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Canada and Ontario Invest in Affordable Housing in Peel Region – Government of Ontario News

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Two new developments will support those most at risk of homelessness

Mississauga ― The governments of Canada and Ontario are investing over $23.5 million in two new affordable housing developments in Peel Region, providing 219 homes for individuals, families, seniors and people with disabilities.

“Home is a place of safety and refuge. Our government is dedicated to housing more Canadians which is why we are proud to have invested in these developments in Peel Region. These new units are more than just safe and affordable places to live, they are key to a better life for the residents who call them home,” said Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development.

“Our government is committed to ensuring all Ontarians have access to an affordable place to call home,” said Steve Clark, Minister of Municipal Affairs and Housing. “These important investments in Peel Region are the latest examples of the good things that can happen when we work together to help those most in need in our province.”

The Indwell affordable housing project on Lakeshore Road East will include 68 affordable housing units, a food bank and support program for people with disabilities. Funding for the project is being delivered through the joint federal-provincial Social Infrastructure Fund and Investment in Affordable Housing Program.

The East Avenue affordable housing project will include 151 affordable housing units for individuals, families and seniors. Funding for the project is being delivered through the joint federal-provincial Investment in Affordable Housing Program and the Ontario Priorities Housing Initiative.

“This investment is great news for Peel Region. I am proud our government is taking action to increase the supply of affordable and accessible housing for our most vulnerable citizens, including seniors and people with disabilities,” said Rudy Cuzzetto, MPP Mississauga-Lakeshore. “These two projects are a great addition to Mississauga and I congratulate all those who have worked so hard to provide stable housing and access to support services, such as counselling, addiction services, and life-skills training.”

“On behalf of Peel Regional Council, I wish to sincerely thank the Government of Canada and Province of Ontario for their partnership in helping Peel to build much-needed affordable housing. The magnitude of Peel’s critical affordable housing shortage, heightened by the effects of the pandemic as more individuals and families are losing or at risk of losing their housing, demands that all levels of governments continue to work together,” said Nando Iannicca, Chair of Region of Peel.

“When we all work together, we can achieve practical, immediate solutions that address homelessness in our cities and province,” said Jeff Neven, Indwell’s Executive Director. “Here in Port Credit, all levels of government, community members, the BIA, social service organizations, and churches are working together with Indwell to create new homes for 68 people.”

Quick Facts

  • The Social Infrastructure Fund (SIF) and Investment in Affordable Housing (IAH) Program are joint federal-provincial programs to fund the creation and repair of affordable housing. They also provide down payment assistance for homeownership and rental assistance to families and individuals in need.
  • Under the SIF and IAH programs, service managers have the flexibility to select which program components to participate in – such as new rental construction, home repair, housing allowances, rent supplements or home ownership – based on local housing needs in their communities.
  • The Ontario Priorities Housing Initiative builds on the success of the Investment in Affordable Housing program and addresses local priorities in the areas of housing supply and affordability.
  • Ontario has provided $350 million in funding to help stop the spread of COVID-19 and keep vulnerable people safe. This includes funding to local service managers and Indigenous program administrators who were given the flexibility to expand the key services they already offer to meet their local needs, including supporting people having a hard time paying rent.

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Bitcoin hits three-month low

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Bitcoin dropped to a three-month low on Monday as investors sold cryptocurrencies in the wake of Tesla boss Elon Musk’s hinting over the weekend that the carmaker is considering or may have already sold some of its bitcoin holdings.

Musk has boosted crypto markets with his enthusiasm for the asset class, but has lately roiled trade by appearing to cool on bitcoin in favour of its one-time parody, dogecoin. The gyrations are beginning to spook even steeled traders.

“This has gone from clear FOMO (fear of missing out) to fear of not getting out, and you’re seeing a lot of people dumping,” said Chris Weston of brokerage Pepperstone in Melbourne, adding that he was looking at the 200-day moving average just below $40,000 as the next key test for bitcoin.

“Why would I want to buy bitcoin right now — even if I’m bullish — until the liquidation is over and you see some consolidation in price?”

Bitcoin fell more than 9% on Monday to as low as $42,185, its lowest since Feb. 8, while ether, linked to the ethereum blockhain, fell even more to as low as $3,123.94. Dogecoin fell nearly 7% to $0.48, and all three are well under recent records.

On Wednesday, Musk said Tesla would stop taking bitcoin as payment, owing to environmental concerns about energy use to process transactions. Defending that decision on Sunday, he suggested Tesla may have sold its own holdings.

In response to an unverified Twitter account called @CryptoWhale, which said https://bit.ly/2QsUQkw: “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…,” Musk wrote: “Indeed”.

It is not clear whether he was confirming sales or whether he referred only to the fact that he had faced criticism.

Musk said Tesla would not sell its bitcoin, but the cryptocurrency has dropped by almost a quarter since Musk’s reversal on Tesla taking it as payment.

On Tuesday, Reuters reported Tesla is seeking to enter the multi-billion dollar U.S. renewable credit market, hoping to profit from the Biden administration’s march toward new zero-emission goals.

Dogecoin is also yet to fully recover from Musk describing it as a “hustle,” although he did boost the price last week by saying he was working to improve its efficiency.

For an asset class that has surged this year, with dogecoin up about a hundredfold, ether up more than fourfold and bitcoin gaining 45%, some are beginning to call time on the wild ride.

“Our weekend trading has kicked up, and we’re looking at some serious liquidations through the exchanges,” said Pepperstone’s Weston.

“I am closing the short-bitcoin/long-ethereum trade and moving to the sidelines,” he added. “I feel the dust really needs to settle here.”

