Canada Mortgage and Housing Corporation

Promise Robotics Raises USD$15 Million Series A to Enable the Homebuilding Industry to Close the Housing Gap at Scale

Retrieved on: 
Tuesday, October 31, 2023

TORONTO, Oct. 31, 2023 /PRNewswire/ -- Promise Robotics, an AI company developing a cloud-based industrial production platform for robotic construction and assembly, today announced it raised USD$15 million in Series A funding, bringing its total funding raised to date to USD$25 million. This round was led by Horizons Ventures with participation from Radical Ventures, Public Sector Pension Investment Board (PSP Investments), and strategic investors, including United Brotherhood of Carpenters, Relay Ventures, and Alate Partners. The new funding will help Promise Robotics commercialize its robotic factory platform to support its growing demand from homebuilders and to continue expanding  

Key Points: 
  • To bridge this gap, new home building rates would need to triple - a near-impossible feat with traditional construction technology.
  • Promise Robotics AI-driven system enables the homebuilding industry to deploy automation at scale to address labor shortages, save costs, and significantly increase the speed of sustainable home production from custom single-family to multi-story buildings.
  • To enable the homebuilding industry, Promise Robotics' robotic system aims to remove the risk for homebuilders by offering products that benefit from a decade of operational excellence, continuous improvement, and successful homebuilding.
  • Promise Robotics is well-positioned to be a disruptive force in this industry," said Kerry Liu, an investor at Horizons Ventures.

Changes in leadership at Canada Mortgage and Housing Corporation

Retrieved on: 
Friday, October 27, 2023

OTTAWA, ON, Oct. 27, 2023 /CNW/ - The Honourable Sean Fraser, Minister of Housing, Infrastructure, and Communities announced an upcoming selection process for a new President and Chief Executive Officer (CEO) of Canada Mortgage and Housing Corporation (CMHC).

Key Points: 
  • OTTAWA, ON, Oct. 27, 2023 /CNW/ - The Honourable Sean Fraser, Minister of Housing, Infrastructure, and Communities announced an upcoming selection process for a new President and Chief Executive Officer (CEO) of Canada Mortgage and Housing Corporation (CMHC).
  • The Government of Canada will soon launch an open, transparent, and merit-based selection process to identify a new President and CEO.
  • I look forward to working closely with the CMHC Board and Mr. Tremblay to continue the government's efforts to deliver on Canada's housing priorities.
  • Our commitment to improve access to affordable, safe, and inclusive housing options for Canadians remains steadfast."

Built Green Canada Launches Inaugural Maverick Awards

Retrieved on: 
Tuesday, October 24, 2023

From this, they created the non-profit organization, Built Green Canada, formed in collaboration with the Canadian Home Builders' Association, Canada Mortgage and Housing Corporation, the Alberta Research Council, Natural Resources Canada, Climate Change Central, and other key stakeholders.

Key Points: 
  • From this, they created the non-profit organization, Built Green Canada, formed in collaboration with the Canadian Home Builders' Association, Canada Mortgage and Housing Corporation, the Alberta Research Council, Natural Resources Canada, Climate Change Central, and other key stakeholders.
  • "The organization has grown a lot since then", says Chief Executive Officer at Built Green Canada, Jenifer Christenson.
  • To celebrate winners and to elevate excellence in sustainable building, the Maverick Awards program will create assets for winners' use, including professional short-form videos and feature articles, which Built Green Canada will share through its virtual communities, networks, and campaigns.
  • Since Built Green Canada 's inception in 2003, builders have worked with the organization to complete over 47,975 BUILT GREEN® certified single family, multi-family, and high density projects represented in Alberta, British Columbia, Saskatchewan, and Ontario (as at June 30, 2023).

Majority of Canadians want climate-centred fix to housing crisis, says newly launched Task Force

Retrieved on: 
Tuesday, September 12, 2023

The polling shows Canadians are increasingly alarmed about both the housing affordability crisis and the worsening climate crisis and are looking to all levels of government and industry to find a fix.

