Experts have indicated Canada will need to build millions more homes in the next 10 years to meet our growing needs. To the casual observer the problem is easy to solve: just build more homes. For those in the real estate development field, the problem is much more complicated than this.
There will be no dividend payments to the Canadian government from the Canada Mortgage and Housing Corporation during the coronavirus crisis.
CMHC usually makes regular and special dividend payments to Ottawa, ranging from a hundreds of thousands of dollars thorough to $4 billion, the largest amount paid, in 2017.
But with the corporation supporting Canadian homeowners, multi-unit borrowers and housing providers experiencing financial difficulty resulting from the current crisis, along with measures to strengthen the financial system, its board has decided to suspend payments temporarily.
"Temporarily suspending the dividend is a prudent measure that allows us to conserve capital to support Canadians and the economic recovery through the crisis should the need arise. As a key stabilizing component of the Canadian financial system, we will be substantially increasing our appetite for risk as we and other institutions absorb the impacts of these events," CMHC said in a statement.
CMHC added that, as of December 31, 2019, its capital position remains strong with approximately $3 billion in excess capital for our mortgage insurance and mortgage funding activities.
While there has been a deceleration in new home sales, we must keep the pedal to the metal and continue to train skilled trades workers for the future.
Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.
This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.
For Real Estate News and Market Updates & VIP Access to Exclusive Real Estate Investment Opportunities
Canadian Real Estate Wealth Media Corp. needs the contact information you provide to us to contact you with news and market updates and to share real estate investment opportunities. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.
Diversity, equity and inclusion, better known by the acronym DEI, are buzzwords that permeate the workplace these days.
Ontario's construction sector will need to recruit about 71,800 new workers over the next six years to keep pace with retirements in the industry.
While markets across the country are seeing price corrections amid rising interest rates, Calgary has held strong.
The Bank of Canada announced yet another interest rate hike at its meeting on Thursday.
CREW has compiled a group of investment real estate agents that we think stand out for their quality service and dedication to the world of real estate investing.
“Sign up for our daily newsletter to get the latest news, updates and offers delivered directly to your inbox.”