The Government of Canada announced today an investment of $3.8 million, as part of Canada’s Economic Action Plan, to improve housing conditions in First Nation communities across Nova Scotia.

The Honourable Peter MacKay, Minister of National Defence and Minister Responsible for the Atlantic Gateway, Nova Scotia and Newfoundland and Labrador; and Scott Armstrong, Member of Parliament for Cumberland – Colchester – Musquodoboit Valley 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 of the Millbrook First Nation community.

“Our Government’s Economic Action Plan is delivering support for improvements in housing conditions for members who live in First Nations communities in Nova Scotia and we are also stimulating the local economy by creating jobs,” said Minister MacKay.

Through Canada’s Economic Action Plan, the Government of Canada has committed $400 million over the next 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.

The application calls for the new funding initiatives under Canada’s Economic Action Plan were very successful and generated a large number of applications. As a result, CMHC will be fully allocating all the available funding for this fiscal year.

Some $3.8 million in federal investments will be made available to 13 First Nations in Nova Scotia to address immediate housing needs.

CMHC will allocate $2.57 million to retrofit 229 housing units on-reserve in Nova Scotia, as well as $1.22 million for subsidy associated with 12 new housing units to be constructed in seven First Nations communities in Nova Scotia. First Nation communities across the province receiving funding include: Acadia First Nation, Annapolis Valley First Nation, Bear River First Nation, Chapel Island First Nation, Eskasoni First Nation, Glooscap First Nation, Indian Brook First Nation (Shubenacadie Band Council), Membertou First Nation, Millbrook First Nation, Paqtnkek First Nation, Pictou Landing First Nation, Wagmatcook First Nation, and Waycobah First Nation.

‘’This is wonderful news for our community,” said Chief Lawrence Paul, Millbrook First Nation. “It came at the right time and allowed us to accommodate a family with special needs, as well as address overcrowding in some units. This program has also exposed us to new building practices which will be beneficial for years to come.”

The Honourable Vic Toews, President of the Treasury Board and Member of Parliament for Provencher, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), the Honourable Gord Mackintosh, Minister of Family Services and Housing, and Mike Pagtakhan, City of Winnipeg Councillor for the Point Douglas Ward, made the announcement today in Winnipeg.

“The Government of Canada is committed to helping Canadians in Winnipeg and across Canada access quality, affordable housing,” said Minister Toews. “Through this investment, CentreVenture will be able to offer low-income families and individuals more rental housing options and an opportunity to start a new chapter in their lives.”

All three levels of government are supporting the construction of a new $3.7 million, 25 unit apartment complex located in downtown Winnipeg. Construction of CentreVillage is underway and the building will be ready for tenants in the summer of 2010.

“Manitoba has a long history of welcoming and supporting new Canadians and there’s nothing more important than having a safe, affordable place to live,” said Minister Mackintosh. “Today’s announcement builds on other recent commitments and demonstrates that when we work together with the community we can really make a difference.”

Today’s announcement includes more than $1.85 million in funding through the Canada – Manitoba Affordable Housing Program, Manitoba Housing’s HOMEWorks program, and the City of Winnipeg.

Representing Winnipeg Mayor Sam Katz, Councillor Mike Pagtakhan said, “Winnipeg is, above all, a city where people genuinely care about their neighbourhoods, and each other. The City is proud to be a partner and investor in CentreVillage, because the housing opportunities it will provide to residents of the Central Park area are in our community’s best tradition of neighbours helping neighbours.”

“CentreVenture Development Corporation is pleased to see CentreVillage housing become a reality. We are working with our community based partners, Knox Centre, to increase the variety of housing options in the Central Park neighbourhood.” said Ross McGowan, CEO of CentreVenture Development Corporation “as the City of Winnipeg’s downtown development agency we appreciate the value that strong and diverse neighbourhoods contribute to our downtown.”

