E.B.Dungey Realty Ltd. Brokerage

TREB President’s Column as it appears every Friday in the Toronto Sun’s Resale Homes and Condos section.

December 21, 2012 –
A moderate number of resale home transactions took place throughout
the Greater Toronto Area (GTA) in November, with 5,793 homes
changing hands. This represented a 16 per cent decrease from
6,908 sales in November 2011.

In Toronto 2,308 transactions took place last month compared
to 2,952 sales a year ago – a decline of nearly 28 per cent.
Meanwhile 3,485 homes changed hands in the 905 Regions, a decrease
of more than 13 per cent from 3,956 sales in November 2011.

A key factor that has influenced the dip in sales experienced
in recent months relates to the changes in mortgage lending
guidelines that came into effect in July. The changes reduced
the maximum amortization period from 30 years to 25 years and
set a purchase price ceiling for government backed insured
mortgages at one million dollars. These regulations have resulted
in some households putting their decision to purchase on hold
while they save up more money for a down payment and/or experience
an increase in their income. Adding to this situation in the
City of Toronto is the additional upfront Land Transfer Tax,
which takes money from home buyers that could otherwise be
used to offset the high costs of home ownership.

While sales decreased year-over-year in November, a modest
overall price increase was reported, with the average price
of a GTA home reaching $485,328. This represented an increase
of 1.6 per cent compared to a year ago.
The 905 Region, with an average price of $463,779, showed a
price increase of four per cent compared to a half-percent
decrease in the City of Toronto average home price, which was
$517,866.

The pace of average price growth in November was slower than
what was experienced for much of 2012, especially in the low-rise
segment of the market. This was largely due to the fact that
the mix of single detached homes sold in the City of Toronto
this past November changed relative to last year. Specifically,
the share of homes that sold for over one million dollars was
down considerably.

While the mix of home types sold may have changed, market
conditions remained tight for low-rise home types. This is
evident when we consider the MLS® Home Price Index (HPI) for
the GTA. The MLS® HPI tracks the price change for benchmark
homes – in other words: a home with the same attributes over
time. When we look at price through this lens, we find that
the benchmark price for major home types was up by 4.6 per
cent in the GTA as a whole and 3.9 per cent for the City of
Toronto.

News on the employment front was positive in November, as the
Toronto seasonally adjusted unemployment rate decreased to
8.2 per cent, from 8.6 per cent the previous month. Interest
rates remain largely unchanged, with a five year fixed mortgage
rate of just over three per cent continuing to be available.

At this time of year I am often asked whether it is prudent
to list one’s home for sale over the holidays, and there are
in fact, many benefits to doing so. Consider that those viewing
homes at this time of year are more likely to be serious buyers.
As well, homes often look their best when they are decorated
for the holidays, and a favourable emotional response to a
property often prompts an offer.

I encourage you to talk to a Greater Toronto REALTOR® about
the many other factors you should consider before choosing
to make your next move and in the meantime, be sure to visit
www.TorontoRealEstateBoard.com for all of the latest updates
on the market.

Ann Hannah is President of the Toronto Real Estate Board,
a professional association that represents 35,000 REALTORS®
in the Greater Toronto Area.

Follow TREB on www.twitter.com/TREBhome, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel

Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/index.htm

TREB President’s Column as it appears in the Toronto Star.

December 14, 2012 — A moderate number of resale
home transactions took place throughout the Greater Toronto
Area (GTA) in November, with 5,793 homes changing hands. This
represented a 16 per cent decrease from 6,908 sales in November
2011.

In Toronto 2,308 transactions took place last month compared
to 2,952 sales a year ago – a decline of nearly 28 per cent.
Meanwhile 3,485 homes changed hands in the 905 Regions, a decrease
of more than 13 per cent from 3,956 sales in November 2011.

A key factor that has influenced the dip in sales experienced
in recent months relates to the changes in mortgage lending
guidelines that came into effect in July. The changes reduced
the maximum amortization period from 30 years to 25 years and
set a purchase price ceiling for government backed insured
mortgages at one million dollars. These regulations have resulted
in some households putting their decision to purchase on hold
while they save up more money for a down payment and/or experience
an increase in their income. Adding to this situation in the
City of Toronto is the additional upfront Land Transfer Tax,
which takes money from home buyers that could otherwise be
used to offset the high costs of home ownership.

