The coordinator of the Tecumseh BIA says she feels like a real estate agent.
Nary a day goes by that Denise Pelaccia isn’t taking phone calls from business people wanting to know what properties are available for them to launch businesses or other projects in the town.
“It’s incredible,” said Pelaccia.
“In addition to all the new businesses that are coming to our area, we also have new apartment buildings, new condo buildings, new houses being built and we also have some beautification projects going in the downtown core,” added Pelaccia, referring to two new murals planned for buildings along Tecumseh Road East near Lesperance Road.
The investment boom stems from a Community Improvement Plan (CIP) initiative the town embarked upon about five to seven years ago. It has brought more than a dozen new shops, restaurants and a micro-brewery, as well as high-rise housing developments to Tecumseh Road East between Banwell Road and Manning Road.
Kona Sushi is one of several new businesses that sprouted up along Tecumseh Road East in Tecumseh. (Dale Molnar/CBC)
Tecumseh mayor Gary McNamara said more business is on the way.
“We started out with a microbrewery and then there’s roughly about five condominium developments that are being built. There’s at least three more that are in the books,” said McNamara.
He said about $100 million has been invested so far, with the town planning a $40 million streetscaping project that will bring back on-street parking, bury overhead service lines and reduce traffic.
“We want to make it more walkable … and use active transportation in the area,” he said.
One of several new high-rise housing developments bringing more residents to downtown Tecumseh, a critical component of the revitalization plan. (Dale Molnar/CBC)
‘It was just the right time’
McNamara said the CIP came with development grants that worked as incentives.
“There were grants totalling anywhere from $5,000 to $15,000 up to and including $100,000, depending on what the project was and what their intentions were. And it really has given them that incentive to ‘let’s go and do it’,” said McNamara.
George Marar and his partner just opened the new Bourbon Tap and Grill in March. They totally transformed the former Torino restaurant into a massive bar, restaurant and lounge with live music and billiard tables.
“It was a no-brainer for us. We saw the development happening around us and we always were looking forward to getting into Tecumseh when we had the proper opportunity. It was just the right time, I guess the right place. We’d go big or go home,” said Marar.
The interior of a section of the Bourbon Tap and Grill. (Dale Molnar/CBC)
Just across the road, the Frank Brewing Co. brew pub opened up about seven years ago, and has seen the new businesses and high-rise buildings sprout up.
“I think having these new businesses in the area is certainly a positive thing. It creates a lot of new, exciting things in the area, gets people out, gets people excited to go out, and we’re happy to be a part of it,” said Melissa Ventura, office manager.
Pelaccia said BIA membership has grown from 500 to 600 in the past two years.
It’s expected the planned transformation of the downtown will come to full fruition five to seven years from now.
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.
