Canadian Funding Corp Reviews CMHC Sustainability Reports

Canadian Funding Corp
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The Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), announced today an investment of $140,000 as part of Canada’s Economic Action Plan to improve housing conditions for the Miawpukek First Nation community.

The Honourable Peter MacKay, Minister of National Defense, Minister Responsible for the Atlantic Gateway and Regional Minister for Nova Scotia and Newfoundland and Labrador, 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 today.

“Our government’s Economic Action Plan is improving housing conditions for those who live in First Nation communities in Newfoundland and Labrador. 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 and Indian and Northern Affairs Canada (INAC). This investment will also provide an economic stimulus for many First Nations and surrounding areas by creating jobs.

The application calls for the year one (2009 – 2010) 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 the fiscal year.

The year two (2010 – 2011) application call is now open. Applications for this second round of funding will be accepted between February 1, 2010 and February 22, 2010.

Through Canada’s Economic Action Plan, some $594,711 in CMHC investments will be made available to First Nations in Newfoundland and Labrador to address immediate housing needs.

In addition to INAC’s investment of $140,000 for renovations, CMHC will allocate $140,000 to retrofit 21 social housing units in Miawpukek to improve living conditions in this First Nations’ community.

“Under Canada’s Economic Action Plan, retrofits on some of our Section 95 homes that are not normally able to be completed under regular budgets are now being done thanks to this initiative. While governments still have some improvements to make with regards to housing on reserve, we are certainly thankful for this great start,” said Saqamaw Mi’sel Joe, Miawpukek First Nation. “We are also thankful for the continued support from our partners and funders such as Canada Mortgage and Housing Corporation in Halifax and Indian Affairs in Amherst, Nova Scotia.”

Labrador Video

Canadian Funding Corp Review – The seasonally adjusted annual rate1 of housing starts reached 150,100 units in September compared to 157,300 units in August, according to Canada Mortgage and Housing Corporation (CMHC).

“The decline in housing starts in September is attributable to the volatile multiple starts segment,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “However, starts of single homes, which are a barometer of the trend in housing markets, climbed in September to reach their highest level so far this year. The rebound in existing home sales and the upward trend in new home construction, support our expectation that housing demand has strengthened and that housing starts will be stronger in the second half of 2009.”

The seasonally adjusted annual rate of urban starts declined by 5.2 per cent to 131,500 units in September. Urban multiple starts decreased by 21.4 per cent to 62,700 units, while urban single starts moved up 16.8 per cent to 68,800 units in September.

September’s seasonally adjusted annual rate of urban starts increased by 11.8 per cent in Ontario, decreased by 20.2 per cent in Quebec, by 18.1 per cent in British Columbia, and by 4.7 per cent in the Atlantic, and was unchanged in the Prairies.

Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units in September.

Housing Starts YouTube Video