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The Singapore Solution: Adam Gant Discovers the Key to Housing Affordability

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When it comes to scarcity in the housing market, could the second largest nation on the planet learn from one of the world’s smallest?

Canadian real estate investor Adam Gant thinks so. For years he’s studied how real estate markets work across cultures and continents, traveling the world to find innovative ways to improve access and affordability for North American families who are locked out of the current system, their dreams deferred.

In the tiny city-state of Singapore, he discovered something remarkable: a financing model that has resulted in a homeownership rate of 92 percent, creating a strong civic foundation of families who acquire a stake in the system by owning property.

Adam Gant returned home to Canada with this revelation and hasn’t stopped promoting it ever since. In symposia, media appearances, white papers, and even a novel, he has described the essence of the Singapore residential property system, which he terms “shared equity.” It’s a template for Canadian and U.S. financial institutions, real estate professionals and policymakers, he contends; a way to solve the endemic housing crisis that is keeping home ownership out of reach for millions.

Beginning in the early 70s, Singapore embarked on an ambitious government program to turn a nation of renters into a society of property-owning stakeholders. The vehicle for this was its Housing Development Board, or HDB, which combines housing development with financing programs that are accessible to the citizenry.

The HDB builds, sells and finances. The goal is to keep down payments low and monthly payments affordable. The benefits have cascaded through society, allowing families to accumulate equity that provides financial stability and helps ensure secure retirements.

“How the HDB is different from CMHC in Canada or the housing finance agencies like Fannie Mae and Freddie Mac in the U.S., is that the HDB developed housing projects and offered self-insured financing in them,” says Adam Gant.

“The other key, and more profound difference in Singapore’s financing model, and the major missing piece in Canada and the U.S., is that the HDB did not get all of the ‘interest’ on the mortgage financing provided from the home purchaser’s monthly payment. They deferred part of the return on capital to the eventual sale of the home.”

This financing mechanism is at the heart of the HDB’s approach, Gant explains. “The home purchaser does not have to come up with all of the funds to repay the financing out of their own pocket; the home itself covers some of the costs out of its appreciation in value over time. Singapore has even turned housing into a supplement for retirement income by having ‘full life-cycle’ options for converting equity into additional income like an annuity triggered at retirement age.”

Adam Gant laid out the principles of this “shared equity” concept in a novel he co-wrote with Patricia Nicholson in 2020. A House Shared is a fictional account of a family whose sudden misfortunes push it to the edge of bankruptcy and homelessness. Shared equity is the solution for the book’s protagonists and is presented as a template for the wider society. The concept provides an epilogue of hope, as well as a preface for fundamental change in U.S. and Canadian models of home ownership.

Stepping away from the role of narrator, Gant urges North American financial and political elites to explore ways to apply the example of the Southeast Asian city-state: “Just like Singapore has aligned their housing fund that provides the capital used to construct homes with a funding source for the long-term solution which helps home buyers build up the down payment they need to eventually own, we need housing funds that can operate the same way in Canada and the U.S. We need ‘equity funds’ that finance housing development and shared equity agreements for home purchasers.”

If Adam Gant succeeds in his mission, the Canadian author will prove wrong another writer known for his love and admiration of Singapore: Rudyard Kipling, who nearly a century before the HDP began setting an example for the world, wrote: “East is East and West is West, and never the twain shall meet.”

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Two youths arrested after emergency alert issued in New Brunswick

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MONCTON, N.B. – New Brunswick RCMP say two youths have been arrested after an emergency alert was issued Monday evening about someone carrying a gun in the province’s southeast.

Caledonia Region Mounties say they were first called out to Main Street in the community of Salisbury around 7 p.m. on reports of a shooting.

A 48-year-old man was found at the scene suffering from gunshot wounds and he was rushed to hospital with non-life-threatening injuries.

Police say in the interest of public safety, they issued an Alert Ready message at 8:15 p.m. for someone driving a silver Ford F-150 pickup truck and reportedly carrying a firearm with dangerous intent in the Salisbury and Moncton area.

Two youths were arrested without incident later in the evening in Salisbury, and the alert was cancelled just after midnight Tuesday.

Police are still looking for the silver pickup truck, covered in mud, with possible Nova Scotia licence plate HDC 958. They now confirm the truck was stolen from Central Blissville.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

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World Junior Girls Golf Championship coming to Toronto-area golf course

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MISSISSAUGA, Ont. – Golf Canada has set an impressive stretch goal of having 30 professional golfers at the highest levels of the sport by 2032.

The World Junior Girls Golf Championship is a huge part of that target.

Credit Valley Golf and Country Club will host the international tournament from Sept. 30 to Oct. 5, with 24 teams representing 23 nations — Canada gets two squads — competing. Lindsay McGrath, a 17-year-old golfer from Oakville, Ont., said she’s excited to be representing Canada and continue to develop her game.

“I’m really grateful to be here,” said McGrath on Monday after a news conference in Credit Valley’s clubhouse in Mississauga, Ont. “It’s just such an awesome feeling being here and representing our country, wearing all the logos and being on Team Canada.

“I’ve always wanted to play in this tournament, so it’s really special to me.”

