Mike Montague

The County of Simcoe's Social Housing Department is taking part in the Canada-Ontario Affordable Housing Program's (AHP) Homeownership Program as a way of providing down payment assistance to moderate income individuals and families giving them the opportunity to move from rental accommodation to homeownership.

The AHP has committed $1.026 million to the County of Simcoe.

The Homeownership component of the AHP provides up to 5 per cent in down-payment assistance to 118 households to aid them in purchasing a new house at or below $208,000.

To see if you qualify and to obtain an online application form click the link below:

Affordable Housing - Homeownership Loan

Congratulations to the 27 employees of Powco Inc. in Barrie and their families who made the drive on a school bus to Toronto on Thursday to each collect their $925,925 share of last Wednesdays 25 million dollar 649 prize!!!

Nice to see that many local families get a whole new perspective on finances over night.

Canada is not linked to US real estate market troubles Ontario Real Estate Association (OREA) January 2008

The melt-down of the U.S. real estate market has left many homebuyers wondering if and how it may affect the housing market in Canada. But market analysts say the problems in the U.S. will have little impact on Canadian real estate.

For example, according to a recent House Price Survey report released by Royal LePage Real Estate Services, Canada's resale housing market remained on solid ground during the third quarter as high consumer confidence, strong employment rates and stable interest rates led to robust buyer demand and a rise in house prices. “Much like the Canadian dollar, the Canadian housing market is charting its own course, quite independent from the United States and its currency and housing climate,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “The strength of the Canadian dollar, and the fact that the country is adjusting well to its value, will continue to keep interest rates at their existing low-to-moderate levels, boding well for buyers looking to enter the market.”

Statistics Canada also recently reported that the home ownership rate stands at its highest on record. “With the combination of the cost of borrowing money remaining relatively low, the availability of longer mortgage amortization periods, and the fact that Canada's population continues to grow, it is no surprise that more and more people are entering the real estate market,” the report states.

Fundamental differences
The Emerging Trends in Real Estate Report 2008, recently released by U.S.-based Urban Land Institute and PricewaterhouseCoopers, suggests the real estate market will remain upbeat in Canada over the coming year. The report is based on interviews with real estate executives in both Canada and the U.S. Some of the reasons why Canada is not expected to experience the same downturn as the U.S. in its real estate markets according to the report include:

No sub-prime lending market
Finally, another big difference between the U.S. and Canada has to do with mortgage loans. Unlike the U.S., the Canadian housing market has not been artificially driven by bad lending practices. In the U.S. lenders with liquid assets or investment money were making loans to almost anyone who asked. When U.S. housing prices started to slide and interest rates began to rise, many borrowers ended up in trouble and defaulted which in turn, initiated the credit crunch. However, by June 2007, only 5 per cent of mortgages in Canada were sub-prime as compared to more than 21 per cent of U.S. mortgages. As well, all mortgages in Canada are insured which is not the case in the U.S.