In Winnipeg, these investments are being delivered through the Winnipeg Housing and Homelessness Initiative (WHHI), a partnership between the Government of Canada, the Province of Manitoba and the City of Winnipeg. The partners work together to deliver funding provided through each level of government for affordable housing, to address homelessness, and to assist in the revitalization of Winnipeg’s older neighbourhoods by providing rehabilitation and repair loans.

These investments are part of the Government of Canada’s $1.9-billion commitment for housing and homelessness for low-income Canadians. As part of this investment the Affordable Housing Initiative (AHI), the renovation programs for low-income households and Homelessness Partnering Strategy were renewed for two years to March 31, 2011. In Manitoba, these initiatives are jointly funded by the federal and provincial governments through contributions totaling over $34 million for the next two years.

The funding for one of the two projects has been made available through Canada’s Economic Action Plan, the federal government’s plan to stimulate the economy and create jobs during the global recession. The federal and provincial governments are contributing equally to the $132 million overall investment under the amended Canada – Saskatchewan Affordable Housing Program Agreement.

Persons with disabilities often have difficulty finding housing that meets their specific needs. Canada’s Economic Action Plan provides $75 million, over two years, to build new rental housing for persons with disabilities. Overall, the Economic Action Plan includes more than $2 billion for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure.

“The Government of Canada is helping make affordable housing available in Saskatchewan and across Canada for those who need it most,” said MP Block. “Here in Saskatoon, this initiative will help people in our community access suitable, affordable housing that meets their needs.”

“Our government is committed to affordable housing and we are pleased to work with the federal government in bringing these projects to fruition,” said Minister Harpauer. “Finding solutions to housing needs requires the support of many, and these projects clearly demonstrates what can be accomplished when we work together to make life better for Saskatchewan citizens.”

“The City of Saskatoon looks forward to participating with the Government of Canada and the Province of Saskatchewan to help deliver much needed rental accommodation in Saskatoon,” said Mayor Donald Atchison. “More rental accommodation is needed in our community and the City of Saskatoon has created a new Rental Rebate program with the ultimate goal of seeing 1,000 new rental units constructed across the city. These additional units will assist us with our goal.”

The first project will consist of two three-bedroom semi-detached homes for a total of four units. Each unit will be wheelchair-accessible and feature wider doorways, ramps, wheel-in showers and lower counter and light-switch heights. The estimated total cost is $1.1 million, of which $601,000 is funded under the amendment to the Canada – Saskatchewan Affordable Housing Agreement with a further $110,000 coming from the City of Saskatoon. A private incorporation known as DH2 will provide approximately $400,000 in land and financing for the construction of the project. Completion is expected in March 2010.

The second project, Bedford Road, will consist of two three-bedroom four-plexes for a total of eight units. Funded as a result of the two year extension of the Affordable Housing Initiative (AHI), the estimated total cost is $2.1 million, with $1.9 million provided through the amended Canada – Saskatoon Affordable Housing Program Agreement, and the balance coming from the City of Saskatoon. North Ridge Development Corporation will act as project contractor. Completion is expected in summer 2010.

Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion over the next five years to improve and build new affordable housing and help the homeless.

The announcement was made by the Honourable Michael Chong, Member of Parliament for Wellington – Halton Hills on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).

The Town of Erin has been approved for more than $286,000 in a low-cost loan from CMHC’s Municipal Infrastructure Lending Program (MILP), to repair and reconstruct residential streets in the hamlet of Hillsburgh.

“Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said MP Chong. “This program is opening the door for municipalities of all sizes to meet their housing-related infrastructure needs and create jobs. It’s good news not only for Hillsburgh, but also for Ontario.”

Canada’s Economic Action Plan provides up to $2 billion in direct low-cost loans to municipalities, over two years, for housing-related infrastructure projects through the MILP. Municipal infrastructure loans are available to any municipality in Canada and provide a new source of funds for municipalities to invest in housing-related infrastructure projects. These low cost loans can also be used by municipalities to fund their contribution for cost-shared federal infrastructure programming.