McGrath will be joined by Nobelle Park of Oakville, Ont., and Eileen Park of Red Deer, Alta., on Team Canada 2. All three earned their places through a qualifying tournament last month.

“I love my teammates so much,” said McGrath. “I know Nobelle and Eileen very well. I’m just so excited to be with them. We have such a great relationship.”

Shauna Liu of Maple, Ont., Calgary’s Aphrodite Deng and Clairey Lin make up Team Canada 2. Liu earned her exemption following her win at the 2024 Canadian Junior Girls Championship while Deng earned her exemption as being the low eligible Canadian on the world amateur golf ranking as of Aug. 7.

Deng was No. 175 at the time, she has since improved to No. 171 and is Canada’s lowest-ranked player.

“I think it’s a really great opportunity,” said Liu. “We don’t really get that many opportunities to play with people from across the world, so it’s really great to meet new people and play with them.

“It’s great to see maybe how they play and take parts from their game that we might also implement our own games.”

Golf Canada founded the World Junior Girls Golf Championship in 2014 to fill a void in women’s international competition and help grow its own homegrown talent. The hosts won for the first time last year when Vancouver’s Anna Huang, Toronto’s Vanessa Borovilos and Vancouver’s Vanessa Zhang won team gold and Huang earned individual silver.

Medallists who have gone on to win on the LPGA Tour include Brooke Henderson of Smiths Falls, Ont., who was fourth in the individual competition at the inaugural tournament. She was on Canada’s bronze-medal team in 2014 with Selena Costabile of Thornhill, Ont., and Calgary’s Jaclyn Lee.

Other notable competitors who went on to become LPGA Tour winners include Angel Yin and Megan Khang of the United States, as well as Yuka Saso of the Philippines, Sweden’s Linn Grant and Atthaya Thitikul of Thailand.

“It’s not if, it’s when they’re going to be on the LPGA Tour,” said Garrett Ball, Golf Canada’s chief operating officer, of how Canada’s golfers in the World Junior Girls Championship can be part of the organization’s goal to have 30 pros in the LPGA and PGA Tours by 2032.

“Events like this, like the She Plays Golf festival that we launched two years ago, and then the CPKC Women’s Open exemptions that we utilize to bring in our national team athletes and get the experience has been important in that pathway.”

The individual winner of the World Junior Girls Golf Championship will earn a berth in next year’s CPKC Women’s Open at nearby Mississaugua Golf and Country Club.

Both clubs, as well as former RBC Canadian Open host site Glen Abbey Golf Club, were devastated by heavy rains through June and July as the Greater Toronto Area had its wettest summer in recorded history.

Jason Hanna, the chief operating officer of Credit Valley Golf and Country Club, said that he has seen the Credit River flood so badly that it affected the course’s playability a handful of times over his nearly two decades with the club.

Staff and members alike came together to clean up the course after the flooding was over, with hundreds of people coming together to make the club playable again.

“You had to show up, bring your own rake, bring your own shovel, bring your own gloves, and then we’d take them down to the golf course, assign them to areas where they would work, and then we would do a big barbecue down at the halfway house,” said Hanna. “We got guys, like, 80 years old, putting in eight-hour days down there, working away.”

This report by The Canadian Press was first published Sept. 16, 2024.

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Purple place: Mets unveil the new Grimace seat at Citi Field

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NEW YORK (AP) — Fenway Park has the Ted Williams seat. And now Citi Field has the Grimace seat.

The kid-friendly McDonald’s character made another appearance at the ballpark Monday, when the New York Mets unveiled a commemorative purple seat in section 302 to honor “his special connection to Mets fans.”

Wearing his pear-shaped purple costume and a baseball glove on backwards, Grimace threw out a funny-looking first pitch — as best he could with those furry fingers and short arms — before New York beat the Miami Marlins at Citi Field on June 12.

That victory began a seven-game winning streak, and Grimace the Mets’ good-luck charm soon went viral, taking on a life of its own online.

New York is 53-31 since June 12, the best record in the majors during that span. The Mets were tied with rival Atlanta for the last National League playoff spot as they opened their final homestand of the season Monday night against Washington.

The new Grimace seat in the second deck in right field — located in row 6, seat 12 to signify 6/12 on the calendar — was brought into the Shannon Forde press conference room Monday afternoon. The character posed next to the chair and with fans who strolled into the room.

The seat is available for purchase for each of the Mets’ remaining home games.

“It’s been great to see how our fanbase created the Grimace phenomenon following his first pitch in June and in the months since,” Mets senior vice president of partnerships Brenden Mallette said in a news release. “As we explored how to further capture the magic of this moment and celebrate our new celebrity fan, installing a commemorative seat ahead of fan appreciation weekend felt like the perfect way to give something back to the fans in a fun and unique way.”

Up in Boston, the famous Ted Williams seat is painted bright red among rows of green chairs deep in the right-field stands at Fenway Park to mark where a reported 502-foot homer hit by the Hall of Fame slugger landed in June 1946.

So, does this catapult Grimace into Splendid Splinter territory?

“I don’t know if we put him on the same level,” Mets executive vice president and chief marketing officer Andy Goldberg said with a grin.

“It’s just been a fun year, and at the same time, we’ve been playing great ball. Ever since the end of May, we have been crushing it,” he explained. “So I think that added to the mystique.”

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