Business

Alberta sets Canadian record for annual net interprovincial population growth: StatCan

Published

12 months ago

September 28, 2023

Alberta set a new record for net interprovincial migration growth last year, contributing to an overall population gain of more than four per cent, according to data released this week by Statistics Canada.

The national agency’s latest population report, published Wednesday, shows that between July 1, 2022 to July 1, 2023, Alberta experienced the fastest year-over-year demographic growth of all provinces and territories at just over four per cent.

The population boost of more than 184,000 people in the last year means Alberta is now home to an estimated 4.7 million people.

While the bulk of Alberta’s growth last year was due to international migration, StatCan highlighted that record interprovincial exchanges also played a role.

“Alberta saw 56,245 more people moving to the province than leaving it, making these not only the highest annual net interprovincial gains for Alberta, but the highest annual net interprovincial gains ever recorded for any single province or territory since comparable data are available (from 1971/1972),” it stated.

‘Housing is a big part of the story’

Population booms are nothing new in Alberta, which has been a popular destination for Canadian and international newcomers alike for decades, said Trevor Tombe, a University of Calgary economist.

However, he said what makes the latest StatCan numbers interesting is determining why so many other Canadians are choosing to move to Alberta.

Historically, Alberta’s high interprovincial inflows were tied to oil prices, Tombe noted, as economic opportunities tended to improve when oil prices were higher.

This time around, a telling indicator is that most Canadian newcomers are arriving from Ontario and B.C., suggesting a lower cost of housing and living is the driving factor.

The data bear that out: StatCan reported approximately 74,000 B.C. and Ontario residents moved to Alberta last year.

Alberta is Calling campaign — An artist rendering of a billboard advertising the Alberta is Calling Again campaign. The province’s $5-million ad campaign pushed to attract workers to Alberta from Ontario, B.C and the Maritimes. Supplied by Government of Alberta

“Those flows from those two provinces in particular suggest to me that housing is a big part of the story,” Tombe said. “That’s something where Calgary and Edmonton have a big advantage over other cities in the country.”

Even though some areas of Alberta — particularly Calgary — experienced a rapid rise in the cost of housing in recent months, Tombe noted it’s still much more affordable than the main cities in Ontario and B.C.

As evidence of that, the average home price in Greater Vancouver was $1,208,400 in August, according to the Greater Vancouver Real Estate Board, while the average price of a home in Toronto was $1,082,496.

The Calgary Real Estate Board, meanwhile, reported an average home price of $570,700 in August — a record high for the city, but still far less than prices in Toronto and Vancouver.

“It’s not as though Calgary is becoming relatively less affordable,” Tombe said. “But still, our average prices compared to Vancouver and Toronto are less than half what we see there.”

Another factor could be the success of the provincial government’s Alberta is Calling campaign — a $5-million advertising push in 2022 to attract workers to Alberta from Ontario, B.C. and the Maritimes.

Growth brings mixed impacts to Alberta

There are economic pros and cons associated with a population boom, Tombe said.

A positive benefit is that having more people increases the labour supply, helping to ease worker shortages in some sectors.

Another benefit is that it increases provincial government revenues.

“The more people who move here, the higher taxable income is located here,” Tombe reasoned. “We’ve seen that in the past couple of quarters, where the government is reviving up the amount of personal income tax revenue it is expecting to get.”

However, a potential downside of Alberta’s population increase is that it could present additional challenges for the provincial government. Tombe noted if the high-growth trend continues, it could put a strain on provincial infrastructure.

That’s exactly what happened in Alberta prior to the 2015-16 recession, the economist said.

“Building schools, for example, was a big issue prior to 2015-16,” Tombe said. “If these numbers continue, we may start to see those pressures on the provincial government manifest themselves again, and it could be hard to keep up.

“I don’t know where we’ll go from here, but it will certainly be interesting to watch.”

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Business

Canada Goose to get into eyewear through deal with Marchon

Published

4 hours ago

September 19, 2024

Anne Joseph

TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.

The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.

The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.

Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.

Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.

Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GOOS)

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Business

A timeline of events in the bread price-fixing scandal

Published

6 hours ago

September 19, 2024

Anne Joseph

Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.

Here’s a timeline of key events in the bread price-fixing case.

Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.

Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.

Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.

Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).

Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.

June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.

Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”

Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.

July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.

Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)

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Business

TD CEO to retire next year, takes responsibility for money laundering failures

Published

9 hours ago

September 19, 2024

Anne Joseph

TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.

Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.

The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.

As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.

TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.

TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:TD)

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