Wilson Bowden plc was a British housebuilding and general construction company headquartered in Coalville in central England.
47-421: Wilson Bowden was the holding company for David Wilson Homes and its commercial property subsidiary, Wilson Bowden Properties, the name being adopted at the time of the group's flotation in 1987. David Wilson joined his father’s joinery workshop in 1960 and during that decade gradually moved the business into housebuilding. By the early 1970s, AH Wilson (as it was then named) was building around 150 houses per year in
94-457: A CMHC-approved lender in Canada, allowing them to lend directly to borrowers. In 2001, First National launched Merlin, an online mortgage approval and tracking software system. In 2003, the system expanded to include commercial mortgage administration and investor communications. In 2007, First National introduced My Mortgage, an online mortgage management tool. In 2006, First National became
141-480: A few house builders that were able to increase profits that year. On the back of strong fiscal performance came rights issues to raise funds from investors for further growth. Wilson Bowden was not heavily impacted by the early 1990s recession , unlike several of its competitors, an outcome that was attributed to the firm's relatively conservative land buying practices. During 1993, the firm announced that house sales had risen by roughly 50 percent year-on-year. During
188-536: A priority, in 1973, CMHC oversaw the transformation of Vancouver 's Granville Island , a run-down industrial area, into a successful culture and tourism center. In 1974, CMHC introduced the Residential Rehabilitation Assistance Program (RRAP) to repair substandard homes to a minimum level of health and safety and to improve the accessibility of housing for disabled persons. From 1977 through 1988, CMHC administered
235-668: A program of energy efficiency and resource conservation in home construction. Despite these advances, however, affordability remained a concern, particularly in the early 1990s as a result of the ongoing recession , layoffs, and socio-economic uncertainty. In 1991, CMHC created the Canadian Centre for Public-Private Partnerships in Housing, aimed at fostering public–private cooperation in housing projects. In 1996, CMHC introduced "emili", an automated insurance underwriting system to reduce application approval times. In 1999,
282-717: A record $ 123.9 billion in mortgages under administration. In 1988, Stephen J.R. Smith and Moray Tawse opened First National for business with its first office located in Toronto. In 1991, First National expanded its company to Western Canada and opened a second office in Vancouver. In 1995, First National opened its Halifax office. As the company continued to expand, First National opened another office in Calgary in 2000 and in Montreal in 2008. In 1991, First National became
329-406: A record high of $ 131 billion in 2022 As of June 30, 2023, First National's mortgages under administration increase by 8% to a record level of $ 137.8 billion. Canada Mortgage and Housing Corporation Canada Mortgage and Housing Corporation ( CMHC ; French : Société canadienne d'hypothèques et de logement , SCHL) is Canada's federal crown corporation responsible for administering
376-592: A single agency. In December 1945, the Central Mortgage and Housing Corporation was incorporated by act of the 19th Canadian Parliament , taking effect on 1 January 1946. Its founding purpose was to find and create housing for returning war veterans and their families, as well as to lead Canada's housing programs . In broad terms, its three primary functions were to administer the National Housing Act, 1944 , "to provide facilities for
423-585: Is a Canadian financial services company that is the parent company of First National Financial LP, a private lending institution based in Toronto , Ontario . First National is among the top three in market share in the mortgage broker distribution channel. First National is based in Toronto with over 1,600 employees and five regional offices throughout Canada, including in Calgary , Vancouver , Halifax , and Montreal . As of 2021 , First National announced
470-464: The National Housing Act , with the mandate to improve housing by living conditions in the country. Originally established after World War II to help returning war veterans find housing, it has since seen its mandate expand to the mandate of improving access to housing overall. The CMHC operates with a primary mandate of providing mortgage liquidity, assisting in establishing affordable housing development, and providing arms-length advice to
517-485: The National Housing Act . In 1944, Finance Minister James Lorimer Ilsley introduced new legislation in Parliament "to promote the construction of new houses, the repair and modernization of existing houses, the improvements of housing and living conditions, and the expansion of employment in the post-war period." The Act received royal assent on 15 August 1944. Evidently, rather than focus on low-income housing,
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#1732780622618564-604: The Canadian Mortgage and Housing Corporation ; 13% are conventional single family residential homes; and 6% are multi-unit residences and commercial spaces. In 2018, First National's revenue grew 10% to $ 1.2 billion, with $ 106.2 billion in mortgages under administration. In 2020, First National had $ 118.7 billion mortgages under administration and $ 1.38 billion in revenue. In 2021, First National's mortgages under administration grew to $ 123.9 billion. In 2022, First National's Mortgages under administration totalled
