SOME MEMORIES OF SALTER SQUARE from 1975 and onwards
When my son and I moved into Salter Crescent in 1975, the city was a very different place than it is now. I shopped at the IGA at the corner of Teron and Beaverbrook. We went to the post office at the corner of The Driveway and Teron to get our mail. I remember Mac's Milk opening. In the future was the building of many high-tech companies, a large sports facility, shopping centres, much more housing, and the bike path leading out of Salter. I road my bike all around Kanata and the countryside was not far from home.
What attracted me to Salter Square was an offer to first home buyers by the federal government, provincial government, and Campeau Corporation to buy a condominium in Salter. The Assisted Home Ownership Program (AHOP) was designed to help people buy their first home. This was a wonderful opportunity for me and many others, as we would not have been able to own homes otherwise. My work was in downtown Ottawa, so it was much closer for me to get to work than from Almonte, where I lived at the time. When I signed the agreement to buy in October 1975, there were 182 available units in Salter Square, and only three had not been sold. It was necessary to have a certain level of income to be able to purchase. Mine was too low, so they added on the "baby bonus" to bring my income up to the standard.
In the Application to Purchase signed by me on 31 July 1975, I had to make a deposit of $500.00, and provided certified cheques for $500.00 and $750.00. I believe this total amount was later refunded to us.
Purchase Price - $35,000.00
My CMHC mortgage interest rate was 10%. The 1981 interest rate was 15.25%, and I believe this rose later to over 18%.
On 29 Oct. 1975 my son and I took possession and paid monthly occupancy fees. Registration was to take place 1 December 1975, but was delayed to 1 April 1976. There were objections by many people in Kanata about one of the designs that was planned for Salter, which was called a "walk-up". That design had to be changed, which caused a delay in getting our properties registered.
Rising Interest Rates & Cancellation of Subsidies
In 1981, people in Salter Crescent faced a serious problem with the rising cost of interest rates, the cancellation of subsidies, and having to re-mortgage at high interest rates.
I wrote to The Hon. Paul J. Cosgrove on 28 January 1981 about this matter. I pointed out that we bought in 1975 for $35,000 and those same homes were selling for much less. At a public meeting in Kanata, it was pointed out that one home was listed for $28,000, and a representative from CMHC did admit that some had been sold for "less than $32,000". Many owners had attempted to sell their homes because they could not afford the high interest rates, and others filed quitclaims and simply handed their homes back to CMHC. I provided Mr. Cosgrove with an article from the Kanata Standard of 23 January 1981. I asked that he study the problem and assist in whatever way he could.
I received a reply dated 6 February 1981 from Mr. Cosgrove expressing that he recognized the problem and advised that extended assistance was provided to AHOP borrowers who experienced hardship when renewing their mortgages. Such assistance was available to borrowers whose Gross Debt Service (GDS) was greater than 30% and who would renew before 26 March 1981. He said he would propose to his cabinet colleagues that similar assistance be made available on the same basis to AHOP borrowers renewing their mortgages in the year following 26 March 1981. He provided details of who to contact at CMHC who could assist.
I don't have any further information on what happened after that.
Salter Square and Kanata have been perfect for bringing up my son, caring for a lot of foster children, and to welcome my adopted son, whom I brought to Canada when he was 18. There are now grandchildren who enjoy my place. My home is exactly what I needed in my situation and am always grateful that it was made easy for me to buy. I would like to see the governments and builders do the same for other people who want to be home owners but can't afford to do so.
Jeanette Mather
246 Salter Crescent, Kanata
When my son and I moved into Salter Crescent in 1975, the city was a very different place than it is now. I shopped at the IGA at the corner of Teron and Beaverbrook. We went to the post office at the corner of The Driveway and Teron to get our mail. I remember Mac's Milk opening. In the future was the building of many high-tech companies, a large sports facility, shopping centres, much more housing, and the bike path leading out of Salter. I road my bike all around Kanata and the countryside was not far from home.
What attracted me to Salter Square was an offer to first home buyers by the federal government, provincial government, and Campeau Corporation to buy a condominium in Salter. The Assisted Home Ownership Program (AHOP) was designed to help people buy their first home. This was a wonderful opportunity for me and many others, as we would not have been able to own homes otherwise. My work was in downtown Ottawa, so it was much closer for me to get to work than from Almonte, where I lived at the time. When I signed the agreement to buy in October 1975, there were 182 available units in Salter Square, and only three had not been sold. It was necessary to have a certain level of income to be able to purchase. Mine was too low, so they added on the "baby bonus" to bring my income up to the standard.
In the Application to Purchase signed by me on 31 July 1975, I had to make a deposit of $500.00, and provided certified cheques for $500.00 and $750.00. I believe this total amount was later refunded to us.
Purchase Price - $35,000.00
My CMHC mortgage interest rate was 10%. The 1981 interest rate was 15.25%, and I believe this rose later to over 18%.
On 29 Oct. 1975 my son and I took possession and paid monthly occupancy fees. Registration was to take place 1 December 1975, but was delayed to 1 April 1976. There were objections by many people in Kanata about one of the designs that was planned for Salter, which was called a "walk-up". That design had to be changed, which caused a delay in getting our properties registered.
Rising Interest Rates & Cancellation of Subsidies
In 1981, people in Salter Crescent faced a serious problem with the rising cost of interest rates, the cancellation of subsidies, and having to re-mortgage at high interest rates.
I wrote to The Hon. Paul J. Cosgrove on 28 January 1981 about this matter. I pointed out that we bought in 1975 for $35,000 and those same homes were selling for much less. At a public meeting in Kanata, it was pointed out that one home was listed for $28,000, and a representative from CMHC did admit that some had been sold for "less than $32,000". Many owners had attempted to sell their homes because they could not afford the high interest rates, and others filed quitclaims and simply handed their homes back to CMHC. I provided Mr. Cosgrove with an article from the Kanata Standard of 23 January 1981. I asked that he study the problem and assist in whatever way he could.
I received a reply dated 6 February 1981 from Mr. Cosgrove expressing that he recognized the problem and advised that extended assistance was provided to AHOP borrowers who experienced hardship when renewing their mortgages. Such assistance was available to borrowers whose Gross Debt Service (GDS) was greater than 30% and who would renew before 26 March 1981. He said he would propose to his cabinet colleagues that similar assistance be made available on the same basis to AHOP borrowers renewing their mortgages in the year following 26 March 1981. He provided details of who to contact at CMHC who could assist.
I don't have any further information on what happened after that.
Salter Square and Kanata have been perfect for bringing up my son, caring for a lot of foster children, and to welcome my adopted son, whom I brought to Canada when he was 18. There are now grandchildren who enjoy my place. My home is exactly what I needed in my situation and am always grateful that it was made easy for me to buy. I would like to see the governments and builders do the same for other people who want to be home owners but can't afford to do so.
Jeanette Mather
246 Salter Crescent, Kanata
