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Federal government announces $42.4M housing investment for Kitchener

Published

12 months ago

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A major announcement has been made in Kitchener.

The city is receiving a federal investment worth $42.4 million through the Housing Accelerator Fund to build more houses in Kitchener.

Federal Minister of Housing, Sean Fraser, made the trip at 3241 King Street East in Kitchener Friday to deliver the news about the funding. He explained that the Housing Accelerator Fund serves as a federal financial incentive to make building homes easier for cities.

3241 King Street East is a site that will become a 24-storey apartment building with 304 housing units. The project was made possible by a federal program called the Residential Construction Financing initiative, which offered Vive Development a $115 million loan that must be repaid in 10 years.

Mayor Berry Vrbanovic said it’s an exciting day for Kitchener after months of work on the application. The support from the federal government will be crucial in the city’s efforts to reach their ambitious targets.

“It’s not only going to influence the construction of more than 1200 homes in three years, but ultimately our goal of 37000 homes in the next 10 years,” said Vrbanovic.

Fraser praised city staff and Mayor Berry Vrbanovic for their initiative as he called on other cities to follow Kitchener’s lead.

“No one city can do this on their own,” said Fraser. “But if we all pull in the same direction, all levels of government, the private sector and non-profit, we can absolutely overcome Canada’s national housing crisis and I’m pleased to see the steps Kitchener is taking today.”

Mayor Berry Vrbanovic (left) hands Minister of Housing Sean Fraser ‘Kitcheneropoly’ as a gesture of gratitude for the major federal investment / Brad Kraemer

 

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

6 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

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

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

2 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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