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Canada Mortgage and Housing Corp., feds team up on first-time homebuyers initiative

Anne Norwood of the Canada Mortgage and Housing Corp. speaks about the CMHC’s First Time Home Buyer Program Tuesday at the Airport Comfort Inn in St. John's during the Newfoundland and Labrador branch of the Canadian Home Builders Association's monthly membership meeting.
Anne Norwood of the Canada Mortgage and Housing Corp. speaks about the CMHC’s First Time Home Buyer Program Tuesday at the Airport Comfort Inn in St. John's during the Newfoundland and Labrador branch of the Canadian Home Builders Association's monthly membership meeting. - Joe Gibbons
ST. JOHN'S, N.L. —

Anita is a young Newfoundlander who wants to buy her first home.

She has a good job, a healthy bank account and the need to move into her own home.

Is that doable?

Under a new program run by the federal government, the National Housing Strategy will help make that dream come true.

Anne Norwood, account manager, client relations at Canada Mortgage and Housing Corp. (CMHC), the keynote speaker at the Canadian Home Builders of Newfoundland and Labrador luncheon on Tuesday, said this new program will be a huge boost to those in Anita’s shoes.

“This is a complex program, but it will help all Canadians meet their home-buying needs,’’ Norwood said.

“It will help in the qualifying situation for the loan, help allow them the dream of home ownership and keep young Canadians out of debt.’’

Norwood was joined at the event by Jill Snow, consultant, affordable housing for CMHC.

Throughout the next decade, the National Housing Strategy is projected to remove 530,000 families from housing need, cut chronic homelessness by 50 per cent and change the face of housing in Canada.

The National Housing Strategy will see the Canadian government put $55 billion into a 10-year initiative to generate that housing in Canada.

Areas the strategy will seek to enhance are creating a new housing supply, modernizing existing housing, adding resources for community housing providers, and aiding innovation and research in the housing research and data sector.

Curtis Mercer, president of the CHBA-NL, called the announcement good news for the builders and homeowners of this province.

“For first-time homeowners, they get buying power with the program,’’ he said.

Mercer said it will offset some of what was felt recently, and an extra 10 per cent will go into a new home, so the homeowner will get that back in equity of the property.

“This is some of what we have been seeing the past number of months. People have been waiting for this program,’’ Mercer said, adding that now that it is instituted, buying and building properties should take an upturn in the coming months.

The CHBA-NL is an industry association whose members include new home builders, renovators, developers, trades, manufacturers, suppliers, lenders, government representatives and other industry-related professionals.

The association is the voice of the industry advocating on behalf of members and consumers. It offers support and services to members through fostering learning and encouraging excellence, and is committed to providing affordability and choice in housing for all Newfoundlanders and Labradoreans.

samuel.mcneish@thetelegam.com

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