“It is a pleasure to find all levels of government working together to address the infrastructure needs of local municipalities,” said Town of Erin Mayor, Rod Finnie. “We appreciate the involvement of CMHC in providing loans for the local portion of the infrastructure costs.”

Eligible projects include infrastructure related to housing services such as water, power generation and waste services, as well as local transportation infrastructure within and into residential areas, such as roads, sidewalks, lighting and green space.

More information on this and other measures in Canada’s Economic Action Plan, the federal government’s plan to stimulate the economy and protect those hit hardest by the global recession, can be found at: www.actionplan.gc.ca.

Phil McColeman, Member of Parliament for Brant, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation; Dave Levac, Member of Provincial Parliament Brant, on behalf of the Honourable Jim Watson, Minister of Municipal Affairs and Housing; Mike Hancock, Mayor of Brantford; and affordable housing sponsors Meadows Court Properties Inc., Multani Custom Homes Ltd., Telephone City Developments Ltd., 1372360 Ontario Inc., Freedom House International Church and Brant Native Housing attended the event.

“The Government of Canada is committed to making affordable housing available in Ontario and across Canada for those who need it most,” said MP McColeman. “These projects will give individuals and families of Brant and Brantford access to safe and affordable housing that meets their needs.”

“This is great news for Brantford said MPP Dave Levac. ”Once again, the provincial and federal governments have teamed up with the City of Brantford to develop and provide affordable housing for those that need it most. In addition, we have given a boost to the local economy, making Brantford a great place to live, play and raise a family.”

Today’s announcement recognized eight affordable housing projects in Brantford funded under the Canada – Ontario Affordable Housing Program:

* The official opening of a 6-unit project sponsored by Brant Native Housing Inc. The project received $420,000. The units will be occupied by low-income individuals and those with special needs.
* The start of construction of Alfred Street Apartments, a 39-unit project sponsored by Multani Custom Homes Ltd. The project received $2.3 million. The units will be occupied by low-income families and individuals and those with special needs.
* The start of construction of a 24-unit project sponsored by Meadows Court Properties Inc., located in Paris. The project received $1.4 million. The units will be occupied by low-income individuals and those with special needs.
* The official opening of an 11-unit project sponsored by Meadows Court Properties Inc. The project received $550,000. The units will be occupied by low-income individuals and those with special needs.
* The start of construction of a 15-unit project sponsored by Freedom House International Church. The project received $750,000. The units will be occupied by low-income individuals and those with special needs.
* The start of construction of the McCutcheon Lofts, 34-unit project sponsored by Telephone City Developments Ltd. The project received $1.7 million. The units will be occupied by low-income families and individuals.
* The official start of construction of Winniett Street Apartments, a 32-unit project sponsored by Meadow Court Properties. The project received over $1.78 million. The units will be occupied by low-income families and individuals and people with special needs.
* The official opening of the Uptown Downtown Suites, a 10-unit project sponsored by 1372360 Ontario Inc. The project received $600,000. The units will be occupied by low-income families and individuals and those with special needs.

The federal and provincial allocations to the project were complemented by more than $900,000 in municipal financial incentives.

“The City of Brantford is pleased to have participated with the federal and provincial governments in providing these much needed additions to the housing stock in our community,” said Mike Hancock, Mayor of Brantford. “These projects not only keep the local economy thriving, but they work towards a shared goal of building strong communities where everyone has a place to call home.”

“The County of Brant is pleased to celebrate the start of construction of 130 West River Street in Paris, alongside our federal and provincial government partners,” said the Mayor of Brant County, Ron Eddy. “This affordable housing project is another fine example of the re-use of a heritage building and we are pleased that Meadows Court Properties is producing another attractive, affordable housing project in our municipality.”

The Canada – Ontario Affordable Housing Program Agreement, signed in 2005, comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.