While sales decreased year-over-year in November, a modest
overall price increase was reported, with the average price
of a GTA home reaching $485,328. This represented an increase
of 1.6 per cent compared to a year ago.

The 905 Region, with an average price of $463,779, showed
a price increase of four per cent compared to a half-percent
decrease in the City of Toronto average home price, which was
$517,866.

The pace of average price growth in November was slower than
what was experienced for much of 2012, especially in the low-rise
segment of the market. This was largely due to the fact that
the mix of single detached homes sold in the City of Toronto
this past November changed relative to last year. Specifically,
the share of homes that sold for over one million dollars was
down considerably.

While the mix of home types sold may have changed, market
conditions remained tight for low-rise home types. This is
evident when we consider the MLS® Home Price Index (HPI) for
the GTA. The MLS® HPI tracks the price change for benchmark
homes – in other words: a home with the same attributes over
time. When we look at price through this lens, we find that
the benchmark price for major home types was up by 4.6 per
cent in the GTA as a whole and 3.9 per cent for the City of
Toronto.

News on the employment front was positive in November, as
the Toronto seasonally adjusted unemployment rate decreased
to 8.2 per cent, from 8.6 per cent the previous month. Interest
rates remain largely unchanged, with a five year fixed mortgage
rate of just over three per cent continuing to be available.

At this time of year I am often asked whether it is prudent
to list one’s home for sale over the holidays, and there are
in fact, many benefits to doing so. Consider that those viewing
homes at this time of year are more likely to be serious buyers.
As well, homes often look their best when they are decorated
for the holidays, and a favourable emotional response to a
property often prompts an offer.

I encourage you to talk to a Greater Toronto REALTOR® about
the many other factors you should consider before choosing
to make your next move and in the meantime, be sure to visit
www.TorontoRealEstateBoard.com for all of the latest updates
on the market.

Ann Hannah is President of the Toronto Real Estate Board,
a professional association that represents 35,000 REALTORS®
in the Greater Toronto Area.

Follow TREB on www.twitter.com/TREBhome, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel

Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_star_col/index.htm

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Article source: http://www.cmhc.ca/en/corp/nero/nere/loader.cfm?csModule=security/getfile&pageid=271602

New Poll Shows Mississauga And Other 905 Region Residents Strongly Opposed To Municipal Land Transfer Tax

TORONTO,
December 4, 2012 – In light of new
polling results that show strong opposition, specifically among Mississauga and
other “905” region residents, to municipal land transfer taxes, REALTORS® are
calling on the City of Mississauga to shelve its current consideration of a
municipal land transfer tax.

“This poll shows that the public understands that
land transfer taxes are the wrong way for municipalities to solve their
financial challenges.  This type of tax
creates more problems than it solves. ” said Ann Hannah, President of the Toronto
Real Estate Board, which represents 35,000 REALTORS® across the Greater Toronto
Area, including more than 5,000 in Mississauga.

The poll was conducted by Ipsos Reid in November
2012 and found:

·        

77 per cent of Mississauga residents, and 83
percent of all 905 residents combined, are opposed to the imposition of a
municipal land transfer, in their municipality, to offset municipal deficits or
to put towards increased spending on infrastructure and other city programs;

·        

89 per cent of all 905 region residents
planning to purchase a home in the next two years are more likely to purchase
outside Toronto specifically to avoid paying the Toronto Land Transfer Tax.

·        

70 per cent of Toronto residents planning to
purchase a home in the next two years are more likely to purchase outside
Toronto specifically to avoid paying the Toronto Land Transfer Tax.

“If levied at the same rate as the Province and the
City of Toronto, a Mississauga Land Transfer Tax would cost the buyer of an
average Mississauga detached home about $10,000, payable upfront. It is unfair
to expect people like down-sizing seniors, or young growing families who need
more space, to pay so much more than their fair share”, said Hannah.

The C.D. Howe Institute recently released an
analysis of the Toronto Land Transfer Tax, which shows that this tax has hurt
Toronto’s economy by dampening home sales by 16 per cent.   In addition, the Ipsos Reid poll found that
25 per cent of the people who recently purchased a home in Toronto would have
spent their land transfer tax money on furnishings or appliances, if they had
not had to give it to the City, and 21 per cent would have spent it on
renovations.  

“Housing sales create jobs because when people move
they spend money on things like renovations, movers, appliances, and
furnishings.  The research has proven
that municipal land transfer taxes dampen home sales.  Every housing sale that would be lost as a
result of a municipal land transfer tax would risk Mississauga jobs,” added
Hannah.

