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Interest rate cut spells good news for variable-rate mortgage holders, experts say

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OTTAWA – Real estate experts say the Bank of Canada’s third consecutive interest rate cut is welcome news for variable-rate mortgage holders, but it could still be some time before significant demand returns to the market.

The central bank brought its key lending rate to 4.25 per cent on Wednesday amid softness in the economy and easing inflation.

Ratesdotca mortgage and real estate specialist Victor Tran says that for every quarter percentage point decrease, a homeowner with a variable-rate mortgage can expect to pay approximately $15 less per $100,000 of mortgage in monthly payments.

Meanwhile, fixed-rate mortgage holders will not see the effects of any mortgage rate decreases until renewal.

Penelope Graham, a mortgage expert at Ratehub.ca, says the bank’s previous two rate cuts in June and July “did very little to move the dial” on real estate demand as prospective homebuyers wait for more significant decreases before buying.

She says many buyers are likely to remain on the sidelines longer despite the third consecutive cut, given strong anticipation of more decreases to come later this year.

This report by The Canadian Press was first published Sept. 4, 2024.

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Canadian basketball player Chad Posthumus dead at 33 after brain aneurysm

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WINNIPEG – Canadian basketball player Chad Posthumus, a founding member of the Canadian Elite Basketball League, died Wednesday. He was 33.

The CEBL’s Winnipeg Sea Bears said Thursday that Posthumus, the team’s captain, suffered a brain aneurysm during a training session in Winnipeg on Nov. 9.

He then battled complications from a corrective surgery that left him in critical condition in the intensive care unit and did not recover.

Posthumus, a Winnipeg native, played for the CEBL’s Saskatchewan Rattlers, Ottawa BlackJacks, Edmonton Stingers and Brampton Honey Badgers before joining his hometown team.

He also played for teams in Argentina and Japan.

Internationally, the six-foot-11 Posthumus played for the 3×3 national team, representing Canada at the 3×3 AmeriCup in 2023.

This report by The Canadian Press was first published Nov. 21, 2024.

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Montreal Alouettes sign kicker Jose Maltos to two-year contract

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MONTREAL – The Montreal Alouettes have signed global kicker Jose Maltos to a two-year contract through the 2026 CFL season, the team announced Thursday.

The 33-year-old from Monterrey, Mexico impressed last season while kicker David Côté was out with a lower-body injury.

Maltos hit 33-of-36 field goal attempts (97 per cent success rate) and had a streak of 20 consecutive made field goals.

He also registered 2,880 yards on 45 kickoffs.

Alouettes general manager Danny Maciocia said in a release that Maltos has thrived under pressure since being elevated from Montreal’s practice squad.

Maltos was selected by Ottawa in the 2019 CFL-LFA draft and spent two seasons with the Redblacks before joining Montreal in 2023. 

This report by The Canadian Press was first published Nov. 21, 2024.

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New Hampshire court hears cases on transgender girls playing girls sports and the right to protest

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CONCORD, N.H. (AP) — Two lawsuits about transgender girl athletes — one challenging a state ban at schools and the other on the right to protest transgender athletes’ participation on girls teams — were the subject of hearings in federal court in New Hampshire on Thursday.

The first case is about two transgender teen girls, one who played soccer on the girls team this fall and another who plans to participate on the track team this winter.

A federal judge ruled earlier this year that the teens can try out for and play on girls school sports teams. The order only applies to those two individuals for now as they seek to overturn the Fairness in Women’s Sports Act on behalf of all transgender girl students in New Hampshire.

Lawyers for the teens said in court Thursday they hoped the matter could go to trial and be resolved before the start of the next school year in September. They said the teens’ school districts and others in the state have asked for guidance regarding the law. Lawyers for the state said they needed more time to prepare.

Judge Talesha Saint-Marc suggested the timing of the trial was ambitious and asked that both sides talk further about scheduling.

The law, signed by Gov. Chris Sununu in July, bans transgender athletes in grades 5 to 12 from teams that align with their gender identity. It requires schools to designate all teams as either girls, boys or coed, with eligibility determined based on students’ birth certificates “or other evidence.”

Sununu had said it “ensures fairness and safety in women’s sports by maintaining integrity and competitive balance in athletic competitions.” About half of states have adopted similar measures.

In the second case Thursday, a judge was expected to hear from school district officials in Bow defending their decision to bar parents from wearing pink wristbands with “XX” — representing the female chromosomes — at a girls high school soccer game in September. The parents sued the district.

Parker Tirrell, one of the transgender girls challenging the state ban on participation, was playing on the opposing team that day.

The district issued no-trespass orders banning two parents from school grounds because they wore the wristbands. Those orders have since expired.

The judge also was expected to hear from the parents, who say their First Amendment rights were violated. They have requested a court order against the school district.

“Although the fall soccer season has ended, plaintiffs intend to continue wearing their wristbands at other school extracurricular events — such as swim meets and cross country meets — during this school year and in future school years,” the parents said in a court document.

School district officials said they acted appropriately.

The district “properly exercised its duty to protect Parker Tirrell from intimidation and harassment during the game,” it said in a court document.

It also said it issued reasonable sanctions against the two parents “for conduct they knew violated the school’s policies governing athletic events.”

The Canadian Press. All rights reserved.



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