The city is hoping that by investing more money to improve the public realm in Calgary’s established communities, developers will get more interested in spending money there.
Council’s priorities and finance committee approved a plan on Wednesday to improve pedestrian facilities and parks as well as adding traffic calming measures in certain areas north, west and southwest of downtown.
There would also be $5 million spent on improving utilities in those communities to accommodate growth and replace aging underground infrastructure.
A map provided by the City of Calgary indicates where money could be invested to improve the public realm in established communities. (City of Calgary)
The plan calls for the spending to happen over the next two years.
The list of projects includes:
Improving amenities around the arts centre in Mount Pleasant.
Improving pedestrian connectivity around the Bridgeland LRT station.
Upgrading around River Park and Sandy Beach in the southwest.
Upgrades to the Kensington Plaza.
Investing in Buckmaster Park in Bankview and adding traffic calming measures to nearby streets.
The money would come from the city’s fiscal stability reserve fund. It’s projected that the work could create 190 construction jobs.
The goal is that by making those established communities more inviting for development, it could help generate more property tax revenue for the city.
Some areas neglected
Coun. Evan Woolley said that the city has neglected some areas, including parts of the inner city which have already successfully attracted investment.
He cited Downtown West, which has seen a number of new residential towers in recent decades.
“It is one of the densest residential neighbourhoods in the country and it sucks because we made zero public investment after those developers invested in all of those highrises,” Woolley said.
“We’re pulling in a significant amount of property taxes out of that community and we have given those people that live there no infrastructure and no amenities.”
Mayor on board but has questions
Mayor Naheed Nenshi said he supports the plan. But he does question why some neighbourhoods already attracting redevelopment were selected for the first phase of this project.
He referenced other established communities which could use more public investment as a way of attracting greater interest from developers.
For example, he said affordable properties can be bought in the northeast community of Rundle and that the area already has schools, recreation facilities, shopping, a hospital and good transit connections within a short walk.
“I think everyone would say that’s an amazing neighbourhood that should be redeveloping and everyone wants to live there,” Nenshi said.
“What can the city do to help the market understand the market potential in neighbourhoods like that?”
Coun. Druh Farrell pointed out that the investment is relatively small as it’s less than half the cost of a new interchange in a new community on the city’s outskirts.
She said that the city needs to make such investments to move toward its long-term goal of 50 per cent of its population growth happening in areas that are already developed.
Currently, most population growth is happening on the city’s fringes as new communities rise out of farmland.
But not everyone on council is convinced of the need for this spending.
Questions about timing
Coun. Jeromy Farkas said he can’t support the proposal.
He’s concerned that these investments would increase the pressure on the city to approve some redevelopments over the objections of area residents.
“I feel that if this is allowed — this public realm investment fund is allowed — it’s going to be used sort of as a bludgeon to communities that are otherwise not in support of density, but we’ll have to say, well we’re spending tens of millions of dollars on this investment, so now you have to take the density whether you like it or not,” said Farkas.
Coun. Sean Chu said he’s concerned about the timing of this proposal given the city’s financial troubles during the COVID-19 pandemic.
“I believe we should hold off on this until things get a little better,” said Chu. “We have to show people that we are actually focusing on what’s necessary at this time.”
The proposal was approved by the finance committee by a 7 to 1 vote.
City council will discuss the plan during one of its meetings in May.
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.