Last fall, the Government of Canada committed more than $1.9 billion over the next five years to improve and build new affordable housing and to help the homeless. Canada’s Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing and lending of up to another $2 billion to municipalities for housing-related infrastructure. Combined for Ontario, this means a further $1.2-billion joint investment under the amended Canada – Ontario Affordable Housing Program Agreement. The federal and provincial governments are contributing equally to this overall investment.

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http://www.articlefeeder.com/blog/real-estate/17563-cost-effective-home-loan-process-is-convenient-at-mortgage-rates-canada

reviewed by Moishe Alexander, CFC  canadian funding corp CEO

The Commercial Financing Market in 2009

Increasing concerns over commercial lending exposure at regional banks is growing as most experts think commercial lending credit declines will likely increase sharply this year.
Loan losses are on the rise to 1.5% to 2% of all commercial loans this year from around 1% currently. But just because a certain percentage of loans are going bad this doesn’t mean that banks still can’t or won’t lend. In fact rates are low and banks are still lending. Wells Fargo’s report that commercial mortgage refinancing went particularly well in the first three months of 2009 prompted broad feelings of relief among investors who now believe banks may be able to earn their way out of their difficult circumstances. Many regional commercial lenders and banks are going under which is creating more business and more opportunities for the banks that survive.

http://www.bcab.org/2009/07/16/commercial-finance-site-launches-to-help-business-owners-and-commercial-real-estate-investors-reach-capital/

brought by Moishe Alexander, CFC  canadian funding corp CEO

As a result of a sizzling month of sales in June, Canada’s two largest real estate markets — Toronto and Vancouver — came close to breaking their all-time sales records.

In Toronto, the nearly 11,000 properties sold last month marked a 27 per cent sales increase over the previous June. And in Vancouver, where 4,259 units changed hands last month, sales were up 75.6 per cent from 12 months ago.

Major year-over-year gains were also seen in Calgary (28 per cent), Regina (24 per cent), Edmonton (15.8 per cent) and Ottawa (12.5 per cent). Sales were also up 5.2 per cent in the Halifax-Dartmouth area over the previous June and had inched up 0.8 per cent in Newfoundland and Labrador.

According to RE/MAX, most of Canada’s major real estate markets had begun to recover from the recession as early as March, with sales picking further up in April and May, leading to the high levels of sales seen in June.

Michael Polzler, the executive vice-president of RE/MAX Ontario-Atlantic Canada, says the boom in sales is the result of affordable prices and mortgages, as well as pent-up demand among homebuyers.

It’s a trend that could also help the wider economy, he said, because it will spur homeowners to spend on home improvements.

“When people start buying houses, they have to buy all the things that go along with those houses,” Polzler told CTV’s Canada AM on Monday morning. “Often it means a new fridge, a new carpet, painting, fixing up this, fixing up that. Even when you buy a new house, there’s a lot of things to buy. So, it helps everybody connected.”

Looking forward to the rest of the year, RE/MAX is expecting to see a more stable real estate market, though sales may not continue at the current pace.

Polzler believes that many Canadians favour real estate as a form of investment, as opposed to putting their money in private business opportunities.

“Most Canadians are very uncomfortable and unsure about the stock market,” he said. “And when you see that through these difficult times, prices in real estate have come down a little bit in most places — and in many cases are back up — they feel a lot more control than they do in the stock market.”

http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20090713/real_estate_090713/20090713?hub=TopStories

reviewed by Moishe Alexander, CFC canadian funding corp CEO

A new forecast from a major Canadian real estate company predicts that the national housing market is stabilizing, after seeing a “remarkable turnaround” in the second quarter of 2009.

Royal LePage predicts that the selling price of the average house will drop by only two per cent this year — an improvement over the real estate company’s prior forecast from six months ago that predicted a three per cent drop.

The real estate company also predicts that the number of unit sales will drop about one per cent in 2009 to an estimated 430,000 sales.