611-616: The Economic Commission for Europe countries as host of a study tour on housing, building, and planning. In 1986, CMHC introduced Mortgage backed securities as an alternative to investing in individual residential mortgages. In 1988, CMHC established the National Housing Awards to recognize achievements in the field and share housing innovations and best practices. The 1990s saw the development of "FlexHousing", barrier-free housing, and "Healthy Housing",
658-668: The National Housing Act and the Canada Mortgage and Housing Corporation Act were modified, allowing for the introduction of a 5% down payment—a change launched as a pilot in 1992, extended and finalized in 1999—removing a significant barrier for first-time home buyers. CMHC also expanded its activities internationally and launched the Canadian Housing Export Centre (later renamed CMHC International) to share Canada's housing resources with
705-546: The Toronto-Dominion Bank with underwriting and fulfillment processing services on mortgages originated through the Toronto-Dominion Bank's residential mortgage broker channel. In 2006, First National had over $ 20 billion in mortgages under administration. The following year in 2007, First National had $ 31.2 billion mortgages under administration, a 37 percent increase from 2006. The increase
752-616: The demobilization of the Armed Forces , the influx of war brides from overseas, the rapidly increasing family formation rate , and the continuing short supply of building materials and workers. As such, there was an urgent need for a coordinated federal response to post-war housing shortages. This led to the creation of the Central Mortgage and Housing Corporation as the successor to the Wartime Housing Limited, consolidating almost all federal housing programs into
799-510: The 1940s, the Government of Canada created a federal-provincial public housing program for low-income families, with costs and subsidies shared 75% by the federal government and 25% by the respective province. In the late 1940s, CMHC transformed an abandoned munitions factory complex in Ajax, Ontario , into Canada's first fully planned , self-sustaining industrial community . Following
846-655: The 1942 Veterans' Land Act remained with the Department of Veterans' Affairs .) During that time, an Advisory Committee on Reconstruction study (aka the Curtis Report) described a tremendous need for low and moderate income shelter throughout Canada, and recommended a national, comprehensive, and planned housing program emphasizing low-rental housing. By the end of the war, the Government of Canada attempted to anticipate post-war housing needs by revising
893-401: The 1980s, the federal government withdrew from the financing of public housing projects. CMHC no longer directed funds to municipalities for the building of housing projects. Some government housing funds and mortgage guarantees since then have been provided for individual projects. In 1983, CMHC received the 1982 United Nations Peace Medal for promoting a better understanding among people of
940-624: The CMHC was set at CA$ 25 million (equivalent to $ 417,819,149 in 2023), and a reserve fund of $ 5 million ($ 83,563,830 in 2021) authorized to be accumulated from profits. In 1946, CMHC built the Benny Farm in Montréal, Quebec , becoming one of the first subsidized housing developments in Canada. In 1947, the WHL became an arm of the CMHC, transferring its 30,000 houses (called "wartimes") to
987-605: The Canadian Home Insulation Program (CHIP) to encourage energy-saving retrofits . In 1979, the Central Mortgage and Housing Corporation changed its name to Canada Mortgage and Housing Corporation . The Canadian Housing Information Centre (CHIC), Canada's largest housing library, was also established that year. 1979 also saw the Milton Park area of Montreal being converted into one of Canada's most successful non-profit low-income projects. In
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#17327806226181034-626: The Government of Canada and the agency is directly accountable to Parliament through the Minister of Housing, Infrastructure and Communities . CMHC is the largest crown corporation in terms of assets, with CA$ 295 billion in assets as of the second quarter of 2021. In 1941, the Government of Canada established the Wartime Housing Limited ( WHL ), a crown corporation that built and managed thousands of rental units for World War II workers and veterans. (Rural housing under
1081-412: The Government of Canada and the housing industry. The crown corporation acts as Canada's national housing agency. As such, it administers federal housing programs such as the first-time home buyer loan , acts as a mortgage insurer (primarily for high-leverage loans), and provides housing research. The agency's governance is led by an independent board of directors. However, the board is appointed by
1128-481: The Leicestershire area. A joint property investment with First National Financial Corporation , Bowden Park Holdings , was wholly acquired in 1973 shortly after First National got into financial difficulty. David Wilson expanded substantially in the 1980s with sales rising from 300 to 1,600 within the decade. The firm's financial reports for 1989 included a record pre-tax profit of £40.3 million, being one of
