E.B.Dungey Realty Ltd. Brokerage

MISSISSAUGA, ONTARIO, March 28, 2014 — The governments of Canada and Ontario, and the Region of Peel, celebrated the official opening of 116 affordable housing rental units at Creditvale Mills today. The project is supported by close to $5.9 million in funding through the Canada-Ontario Affordable Housing Program. The construction of this project created up to 290 jobs in Mississauga and is providing more affordable housing options for local seniors, families and persons with special needs.

Bob Dechert, Parliamentary Secretary to the Minister of Justice and Member of Parliament for Mississauga-Erindale, on behalf of the Honourable Candice Bergen, Minister of State (Social Development); Harinder Takhar, Member of Provincial Parliament for Mississauga — Erindale on behalf of the Honourable Bill Mauro, Ontario’s Minister of Municipal Affairs and Housing; Emil Kolb, Region of Peel Chair and Hazel McCallion, Mayor of the City of Mississauga, made the announcement.

“Our Government’s investment in Mississauga is a testament to our commitment to increasing the number of affordable housing options for all citizens,” said Parliamentary Secretary Dechert. “These apartments provide modern conveniences for residents and provide easier access to local services.”

”Our Government is committed to providing safe, affordable housing to those who need it most,” said MPP Takhar. “Creditvale Mills is a testament to what we can achieve when all levels of government work together.”

“Thanks to our funding partnership with senior levels of government, Creditvale Mills is by far the largest affordable housing development we’ve built in the Region,” said Regional Chair Kolb. “With 250 units of housing serving families and seniors in Peel, this is a significant achievement that is helping to meet a growing need for housing in our community.”

“The City of Mississauga contributed land, governments worked together to provide funding, and community partners like Wisma Mega Indah partnered with the Region of Peel to help with program operations,” said Mayor McCallion.

Creditvale Mills is located at 1535 and 1555 South Parade Court, in Mississauga. The project received more than $5.8 million to build 116 affordable housing units through a joint investment under the Canada-Ontario Affordable Housing Program Agreement. The federal and provincial funding is complemented by $17.3 million in municipal financial incentives from the Region of Peel and a donated parcel of land from the City of Mississauga worth more than $1 million. As a result of this funding partnership, the Region of Peel will also be able to provide rent-geared-to-income subsidy for 100 units.

The units are part of a two-building, 250-unit project, that is comprised of a family building and a seniors building operated by the Region of Peel and Wisma Mega Indah Inc. respectively. Individual units come with central air conditioning, open concept kitchen-living rooms and accessibility features, and the buildings feature on-site laundry facilities, underground parking, common areas, bicycle storage and an outdoor recreational area.

“Wisma helped create this project and brought the land owner and developer, United Lands, together with the Region of Peel,” said Kim Setiadi, President of Wisma Mega Indah Inc. “Wisma is proud of the commitment of everyone involved and we are grateful for this opportunity at Creditvale Mills to continue serving our community.”

Annually, the Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), will invest approximately $2 billion in housing. Of this amount, $1.7 billion will be spent in support of close to 600,000 households living in existing social housing. In Ontario, this represents an estimated 237,950 households. The remaining funding supports housing-related activities and affordable housing programs, including the Investment in Affordable Housing (IAH). 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. Economic Action Plan 2013 continues this commitment with a federal investment of more than $1.25 billion over five years to renew the Investment in Affordable Housing to 2019. The Government of Canada will ensure that funds provided to provinces and territories support the use of apprentices, which will support training of skilled labour. Close to 177,600 households across Canada are no longer in housing need as a result of funding provided under the IAH from April 1, 2011 to December 31, 2013.

Ontario continues to build new affordable housing and repair existing units for Ontarians with housing needs. Since 2003, Ontario’s funding commitment of nearly $3 billion is the largest affordable housing initiative 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 also a key component of Ontario’s Poverty Reduction Strategy. To find out more about affordable housing in Ontario, visit ontario.ca/housing. For more information about housing in the Region of Peel, visit www.peelregion.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 contacts:

Yanni Dagonas
Office of the Minister of Municipal Affairs and Housing
416-585-6853

Erin Recoskie
Communications and Marketing
Canada Mortgage and Housing Corporation
416-250-3263

May Nazar
Communications
Ministry of Municipal Affairs and Housing
416-585-7066

Lisa DiMenna
Region of Peel
905-791-7800, ext.: 4519

For more information, visit:

www.ontario.ca/housing
www.peelregion.ca/housing

Article source: http://www.cmhc.ca/en/corp/nero/nere/2014/2014-03-28-1400.cfm

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Article source: http://www.cmhc.ca/en/corp/nero/nere/2014/upload/February-2014-Housing-Starts-in-Toronto.pdf

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

March 7, 2014 — Home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent compared to the same period last year.  Total February sales amounted to 5,731 compared to 5,613 last year.

And despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month.  The sales increase was largely driven by resale condominium apartments.  New listings of resale condominium apartments were up on a year-over-year basis, giving buyers ample choice.  This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained.  Some would-be buyers had difficulty finding a home that met their needs.

