Mortgage loan insurance to help create student housing
“The demand for student housing is great,” said Ed Holder, Member of Parliament for London West.
“Our government is dedicated to meeting the increased demand for student housing across the country…we're helping developers and borrowers access competitive interest rates for the life of the mortgage, benefit from greater financing choices and lower renewal risk. Our government is supporting students and creating jobs in university and college communities across the country,” he added.
According to Holder, the Canadian government is planning to help finance loans of up to 85 per cent of the lending value for the construction; purchase or refinancing of housing that will be built specifically for students who choose to live on or off campus properties.
The loans will go through the CMHC's Mortgage Loan Insurance for multi-unit specially designed student housing.
Holder stressed the high demand at present for sustainable student housing all across the country to meet the need. Not only for Canadian students, but also for the thousands of international students who choose to study in Canada annually, he mentioned.
Ray Stanton, president of London Property Corporation outlined during the January 20 press conference how they are trying to “attract more students to live in better quality housing...making the (houses) more attractive for students” was the bottom line.
Construction of the multi-unit housing will begin summer of 2010.
In addition, the Government of Canada has taken additional initiatives in order to help Canadian failies.
As of August 1, 2009, new federal student financial assistance measures were put in place - the Canada Student Grants Program and the Repayment Assistance Plan - both of which help students and their families have access to post-secondary education and also to better help manage their own student loan debt.
If you wish to find out more information about how the government of Canada is helping students get ahead, please visit www.CanLearn.ca.