Key Points: 
  • The polling shows Canadians are increasingly alarmed about both the housing affordability crisis and the worsening climate crisis and are looking to all levels of government and industry to find a fix.
  • Majority of Canadians want climate-centred fix to housing crisis, says newly launched Task Force
    The polling results were released by the newly created Task Force for Housing and Climate, led by co-chairs Lisa Raitt, the former deputy leader of the Conservative Party of Canada, and Don Iveson, the former mayor of Edmonton.
  • Canada needs to address a housing shortage of 5.8 million homes between now and 2031, according to the Canada Mortgage and Housing Corporation.
  • We're launching this Task Force to help governments enable the best kind of housing growth."

Non-profit and private sectors join forces to address Canada’s rental housing crisis

Retrieved on: 
Tuesday, August 15, 2023

Ending homelessness and achieving the right to housing requires a healthy rental housing market and supply of deeply affordable and supportive housing that does not exist today.

Key Points: 
  • Ending homelessness and achieving the right to housing requires a healthy rental housing market and supply of deeply affordable and supportive housing that does not exist today.
  • We are doing this because we, too, recognize the profound need in this country for more rental housing.
  • The National Housing Accord: A Multi-Sector Approach to Ending Canada’s Rental Housing Crisis, which we contributed to and are pleased to support, addresses the issues affecting rental housing in a practical and achievable way.
  • Its 10 recommendations to government are common sense and will make an immediate difference, especially with all sectors in the rental housing sector working together.

Peepeekisis Cree Nation and Steel River Group Ltd. Announce Approval of On-Reserve Rapid Housing Project

Retrieved on: 
Tuesday, August 15, 2023

BALCARRES, Saskatchewan, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Peepeekisis Cree Nation (the Nation) and Steel River Group Ltd. are proud to announce the approval of a project that will see nine new homes being built on reserve, addressing the immense shortage of housing for the Peepeekisis community.

Key Points: 
  • BALCARRES, Saskatchewan, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Peepeekisis Cree Nation (the Nation) and Steel River Group Ltd. are proud to announce the approval of a project that will see nine new homes being built on reserve, addressing the immense shortage of housing for the Peepeekisis community.
  • “Like many Indigenous peoples, Peepeekisis Cree Nation has faced historical barriers in supplying affordable housing to our members,” said Chief Francis Dieter, Peepeekisis Cree Nation.
  • “It has been Steel River Group’s privilege to support Peepeekisis Cree Nation with bringing this important project to life,” said Trent Fequet, CEO of Steel River Group.
  • Construction on the housing project, built by Peepeekisis members for Peepeekisis members, is set to begin in the coming months.

Tricon Reports Q2 2023 Results Driven by Strong Housing Fundamentals

Retrieved on: 
Tuesday, August 8, 2023

The growth in NOI was primarily attributable to a $13.6 million or 14.4% increase in rental revenues as a result of a 7.3% increase in the average monthly rent ($1,792 in Q2 2023 vs. $1,670 in Q2 2022) and 3.6% portfolio growth (Tricon's proportionate share of rental homes was 21,656 in Q2 2023 compared to 20,910 in Q2 2022), and a 1% increase in occupancy (95.6% in Q2 2023 compared to 94.6% in Q2 2022).

Key Points: 
  • The growth in NOI was primarily attributable to a $13.6 million or 14.4% increase in rental revenues as a result of a 7.3% increase in the average monthly rent ($1,792 in Q2 2023 vs. $1,670 in Q2 2022) and 3.6% portfolio growth (Tricon's proportionate share of rental homes was 21,656 in Q2 2023 compared to 20,910 in Q2 2022), and a 1% increase in occupancy (95.6% in Q2 2023 compared to 94.6% in Q2 2022).
  • Single-family rental same home NOI growth was 6.3% in the second quarter of 2023, compared to the same period last year.
  • This favorable change was driven by a 6.6% increase in rental revenue as a result of a 6.7% higher average monthly rent ($1,733 in Q2 2023 compared to $1,624 in Q2 2022), an improvement in bad debt (0.9% in Q2 2023 compared to 1.8% in Q2 2022) and slightly lower occupancy (97.5% in Q2 2023 compared to 98.0% in Q2 2022).
  • Tricon's net assets were $3.8 billion at June 30, 2023, increasing by $44 million when compared to $3.8 billion as at March 31, 2023.