Phil Soper, the president and CEO of Royal LePage Real Estate Services, said that the forecast adjustment is the result of the improved real estate sales numbers seen in the second quarter of this year.

“We’ve got the most important quarter in the real estate calendar behind us — the second quarter — and it really was a remarkable turnaround,” Soper said during an interview on CTV’s Canada AM on Tuesday morning.

“As steep as the decline was, the bounce-back was just as dramatic,” he added.

While the year’s second quarter saw housing prices beginning to appreciate, the average national housing prices still remain below their values from 12 months ago.

According to the Royal LePage figures:

* The average price of a detached bungalow declined to $327,964, about 3.5 per cent below what it was the year before
* The average price of a two-storey home was down 3.7 per cent to $392,378
* The average price of a condominium dropped four per cent to $236,612

Soper said a combination of lower mortgage prices and a housing supply shortage in parts of Canada helped push the market upward during the second quarter.

But he cautioned that the market still has a long way to go, when it comes to recovering the value lost during the recent setback.

“It’s going to look better for the second half of this year,” he said. “It’s not going to be a startlingly good year like earlier in the decade, but I think just the bounce-back, the comeback from where we were, is going to make a lot of Canadians feel a lot more comfortable about the homes they live in.”

In many Western Canadian cities, including Calgary, Edmonton and Vancouver, housing prices are still between 10 and 15 per cent below what they were a year ago, Soper said. But they are “gaining back ground,” he said.

In Ontario, Royal LePage said Ottawa would likely see stable prices throughout 2009, with Toronto’s market stabilizing towards the end of the year.

Montreal is expected to remain a strong real estate market this year, helped by low interest and unemployment rates.

In Atlantic Canada, housing prices were much more stable than in cities further west in Canada throughout the recession, meaning that their pricing fluctuations have been less volatile overall, Soper said.

And according to the Royal LePage figures, demand for housing has so far been strong in 2009, due to strong local economies coupled with moderate housing prices.

http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20090707/real_estate_090707/20090707?hub=CanadaAM

brought by Moishe Alexander, CFC CEO

The title search is a critical step in the real estate transaction, and quite possibly the most important step taken toward ensuring the transaction runs smoothly. In the process of conducting the search, the lawyer can determine if legislation concerning the Planning Act has been contravened; non-compliance with this legislation is fatal to any intended transaction. The lawyer can also determine if there are any registered liens on the property. If registered liens are discovered, it is the responsibility of the lawyer to deal with them immediately in order to avoid the serious consequences that can result if they are not handled properly.

Time is the essence of title searching. By conducting a search in a timely fashion, the diligent lawyer is able to provide the lawyer acting on behalf of the seller with a letter of requisition regarding any outstanding issues associated with the property. This letter can be explained as a series of inquiries and requests, with which the seller must comply, excepting exemptions in accordance with the conditions of the sale, arising as a result of a proposed purchase.

When the sellers solicitor receives the letter of requisition, the seller becomes obligated to resolve any issues that are detailed therein. In other words, this letter serves as a point from which communication begins between the legal representatives of the buyer and the seller to solve legal issues related to the property in question.

Once the title search is complete, the lawyer is in a much better position to provide an opinion of the property to the relevant parties, such as prospective lenders, who would rather secure their loan with a lawyers opinion of the propertys title before furnishing financing to the buyer, or insurance providers, for example, who require that the buyers lawyer is able to advise them of the state of the title to ensure the well-being of a title insurance policy before it is provided to the new owner(s).

This article has been published for educational purposes by the good folks with PropertySOLD Magazine. PropertySOLD combines the power of online and offline publishing to advertise FSBO real estate for its clients and puts a particular focus on educating people about selling privately.

http://www.bestlegalarticles.com/understanding-the-role-of-your-real-estate-lawyer.html

review by Moishe Alexander, CFC CEO