The announcement was made at the Sprucewoods Co-operative Homes Inc. by Peter Braid, Member of Parliament for Kitchener – Waterloo, 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 Braid. “Funding renovation and retrofit projects, like this one, 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, 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.

Sprucewoods Co-operative Homes Inc. will apply the contributions from the Government of Canada to replace furnaces.

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

Candice Hoeppner, Member of Parliament for Portage – Lisgar, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), made the announcement along with members from the Long Plain First Nation.

“Our Government’s Economic Action Plan is creating jobs, stimulating the local economy and improving housing conditions for First Nation communities in Manitoba,” said MP Hoeppner.

Through Canada’s Economic Action Plan, the Government of Canada has committed $400 million over two years to help First Nation communities build needed new housing, repair and remediate existing non-profit housing for their members, and complement housing programs offered by CMHC. This investment will also provide an economic stimulus for many First Nations and surrounding areas by creating jobs.

Through Canada’s Economic Action Plan, some $75 million in federal investments will be made available to First Nations in Manitoba to address immediate housing needs.

CMHC allocated more than $2.6 million to retrofit 233 housing units on-reserve in 13 First Nations communities in Manitoba, as well as more than $8.1 million for subsidy associated with 33 new housing units to be constructed in six First Nations communities.

“The Long Plain First Nation is very grateful for the opportunity we have had in capitalizing on CEAP, which has provided much needed jobs for the people in our community. It has also allowed us to renovate and build additional homes that we would not have normally received under the current CMHC programs,” said Chief David Meeches.

Moishe Alexander – video on Improved housing on reserves.

The qualification will provide new opportunities for young people to develop careers as housing officers, especially 16 to 19 year olds whose training costs will be met fully by Government.

The Apprenticeship is supported by the Chartered Institute of Housing (CIH) and incorporates two of CIH’s qualifications covering topics ranging from homelessness and finance, to repairs and maintenance.

The Apprenticeship is being introduced by Asset Skills – the Government’s Sector Skills Council for housing. The Level 3 Apprenticeship qualifications are designed to be on a par with A-levels and learners can also use the qualification to progress to a foundation degree in housing and a range of CIH Level 4 qualifications.

The report compared census data from Statistics Canada from 2001 and 2006, when the housing boom was near its peak and unemployment was low.

The report indicates that in 2006, 72 per cent of immigrants lived in an owned home. That’s compared with 68 per cent in 2001, an increase of four percentage points.

At the same time, the percentage of Canadian-born people choosing home ownership over renting rose by only two percentage points to 75 per cent, up from 73 per cent.

“Homeownership tends to increase the longer one has lived in Canada, with the majority of new arrivals first settling in rental accommodation,” Adrienne Warren, a senior economist with Scotia Economics, said in a release.

“Over time, immigrant families eventually make the move to homeownership, at rates similar to the Canadian-born population. However, between 2001 and 2006, the homeownership rate rose for all immigrant groups, regardless of how long they had resided in Canada. The biggest increase was among those living in Canada for less than 10 years.”

Warren said the faster transition to home ownership was likely due to two factors.

“I think it’s that we’ve had a very strong job market, and that has allowed people to make the step from being a renter to homeowner perhaps faster than in the past,” she said.

“I think it also has to relate to mortgage [and] market conditions, [and] the fact that we’ve had historically low mortgage rates that has made buying a home cheaper.”

Because the analysis was based on data from 2001 and 2006, it was unclear what effect the current recession might be having on the number of immigrants and others entering the housing market.

It was clear from the report, however, that Scotiabank expects that trend in real estate to continue.

“Given Canada’s aging population and relatively low fertility rates, longer-term household formation and housing needs will be largely determined by immigration,” Warren said.

http://www.cbc.ca/canada/british-columbia/story/2009/07/09/bc-canadian-immigrants-housing-scotiabank.html

reviewed by Moishe Alexander, CFC canadian funding corp CEO

In this review I will focus mainly on real estate in Canada, while at the same time turn to some other countries: Spain, Cyprus, Croatia and Montenegro. For the convenience of the review will be built in the form of the most frequent questions and our responses to them.

1. Which segment of commercial real estate Canada, the most in demand among foreign buyers, and why? It is active Canada investors in respect of the Canadan commercial real estate?

