E.B.Dungey Realty Ltd. Brokerage

TREB Commercial REALTORS Report Quarterly Commercial Market Figures

TORONTO, September 16, 2011 – Toronto Real Estate Board (TREB) Commercial Division Members leased
almost 3.6 million square feet of commercial space through the TorontoMLS® system in the third quarter
of 2011, representing a decline of almost 50 per cent in comparison to almost
6.6 million square feet leased during the same period in 2010. 

Industrial space accounted for over 78 per
cent of the total space leased.  The
average lease rate for industrial transactions completed on a per square foot
net basis and for which pricing was disclosed was $4.83 – down 28 per cent
compared to an average of $6.75 in the third quarter of 2010.

“The outlook for the Canadian economy became
less clear during the spring and summer of this year.  The dip in leasing transactions in the third
quarter suggests that firms were viewing investment and expansion with more
caution compared to the summer of 2010,” said TREB Commercial Division Chair
Larry Purchase.

In the third quarter, 184 commercial
properties were sold through the TorontoMLS® system.  This result was 35 per cent lower than the
285 transactions recorded in the third quarter of 2010.  The split in sales between industrial and
other commercial types was more balanced compared to the leasing market.  Industrial sales accounted for 60 per cent of
total transactions. 

The average selling price for industrial
transactions with pricing disclosed was $75.42 per square foot – up almost 22
per cent compared to an average of $61.88 in the third quarter of 2010.  The average price per square foot for other
commercial transactions with pricing disclosed was $196.11 – up 21 per cent
compared to an average of $162 per square foot in the third quarter of 2010.

“While some firms will continue to approach
real estate investments with some degree of caution in the near term, the
consensus view is that Canadian economic growth will resume in the second half
of 2011 and through 2012.  Once the
economic situation becomes clearer, GTA firms, especially those focused on
exporting goods and services, will be more likely to consider new investment in
real estate,” Purchase added.

Third
Quarter 2011: All Commercial Lease Transactions

Total
Leased Space for All Lease Transaction Types on TorontoMLS

Total
Leased Square Feet

Q3 2011

Q3 2010

% Change

Industrial

2,825,945

5,635,644

-49.9%

Commercial

370,847

451,765

-17.9%

Office

398,417

490,606

-18.8%

Total

3,595,209

6,578,016

-45.3%

Third
Quarter 2011: 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)

Q3 2011

Q3 2010

% Change

Q3 2011

Q3 2010

% Change

Industrial

2,053,545

3,285,255

-37.5%

Industrial

$4.83

$6.75

-28.4%

Commercial

195,942

270,985

-27.7%

Commercial

$20.25

$18.00

12.5%

Office

235,500

265,367

-11.3%

Office

$10.93

$10.45

4.6%

Total

2,484,987

3,821,607

-35%

Third
Quarter 2011: All Commercial Sale Transactions

Total
Number of Sales on TorontoMLS

Total Sales

Q3 2011

Q3 2010

% Change

Industrial

107

147

-27.2%

Commercial

77

138

-44.2%

Total

184

285

-35.4%

Third
Quarter 2011: Commercial Sales Completed with Pricing Disclosed on
TorontoMLS

Sales (Price
Disclosed)

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

Q3 2011

Q3 2010

% Change

Q3 2011

Q3 2010

% Change

Industrial

103

140

-26.4%

Industrial

$75.42

$61.88

21.9%

Commercial

69

122

-43.4%

Commercial

$196.11

$162.00

21.1%

Total

172

262

-34%

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 31,000 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/news2011/nr_comm_watch_Q311.htm

OWEN SOUND, ONTARIO, October 14, 2009 — Larry Miller, Member of Parliament for Bruce – Grey – Owen Sound, 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), and Carol Mitchell, Member of Provincial Parliament for Huron-Bruce, on behalf of the Honourable Jim Watson, Ontario’s Minister of Municipal Affairs and Housing, today announced $4.8 million to fund an affordable housing project for seniors, individuals, families and persons with disabilities.

The funding was made available as a result of a $1.2 billion joint investment under the amended Canada – Ontario Affordable Housing Program Agreement, which includes funding through Canada’s Economic Action Plan and by the Government of Ontario. The federal and provincial governments are contributing equally to this overall investment.