These
are some of the findings of an Ipsos Reid poll conducted between November 24th
and 29th, 2012, on behalf of the Toronto Real Estate Board. For this survey a
sample of 1,112 residents of the GTA from Ipsos’ Canadian online panel was
interviewed online. Weighting was then employed to balance demographics
to ensure that the sample’s composition reflects that of the adult population
according to Census data and to provide results approximate the sample
universe.  The precision of Ipsos online polls are measured using a
credibility interval.  In this case, the poll is accurate to within +/-
3.4 percentage points of all residents in the GTA region.  The credibility
interval will be larger for sub-groupings of this population.  All sample
surveys and polls may be subject to other sources of error, including, but not limited
to coverage error, and measurement error.

For information about Buyer Representation Agreements
(BRA) visit www.BRAFirst.ca

For Media/Public Inquiries: Mary Gallagher, Senior
Manager Media Relations.

Toronto
Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416)
443-8158, Email:maryg@trebnet.com

Greater Toronto REALTORS are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple
Listing Service. Serving over 35,000 Members in the Greater Toronto Area,
the Toronto Real Estate Board is Canadas largest real estate board. Greater
Toronto Area open house listings are available on www.TorontoRealEstateBoard.com

Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2012/nr_treb_MLTT_campaign_1212.htm

WOODSTOCK, ONTARIO, December 7, 2012 — Domestic Abuse Services Oxford celebrated today the renovation and reopening of a 21-bed shelter for victims of family violence in Woodstock.

Dave MacKenzie, Member of Parliament for Oxford, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC); and Marlene Van Ham, Board Chair of Domestic Abuse Services Oxford, made the announcement today.

“Our government is pleased to be a partner in the renovations to this shelter,” said MP MacKenzie. “Women and children in need of a hand up have a safe and supportive place to live, as well as the services they need to begin a new chapter in their lives.”

“The Ontario government is pleased to support Domestic Abuse Services Oxford in its goal to create safe and secure environments for women and their children in times of crisis,” said the Honourable Bob Chiarelli, Ontario’s Minister of Municipal Affairs and Housing. “This modernized facility will provide its residents with a comfortable safe environment where families can get the assistance they need.”

The $504,000 investment in the shelter, provided by the federal and provincial governments, has been used torenovate the 21-bed shelter. Improvements were made to the living, dining, kitchen and children’s play areas. Funds were also used to enhance accessibility and security at the shelter.This funding comes as a result of the $481 million Investment in Affordable Housing 2011 – 2014 Agreement between the Governments of Canada and Ontario.

“The newly expanded and renovated areas are not only more attractive and comfortable, but they also support the diverse needs of our residents,” says Marlene Van Ham. “They can enjoy the camaraderie of cooking, dining and socializing together, but quieter spaces for reading, reflecting, or meeting one-on-one with staff are also available.”

Domestic Abuse Services Oxford is committed to ending the cycle of domestic abuse and helping families make the transition to lives free from violence and abuse. Their primary mandate is to be available and accessible to women and their children living in Oxford County who are impacted by domestic abuse. The shelter’s recent renovation significantly enhances the programs and services offered.

The Government of Canada, through CMHC, will invest approximately $2 billion in housing this year. Of this amount, $1.7 billion will be spent in support of almost 605,000 households living in existing social housing. In Ontario, this represents close to 238,000 households. These investments are improving the quality of life for low-income Canadians and households living in existing social housing, including individuals who are homeless or at-risk of homelessness, seniors, persons with disabilities, recent immigrants and Aboriginal people.

Ontario continues to build new affordable housing and repair existing units for Ontarians with housing needs. Since 2009, the provincial government has provided more than$191 million to build new rental housing units for low-income seniors and persons with disabilities. Since 2003, Ontario’s funding commitment of nearly $3 billion is the largest affordable housing program in the province’s history. Ontario is supporting the creation of over 17,000 affordable rental housing units; making more than 263,000 repairs and improvements to social and affordable housing units; and providing rental and down payment assistance to over 81,000 households in need. The province’s Long-Term Affordable Housing Strategy sets a strong foundation for a more efficient, accessible affordable housing system in Ontario.

Affordable housing is a key component of Ontario’s Poverty Reduction Strategy. Download a copy of the Government of Ontario’s Long-Term Affordable Housing Strategy. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.

To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642.

