Each summer, Gilles Matko estimates, the municipal office in Hearst gets anywhere from 15 to 20 visits from potential investors inquiring about available agricultural land.
And each summer, municipal staff scrambles to track down the private owners of various unused parcels so they can connect the two parties for a potential transaction.
Matko said it’s a scenario that’s repeated in many of the small communities dotting the Highway 11 corridor, which snakes through the fertile expanse of Ontario’s Clay Belt.
“You know that there’s land there,” said Matko, general manager of the Nord-Aski Regional Economic Development Corp.
“It’s just who do you contact, and do those folks actually want to be contacted?”
Now, with the Northeast Community Network (NeCN) acting as lead, those communities are collectively undertaking a new project to ease the process.
Through the Cochrane District Agri-food Land Assembly Project, the organization wants to connect with landowners who may be interested in renting, leasing or selling any property that isn’t already used for production.
NeCN, a non-profit stakeholder group focused on economic development that represents more than a dozen communities in the Cochrane District, is compiling a database that includes a list of parcels and owner contact information.
Property owners can supply their names and land details privately and their information will be kept confidential.
In the event a potential investor is interested, the municipal office can get in touch and make an introduction.
“The end result of this is that it will be a tool available at municipal town halls for the staff to be able to answer these questions,” said Matko, who chairs NeCN.
“It’s not something that’s going to be given out to everybody.”
Stretching across 180,000 square kilometres between Ontario and Québec, the Clay Belt has historically been robust beef-farming territory, but hosts cash crops as well.
With land prices skyrocketing in other parts of the country, the area has been eyed by producers from southern Ontario, Québec and even the U.S. as a more affordable option for farming.
Matko said most requests he’s fielded are from people seeking a minimum of 1,000 acres, which is difficult to find since most parcels in the area comprise 150 to 300 acres.
But, with a greater inventory to choose from, he expects it will be easier to piece together land packages that meet the requirements of investors.
“We may end up with a patchwork of available lands, but at least it’s something, because on the private side, there’s not really much data,” he said.
“We have all the data for the Crown land – that’s not hard to get – but again, it’s Crown land. So if an investor wants a part of that, they have to deal with the government.”
First underway in 2018, the land assembly project initially planned to gather ownership data through the Municipal Property Assessment Corporation (MPAC). But mindful of privacy issues, NeCN scrapped that plan and went back to the drawing board, Matko said.
Since first putting out the call in late June, Matko said they’ve received a little more than 100 respondents, a welcome return to kick off the process, although there’s still more work to be done.
“We’re at the very beginning of putting the database together of available lands,” he said.
There’s no deadline for landowners to participate, and, recognizing that circumstances change, Matko said they can change their mind at any time.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