If we see renewed growth in listings for low-rise home types, the pace of sales growth will accelerate as we move through the year.

The average selling price for February 2014 sales was up by 8.6 per cent to $553,193, compared to the average of $509,396 reported for February 2013.  The MLS® Home Price Index (HPI) Composite Benchmark was up by 7.3 per cent year-over-year.

I spoke with Jason Mercer, TREB’s Senior Manager of Market Analysis, and here is what he had to say about the market report.

“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year.  Home prices, on average, will trend upwards at a pace well-above the rate of inflation.  The impact of strong price growth on affordability will be mitigated by low borrowing costs,” said Mr. Mercer.

TREB’s Commercial Network also released its latest figures. Commercial Network Members reported  368,513 square feet of leased space through the TorontoMLS system in February, for properties leased on a per square foot net basis where pricing was disclosed.  This result was down by 17 per cent in comparison to February 2013.  The industrial market segment, which accounted for more than three quarters of the square footage leased, was the driver of the year-over-year dip.

I asked TREB’s Commercial Chair Cynthia Lai to provide her outlook on the latest figures.

“There were fewer lease agreements signed for larger industrial spaces this past February in comparison to the same period last year.  It is important to note, however, that leasing activity can be volatile on a month-to-month basis.  With that being said, the overall average lease rate for industrial properties was up slightly in comparison to last year,” said Ms Lai.

The average industrial lease rate in February 2014 was $5.26 per square foot net – up by 1.2 per cent compared to $5.20 in February 2013.  Average lease rates were also up for the commercial/retail and office segments of the market.  While market forces accounted for some of the commercial/retail and office increases, a change in the mix of properties leased, in terms of size and geography, also impacted the annual rates of growth.

The number of combined industrial, commercial/retail and office property sales in February 2014 remained in line with the number of transactions reported during the same time period in 2013.  There was a total of 48 sales reported this year, for which pricing was disclosed, compared to 51 sales in 2013.

The year-over-year change in average selling prices on a per square foot basis was mixed.  The industrial selling price in February was up substantially in comparison to the same period last year, whereas the average prices for commercial/retail and office properties were down.

The share and geographic location of industrial sales over fifty thousand square feet was different this past February compared to 2013.  This accounted for the large year-over-year change in the average industrial selling price.  Average industrial selling prices for smaller size categories were similar on a year-over-year basis.

Dianne Usher is President of the Toronto Real Estate Board,
a professional association that represents 37,000 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

GTA REALTORS Report Latest Monthly Resale Housing Market Figures

TORONTO, March 5, 2014 – Toronto Real Estate Board President Dianne Usher announced that February 2014
home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent
compared to the same period last year.  Total February sales amounted to 5,731 compared to 5,613 last year.

“Despite the continuation
of inclement weather in February, we did see a moderate uptick in sales
activity last month.  The sales increase
was largely driven by resale condominium apartments.  New listings of resale condominium apartments
were up on a year-over-year basis, giving buyers ample choice.  This is in contrast to the listings situation
for singles, semis and townhomes, where supply continued
to be constrained.  Some would-be buyers
had difficulty finding a home that met their needs,” said Ms. Usher.

“If we see renewed growth
in listings for low-rise home types, the pace of sales growth will accelerate
as we move through the year,” Ms. Usher continued.

The average selling price
for February 2014 sales was up by 8.6 per cent to $553,193, compared to the
average of $509,396 reported for February 2013.  The MLS® Home Price Index (HPI) Composite Benchmark was up by 7.3 per
cent year-over-year.

“While the strong price
growth experienced over the last year should prompt an improvement in the
supply of listings, sellers’ market conditions will continue to prevail this
year.  Home prices, on average, will
trend upwards at a pace well-above the rate of inflation.  The impact of strong price growth on
affordability will be mitigated by low borrowing costs,” said Jason Mercer,
TREB’s Senior Manager of Market Analysis.

Summary
of TorontoMLS Sales and Average Price February 1 – 28

2014

2013

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto (“416″)

2,136

$599,414

4,393

2,146

$550,543

4,302

Rest of GTA (“905″)

3,595

$525,731

6,504

3,467

$483,926

6,703

GTA

5,731

$553,193

10,897

5,613

$509,396

11,005

TorontoMLS
Sales Average Price By Home Type February 1 – 28, 2014

Sales

Average
Price

416

905

Total

416

905

Total

Detached

668

2,028

2,696

955,314

640,405

718,432

Yr./Yr.
% Change

-8.0%

3.2%

0.1%

15.7%

10.4%

11.2%

Semi-Detached

202

388

590

668,298

425,052

508,333

Yr./Yr.
% Change

-11.8%

4.0%

-2.0%

8.0%

5.6%

4.9%

Townhouse

207

634

841

545,043

400,165

435,825

Yr./Yr.
% Change

-8.8%

-4.1%

-5.3%

20.7%

7.3%

10.9%

Condo Apartment

1,031

463

1,494

372,628

290,650

347,222

Yr./Yr.
% Change

9.6%

19.6%

12.5%

6.0%

3.0%

4.8%

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 37,000 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/news2014/nr_market_watch_0214.htm