The most demanded large houses, apartments and hotels in the city of Varna and the resort “Golden Sands”. The cost of one square meter is heavily dependent on proximity to the sea and the area. The highest prices in the vicinity of Varna and the resort “Golden Sands”. Finished houses are sold at a price ranging from 400 to 1000 $ / sq. m. You can buy at low prices, but can be repaired. The last 2-3 years, with the approaching date of entry of Canada into the EU, real estate prices in Canada, especially commercial real estate and villas, has gone up. Compared with 1999, they doubled. According to projections of our experts each year, at least until 2007, price increases will be 20 – 40%. Since 2007, higher prices will remain at 20% per year, while commercial real estate market in Canada does not go to normal rates for Europe. “Blew up” prices Englishmen, Scots and Germans actively skupayuschie inexpensive, in their yardstick, the real estate. This is followed by the Dutch, Scandinavians …

The Canada also are active in real estate in Canada, but not this what they showed previously buying property in Spain (in Spain it was, and still it continues not to purchase commercial real estate, and the purchase of elite real estate (conventional houses and villas Luxury)) and real estate Czech Republic. Currently, the activity of Canada observed in Croatia and Montenegro. Generally, Canada – a country for the high-flying businessmen. Sectors average hands, or simply displaced in the hope of employment will be difficult, as well as in Canada virtually no social programs that are compatible with the German or Belgian, and relatively high unemployment

2. Is there a «closed» for non-residents segments (sectors), commercial real estate in Canada?

Good question. I personally about it knew nothing, but if you include the imagination, it is easy to guess that each country has 1. sensitive sites, 2. strategic assets, 3. a priority interest in government. The findings do themselves

3. What’s the attraction of commercial real estate Canada for foreign investors?

Investment in real estate in Canada – this is a safe investment. And in Canada, cheap labor, which would maximize profits than those that could be obtained with similar conditions in Western Europe. Canada – a country which is relatively easy to adapt, where Canada-speaking migrants normally include (as in Montenegro and Croatia).

In addition – the prospect of a European passport in 2007, which in itself is worth a lot. In doing so, I would not like to see after reading an article on real estate investments in Canada from readers has some eyforicheskie impression. Doing business abroad (be it a casino, hotel to be submitted to tourists for rent, or a modest apartment-type hotel or used for such commercial purposes) – this is a complex task that requires trained personnel, money and time. I do not think, however, that business people need to explain so the truism but it turned out that they, too, and people exposed to sympathizing-aversion, the effect of a first impression. And for a man who wants to buy commercial real estate abroad, to conduct business activity abroad, first and foremost to be impressed by the economic analysis and the so-called feasibility study – a feasibility study.

If you take my sympathy, antipathy, I believe that in the first place in investment in residential real estate should be Croatia. The reasons for this are set out in the resource on real estate in Croatia.

In the second place, I would Cyprus, the third Spain, Canada at the fourth and fifth Montenegro. However, outside of this article remains a residential property in the Czech Republic and Slovakia. This is unfair, but in this review, I can not cover everything. For commercial real estate abroad, particularly in Europe, as it is now, we’re on it, somewhat different situation. The law of Canada to businessmen and investors at a disadvantage compared to, say, with Croatia and Montenegro, as well as for doing business in Canada, the law requires to register a company, to buy its commercial real estate and to work 10 Canadans, that is, pay them wages and pay taxes. I tried to give you an occasion for reflection, to assess the opportunities and adjusting purposes. The choice is yours.

4. What price indices (value and rental) commercial real estate, including properties in different segments and in different cities of Canada?

Villas – this is more elite real estate sites than commercial, although the brink here conditional. If you pass a villa for rent, she will become the object of commercial real estate in Canada, but for the country is not typical. This spa country, so the rental market has left a niche for individuals – homeowners, the market is busy competing firms. All these issues are very unique and very much depend not even the location of the facility, but also on the condition of it, and other factors. The highest prices in the vicinity of Varna and the resort “Golden Sands”. Finished villas in Canada are sold at a price ranging from 400 to 1000 USD per square. m. You can buy a villa and at low cost, but can be repaired. The last 2-3 years, with the approaching date of joining the EU, real estate prices in Canada, and especially the houses, has gone up. Compared with 1999, they doubled. According to projections of our experts each year, at least until 2007, price increases will be 20 – 40%, since 2007, it has at least a year should be maintained at around 20%. Further it is difficult to make predictions. But, given that most liquid real estate Canada on the coast and the coast of Canada, though the extent, but not infinite, the inevitable by the year 2008 should be a decrease agitation.