Media contacts:

Dean D’Souza
CMHC
416-250-2760

Kelly Baker
Office of Minister Chiarelli
416-585-6842

Marian Ngo
Office of Minister Finley
819-994-2482

Barb Wright
Domestic Abuse Services Oxford
519-539-7488, ext.: 236

Article source: http://www.cmhc.ca/en/corp/nero/nere/2012/2012-12-07-1430.cfm

GTA Commercial REALTORS Release MonthlyCommercial Market Figures

TORONTO, December 5, 2012 – Toronto Real Estate Board (TREB) Commercial Division Members
reported 486,656 leased square feet of industrial, commercial/retail and office
space through the TorontoMLS system in November 2012.  This result was down by 27 per cent in
comparison to November 2011.

Industrial
properties accounted for 85 per cent of space leased, or 413,886 square feet –
down by 21 per cent compared to last year.  While the amount of industrial space leased was down year-over-year, the
average lease rate for transactions undertaken on a per square foot net basis was up by four per cent to $5.14.

“A key
theme in any discussion regarding the Canadian economy this year has been
uncertainty.  While economic growth in
Canada continues to be driven by domestic consumer and business spending,
growth in the export sector, which is so important to industrial concerns in the
GTA, has continued to be anemic.  Recession in Europe and slow growth in the United States and Asia have
been at the root of this problem.  This
economic uncertainty has translated into less industrial space leased compared
to a year ago, as some firms have put their real estate investment decisions on
hold,” said TREB Commercial Division Chair Cynthia Lai.

There were
50 sales of industrial, commercial/retail and office properties in November
2012 – down by 19 per cent in comparison to November 2011.  Sales were more evenly distributed by market
segment, in comparison to the leasing market, with 36 per cent of transactions
accounted for by industrial properties, 42 per cent accounted for by
commercial/retail properties and 22 per cent accounted for by office
properties.

The average
selling price per square foot for transactions where pricing was disclosed was
up on a year-over-year basis for industrial and commercial/retail properties,
while the price was down for office properties.

“The
year-over-year change in the average selling prices was likely due to a
combination of a change in market conditions in some parts of the GTA compared
to last year and a change in the mix of properties sold this year compared to
last,” added Lai.

November 2012: Per Square Foot Net Commercial Leasing Summary

Lease Transactions Completed on a Per Square Foot Net Basis with
Pricing Disclosed on TorontoMLS

Leased Sq. Ft. (Price Disclosed, Per Sq.Ft.
Net)

Avg. Lease Rate (Price Disclosed, Per Sq.Ft.
Net)

Nov.
2012

Nov.
2011

% Change

Nov.
2012

Nov.
2011

% Change

Industrial

413,886

525,743

-21.3%

Industrial

$5.14

$4.94

4.1%

Commercial

47,087

81,597

-42.3%

Commercial

$19.11

$18.77

1.8%

Office

25,683

58,197

-55.9%

Office

$14.10

$12.40

13.7%

Total

486,656

665,537

-26.9%

Source: TREB Commercial Division

November 2012: Commercial Sales Completed with Pricing Disclosed on
TorontoMLS

Sales
(Price Disclosed)

Avg.
Sale Price Per Sq. Ft. (Pricing Disclosed)

Nov.
2012

Nov.
2011

% Change

Nov.
2012

Nov.
2011

% Change

Industrial

18

24

-25.0%

Industrial

$84.55

$73.67

14.8%

Commercial

21

25

-16.0%

Commercial

$251.46

$194.42

29.3%

Office

11

13

-15.4%

Office

$157.34

$233.45

-32.6%

Total

50

62

-19.4%

Source: TREB Commercial Division

For information about Buyer Representation Agreements
(BRA) visit www.BRAFirst.ca

For Media/Public Inquiries: Mary Gallagher, Senior
Manager Media Relations.

Toronto
Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416)
443-8158, Email:maryg@trebnet.com

Greater Toronto REALTORS are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple
Listing Service. Serving over 35,000 Members in the Greater Toronto Area,
the Toronto Real Estate Board is Canadas largest real estate board. Greater
Toronto Area open house listings are available on www.TorontoRealEstateBoard.com

Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2012/nr_comm_watch_1112.htm

Importance of Affordable Housing Solutions Recognized on National Housing Day

TORONTO,
November 20, 2012 — In celebration of National Housing Day November 22nd the Toronto Real Estate Board (TREB) is teaming up with related organizations to host a symposium, highlighting positive initiatives and challenges related to affordable housing.

