The federal government has launched a new program that offers homeowners grants to retrofit their homes and make them more energy efficient. The Canada Greener Home Grants program, funded to the tune of $2.6 billion, will offer homeowners grants of up to $5,000 that can be put toward energy-saving projects such as:
There are certain eligibility criteria that must be met in order for the homeowner to take advantage of the grants, including but not limited to:
Please check for additional information on program eligibility and to learn more about the initiative. To support the anticipated need for energy advisors, the government recently announced that it is providing up to $10 million to recruit, train and mentor 2,000 new energy auditors. In this year's federal budget, the government proposed creating a separate fund of $4.4 billion over seven years through which the Canada Mortgage and Housing Corporation (CMHC) could offer homeowners interest-free loans of up to $40,000 in exchange for authorized energy-efficient retrofit projects. These loans could be available as soon as this summer, and it is believed that more than 200,000 households would take part in that program. The Canada Greener Homes Grant program, the hiring of 2,000 new energy advisers, and the yet-to-be-launched $40,000 retrofit loan program through CMHC are all part of a bigger greener homes initiatives that is expected to be announced soon.
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The Office of the Superintendent of Financial Institutions (OSFI) announced it will move forward with a proposed new qualifying rate for uninsured mortgages, reinforcing the mortgage underwriting principles outlined in Guideline B-20. As of June 1, 2021, the qualifying rate for all uninsured mortgages should be the greater of the mortgage contractual rate plus 2%, or 5.25%. The change raises the minimum qualifying rate by 46 basis points from the current 4.79%.
The federal government will align with OSFI by establishing a new minimum qualifying rate at the same level for insured mortgages. TRREB, along with CREA, participated in the consultation and advised the government to consider a regionalized approach. To review the TRREB submission to OSFI, please click here. The government’s response can be found in the annex from OSFI. Both OSFI and the federal government have indicated they will review the impact of the changes before the end of the year and adjust as necessary. TRREB will monitor impacts in the resale housing market and continue to advocate in partnership with CREA on behalf of Members and their clients. TRREB welcomes the recent acknowledgement by the federal government that all levels of government need to address the growing imbalance between supply and demand. TRREB has advocated for many years for a supply-focused approach in order to bring balance to the market and increase housing affordability. We are encouraged that the federal government has taken note. Province Safely Reopening Outdoor Recreational Amenities Prior to End of Stay-at-Home Order
May 20, 2021 Office of the Premier Table of Contents TORONTO — The Ontario government, in consultation with the Chief Medical Officer of Health, has released its Roadmap to Reopen, a three-step plan to safely and cautiously reopen the province and gradually lift public health measures based on the provincewide vaccination rate and improvements in key public health and health care indicators. In response to recent improvements to these indicators, Ontario will allow more outdoor recreational amenities to reopen, with restrictions in place, effective May 22, 2021 at 12:01 a.m. “As a result of the strict public health measures we introduced to stop the spread of COVID-19 variants, we are seeing a steady improvement in our situation as ICU and hospital numbers begin to stabilize,” said Premier Doug Ford. “While we must remain conscious of the continued threat the virus poses, with millions of Ontarians having received at least their first dose of vaccine we can now begin the process of a slow and cautious re-opening of the province in full consultation with our public health professionals.” Roadmap to Reopen outlines three steps to easing public health measures, guided by the following principles:
“While we know that now is not yet the moment to reopen, Ontarians deserve to know the path forward on what we will carefully reopen and when, starting with the settings we know are safest,” said Christine Elliott, Deputy Premier and Minister of Health. “Brighter days are ahead and we believe this Roadmap represents a path out of the pandemic and will encourage Ontarians to get vaccinated and to continue following public health advice.” The provincewide emergency brake restrictions remain in effect while the province assesses when it will be moving to Step One of the roadmap with the Stay at Home order expiring on June 2, 2021. During this time, the government will continue to work with stakeholders on reopening plans to ensure full awareness of when and how they can begin to safely reopen. Due to the continuing success of Ontario’s vaccine rollout and the collective efforts of Ontarians in following public health and workplace safety measures to date, effective May 22, 2021 at 12:01 a.m. the province will reopen outdoor recreational amenities with restrictions in place, such as the need to maintain physical distancing. These amenities include but are not limited to golf courses and driving ranges, soccer and other sports fields, tennis and basketball courts, splash and spray pads and skate parks. No outdoor sports or recreational classes are permitted. Outdoor limits for social gatherings and organized public events will be expanded to five people, which will allow these amenities to be used for up to five people, including with members of different households. All other public health and workplace safety measures under the provincewide emergency brake will remain in effect. At this time, publicly funded and private elementary and secondary schools in the province will continue to operate under teacher-led remote learning. Data will be assessed on an ongoing basis and medical experts, including the Chief Medical Officer of Health, and other health officials will be consulted to determine if it may be safe to resume in-person learning. “Due to the stringent efforts of Ontarians following public health and workplace safety measures, we have reached the point where we can begin preparing to exit the provincewide emergency brake and lift the Stay-at-Home order,” said Dr. David Williams, Chief Medical Officer of Health. “We must remain vigilant however, as the fight against COVID-19 is not over and our case counts, ICU capacity and hospitalizations are still concerning. It remains critical that all Ontarians continue to follow all public health and workplace safety measures currently in place to help further reduce transmission and save lives.” The government will continue to work with the Public Health Measures Table, Public Health Ontario, and other public health and scientific experts to determine public health guidance for Ontarians to follow, including protocols for masking and outdoor/indoor gatherings, after being fully vaccinated. Quick Facts
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The provincial government is extending the stay-at-home order and all existing public health and workplace safety measures in Toronto and Peel Region until at least March 8, 2021.
In addition, based on a general improvement in trends of key indicators, York Region will be moving back to the COVID-19 Response Framework at the Red-Control level as of Monday, February 22, with additional restrictions in capacity limits for retail stores, and will no longer be subject to the Stay-at-Home order. This will allow indoor dining to resume and gyms to reopen with reduced capacity. York Region now joins Durham and Halton in the red zone. What does this mean for Real Estate? Real estate is still considered an essential service; however, it's not business as usual:
Also, the province has extended all emergency orders under the Reopening Ontario Act (ROA) until March 21. Orders under the ROA include the province's ability to implement rules on public gatherings, business closures and managing outbreaks in hospitals or long-term care homes. The extension of the emergency orders does not change the length of how long a region is placed in lockdown. The full list of orders being extended by the Ontario government can be found here. For the complete provincial announcement, please click here. Refinancing your mortgage is something most homeowners consider at least once throughout the lifespan of their home loan. It allows you to pay off your previous loan by applying for a new one that has better financial advantages. While there are many good reasons to refinance, here are five common ones.
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