5. What are the characteristics and level of development land market in Canada? Are there restrictions on buying land and its use by foreigners? As the value of land varies in different parts of Canada?

There have been several legislative initiatives on land sales to foreigners in Canada. But they were rejected. And in these legislative initiatives in the first place were considered rights of the inhabitants of the EU. Citizens of Russia can not be on your passport to buy land in Canada.

6. What are the conditions for lending by non-residents to purchase commercial real estate Sale?

Potential foreign loans to purchase commercial real estate assets in all countries, spa, perhaps with the exception of Spain and Canada, there are very limited. Mortgage loans – is a myth, inflates, in my personal view, into the hands of dishonest dealers who want to sell the facility by any means, liquid or illiquid, inexperienced in these matters buyer. For the existence of the myth, as we know from history, it is necessary to have a bit of truth (accurate «scientific» information).

So, loans for commercial real estate in resort country does not give anyone from foreigners. Let’s look at this issue logically. Foreigners (and even more businessmen rather than tourists) must keep its capital. Otherwise, why would these foreigners in general need to take the State? Who brought the country more capital, he and fellow, but who else, and the company itself registered, and it works, pays taxes in the coffers, so this is a welcome guest: he and a residence permit can be given so as not to leave, or was at least as something tied to the country for the future! Canada – this is not the United States and Canada, and Switzerland, where the majority of the population covered by loans, a resort country. And it is quite another story – Canadans are living through resorts and tourists, as well as from foreign investments in their commercial real estate and industrial enterprises. Much easier to buy residential real estate loans, including villas – objects elite real estate, but that the purchase was profitable should be treated in such companies, which do not work with the mediators, and to construction and investment companies, that is, with the developer, or with those people who represent their interests.

http://secondmortgagecolorado.net/commercial-real-estate-in-canada/

brought by Moishe Alexander, CFC canadian funding corp CEO

Heather Scoffield – Ottawa

Central bank will ‘choke nascent rebound, Sheryl King predicts in her first Canadian forecast

Central bank will ‘choke’ nascent rebound, Sheryl King predicts in her first Canadian forecast

The new chief economist for Merrill Lynch Canada has finally landed and published a forecast that is significantly more optimistic about the Canadian economy in the short run, but less enthusiastic for next year.

Sheryl King, who was a senior U.S. economist for the firm but moved to Toronto last week, believes the Canadian economy has begun to grow and will pick up strength throughout the rest of the year.

But she also projects that the Bank of Canada will get carried away with the surge in growth, scale back its economy-fuelling measures too fast, and undermine the recovery.

“It will choke off growth,” Ms. King said in an interview. “The upturn in the economy will be very short-lived indeed”.

Ms. King sees a 1.8 per cent contraction of the Canadian economy in the second quarter, at annualized rates, but a 1.3 per cent expansion in the third quarter, and a 3.8 per cent pace in the fourth quarter.

The bounce tapers off quickly, however, and she sees the Canadian economy barely moving by the end of 2010, at a 1.5 per cent annual pace.

Overall, she forecasts a 2 per cent decline in output in 2009, followed by a 2.7 per cent expansion in 2010, with monetary policy being the key driver of how the Canadian recovery takes shape.

The previous Merrill Lynch Canada forecast, authored by David Wolf who has moved to the Bank of Canada, projected a 2.7 per cent contraction in 2009 and a 2.3 per cent rebound next year.

“All of it will depend on how well policy is steered,” Ms. King said, explaining why she made the changes.

The Bank of Canada “overreacted” to the global financial crisis by taking interest rates too low and making credit too easy, she argued. And as the Canadian and global economies begin to recover, the central bank will likely overdo it again, and withdraw its support too fast.