Quality of life is a key contributing factor to the Greater Toronto Areas solid world standing and it all begins with creating quality affordable housing options that develop into healthy communities, said Toronto Real Estate Board President Ann Hannah.

In addition to the key contribution home ownership makes to quality of life in our city, it also has wide reaching economic effects, with the sale of each home generating more than $40,000 in spin-off spending on things like furniture, appliances, renovations, and financial and legal services.

Organizations participating in the symposium include Habitat for Humanity Toronto and the City of Toronto.

We believe that one of the most important contributions we can make to Torontos future is to foster opportunities for the people of our city to create a better life through affordable home ownership, said Councillor Ana Bailo, Chair of the City of Toronto’s Affordable Housing Committee.

The symposium will also feature guest speaker John Tory, who will share his thoughts on affordable homeownership initiatives and the importance of eliminating poverty housing in Toronto. A Corporate Director and Broadcaster, Mr. Tory is also Chair of CivicAction, an organization that convenes civic leaders from various sectors to stimulate change on issues facing the Greater Toronto region.

Developing affordable housing solutions is a formidable challenge but government, industry, non-profit organizations and the private sector are demonstrating that through our cooperative efforts progress is being made, said Ms. Hannah.

In the past year Greater Toronto REALTORS have sponsored two Habitat for Humanity Toronto homes, while contributing to construction efforts as well.

It is thanks to the support of organizations like TREB that the volunteers of Habitat for Humanity Toronto have been able to build more affordable homes than ever before said Habitat for Humanity Toronto Chief Executive Officer Neil Hetherington. Our combined efforts put Habitats partner families on the path to a better life and in doing so, create a better city for us all to enjoy.

A number of other shelter-related causes also benefit from Greater Toronto REALTORS support through the REALTORS Care Foundation, which offers grants throughout the province on an annual basis.

Last year alone, GTA REALTORS supported 35 local shelter based charities and raised almost $400,000 for shelter charities.

Greater Toronto REALTORS also help consumers achieve their home ownership goals on a daily basis by offering insight into options that make home buying more affordable such as the Five Per Cent Down Payment Program, the RRSP Home Buyers Plan and various tax rebates.

According to recent Habitat for Humanity Toronto studies, the benefits of home ownership include improved financial stability, physical health, personal safety and academic performance, and an April 2012 report released by the National Association of REALTORS in the United States substantiates these findings, also showing health and educational benefits as well positive effects on factors such as crime, civic participation, and property improvement, said Ms. Hannah.

Given the far reaching effects of home ownership, Greater Toronto REALTORS are committed to underscoring the importance of National Housing Day.

The National Housing Day Symposium takes place November 22nd, 2012 from 7:30am to 10:00am at Spirale Banquet and Conference Centre located at 888 Don Mills Road in Toronto.

For more information on government programs for homebuyers and property owners please visit www.TorontoRealEstateBoard.com

For more information on Habitat for Humanity Toronto please visit www.torontohabitat.ca

For more information about the City of Toronto’s Affordable Housing Office, please visit: http://www.toronto.ca/affordablehousing/index.htm

For more information, please contact:
Toronto Real Estate Board

Mary Gallagher, Senior Manager, Public Affairs

416-443-8158 maryg@trebnet.com

Habitat for Humanity Toronto

Joanna M. Dwyer, Marketing Stakeholder Relations

416-755-7353 x 259 jdwyer@torontohabitat.ca

City of Toronto’s Affordable Housing Office

Nicole Stewart, Assistant Housing Development Officer

416-392-4223 nstewar@toronto.ca

For information about Buyer Representation Agreements
(BRA) visit www.BRAFirst.ca

For Media/Public Inquiries: Mary Gallagher, Senior
Manager Media Relations.

Toronto
Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416)
443-8158, Email:maryg@trebnet.com

Greater Toronto REALTORS are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple
Listing Service. Serving over 35,000 Members in the Greater Toronto Area,
the Toronto Real Estate Board is Canadas largest real estate board. Greater
Toronto Area open house listings are available on www.TorontoRealEstateBoard.com

Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2012/nr_national_day.htm

TORONTO, January 23, 2007 — Youth Without Shelter celebrated the unveiling of its new, expanded 50-bed shelter that will benefit hundreds of youth in crisis. The Etobicoke shelter provides short-term housing, support programs and referral services for homeless youth 16 to 24 years of age.