Today’s announcement celebrated the opening of 37 new affordable rental units and the allocation of funds for an additional 23 units. Both phases of the project are sponsored by the Owen Sound Municipal Non-Profit Housing Corporation, providing affordable housing for seniors, individuals, families and persons with disabilities in Owen Sound.

“The Government of Canada is helping Canadian seniors, individuals, families and persons living with disabilities during these tough economic times,” said MP Larry Miller. “Here in Owen Sound, this achievement gives hope to residents who need quality, affordable housing that meets their needs.”

“Our government is deeply committed to developing better ways to meet the housing needs of Ontario’s vulnerable populations,” said MPP Mitchell. “Through the construction of safe, new housing, we’re helping vulnerable people — seniors, families and people with special needs — establish and maintaining the stability that many of us take for granted.”

“We have identified a need for housing of this nature and it is very gratifying that our senior levels of government have stepped up and supplied these funds to allow this project to go forward. Owen Sound Municipal Non-Profit Housing Corporation has a proven record of building and maintain projects of this nature,” said Kevin Eccles, Warden of Grey County.

“I am absolutely delighted with this project,”said Ruth Lovell Stanners, Mayor of Owen Sound and Chair of County of Grey Social Services Committee. “Owen Sound has a critical need for affordable housing and with the units just built we are finally making some headway. Thanks must go to the Owen Sound Municipal Non-Profit Housing Corporation for their role in driving this project with the federal and provincial partners.”

The Government of Canada wants to ensure that Canadians on fixed incomes can live with independence and dignity and remain in their communities, close to family and friends. Canada’s Economic Action Plan provides $400 million, over two years, to build new rental housing for low-income seniors. Overall, the Economic Action Plan includes $2 billion for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure.

Ontario is moving quickly to implement this additional funding, which increases the number of “quick start” projects to 39 totaling over $76.5 million and which will improve access to affordable housing for low-income families, seniors and persons with disabilities. It will also create jobs and strengthen local economies. To find out more about affordable housing in Ontario, visit www.mah.gov.on.ca.

More information on this and other measures in Canada’s Economic Action Plan can be found at www.actionplan.gc.ca. 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 or visit www.cmhc.ca/housingactionplan.

Media Inquiries:

For more information visit: www.mah.gov.on.ca.

See related speech

Article source: http://www.cmhc.ca/en/corp/nero/nere/2009/2009-10-14-1400.cfm

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Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/2011/072211_time_to_renovate.pdf

PETROLIA, ON, October 14, 2009 — The Government of Canada announced today that the Town of Petrolia has been approved for two infrastructure loans as part of Canada’s Economic Action Plan.

The announcement was made by Patricia Davidson, Member of Parliament for Sarnia – Lambton, 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 Petrolia has been approved for more than $1.2 million in low-cost loans from CMHC’s Municipal Infrastructure Lending Program (MILP), to replace existing services (storm, sanitary and water) and to reconstruct Queen, Nelson and West Streets, as well as to resurface and replace storm sewers for Garfield Street.

Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said MP Davidson. “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 Petrolia, 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.

“These loans will ensure Petrolia’s continued growth and allow us to update and rebuild several key areas of infrastructure that have long been of concern to this community,” said Petrolia Mayor John McCharles.

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.

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 or visit: www.cmhc.ca/housingactionplan.

Media inquiries:

Michelle Bakos
Office of the Honourable Diane Finley
Minister of Human Resources and Skills Development Canada
819-994-2482

Stephen Derksen
Communications and Marketing Consultant
CMHC
416-218-3443

Charles Sauriol
CMHC, National Office, Media Relations
613-748-2799

See related speech.

Backgrounder

Helping Municipalities Build Stronger Communities

CMHC Municipal Infrastructure Lending Program

Canada’s Economic Action Plan provides up to $2 billion in direct low-cost loans to municipalities over two years through Canada Mortgage and Housing Corporation (CMHC)’s Municipal Infrastructure Lending Program (MILP) for housing-related infrastructure projects in towns and cities across the country.

