Day One | July 29th 2024
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Bank of Canada cuts key interest rate to 4.5%, hints at more reductions if inflation eases
The Bank of Canada ?has reduced its key interest rate to 4.5% for the second consecutive time, signaling potential future cuts if inflation continues to ease. Governor Tiff Macklem expressed that rate reductions will continue if inflation continues to decline. The rate cuts were largely expected, following a significant decrease in inflation to 2.7% in June and reports of stagnating economic output and productivity levels.. Macklem continued to defend the Bank of Canada’s policy of quantitative easing, noting future rate cuts were not guaranteed.
Federal debt continues to rise despite increase in revenues
The federal government reported?a $3.9 billion deficit ?for April and May, compared to a $1.5 billion surplus in 2023. This is in spite of a roughly 9% revenue increase driven by higher tax revenues. According to the Department of Finance, the deficit is driven by a 16% increase in program expenses. Financing on the government’s debt has continued to increase as interest rates stay high with no end in sight. Public debt charges grew by $2.3 billion, or 33.8%, compared to April and May of last year.
MPs to meet in August to study purchase of a $9-million Manhattan condo
The Standing Committee on Government Operations and Estimates (OGGO) will meet next month to conduct a study of the federal government's purchase of a $9-million Manhattan condo for the Consul General to New York. The committee has directed Global Affairs Canada (GAC) to provide details on other properties considered for the purchase and called several witnesses, including the consul general and real estate agents, to testify. GAC has continued to defend the purchase, citing high renovation costs for the previous residence bought in 1961. Conservative MPs have criticized the purchase as a waste of taxpayer dollars, given the ongoing housing affordability crisis.
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Alberta Premier Danielle Smith addresses Jasper wildfire devastation
Alberta Premier Danielle Smith delivered an update on the devastating wildfire that tore through the mountain resort town of Jasper, praising the heroic efforts of firefighters who faced a 400ft wall of flames. Smith reported that out of?1,113 structures in the picturesque Rocky Mountain community, 358 were burned to the ground , and seven more were damaged. Smith, along with other officials, was set to tour the devastation in the townsite later Friday. The merged blaze that threatened Jasper earlier in the week has now burned an estimated 360 square kilometres. Approximately 25,000 people, including all of Jasper's 5,000 residents, were evacuated last Monday night as the fires advanced rapidly, driven by fierce winds gusting up to 100 km/h. In response to the worsening wildfire situation, Alberta's Minister for Public Safety and Emergency Services, Mike Ellis, along with Minister Todd Loewen, have?requested assistance from the Canadian Armed Forces to ensure all resources are brought to bear on the situation.
Alberta Ministers dodge questions amid Oilers playoff ticket controversy
The Alberta government ministries have remained silent on questions regarding cabinet ministers?attending Edmonton Oilers playoff games in the luxury box ?of MHCare, the company contracted to import the province's foreign shipment of children's pain medication. Despite multiple inquiries from media outlets, no responses have been provided. Premier Danielle Smith stated that rules for ministers and senior staff accepting tickets are governed by the Conflicts of Interest Act and public service regulations and directed reporters to ask individual politicians or staffers about potential ethics issues. Some ministers, including Joseph Schow, Mike Ellis, and Nathan Neudorf, have confirmed that they are attending games as guests. Smith attended three games and sought a meeting with the ethics commissioner to address any necessary policy changes. The controversy comes amid?recent changes to Alberta’s ethics laws , which now allow politicians to accept gifts up to $200 for tangible items and $400 for tickets or invitations to events?as long as?they receive approval from the Ethics Commissioner for gifts exceeding these limits. The opposition New Democrats have also raised concerns about the perception of bias in appointing the new ethics commissioner.
Alberta's Bill of Rights set to protect personal medical decisions, including vaccine choice
Alberta Premier Danielle Smith has reaffirmed the government's commitment to individual rights. She announced that the province will?update its bill of rights this fall to protect Albertans' right to refuse vaccination ?and make personal medical decisions without facing discrimination. The announcement was made during a town hall meeting in Bonnyville, where Smith outlined her plans to strengthen individual freedoms, lower taxes, protect Alberta from federal overreach, and improve healthcare. Smith believes that many unvaccinated Albertans have faced significant discrimination, such as losing their jobs or being unable to attend post-secondary institutions due to vaccine mandates. She previously promised to ban colleges and universities from imposing these mandates on students. Since becoming premier, Smith has taken action to protect individual rights, including firing the Alberta Health Services' board of directors and the Chief Medical Officer, Dr. Deena Hinshaw, who supported vaccine mandates.?
