they looked online for mortgage-related information, while 84 per cent researched mortgage terms and conditions before deciding on a mortgage option.

Additionally, according to Moishe Alexander, more than two-thirds (69 per cent) of first-time homebuyers used an online calculator to compare different options when shopping for a home. As a result, 85 per cent of first-time homebuyers noted they had a good understanding of the size of mortgage they could afford before buying a home, with the average Canadian homebuyer taking 12 months to plan their purchase.

Problem with evaluating mortgage options resolved – Moishe Alexander

“Canadians confirmed that they take the time to do research prior to buying a home,” said Pierre Serré, CMHC Vice-President, Insurance Product and Business Development. “Informed homebuyers contribute to the continued strength of Canada’s housing system.”

The survey noted that 81 per cent of recent homebuyers indicate that they are comfortable with the level of their current mortgage debt.

More than two-thirds (68 per cent) of recent homebuyers feel there is a strong chance they will pay off their mortgage sooner than required and more than a quarter (27 per cent) have already taken steps to pay down their mortgage through lump-sum payments or through increased regular payments.

The on-line survey, which polled more than 2,500 active mortgage users, asked participants a series of questions designed to gauge the attitudes and sentiments of recent mortgage consumers in Canada. The survey has been conducted since 1999.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of high quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

Canadian Funding Corp. CEO Moishe Alexander posts – The Government of Canada announced today that thirty-eight housing co-operative projects located in the London area will receive more than $1.2 million, through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

Moishe Alexander said that the announcement was made at the Westminster Housing Co-op Inc. by 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).

“Through Canada’s Economic Action Plan, our government is taking action to help ensure our economic recovery and create the conditions for long-term growth,” said MP Holder. “Funding renovation and retrofit projects, like these ones, will not only improve the quality of life of the residents by keeping their homes safe and affordable, but it will also help stimulate the local economy and create jobs.”

The Government of Canada, through Canada’s Economic Action Plan, announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects which they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing which it directly administers. Eligible repairs include general improvements, energy efficiency upgrades or conversions, and modifications in support of persons with disabilities.\

Moishe Alexander presents video on Ontario social housing

The housing co-operatives projects that will receive contributions from the Government of Canada today are:
Westminster Housing Co-operative Inc. $177,571
Chisolm Place Housing Co-operative $239,358
Native Inter-Tribal Housing Co-operative – 33 projects $162,278
Talisman Woods Housing Cooperative $331,023
Woodfield Housing Co-operative Inc. $66,477
Westmount Community Co-operative $257,789

“We congratulate and thank the federal government, MP Ed Holder and CMHC for making a sound investment to help ensure that this affordable community is preserved as a legacy for the long-term benefit of its residents,” said Ken Elliott, President of the Co-operative Housing Federation of Canada. “Today’s announcement is an excellent example of stimulus funding that works towards preserving jobs, assisting the local economy, and protecting valuable affordable housing assets for Canadians.”

“We are very pleased to be receiving the Renovation and Retrofit grant through Canada’s Economic Action Plan to improve our cooperative,” said Gwen Howard, Treasurer of Westminster Housing Co-operative Inc. “These significant renovations will have a tremendous positive impact for our members and their quality of life.”

Moishe Alexander is grateful that the Government of Canada announced that a housing co-operative located in Angus will receive more than $154,000, through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

“Through Canada’s Economic Action Plan, our government is taking action to help ensure our economic recovery and create the conditions for long-term growth,” said the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC). “Funding renovation and retrofit projects, like these ones will not only improve the quality of life of its residents by keeping their homes safe and affordable, but it will also help stimulate the local economy and create local jobs.”

The Government of Canada, Moishe Alexander claims, through Canada’s Economic Action Plan, announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects which they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing which it directly administers. Eligible repairs include general improvements, energy efficiency upgrades or conversions, and modifications in support of persons with disabilities.

Angus Co-operative Homes Inc. will be using the contribution from the Government of Canada to replace windows.

“We congratulate and thank the federal government and Minister Finley for making a sound investment to help ensure that this affordable community is preserved as a legacy for the long-term benefit of its residents,” said Ken Elliott, President of the Co-operative Housing Federation of Canada. “Today’s announcement is an excellent example of stimulus funding that works towards preserving jobs, assisting the local economy, and protecting valuable affordable housing assets for Canadians.”

“We are delighted our co-operative will benefit from the federal government’s renovation and retrofit initiative delivered by CMHC,” said Jon Vink, President of Angus Co-operative Homes Inc. “Not only will this funding make our co-op more energy efficient, but it will also help ensure these homes are available to meet the needs of future generations.”

Housing in Angus – Moishe Alexander