These infrastructure loans are available to any municipality within Canada and will provide a new source of funds for municipalities to invest in housing-related infrastructure projects. Only infrastructure projects serving new or existing residential areas may be considered.

Eligible municipal infrastructure projects must directly relate to housing, thereby contributing to the efficient functioning of residential areas. Projects include infrastructure related to the provision of housing services such as water, wastewater and solid waste services; power generation; local transportation infrastructure within or into residential areas such as roads, bridges and tunnels; and residential sidewalks, lighting, pathways, landscaping and green space.

There will be a focus on funding projects that are shovel-ready, as this is a targeted, short-term, temporary measure intended to create jobs.

These low-cost loans will significantly decrease the cost of borrowing for municipalities and can be used by them to fund their contribution for cost-shared federal infrastructure programming.

Eligible loans will be approved largely on a first-come, first-served basis, provided the proposal meets eligibility requirements. However, CMHC will also seek to facilitate equitable access to the program and will work to encourage applications from urban and rural municipalities across Canada.

CMHC will screen applications against program eligibility, readiness to proceed and Canadian Environmental Assessment Agency (CEAA) requirements.

For more information or to make an application, municipalities can visit CMHC’s website at: www.cmhc.ca/housingactionplan.gc.ca.

Article source: http://www.cmhc.ca/en/corp/nero/nere/2009/2009-10-14-0900.cfm

GTA REALTORS Release Mid-Month Resale
Market Figures

TORONTO, October 18, 2011 – Greater Toronto REALTORS® reported 3,477 transactions through the TorontoMLS® system during the first 14 days of October 2011. This total represented a 20 per cent increase over 2,890 sales reported during the first two weeks of October 2010. Year-over-year growth in new listings for the same period was slightly stronger than that recorded for sales – up 21 per cent to 6,249.

“The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012. Growth in new listings outstripped growth in sales, meaning more choice for buyers,” said Toronto Real Estate Board President Richard Silver. “A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale. They are confident they will receive timely offers in line with their asking prices.”

The average selling price during the first two weeks of October was $475,743 – up 7.5 per cent compared to the same period in 2010.

“The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied. There will be less competition between home buyers as we move through the fall and winter.” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “With a more balanced market in 2012, the average rate of annual price growth is expected to be in the mid single digits.”

Summary of TorontoMLS Sales and Average Price October 1 14

2011

2010

Sales

Average Price

Sales

Average Price

City of Toronto (“416″)

1,408

$524,553

1,237

$499,740

Rest of GTA (“905″)

2,069

$442,527

1,653

$400,088

GTA

3,477

$475,743

2,890

$442,742

TorontoMLS Sales Average Price By Home Type

Sales

Average Price

416

905

Total

416

905

Total

Detached

450

1,143

1,593

754,240

530,339

593,588

Yr./Yr. % Change

2%

24%

17%

3%

10%

6%

Semi-Detached

183

245

428

545,995

364,649

442,188

Yr./Yr. % Change

33%

41%

37%

11%

7%

9%

Townhouse

151

372

523

461,112

343,510

377,464

Yr./Yr. % Change

23%

18%

20%

16%

12%

13%

Condo Apartment

609

251

860

369,528

272,190

341,119

Yr./Yr. % Change

16%

22%

18%

10%

10%

10%

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 31,000 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/news2011/nr_mid_month_1011.htm

COBOURG, October 15, 2009 — The Government of Canada and Northumberland Services for Women (NSW) today celebrated the official opening of their new and expanded shelter.

Rick Norlock, Member of Parliament for Northumberland – Quinte West, 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); Deputy Mayor of Cobourg, Gil Brocanier, on behalf of Cobourg Mayor Peter Delanty; and NSW Board Chair, Barry Gutteridge, along with guests attended the event.

“The Government of Canada is helping to provide supportive housing in Ontario and across Canada,” said MP Rick Norlock. “With the opening of this project, women and children in Cobourg can access safe and suitable housing, and build a stronger future for themselves.”

NSW provides a safe environment and services for women and their children in crisis as a result of family violence and abuse. The expanded shelter will offer 19 emergency beds for women and their children in Northumberland County. The facility was made possible with funding of more than $480,000 through CMHC’s Shelter Enhancement Program.