Youth Without Shelter purchased a building next to its existing facility and built a link between the two buildings. The addition has enabled Youth Without Shelter to initiate a 20-bed Stay in School program.

The expansion project received more than $2.5 million from Canada’s New Government, including $2.3 million from Canada Mortgage and Housing Corporation’s (CMHC) Shelter Enhancement Program and $237,200 from the Supporting Communities Partnership Initiative (SCPI), administered by the City of Toronto. Additional funding is from corporate and community supporters, as well as the Government of Ontario and the City of Toronto, who will contribute $930,000 annually in operating funding, up from about $562,000 before the expansion.

“Canada’s New Government is proud to work with Youth Without Shelter to make a real difference in the lives of vulnerable youth,” said the Honourable Monte Solberg, Minister of Human Resources and Social Development. “Projects like this will provide many homeless youth in Toronto with safe housing, and give them hope, dignity and a path to a more secure future.”

“The expansion of this shelter enhances Toronto’s ability to help young people get a fresh start in life,” said Toronto Mayor David Miller. “I’m pleased the federal government is making this investment and others to create opportunities for Toronto’s most vulnerable residents.”

Youth Without Shelter has helped more than 12,500 homeless youth since opening its doors in 1986. In addition to providing safe, emergency housing, they offer counseling and referral services, teach life and employment skills, assist youth with housing searches, and help younger residents successfully complete their high school education through a Stay in School program with on-site tutoring and a computer lab.

“We are very appreciative of the support from CMHC’s Shelter Enhancement Program and the Supporting Communities Partnership Initiative,” said Wendy Horton, Executive Director of Youth Without Shelter. “Their funding, along with the generous support of our corporate and private donors, has permitted us to expand our facility and complete critically needed renovations. This has allowed us to provide enhanced services to our residents and open an innovative Stay in School Program designed to meet the needs of homeless youth struggling to complete their education.”   

The federal government launched the National Homelessness Initiative in December 1999 to support communities’ efforts to help at-risk Canadians out of homelessness. As part of the initiative, the Supporting Communities Partnership Initiative program, administered by partnering municipalities, is continuing to make a difference by encouraging the development of flexible, community-driven solutions to help alleviate homelessness and support those who are at risk of homelessness.

CMHC’s Shelter Enhancement Program offers financial assistance for the repair, rehabilitation and improvement of existing shelters for victims of family violence, as well as the acquisition or construction of new shelters and second stage housing where needed.

Canada Mortgage and Housing Corporation (CMHC) has been Canada’s national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.

For media inquiries please contact:

Article source: http://www.cmhc.ca/en/corp/nero/nere/2007/2007-01-23-1700.cfm

TREB President’s Column as it appears every Friday in the Toronto Sun’s Resale Homes and Condos section.

November 30, 2012 — Are these headlines familiar? ‘Household debts on the rise!’ or, ‘Debt hits new high!’? How about, ‘Canadians’ debt soars into danger zone!’

At a time when Canadians are grappling with historically high household debt levels, upwards of 163 per cent according to Statistics Canada, young adults are feeling insecure about their knowledge of the financial implications of homeownership. In a recent survey commissioned by The Canadian Real Estate Association (CREA), 70 percent of young Canadians between 18 and 29 indicated a “major need” for more information about the financial implications of buying a home. This figure is particularly meaningful as many in this age group are on the cusp of buying a home for the first time, and need to make informed financial decisions about their future.

Homes are a major asset, and for most Canadians, represent the single largest financial investment of their lives – and most buyers must finance their purchase using some form of credit. While homeownership can be a significant source of equity over the long term, Canadians need to remain vigilant about their finances at this critical decision point in their lives.

In fact, many homeowners with locked-in rates may not feel the impact of market fluctuations until their mortgage comes due for renewal. Buying a home is always a big decision. Whether it is your first time, or your third or fourth home, it is a big investment that warrants careful financial planning and consideration.

The Toronto Real Estate Board, representing 35,000 REALTORS®, recognizes members of organized real estate have an important role to play. We are homebuyers’ first line of contact, and as such, we need to continue using our knowledge and expertise of the home buying process to empower Canadians to make informed financial decisions. 