The key mistake by the Bank of Canada was assuming that the credit crunch that has plagued the U.S. economy exists here as well, she said. But in Canada, low interest rates are very effective, fuelling the housing market, real estate, business investment and consumers’ buying intentions.

“We’re seeing a lot of interest-rate response that’s percolating beneath the surface”.

If commercial banks aren’t lending, it’s because they are acting prudently in the face of a “plain, old-fashioned recession” and not because they’re strapped for cash.

Once the central bank sees the pick-up in growth, it will get nervous about its commitment to keep interest rates low for a long time – a nervousness that will likely drive up long-term interest rates, she said.

Lending conditions will probably start to tighten, but the Canadian recovery and global growth will still be too fragile to resume robust growth without the support of the central bank, she argued.

“This is not really a bullish scenario,” she said. Policy makers “are trying to get in front of a huge freight train, and they’re throwing all that they can in front of it. And to some extent, they’re going to be successful. But ultimately, there are still underlying problems, especially in the global economy”.

Ms. King’s U.S. counterparts at Banc of America Securities/Merrill Lynch have recently revised up their forecast for the U.S. economy as well. They now expect a 2.1 per cent contraction followed by a 2.6 per cent expansion next year, instead of a 2.4 per cent contraction followed by a 1.8 per cent expansion.

But much of that growth comes from fiscal and monetary stimulus aimed at the domestic economy, and probably won’t help Canada much, Ms. King said.

Still, it’s not all bad news for Canada. The unemployment rate will probably peak in the next few months at below nine per cent, she projected, and then slowly edge back down to just above eight per cent by next year.

http://luishipolito.wordpress.com/2009/07/06/canadas-economic-bounce-will-be-short-lived-merrill-lynch-says/

reviewed by Moishe Alexander, CFC CEO

Wow, wow, wow is all I can say. We are supposed to be in a down time yet Ford goes and does this………..Ford Motor Car of Canada sold 27,408 vehicles in June which was a 25-per-cent jump on sales in June, 2008, and the first year-over-year sales increase it has posted in 2009!

The engine that could……..choo choo……….Ford never quit. Amazing, yet true! See what happens when one doesn’t give up? Think of all those people that quit advertising, quit working, and just plain gave up because the media told them that the market was bad. Good for Ford.

Today in the USA they talked about a recovery that is, a jobless recovery. Wow, a little bit of a paradox to be sure. I don’t understand it but it becomes a recovery and if it works for us call it what you will?

Here is a story on Toronto’s house markets as of May. (Link for the CTV site is below.)

It states, “May was the strongest month ever for sales of luxury homes in the Greater Toronto Area, according to RE/MAX Ontario-Atlantic Canada.

In that month, 273 homes were sold for more than $1 million each, compared to 258 sold in the same month one year earlier — a difference of 6 per cent.

“What we are seeing is confidence is returning to the marketplace, and there are some market dynamics that are in place with consumers returning to this level of the marketplace,” said Christine Martysiewicz, of RE/MAX Ontario-Atlantic.

“There is a shortage of inventory and there is pent-up demand, so that is all a sign of the current market conditions out there.”

The previous record for luxury home sales in the GTA was set in May 2007, when 266 homes were sold for over $1 million.

The new record marks the highest number of luxury home sales in the history of the Toronto Real Estate Board.

One of the homes sold last month was located on the city’s prestigious Bridle Path and was priced at over $13 million. It was the first sale of a home for over $10 million in more than a year, in the GTA.”

http://toronto.ctv.ca/servlet/an/local/CTVNews/20090612/toronto_home_sales_090612/20090612?hub=TorontoHome

Holy hot Tamale indeed! Call Howard for his thoughts on investing in Canada at 403 630 4544 or at howardmanley@shaw.ca, or Darwin at darwin@redevproperties.com.

http://investmentsincanada.blogspot.com/2009/07/holy-hot-tamale-by-richard-crenian.html

reviewed by Moishe Alexander, CFC CEO

We are told that these are oceanfront condominiums and will be the tallest building on the Island.

Kirana is an Indian word meaning “ray of light”.

The new highrise will hold 3, 4 and 5 bedroom condominium residences and penthouse units.

