Page 32 - Sports Energy News, Cornwall, Issue No 106

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32 Issue #106 November 2021 www.sportsenergynews.comom
Continued from page 30 in 2020 Notes from Our Provincial Representative
overall mortgage debt as of 2021 and 75% o 21.4%: The share of new mortgages that
of newly originated loans as of Q1 2021. were 5-year variables (this increased to
Mortgage delinquencies (non-payment over 40% as of the second quarter of 2021) Stormont-Dundas-South
for 90 days or more) continued to trend • 55.3%: The share of mortgages originated
down for all lender types, reaching a 30- in 2021 (as of June) that had a term of five Glengarry MPP
year low as of the first quarter. The lowest years or more
delinquency rates were recorded by credit • 14%: The share of all fixed-rate mortgage
unions at 0.13% (down from 0.15% in balances originated in the first half of 2021 Interview
2020), while the arrears rate for chartered that had a term shorter than three years.
banks fell to 0.20% (down from 0.23% in Mortgage Default Insurance with
2020). • 493,000: The number of mortgages
Other Mortgage Market Tidbits originated by chartered banks in the second MPP Jim MacDonell
The report included additional insights quarter of 2021, of which 75% were
into other aspects of the mortgage market, uninsured
including rate selection and lender market “This surge in uninsured purchases is he trend of essential pandemic indicators shows that Ontario remains
share. Here are some of the highlights: mirrored by a sharp increase in end-of- Ton track to reduce the impact of COVID-19 enough that we can look
Lender Share contract principal repayments of uninsured forward to a positive future. Impressive vaccination efforts by the Eastern
• 73%: The percentage of overall residential mortgages a direct result of the record level
mortgage debt held by the Big 6 banks with property sales in the previous quarters,” the Ontario Health Unit have provided at least one dose to 90 percent of the
6% mortgage debt held by other chartered report noted. “This suggests that more eligible population, 86 percent of whom received a second shot. We still
banks repeat buyers are taking advantage of the have work to do in specific postal code areas of Cornwall where second dose
• 14%: Mortgage debt held by credit unions rising property prices and low interest rate vaccination is barely scratching 70 percent. The under-vaccinated continue
and Caisses Populaires environment to cash out and potentially to use valuable hospital resources, including ICU beds, and force hospitals
• 5%: Mortgage debt held by Mortgage upgrade to larger space.” to cancel surgeries. Data shows that those without one dose are eight times
Finance Companies (MFCs), insurance and Share of Loan-to-Value more likely to contract the virus, while those over 60 are 15 times more likely
trust companies Distribution of LTV ratios for newly to be hospitalized. If you haven’t received your two doses, you can find local
• 2%: Mortgage debt held by Mortgage originated uninsured mortgages, as of June times and locations on the EOHU’s website at www.EOHU.ca or by calling
Investment Entities 2021: 1-800-267-7120. Every shot could help save a life.
Interest Rates • 65% or less LTV: 37.5% of residential Starting October 25, we put into action the new Plan to Safely Reopen
• 2.38%: The average 5-year fixed rate mortgages (up from 37.1% in 2020) Ontario and Manage COVID-19 over the long term. Our first step includes
secured in 2020 • 65.01–75% LTV: 17.9% (up slightly from
o 45.8%: The share of new mortgages that 17.8% in 2020) higher capacity limits for dining out, bars, sports and recreational venues,
were 5-year fixed • 75.01–80% LTV: 44.5% (down slightly gyms, and fitness centres where trainers provide instruction, casinos, bingo
• 2.20%: The average variable rate secured from 45% in 2020) halls, and gaming outlets. Find more information at https://www.ontario.ca/
page/reopening-ontario. The new proof of vaccination certificate and official
QR code make it easier for the vaccinated to enjoy these premises and for
businesses to serve you. You can download it at https://covid19.ontariohealth.
ca/, visit a Service Ontario centre, or call 1-833-943-3900. We look to lift
more restrictions and limits as we continue to make progress.
The Government continues to prioritize the improvement of our long-term
care system. As a result, family members should expect the best possible
care for their parents and loved ones. Minister of Long-Term Care Rod
Phillips announced the Government would invest $4.9 billion to hire more
than 27,000 long-term staff over four years. A typical 160-bed home will add
43 nurses and PSWs, ensuring that each resident will receive an average of
over four and a half hours of care daily, a more than 40 percent increase since
taking over Government. Minister Phillips followed up with a commitment
to increase long-term care facility inspections by pledging to hire 193 new
inspectors and to launch a proactive inspections program that includes visits
without notice.
The Government continues to support our local municipalities, which
have asked for stable and predictable funding. We announced the eight
municipal governments will receive $9,966,700, broken down as follows:
City of Cornwall, $4,666,100; South Dundas, $1,223,200; South Glengarry,
$998,600; North Dundas, $960,700; South Stormont, $933,000; United
Counties of Stormont-Dundas-Glengarry, $699,000; North Stormont,
$486,100; and North Glengarry $2,095,200. This funding will be help
municipalities provide infrastructure and services, including social services
and housing, to residents.
The Ontario Legislature started its fall session on October 4 with the
Speech from the Throne. The Lt. Governor laid out the Government’s plan to
defeat COVID-19 and to complete the reopening of Ontario. Our strategy of
cutting red tape and reducing the cost of doing business increases investment
and attracts new industry and good-paying jobs.
Enjoy a safe and happy Halloween by following public health guidelines.
Regards,
Jim McDonell
MPP for Stormont-Dundas-South Glengarry