Calgary Dollars Relaunches As Canada’s First Local, Digital Currency
It’s not real money, but you can spend it like real money. Calgary is breaking new financial territory in Canada, becoming the first city to have its own local, digital currency. Sometimes referred to as complementary currencies or micro-currencies, local currencies operate alongside federal currencies — not as a replacement, Calgary Dollars manager Gerald Wheatley told HuffPost Canada. “A complementary currency has lots of benefits, from saving your federal dollars, to making...
read moreIn scathing pre-election report, Ontario auditor general says deficit is $11.7B, not $6.7B
Ontario’s fiscal watchdog is warning that the province’s deficit projections are billions of dollars more than disclosed in last month’s budget. Auditor General Bonnie Lysyk, who is in an ongoing accounting dispute with Premier Kathleen Wynne’s Liberals, said this year’s shortfall is $11.7 billion, not $6.7 billion, as Finance Minister Charles Sousa forecast March 28. “When expenses are understated, the perception is created that government has more money available than it actually does,”...
read moreOntario Auditor General finds serious concerns over elevator safety
A scathing report from Ontario’s Auditor General raises serious concerns about the state of elevator safety in the province, but members of the industry say the public isn’t at risk. In her report, released Wednesday, Auditor General Bonnie Lysyk slams the agency that regulates elevators, the Technical Standards and Safety Authority (TSSA) for poor oversight. She writes that in 2018, just over 80 per cent of elevators failed their TSSA inspection. “Most Ontario elevators and escalators are not...
read moreAverage vacancy rate across Canada decreases to 2.4%
According to CMHC, the average rental vacancy rate in major centres across Canada decreased from 3.0% in October 2017 to 2.4% in October 2018. Vacancy rates declined in Quebec, Alberta, Saskatchewan and the Atlantic provinces, while increasing by various amounts in centres in Ontario, British Columbia and Manitoba. CFAA President, John Dickie, says, “Despite low vacancy rates, the turnover rates show that there is adequate access to rental housing in some form in almost all centres, but more...
read moreBitter lawsuit between wealthy developers reveals delays, downsizing of Yaletown affordable housing plan was inevitable
Thirty years ago, a deal between the provincial government and a private developer earmarked six large lots in Yaletown for affordable housing. Several weeks ago, the city announced affordable housing would be built on just three of the lots. Two business tycoons waged a little-known and vicious battle in and out of B.C. court over six empty Yaletown lots, assessed at a pittance because for three decades they have been designated for affordable housing. The high-stakes feud quietly escalated...
read moreAverage vacancy rate across Canada decreases to 2.4%
Average vacancy rate across Canada decreases to 2.4% According to CMHC, the average rental vacancy rate in major centres across Canada decreased from 3.0% in October 2017 to 2.4% in October 2018. Vacancy rates declined in Quebec, Alberta, Saskatchewan and the Atlantic provinces, while increasing by various amounts in centres in Ontario, British Columbia and Manitoba. CFAA President, John Dickie, says, “Despite low vacancy rates, the turnover rates show that there is adequate access to rental...
read moreOctober 2018 Rent Report
For the fifth time since mid-2017, the Bank of Canada raised interest rates, hiking the overnight rate by a quarter of a percentage point to 1.75 per cent on October 24th. Higher borrowing costs will continue to weigh on prospective first-time homebuyers, resulting in delayed buying, and increased rental demand. National Overview In October, the average rental property on Rentals.ca was listed for rent at $1,836 per month, with the median property listed for $1,700 per month. It should be...
read moreVancouver project promises 6 decades of affordability
In its announcement earlier this week, the CMHC introduced the latest project to benefit from its Rental Construction Financing initiative: Conrad by Cressey Development in Vancouver. The $40.2-million investment will ensure a prolonged haven of affordability for the city’s struggling middle-class families. “Over 60% of the units will have rents at or lower than 30% of median household income in the area and, under an agreement with the City of Vancouver, this affordability will be maintained...
read moreMontreal’s largest mixed-use complex to arise soon
Devimco Immobilier, in cooperation with the Fonds immobilier de solidarité FTQ and Fiera Properties, has announced the development of the MAESTRIA mixed-use project, which will be the largest of its kind so far in Montreal’s Quartier des spectacles. Construction of the 2 towers (51 and 53 storeys tall) will commence by the end of next year. The entire complex will offer 1,000 condo units and 500 rental spaces. Marketing of units will start on February 2019, with the spaces offered ranging from...
read moreGM Plans to Close Canadian Plant in Global Overhaul
A car plant that General Motors Co. has operated for 65 years in Canada could be on the verge of shutting down as part of what a union says will be a global overhaul of the automaker’s operations. The company will announce Monday that it’s ending production at its plant in Oshawa, Ontario, two people familiar with the plans said, speaking on condition of anonymity. Unifor, Canada’s autoworkers’ union, said it’s been told there is no car production assigned to the factory beyond next year,...
read more