1175-468: The Stephen J.R. Smith School of Business in honour of the $ 50 million donation made by Stephen Smith, Chairman, CEO and Co-founder of First National Financial Corporation. Effective October 30, 2018, Jason Ellis fulfilled the role of Chief Operating Officer of First National Financial LP. This appointment came as the company continues to grow. Jason Ellis has been with First National since 2004, overseeing
1222-644: The Treasury and Capital Markets department and helped managed the company's relationships with investors. On June 19, 2019, the chairman and CEO of First National Financial LP, Stephen Smith, was inducted into the Canadian Business Hall of Fame . In January 2022. First National Financial Corporation announced the appointments of Stephen Smith as executive chairman of the board and Jason Ellis as president, chief executive officer, and director. As part of Bank of Montreal ’s announced re-entry to
1269-568: The beginning of WWII in 1939, the Government of Canada expropriated most of the farmland in what is now southern part of Ajax to establish the Defence Industries Limited Pickering Works munitions plant. The government-owned plant employed workers from different parts of Canada, and the site—along with the residences and the facilities established for the munitions workers—evolved into a self-contained community constructed and operated by WHL. In 1948,
1316-445: The broker channel starting in early 2024, the bank confirmed it would be partnering with First National to provide its underwriting and funding services. In March 2024, First National Financial Corporation hit a landmark achievement by surpassing $ 50 billion in commercial mortgages under administration (MUA). In 2017, First National administered $ 101.6 billion in mortgages, a 2% increase over 2017. 81% of its mortgages are insured by
1363-498: The business for forty years. During the early 2000s, extensive efforts were put into implementing a controlled succession strategy. It was ultimately decided to put the company's ownership up for auction , the multistage process of which attracted the interest of numerous parties, including rival construction company George Wimpey and a consortium headed by the Scottish billionaire Tom Hunter . During April 2007, just months prior to
1410-406: The corporation to provide affordable housing for returning veterans. Also that year, CMHC took over the financially unsuccessful Housing Enterprises of Canada Ltd, which was formed by major Canadian insurance corporations as a limited dividend company that attempted to build and manage moderately priced rental accommodation with CMHC's approval for location, costs, and rents. Toward the end of
1457-714: The decade. During this period, for the first time in Canadian history, multi-unit apartment buildings were beginning to outpace housing starts for single-family homes. Increased Government partnership with non-profit organizations also started around this time. In 1966, CMHC built the first cooperative housing project in Canada in Willow Park , Winnipeg . In 1967, CMHC exported wood-frame construction abroad to construct 137 homes in Harlow, England , marking CMHC's first international project. Also that year, CMHC funded
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1504-544: The design and development costs of Habitat —designed by architect Moshe Safdie for Expo 67 in Montréal—which demonstrated higher-density housing and led to many advances in materials and construction. Not all of CMHC's "community urban renewal" projects have been received positively, however. Several moves by CMHC, including the development of an overpass , in Hogan's Alley — Vancouver 's only Black neighborhood—led to
1551-465: The discontinuation of its KingsOak Homes brand, had been announced; however, Barrett decided to retain the Wilson Bowden name for some activities. The company had three divisions: First National Financial Corporation Jason Ellis, President and Chief Executive Officer Moray Tawse, Senior Executive Vice President and Co-Founder First National Financial Corporation ( First National )
1598-458: The displacement of Black Canadian residents by 1970 after the area was razed . Although the community was destroyed, the highway was never built after protests from neighbouring communities. In the 1970s, affordability became a major factor in the home buying process. To help make housing more affordable, lot sizes were reduced and the density of developments were increased. As result, neighbourhood and residential improvement programs encouraged
1645-406: The federal government instead initiated a post-war program between 1944 and 1945 that promoted home ownership and private enterprise . By the end of World War II , serious housing congestion had developed in Canada's main cities due to major shifts of population among war workers and service personnel and to shortages of construction supplies and labour. The housing situation was exacerbated by
1692-562: The federal government provided grants to cities to encourage them to tear down derelict buildings and build municipally-owned housing corporations. Regent Park in Toronto, Ontario , was the first urban renewal project , where 42 acres (17 ha) were cleared to build the 1056-unit, low-rent housing development in 1950. Habitations Jeanne-Mance in Montreal, Quebec , is another example. (For further examples, see List of public housing projects in Canada .) In 1951, CMHC began implementing
