In the early 1980s the Canadian Home Stimulation Program provided grants to home buyers; the Canada Mortgage Renewal Plan assisted those who were experiencing difficulty renewing their mortgages at higher interest rates; and the Graduated Payment Mortgage Plan helped homeowners offset the rising costs of home ownership by lowering initial monthly mortgage payments. In 2008 new initiatives allowed investors in small rental projects to purchase properties with no money down. Social housing programs underwent an extensive review from 1979 to 1984. Coinciding with fiscal restraint both to eliminate the operating deficit and reduce the national debt, governments examined the ongoing cost of housing subsidies. Housing funds were reduced and directly targeted to low-income people. More emphasis was placed upon renovation of existing housing. Most market rental-assistance programs ended by the mid-1980s, but CMHC continued to assist more than 12 800 households annually to improve housing quality through a variety of rehabilitation programs for homeowners, rental units, rental conversions and rooming houses in both urban and rural areas.
Posted on: Thu, 30 Jan 2014 06:51:29 +0000
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