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P.E.I. oysters test positive for parasite that could devastate the industry
The Canadian Food Inspection Agency (CFIA) and P.E.I.’s government have?confirmed the spread ?of a deadly parasite amongst oysters growing at three aquaculture sites across the island. The parasite, called multinuclear sphere X (MSX), does not pose any risk to human health or any food safety risks, but does decrease rates of growth and?increase mortality rates up to 95% ?in oysters. The parasite has been found on the western, central and eastern parts of the island. The only defense against MSX is to?prevent it from spreading further , and all of these areas have been declared primary control zones under the Health of Animals Act, meaning that oysters, or any materials that have been in in contact with oysters, can only be moved in and out of the area with a permit issued by the CFIA. Last year, P.E.I.’s oyster industry harvested 14 million pounds of oysters, producing up to 70% of oysters sold in Atlantic Canada. In 2019. P.E.I.’s industry accounted for?32% of the national economic value of oysters. ? As the industry braces for the impacts of MSX in the coming years,?P.E.I. fisheries minister Cory Deagle ?says that the province is committed to working with CFIA to find ways to contain the spread and support the industry as they try to manage the parasite. Green MLA Matt McFarlane has called for funding to conduct research into MSX and support the industry. Meanwhile, federal agriculture minister Lawrence MacAulay says he is monitoring the situation.
N.S. government posts a surprise surplus due to population growth
Despite government spending for the 2023-24 fiscal year being $643 million more than budgeted, Nova Scotia announced a $143 million surplus rather than the predicted $279 million deficit. The Minister of Finance said that revenue due to population growth and economic trends contributed to the over $1 billion in revenue, reasons the Minister says are outside of the government's control. While the Minister remains committed to being careful in the governments approach to spending, he did say “We're willing to spend, if we do have the money to spend.” Opposition members, however, are calling the government out for having over $1.3 billion in unbudgeted spending, that was not approved by the legislature. While the government said the additional appropriations were for cleanup and relief efforts, remediation of abandon mines, and travel staff for health care, the NDP were not satisfied with the government's justification. The NDP critic argues too much is being spent without proper oversight, while the Liberal leader said the government should be cutting sales tax to address affordability, a promise made by the Nova Scotia Liberals.
Fish, Food, and Allied Workers union elects Dawn Street as new leader
Dwan Street has been?elected as the new leader of N.L.’s Fish, Food & Allied Workers (FFAW) union , replacing Greg Pretty, who led the union’s protests that delayed the release of N.L.’s provincial budget back in March. Street beat out two other candidates for the position and is the first woman to lead the union. She has been involved in the FFAW union for a decade and says that as leader she wants to hire a lobbyist in Ottawa to more effectively advocate on behalf of the union to the federal government. She also hopes to make the union more transparent and communicative with its members. The FFAW also elected a new inshore vice-president, Jason Sullivan, and industrial-retail-offshore vice-president Branda King.
Toronto-based news company Postmedia plans to buy Saltwire newspaper network
Postmedia has entered into an?agreement ?to purchase Saltwire, the largest newspaper chain in Atlantic Canada. Saltwire, which publishes more than 20 papers across Atlantic Canada, has been under creditor protection since March. Postmedia says that they intend to support the production of local news in the communities that Saltwire services, while ensuring the long-term viability of the network. Postmedia has not commented on whether they plan to preserve all of Saltwire’s titles, though, and Postmedia president and CEP Andrew MacLeod has?called upon relevant unions ?to support Postmedia in constructing a “viable business model.” While journalists and community members are happy to see a buyer come forward, there is also?concern ?about the preservation of Saltwire’s many local publications.
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90% of B.C. communities embrace provincial plans for increased small-scale housing?
Almost?90% of British Columbia’s municipalities ?have adopted the province’s new housing regulations, which aim to address the housing crisis by allowing more?multi-unit homes on previously single-family lots . The legislation supports the construction of row homes, triplexes, and townhouses. While most local governments have complied, 15 communities requested extensions to the original June 30 deadline, and some have been granted due to ongoing wildfire evacuations. Notably, the?District of West Vancouver has not adopted the bylaw ?and faces potential consequences for non-compliance.??
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COVID-19 emergency declared over; vaccine mandates for healthcare workers in B.C. lifted?
The British Columbia government has?officially ended its COVID-19 public health emergency ?and lifted the vaccine mandate for healthcare workers.?This change means that over 2,500 healthcare professionals ?who lost their jobs for refusing the COVID-19 vaccine will now be allowed to return to work. Despite the mandate’s removal, healthcare workers will still need to report their vaccination status for various diseases, including COVID-19, flu, and chickenpox. The new regulation, which starts with collecting records from new hires and previously terminated staff, aims to maintain high vaccination rates and safeguard public health during outbreaks. Dr. Bonnie Henry, B.C.’s provincial health officer emphasized that while vaccination will no longer be mandatory, it remains crucial for protecting venerable populations.??
Wildfires burn through B.C.
British Columbia is?grappling with a wildfire crisis , with?over 400 active fires ?reported across the province. Recent cooler weather has slowed the rate of new fires, with only 13 igniting in the past 24 hours. However, the situation remains critical,?particularly near Golden , where the Dogtooth Forest Service Road fire has destroyed six homes and forced evacuations of around 100 properties. On Thursday night, the Thompson-Nicola Regional District issued evacuation orders and expanded alerts for the?Dunn Creek fire , which is roughly an hour’s drive north of Kamloops. The fire has grown to 12.6 square kilometers and is currently out of control.??