In addition, the Ministry of Community and Social Services contributed more than $284,000 as well as almost $490,000 in municipal donations, fundraising activities, and in-kind services helped to support the project.

“Congratulations and best wishes to the Northumberland Services for Women as they officially open their expanded facilities,” said Mayor Peter Delanty. “This expansion of services and space is, unfortunately, so badly needed by women desperate for a safe haven against violence and abuse. A special thanks to the Government of Canada for their generous financial support and, also, the myriad of volunteers and donors who helped make this dream a reality. Your dream has made our area a better, safer and more secure community.”

“On behalf of the Board of NSW, I would like to thank the Federal Government for its support of this project,” said Barry Gutteridge, NSW Chair. “The amount of CMHC funding which contributed to over one third of the construction costs and the timing spurred us to get shovels in the ground early this spring, while we were still fundraising. We would not have the completed building that you see today without the assistance of CMHC.”

Expansions to the east, west and south wings of the facility offer a welcoming space where clients can feel safe and access NSW’s support programs and services, including emergency shelter, counselling, emergency transportation, a 24-hour crisis line, 2-hour free legal advice certificates, educational programming, and a children’s shelter.

Northumberland Services for Women has been offering quality, emergency shelter and support services since their first shelter opened in 1985 at 355 Division Street in Cobourg. In the past year NSW provided services to over 500 women and children.

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

In 2008, 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 for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure.

Canada Mortgage and Housing Corporation has been Canada’s national housing agency for over 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 further information, please contact:

Or visit: www.nsfw.ca

See related speech

Article source: http://www.cmhc.ca/en/corp/nero/nere/2009/2009-10-15-1500.cfm

GTA REALTORS Release New Quarterly Condo Market Report

TORONTO, October 24, 2011 – Greater Toronto REALTORS® reported 5,770 condominium apartment transactions through the TorontoMLS® system in the third quarter of 2011, representing a 24 per cent increase over the same period in 2010. The average selling price increased by almost nine per cent to $333,352.

“Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction,” said Toronto Real Estate Board President Richard Silver.

In line with new home sales and construction trends over the last few years, condominium apartment completions have been high so far in 2011. When condo projects reach the completion stage, investors and end users whose housing needs have changed often list their units for sale or rent.

“The average annual rate of price growth remained strong in the third quarter, despite the upward trend in completions and active listings. This is because the pace of sales remained brisk, keeping sellers’ market conditions in place,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

Condominium Apartment
Market Summary

Third Quarter 2011

2011

2010

Sales

Average Price

Sales

Average Price

Total TREB

5,770

$333,352

4,648

$306,134

Halton Region

88

$296,067

62

$255,024

Peel Region

875

$253,246

744

$229,831

City of Toronto

4,156

$356,182

3,298

$329,917

York Region

539

$319,399

445

$287,337

Durham Region

101

$201,503

84

$201,978

Other Areas

11

$272,455

15

$213,703

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 31,000 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/news2011/nr_condo_report_1011.htm

WINDSOR, ON, October 16, 2009 — The Government of Canada announced renovation funding for Hiatus House as part of $73 million in federal funding being spent in Ontario over two years for renovation projects. Thanks to this funding, Hiatus House is able to undertake needed renovations to their facility.

The Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC); along with Essex Member of Parliament, Jeff Watson, representatives from Hiatus House and invited guests attended the event.

“The Government of Canada is committed to providing renovation funding for low-income households, as well as supportive housing in Ontario and across Canada,” said Minister Finley. “The women and children who benefit from the services of Hiatus House in Windsor will now be able to access safer and more secure housing, and build a stronger future for themselves.”

Hiatus House is a 42-bed facility that provides a safe environment for women who are victims of domestic violence and their children. Essential renovations to increase the safety and security of the women and children who access the services include window security, protecting the perimeter of the property, security cameras and fencing the playground area. Renovations to the facility will be made possible with funding of more than $288,000 through the extension of CMHC’s renovation programs, including the Shelter Enhancement Program (SEP).