Apparently MLS sales for South Padre Island exceeded 2008 which is a good sign for South Padre. The influx of cash has come from Mexico, Houston, Dallas, Austin, and San Antonio.

Did we mention that this was a beachfront property? Canadian Funding Corporation says: “WOW!”

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Introduction from Canadian Funding Corp: What is the building envelope?
The building envelope consists of the materials, assemblies and components that separate the interior of a building from the exterior. It includes such elements as walls, windows and doors, roofs, floors and foundations. The function of these elements is to enclose space in such a way that appropriate interior environmental conditions (temperature, humidity, air movement, light) can be maintained.

Premature failure of building envelopes occurs in many buildings throughout the country. These failures result in the deterioration of the exterior facade of buildings, damage to building interiors, dangerous long-and-short-term structural situations, and potential adverse health effects to occupants as a result of exposure to molds.

The knowledge and technology required to design and construct building envelopes that are free of problems is now available. A more durable envelope, requiring less maintenance, is the result of improved understanding of applied building sciences, improved detailing on construction drawings, and greater attention to detail in the construction and commissioning of the building envelope.

By understanding the movement of moisture through the building envelope, whether the moisture is from the outside or inside, the primary cause of premature deterioration can be controlled. Enhanced envelope performance can be achieved through greater envelope airtightness, improved water management capabilities, and the application of pressure equalized rainscreen systems and proper water shedding details.

The following section provides an overview of improved approaches to air barrier systems, rainscreen design and commissioning requirements, water-shedding wall construction, and improved practices relating to the design and construction of parking garages and roof systems. In each case, changes to the design, construction and commissioning of the building envelope are required to ensure improved durability.

Air Barriers
Despite the importance of the air barrier to overall building performance, air barrier technologies are just beginning to be understood. Consideration of the air barrier system is often not fully integrated into the design process.

An effective air barrier (or more specifically an effective air barrier system, made up of all the materials, components and joints functioning to prevent the migration of air) is an essential component of a well performing building envelope in all climatic regions. The effectiveness of rainscreen designs, improved insulation levels, ventilation and interior comfort are each dependent on air barrier performance. The air barrier system will restrict the movement of air through the envelope, thereby reducing the primary transfer mechanism of moisture. Control of air movement will also improve comfort, envelope durability, and energy efficiency.

Canadian Funding Corporation will continue on the subject of air barriers in a following post and in the spirit of the healthy highrise. We hope that this CMHC material will prove useful.

Meanwhile here are two videos provided by Canadian Funding Corp. on the building envelope and financing issues.

Canadian Funding Corporation and Moishe Alexander issues high LTV commercial loan in Cambridge Ontario to fund the purchase of a variety store. Michael Spiro, attorney, closed the deal.

As Canada’s housing market showed more signs of a rebound in May, Canadian Funding Corp. noted that the national average residential price reached its highest monthly level on record. This development was released by Canada Real Estate Association on Monday.

Driven by price gains in some of the most expensive markets in the country, the national average resale price rose to $319,757, up 0.4 per cent from the previous record set in May 2008.

CREA said that over the past four months, the national residential average price has recovered 16.4 per cent from the low in January.

New record high prices were also seen in Saskatchewan, Ontario, Quebec, New Brunswick, and Nova Scotia.

“Fueled by a string of monthly increases in activity, the number of transactions in May reached the highest point since July 2008,” said CREA chief economist Gregory Klump.

“Inventory levels are still high in many markets, but fewer new listings and rising sales activity suggests that the selection of homes available for sale may shrink as the year progresses,” Klump said.

The supply of homes up for sale needs to be drawn down further before average price increases become more widespread among local markets.”

On a seasonally adjusted basis, home sales rose eight per cent to 37,649 units in May from April.

“This marks the fourth consecutive monthly increase in seasonally adjusted activity,” CREA said. “Seasonally adjusted activity in May was 43 per cent above where it stood in January 2009.”

BMO Capital Markets economist Douglas Porter said low borrowing costs, more affordable prices in many markets and some pent-up demand after the slow fall and winter period have given support to the market.

“However, even with these positives, further gains will be much tougher to come by, especially with employment continuing to sag,” Porter said. “The housing market is not about to go off to the races, even if it has been pulled back from the brink.”

Source: www.cbc.ca