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Ontario expediting construction on Gardiner Expressway
The Ontario government has announced it will provide $73 million to Toronto on the condition that construction work on the Gardiner Expressway is allowed to proceed on a 24/7 basis . This funding will accelerate the completion date from April 2027 to April 2026. Measures to improve traffic flow include modifying the Jameson to West Bound Gardiner on-ramp, opening a left-turn lane at Spadina Avenue from Lake Shore East Boulevard, and relaxing noise restrictions and overnight lane closures. The current work involves demolishing and rebuilding 700 meters of elevated roadway, rehabilitating supporting structures, and adding a new traffic management system and streetlights. The Gardiner Expressway was uploaded to the province in November 2023.
Ontario providing additional $260 million for Skills Development Fund Training Stream
The Ontario government is allocating up to an additional $260 million through the Skills Development Fund (SDF) Training Stream to address the province's labour shortage . This latest investment, the largest since the SDF Training Stream's inception in 2021, raises Ontario's total investment through the Fund to up to $1.4 billion. The fifth round of the SDF Training Stream funding opened today, and will address recruitment, training, and upskilling in sectors including manufacturing, construction, and technology.
Ontario government considering allowing pharmacists to treat more ailments
Ontario is looking at expanding pharmacists' roles to allow them to treat more illnesses . The initiative aims to ease burdens on family doctors and hospitals. Industry consultations will examine allowing pharmacists to treat 14 more common ailments, administer additional vaccines like Tetanus and Shingles, and perform more point-of-care tests, including strep throat testing. Additionally, pharmacy technicians might be authorized to administer vaccines such as Hepatitis and HPV.
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Toronto avoids transit strike with $176M deal
Toronto's last-minute agreement with the Amalgamated Transit Union Local 113 to avoid a transit strike will cost the city?$176 million ?over three years. The deal, which includes a 13% wage hike for over 12,000 TTC workers, will increase the city's 2024 operating budget by $45 million. TTC Chair Jamaal Myers defended the expense, highlighting the potential economic impact of a strike. The agreement also ensures job security, with promises not to contract out certain services and guarantees for Wheel-Trans operators. Critics like Councillor Stephen Holyday are concerned about funding the agreement and its implications for future city union negotiations.
Notable candidates emerge in Ward 15 byelection on first day
The race for the vacant council seat in?Ward 15 Don Valley West ?began with familiar candidates on the first day of nominations. The seat, left empty after Councillor Jaye Robinson's passing in May, will be contested in a byelection rather than an appointment. Five candidates have registered, including former Toronto Sun columnist Anthony Furey and Dhruv Jain, director of transit policy to TTC Chair Jamaal Myers. Other candidates include Habiba Desai, Evan Sambasivam, and Sheena Sharp. Mayor Olivia Chow confirmed she will not endorse any candidate, with the election set for November 4.
Peel Region requests repeal of Hazel McCallion Act and $450M interim funding
Peel Region mayors are urging the Ontario government to repeal the Hazel McCallion Act and provide?$450 million ?in interim funding. They warn that the act's provisions, which allow the Housing Minister and a Transition Board to modify financial commitments, have created uncertainty for lenders, hindering the region's ability to borrow for crucial projects. The requested funds are needed for housing, police, and infrastructure. The government is considering these requests, aiming to ensure smooth operations and continued progress on shared priorities, including building new homes. The issue will be discussed further at the upcoming AMO conference.
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Trudeau triggers two by-elections in Quebec and Manitoba
On July 28, 2024, Canadian Prime Minister Justin?Trudeau announced the scheduling of two by-elections ?on September 16, 2024, in the ridings of LaSalle—émard—Verdun, Quebec, and Elmwood—Transcona, Manitoba. The Quebec by-election seeks a successor to former Justice Minister David Lametti, who retired from politics in January. LaSalle—émard—Verdun, traditionally a Liberal stronghold, may face a competitive race, as recent polling indicates a tight three-way contest among the Liberals, Bloc Québécois, and NDP. The New Democrats and the Liberals are both running city councilors.
Revival in Montreal housing construction
In Montreal,?housing construction has surged , with a 226% increase in new starts in June 2024 compared to the previous year. Despite this boom, industry experts urge caution, noting that June 2023 was an exceptionally low baseline. The six-month average still shows a significant 57% rise. Improvements in material costs and supply chains, along with anticipated interest rate cuts, are expected to further stimulate construction. However, high interest rates and costs remain challenges, and many projects hinge on further economic improvements.
Quebec's écoénergie 360 program criticized for missing carbon neutrality goals
The?écoénergie 360 program , recently announced by the Quebec government and the Fédération québécoise des municipalités, aims to improve the energy efficiency of municipal buildings. The program allows municipalities to undertake major energy renovations without upfront costs, as financial institutions can recoup investments through energy savings. Despite its potential to reduce GHG emissions, critics argue the program misses the target of achieving carbon neutrality. They express concerns that it maintains a reliance on fossil fuels and may lead to higher long-term costs for taxpayers. Additionally, the fear of increased winter electricity demand due to full building decarbonization is cited as a barrier. Critics advocate for a detailed roadmap for building renovations that aligns with carbon neutrality goals and enhances Quebec's competitiveness in the green economy.
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