 

(Reporting by Tom Westbrook in Singapore. Additional reporting by Radhika Anilkumar in Bengaluru and Vidya Ranganathan in Singapore. Editing by Gerry Doyle)

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U.S. stocks rebound following rout, bond yields dip

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U.S. shares rebounded on Thursday after falling for three consecutive days and benchmark Treasury yields dipped, as investors snapped up technology stocks and shrugged off worries about rising prices, for now.

After posting their biggest slump in at least 11 weeks on Wednesday, U.S. shares bounced back as cash-flush investors looked past concerns that accelerating inflation may prompt quicker interest rate hikes, and deployed their funds once more.

So intent were investors on leaving inflation worries aside that financial markets barely responded to Thursday’s data, which showed U.S. producer prices posting their biggest annual gain since 2010 in April.

“It’s rebound Thursday,” said John Augustine, chief investment officer at Huntington Private Bank, which manages $20 billion. “Given the money on the sidelines, investors are going to be coming back in.”

Still, Augustine said investors should re-deploy their funds in a measured way because “inflation concerns are not going away”.

By midday, the Dow Jones Industrial Average had added 1.4%, while the S&P 500 and the Nasdaq Composite narrowed earlier gains to be up 1.3% and 0.9%, respectively.

The MSCI world equity index, which includes 50 countries, also bounced slightly, gaining 0.2%.

U.S. stocks had tumbled earlier this week after data showed U.S. consumer prices unexpectedly jumped by the most in almost 12 years in April.

Some investors now worry that quickening price pressures could lead the Federal Reserve to tighten monetary policy sooner than expected, and reduce its supply of cheap money that has been propelling financial markets higher.

For now, however, inflation woes took a backseat.

Benchmark 10-year Treasury yields, which had spiked 7 basis points overnight in the biggest daily rise in two months, edged down by more than 3 basis points to 1.6625% as investors took a breather.

Benchmark two-year Treasury yields also pulled back to 0.1589%.

Against a basket of major currencies, the dollar was steady at 90.727, holding gains eked out on Wednesday when expectations of rate hikes burnished the currency’s appeal.

A firm dollar capped gains in the euro, which edged up 0.1% to $1.20875. [USD/]

The pull-back in Treasury yields helped gold to recoup some of Wednesday’s losses, when the jump in bond yields dampened the allure of non-yielding bullion. Spot gold climbed 0.7% off a one-week low to $1,825.61 per ounce.

A recent rally in oil prices also paused on Thursday as investors turned their attention to the coronavirus crisis in India, and as a key U.S. fuel pipeline resumed operations.

Brent crude slumped 3.5% to $66.93 a barrel, while U.S. West Texas Intermediate crude lost 3.8% to $63.53 a barrel.

Among cryptocurrencies, bitcoin, which tumbled 13% overnight when Elon Musk said Tesla would stop accepting it as payment because of its high energy use, fell below $50,000 again on Thursday following reports that the U.S. Justice Department is investigating crypto exchange Binance.

By midday, bitcoin had dropped 2.2% to $48.314.

(Reporting by Koh Gui Qing; additional reporting by Tom Wilson and Marc Jones in London; Wayne Cole in Sydney; Editing Nick Macfie, Dan Grebler and Cynthia Osterman)

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Dogecoin dropped after Elon Musk calls it a ‘hustle’ on ‘SNL’ show

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By Alden Bentley and Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) -The value of dogecoin dropped sharply in early U.S. hours on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the “Saturday Night Live” comedy sketch TV show.

Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show.

The billionaire Tesla Inc chief executive hosted the show at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday).

Cryptocurrency enthusiasts had for days been eager to see what he would say, after his tweets this year turned the once-obscure digital currency into a speculator’s dream.

Asked ‘what is dogecoin’, Musk replied, “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”

When a show cast member Michael Che countered, “So, it’s a hustle?”, Musk replied, “Yeah, it’s a hustle.” And laughed.

Musk is the rare business mogul to have been asked to host the venerable comedy TV show. The timing puts Musk back in the spotlight just as Tesla’s stock is losing steam following last year’s monster rally.

The unconventional CEO has posted numerous comments about cryptocurrencies on Twitter and criticized regular old cash for having negative real interest rates.

“Only a fool wouldn’t look elsewhere,” he said in February.

His cryptic tweets “Doge” and “Dogecoin is the people’s crypto” that month kicked off a rally in dogecoin – created as a parody on the more mainstream bitcoin and ethereum.

On Thursday, Musk tweeted: “Cryptocurrency is promising, but please invest with caution!” with a video clip attached in which he said, “it should be considered speculation at this point. And so, you know, don’t don’t go too far in the crypto speculation …”

But he also said, in the video, that cryptocurrency has a “good chance” of becoming what he called “the future currency of the Earth.”

On crypto data tracker CoinGecko.com, dogecoin has jumped more than 800% over the last month and is now the fourth-largest digital currency, with a market capitalization of $73 billion. It hit a record high Thursday above $0.73.

It has overtaken more widely used cryptocurrencies such as litecoin and tether.

Tesla said in February it bought $1.5 billion worth of bitcoin and would soon accept it as a form of payment for its electric cars, a large stride toward mainstream acceptance that sent bitcoin soaring to a record high of nearly $62,000.

Tesla shares closed 1.3% higher at $672.37 on Friday.

(Reporting by Gertrude Chavez-Dreyfuss and Alden Bentley in New York, and Noel Randewich and Hyunjoo Jin in San Francisco Additional reporting by Joe White and Vidya RanganathanEditing by Matthew Lewis & Simon Cameron-Moore)

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