1739-496: The first Canadian lender to offer the Canada Mortgage and Housing Corporation (CMHC) insured Interest Only Mortgage, meant to help qualified home buyers to lower their monthly mortgage payments in addition to help their month-to-month cash flow. The Interest Only Mortgage offers the option of paying only interest for the first five or ten years of a mortgage. On July 16, 2014, First National Financial Corporation announced that its subsidiary First National Financial LP will supplement
1786-581: The first of many federal–provincial public housing projects with 140 subsidized rent-to-income units in St. John's, Newfoundland . In 1954, the Government expanded the National Housing Act to allow chartered banks to enter the NHA lending field. CMHC introduced mortgage loan insurance, taking on mortgage risks with a 25% down payment , making home ownership more accessible to Canadians. The banks thereafter began to issue mortgage loans with CMHC underwriting. If
1833-446: The government mandated the CMHC to develop the site and its surrounding area into a modern industrial town. The CMHC manager of the area, George Finley, planned new housing subdivisions, commercial centres, and industrial areas. CMHC's biggest challenges in establishing Ajax as a functioning municipality were reimbursing Pickering Township and Ontario County for municipal services provided to Ajax and establishing an official plan for
1880-524: The growing community acceptable to relevant government agencies. After considerable controversy regarding land and water control, CMHC submitted a successful application to the Ontario Municipal Board in May 1950, making Ajax an improvement district . During the 1950s, housing quality concerns were added to the task of providing for sufficient quantity of housing. Throughout that decade,
1927-529: The individual receiving the loan went bankrupt then the bank who gave the loan would not lose money, but instead would be reimbursed by the government. As part of CMHC lending and insurance mechanisms, low-risk borrowers would have to pay insurance premiums if they wanted to borrow with small down payments. The 1960s marked CMHC's shift in focus towards municipal planning and development to help cities deal with rapid urban growth . As such, urban renewal programs to redevelop inner cities were funded throughout
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1974-494: The long-established housing business of Henry Boot plc in 2003, and the North West-centric developor Roland Bardsley Homes in 2006. By the end of 1990s, Wilson was building over 4,000 units per year and was regarded as one of the most consistently successful of the quoted housebuilders. Under a plan to double its prefabrication capacity, Wilson Bowden constructed its own factory in the early 2000s. David Wilson ran
2021-718: The maintenance and improvement of existing communities. In 1971, CMHC introduced the Assisted Home Ownership Program (AHOP) to appeal to first-time buyers and help low-income people attain homeownership. Also during that decade, CMHC turned its attention to Aboriginal and rural housing , introducing the Winter Warmth Assistance Program in 1971, the first of its kind to provide funds to Indigenous People for urgent repairs to housing in rural areas. With preservation of historic neighbourhoods and downtown living also becoming
2068-584: The mid 1990s, Wilson Bowden started to expand beyond its East Midlands heartland. New offices were opened in the West Midlands, Hereford, Hertfordshire and Kent in 1992; Leeds in 1993; Cheshire in 1997 and Glasgow in 1999. Wilson also completed several strategic acquisitions, such as the Berkshire -based firm Trencherwood in 1996, which had a dominant position in the West Berkshire land market,
2115-562: The opening events of the Great Recession , the company was purchased by Barratt Developments in exchange for £2.2 billion; the move made Barrett the biggest homebuilder in Britain, employing roughly 7,500 people at the time of the acquisition. Within one month of the sale being finalised, David Wilson had retired while the closure of several of the company's offices, the sale of its in-house plumbing and plant hire divisions as well as
2162-644: The rediscounting of mortgages by the lending institutions," and to administer the Emergency Shelter Regulations (taking over this responsibility from the Wartime Prices and Trade Board ). Along with administering the National Housing Act , it was also responsible for the Home Improvement Loans Guarantee Act and providing discounting facilities for loan and mortgage companies. The capital of
2209-548: Was mainly due to First National's growing market share in single-family residential mortgages and commercial mortgages. In 2016, First National’s second quarter had a record high of $ 90.1 billion mortgages under administration. By the end of that year, First National had a total of $ 99.4 billion in mortgages under administration. In October 2017, First National Financial Corporation announced it had reached $ 100 billion in mortgages under administration. On October 1, 2015, Queen's University ’s School of Business changed its name to
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