Findings from Municipal Land Use and Regulation Survey

Retrieved on: 
Thursday, July 13, 2023

Today, Canada Mortgage and Housing Corporation (CMHC) is releasing findings from the 2022 Municipal Land Use and Regulation Survey .

Key Points: 
  • Today, Canada Mortgage and Housing Corporation (CMHC) is releasing findings from the 2022 Municipal Land Use and Regulation Survey .
  • The survey looks at land use regulations in numerous cities across Canada, asking questions about zoning, fees, approval times, community consultation, density limits and environmental assessments.
  • The preliminary findings seem to show an association between higher land use regulation and lower housing affordability.
  • This survey offers important insights as policy makers and other stakeholders look for solutions to increase housing supply.

Here's how the Bank of Canada's interest rate hike to 5% will impact Canadian households

Retrieved on: 
Wednesday, July 12, 2023

The Bank of Canada has just hiked its interest rate by another 25 points to five per cent — the second quarter-point hike since June’s interest rate increase to 4.75 per cent.

Key Points: 
  • The Bank of Canada has just hiked its interest rate by another 25 points to five per cent — the second quarter-point hike since June’s interest rate increase to 4.75 per cent.
  • The central bank has been steadily increasing interest rates over the past three years in an effort to tame inflation.
  • The labour market has remained tight despite the unemployment rate increasing by two points to 5.4 in June.
  • However, the unemployment rate is still below the pre-pandemic average of 5.7 per cent.

Mortgage owners beware

    • The current prime rate is 6.95 per cent, up from 3.70 per cent in June 2022.
    • Homeowners with variable mortgage rates and terms about to expire will feel the most pain from the rate hike.
    • While the mortgage interest rates have been a significant contributor to the rise in the cost of living, grocery prices have remained high, rising by nine per cent year-over-year this past May.
    • According to a recent Canada Mortgage and Housing Corporation (CMHC) report, the number of mortgages in arrears has remained low despite more households being worried about making mortgage payments on time.

Coping with higher mortgage rates

    • One way Canadians have been coping with higher mortgage rates is with choosing shorter-term fixed-rate mortgages.
    • Another way households are coping with higher interest rates is by increasing amortization periods — the length of time people have to pay back a loan — to reduce monthly debt servicing costs.
    • With the interest rate hike, this trend is expected to continue as households facing higher mortgage payments look for ways to reduce their monthly expenditures.

Credit and loans

    • Finder, a financial comparison website, reports an average interest rate of 6.37 per cent for secured personal line of credit and 9.83 per cent for unsecured line of credit, with precise rates varying with credit scores and personal characteristics.
    • Credit card interest rates that average close to 19.99 per cent are not typically affected by changes in the Bank of Canada’s overnight rate.
    • Most automobile loans are fixed rate, so those in need of refinancing or renegotiating their loans are likely to be impacted.

Smoother roads ahead?

    • At this point, it appears that the Canadian economy has picked up enough momentum this year to dodge a recession.
    • We can expect both inflation and interest rates to soften in 2024.

North America Construction Equipment Rental Market Report 2023-2029 Featuring Prominent Vendors - Caterpillar, Komatsu, Hitachi, Volvo, Liebherr, SANY, XCMG, Hyundai, John Deere, Kobelco, & JCB - ResearchAndMarkets.com

Retrieved on: 
Tuesday, May 30, 2023

The construction of various infrastructure and residential projects in North America is expected to drive the demand for renting excavators in the North America construction equipment rental market.

Key Points: 
  • The construction of various infrastructure and residential projects in North America is expected to drive the demand for renting excavators in the North America construction equipment rental market.
  • This will boost the demand for rental road construction machinery in the North America construction equipment rental market.
  • They have a strong market share, and these vendors offer diverse products in the North America construction equipment rental market.
  • The prominent key players in the North America construction equipment rental market include Caterpillar, Volvo Construction Equipment, Liebherr, Hitachi Construction Machinery, Komatsu, John Deere, Hyundai Construction Equipment, JCB & Kobelco.