November is Financial Literacy Month and REALTORS®, and their national association CREA, have collaborated with the Financial Consumer Agency of Canada (FCAC) to develop and provide a resource for Canadians to help them more easily understand and navigate the home buying process. The Homebuyers’ Road Map* outlines the financial aspects of the home buying process as well as the importance of negotiating with lenders and researching government programs. Our industry’s goal is to empower Canadians with knowledge, skills and confidence to make responsible financial decisions about homeownership, one of the most significant financial and lifestyle decisions most will ever make.

*The Homebuyers’ Road Map is available free of charge on www.CREA.ca.

Ann Hannah is President of the Toronto Real Estate Board,
a professional association that represents 35,000 REALTORS®
in the Greater Toronto Area.

Follow TREB on www.twitter.com/TREBhome, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel

Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/index.htm

CHATHAM, ONTARIO, November 30, 2012 — The official opening of 24 new affordable rental housing units for seniors living on low income and people with disabilities was held today in Chatham. The project received $2.88 million in funding from the federal and provincial governments.

Dave Van Kesteren, Member of Parliament for Chatham – Kent – Essex, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), and Teresa Piruzza, Member of Provincial Parliament for Windsor West, on behalf of Bob Chiarelli, Ontario’s Minister of Municipal Affairs and Housing, along with Randy Hope, Mayor of Chatham – Kent, made the announcement.

“Through Canada’s Economic Action Plan, our Government is providing a hand-up to those who need it most here in Chatham and in all corners of the country,” said MP Van Kesteren. “We are committed to making communities stronger through projects like this one. These investments help create new jobs and stimulate the local economy, while providing more access to safe, affordable homes for Canadian seniors and persons with disabilities.”

“The McGuinty government is pleased to support Riverview Terrace which will improve the quality of life for these new residents in Chatham,” said MPP Teresa Piruzza. “This project furthers our government’s goal of ensuring all Ontarians have access to safe and affordable housing.” 

“Today’s event shows what we can achieve when we work together. Chatham – Kent continues to be committed to provide safe and affordable housing. A project like Riverview Terrace also helps to cultivate Chatham – Kent as a physically, socially, and economically healthy place to live, work, and grow,” said Chatham – Kent Mayor Randy Hope.

Riverview Terrace, a 27-unit project located at 5 Tecumseh Road in Chatham, received $2.88 million towards the construction of 24 affordable rental housing units from the federal and provincial governments. The federal and provincial contribution is complemented by a $1.9 million investment from the Municipality of Chatham-Kent that provided the land and subsidies toward 24 affordable rental housing units and three market rent units.

“Not that long ago we met at this site to celebrate the groundbreaking for a new affordable housing project. Yet today is an even bigger celebration – a day to celebrate the official grand opening of Riverview Terrace with 24 new affordable units for seniors and people with disabilities in Chatham – Kent and three market rent units as well,” said Shelley Wilkins, Director, Housing Services.

The Government of Canada, through CMHC, will invest approximately $2 billion in housing this year. Of this amount, $1.7 billion will be spent in support of almost 605,000 households living in existing social housing. In Ontario, this represents almost 238,000 households. These investments are improving the quality of life for low-income Canadians and households living in existing social housing, including individuals who are homeless or at-risk of homelessness, seniors, persons with disabilities, recent immigrants and Aboriginal people.

Ontario continues to build new affordable housing and repair existing units for Ontarians with housing needs. Since 2009, the provincial government has provided more than$184 million to build new rental housing units for low-income seniors and persons with disabilities. Since 2003, Ontario’s funding commitment of nearly $3 billion is the largest affordable housing program in the province’s history. Ontario is supporting the creation of over 17,000 affordable rental housing units; making more than 263,000 repairs and improvements to social and affordable housing units; and providing rental down payment assistance to over 81,000 households in need. The province’s Long-Term Affordable Housing Strategy sets a strong foundation for a more efficient, accessible affordable housing system in Ontario.

Affordable housing is a key component of Ontario’s Poverty Reduction Strategy. Download a copy of the Government of Ontario’s Long-Term Affordable Housing Strategy. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.

To find out more about how the Government of Canada and Canada Mortgage and Housing Corporation are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642.

Media inquiries:

Dean D’Souza
CMHC
416-250-2760

Marian Ngo
Office of Minister Finley
819-994-2482

Kelly Baker
Office of Minister Chiarelli
416-585-6842

Brian Worrall
Municipality of Chatham – Kent
519-360-1998, ext.: 3624

For more information visit: www.ontario.ca/housing

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Article source: http://www.cmhc.ca/en/corp/nero/nere/2012/2012-11-30-1000.cfm