A proposed new pro shop and apartment building on the Pinnacle Course at Gallagher’s Canyon.
The Gallagher’s Canyon Property Owners Association is suing the developer of the neighbourhood and golf course over allegations of under investment in a wastewater treatment plant.
The BC Supreme Court lawsuit filed Wednesday in Kelowna comes on the heels of a development proposal for an apartment building and townhomes on the Gallagher’s Canyon Pinnacle course.
The plaintiff owners association consists of 14 local strata corporations. Named defendants in the lawsuit lumped under the title of “developer” are CRC Canadian Retirement Corporation, Gallagher’s Canyon Land Development Ltd., GolfBC Holdings Inc. and Burrard International Development.
The lawsuit alleges the owners association entered agreements with the developer in 1994 and 1999 regarding the wastewater treatment plant that services the 644 homes in Gallagher’s Canyon.
The deal states the owners association is responsible for the operating costs and maintenance of the plant while the developer retains ownership and must cover needed upgrades to facilitate the addition of new homes to the development.
The lawsuit alleges the developer obtained a permit from the provincial government that set out three stages of processing capacity for the wastewater treatment plant, with upgrades to take place as the neighbourhood grew.
“The plant was originally constructed with capacity for only stage 1,” the lawsuit says. “The developer has not increased the capacity despite constructing stage 2 and stage 3, as well as subsequently obtaining approvals to further increase the size of the development.”
The civil claim alleges the lack of expansion of the wastewater plant means it strains to handle the high loading levels it receives in the summer months, and as a result, has forced the owners association to spend significantly to keep the plant running.
“Between approximately 2001 and 2022, the developer misrepresented the capacity of the plant to the [owners association],” the lawsuit alleges. “As a result of this misrepresentation, [the owners association] has suffered loss, damage and expense.”
“The developer is intending to construct the final 41 residential homes at the development. This will place additional loads on the plant, including odour control and ventilation systems.”
The owners association is demanding reimbursement for “significant costs” it has incurred on various wastewater projects that the lawsuit says were required to ensure the plant had sufficient capacity, which is the developer’s responsibility.
“The plaintiff has completed a portion of the capacity increase work to ensure that the plant has the necessary capacity to treat the effluent for the development,” the claim says. “This was done to prevent a potential catastrophic failure of the plant resulting from the increased capacity demands that came with the expansion of the development.”
The lawsuit is seeking damages of an undisclosed amount.
None of the allegations in the claim have been tested in court and the defendants have not filed a response, they have 21 days to do so.
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.