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

“The extension of CMHC’s Shelter Enhancement Program has provided Hiatus House with the funding required to maintain and enhance the safety and security of our shelter so that we may continue to provide a safe haven for women and children fleeing abusive partners” said Sue McMullen, Vice-President, Board of Directors and President Elect at Hiatus House. “Over the last several years, we have been able to undertake a number of significant capital projects that we would otherwise have been unable to complete without the help of this funding.”

Hiatus House has offered quality, emergency housing and support services to over 2,984 women and their children since their first shelter opened in Windsor in July 1976. Hiatus House has been serving the Windsor – Essex community since that time.

In September 2008, the Government of Canada committed more than $1.9 billion over the next five years to improve and build new affordable housing and help the homeless which extended the existing renovation programs for low-income households for two years.

Canada’s Economic Action Plan builds on this with a one-time investment of more than $2 billion over two years to build new and repair existing social housing for low-income Canadians.

Canada Mortgage and Housing Corporation has been Canada’s national housing agency for over 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 further information, please contact:

See related speech

Article source: http://www.cmhc.ca/en/corp/nero/nere/2009/2009-10-16-1100.cfm

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Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/2011/072211_time_to_renovate.pdf

VAUGHAN, ON, October 16, 2009 — The Government of Canada, the Government of Ontario, and the Region of York celebrated the start of construction of 144 affordable housing units in two projects in the City of Vaughan today. The projects are supported by $10.1 million in funding under the Canada – Ontario Affordable Housing Program.

Lois Brown, Member of Parliament for Newmarket – Aurora, 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); Greg Sorbara, Member of Provincial Parliament for Vaughan, on behalf of the Honourable Jim Watson, Minister of Municipal Affairs and Housing; Region of York Chair, Bill Fisch; Linda Jackson, Mayor of the City of Vaughan; and Kenneth McAlister, President of Hesperus Fellowship Village attended the event.

“Vaughan seniors’ will soon have access to more affordable rental housing options,” said MP Brown. “Investments like these are helping low-income seniors to continue to live independently in their communities, close to family and friends.”

“Our government knows that access to decent affordable housing is essential to the health and well-being of our communities,” said MPP Sorbara. “The projects we are celebrating today will make a positive and significant difference in the lives of the people who will call them home.”

Today’s announcement recognized two affordable housing projects in Vaughan:

• Hesperus Village — a 60-unit project, sponsored by Hesperus Fellowship Village received $4.2 million in funding under the Canada – Ontario Affordable Housing Program. The units will be occupied by seniors living on low income.
• Mapleglen Residences — an 84-unit project, sponsored by the Regional Municipality of York received $5.9 million in funding under the Canada – Ontario Affordable Housing Program. The units will be occupied by seniors living on low income.

The federal and provincial allocations to the projects were complemented by municipal financial incentives. The Regional Municipality of York contributed $1.2 million for Hesperus Village and $14 million for Mapleglen Residences. The City of Vaughan also contributed to these projects by waiving $133,000 in development charges for Hesperus Village and by providing a long-term lease at a nominal fee, for the 2.1 acre lot where Mapleglen Residences will be located.

“York Region’s contribution of more than $15 million for these two projects demonstrates our strong commitment to creating safe and affordable accommodation for York Region residents who need it the most,” said York Region Chairman and CEO Bill Fisch. “These projects are also great examples of what can happen when all levels of government and the community successfully work together.”

“Hesperus Village is delighted to expand by making an additional sixty affordable rental units possible with multi-level government support,” said Dr. McAlister. “This will be a significant reduction of the length and age of existing waiting lists. Future residents are looking forward to experiencing holistic aging on a natural and intergenerational campus.”

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.

In 2008, 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.

Ontario is moving quickly to implement this additional funding, which increases the number of quick start projects to 39 totalling over $76.5 million and which will improve access to affordable housing for low-income families, seniors and persons with disabilities. It will also create jobs and strengthen local economies. To find out more about affordable housing in Ontario, visit: www.mah.gov.on.ca.

More information on this and other measures in Canada’s Economic Action Plan can be found at: www.actionplan.gc.ca. 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 or visit: www.cmhc.ca/housingactionplan.

For further information please contact:

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

See related speech.

Article source: http://www.cmhc.ca/en/corp/nero/nere/2009/2009-10-16-1000a.cfm