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.
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.
