Nova Scotia realtors oppose new federal law on non-resident homebuying
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Nova Scotia realtors oppose new federal law on non-resident homebuying

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Nova Scotia realtors say a new federal law that bans non-Canadian citizens from buying a home will only slow down an already-slow housing market in this province.

The Prohibition on the Purchase of Residential Property by Non-Canadians Act came into effect on Jan. 1. It prevents non-Canadians from buying a home in the country for the next two years and expires in 2025.

The intent of the law is to close the door on foreign investors who buy Canadian real estate, sometimes leaving homes vacant or underused, while driving prices up.

But it’s a move that sales representative Angela Cowan of Exit Real Estate Professionals in Halifax says will only make a cold Nova Scotia market even cooler.

“When Canadians are suffering, I don’t think anybody should be allowed to come from outside of Canada and be able to purchase or scoop up five, six, seven or 10 houses,” Cowan said.

Instead Cowan says they should only be allowed to purchase one. She says about 30 per cent of her sales over the past two years have been to non-Canadians.

“I’ve sold a lot of homes this year to Canadians, but I’ve sold a lot of homes to foreigners and they also contribute to our market.… If they can afford it, why shouldn’t they be allowed to buy real estate if they want — if they’re allowed to live here?”

Most importantly, she says, Nova Scotians who can’t afford to buy a home will still not be able to afford one while the new two-year law is on the books.

“I don’t think it’s going to have any impact but a negative impact for Nova Scotia,” Cowan said. “And the other side of that is one of the things that we’re lacking right now is doctors. And where are these doctors coming from?”

The act was introduced in the House of Commons in April of 2022. Among the exceptions are temporary residents studying in Canada if they:

  • Are enrolled in a program of authorized study at a designated learning institution as defined in the Immigration and Refugee Protection Regulations.
  • Have filed income tax returns for each of the five taxation years preceding the year in which the purchase was made.
  • Have been physically present in Canada for a minimum of 244 days in each of the five calendar years preceding the year in which the purchase was made.
  • Have not previously purchased a residential property in Canada while the prohibition is in effect.
  • Purchase a property for a price not exceeding $500,000.

There is also an exception for temporary residents working in Canada, if they:

  • Hold a valid work permit or are authorized to work in Canada.
  • Have worked full-time in Canada for at least three years within the four years preceding the year in which the purchase was made.
  • Have filed income tax returns for three of the four taxation years preceding the year in which the purchase was made.
  • Have not previously purchased a residential property in Canada while the prohibition is in effect.

For now, the Nova Scotia Association of Realtors (NSAR) is advising its members about how to deal with the new law. In a statement to its members the association said it is “extremely disappointed by the government’s decision to move forward with this legislation and the poorly timed  roll-out of the regulations.”

“Members of Parliament that supported the introduction of this measure need to recognize that it will have a detrimental impact on Canada’s reputation, labour market, economy and severely hinder our ability to attract global talent.”

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Federal $500M bailout for Muskrat Falls power delays to keep N.S. rate hikes in check

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HALIFAX – Ottawa is negotiating a $500-million bailout for Nova Scotia’s privately owned electric utility, saying the money will be used to prevent a big spike in electricity rates.

Federal Natural Resources Minister Jonathan Wilkinson made the announcement today in Halifax, saying Nova Scotia Power Inc. needs the money to cover higher costs resulting from the delayed delivery of electricity from the Muskrat Falls hydroelectric plant in Labrador.

Wilkinson says that without the money, the subsidiary of Emera Inc. would have had to increase rates by 19 per cent over “the short term.”

Nova Scotia Power CEO Peter Gregg says the deal, once approved by the province’s energy regulator, will keep rate increases limited “to be around the rate of inflation,” as costs are spread over a number of years.

The utility helped pay for construction of an underwater transmission link between Newfoundland and Nova Scotia, but the Muskrat Falls project has not been consistent in delivering electricity over the past five years.

Those delays forced Nova Scotia Power to spend more on generating its own electricity.

This report by The Canadian Press was first published Sept. 16, 2024.

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Roots sees room for expansion in activewear, reports $5.2M Q2 loss and sales drop

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TORONTO – Roots Corp. may have built its brand on all things comfy and cosy, but its CEO says activewear is now “really becoming a core part” of the brand.

The category, which at Roots spans leggings, tracksuits, sports bras and bike shorts, has seen such sustained double-digit growth that Meghan Roach plans to make it a key part of the business’ future.

“It’s an area … you will see us continue to expand upon,” she told analysts on a Friday call.

The Toronto-based retailer’s push into activewear has taken shape over many years and included several turns as the official designer and supplier of Team Canada’s Olympic uniform.

But consumers have had plenty of choice when it comes to workout gear and other apparel suited to their sporting needs. On top of the slew of athletic brands like Nike and Adidas, shoppers have also gravitated toward Lululemon Athletica Inc., Alo and Vuori, ramping up competition in the activewear category.

Roach feels Roots’ toehold in the category stems from the fit, feel and following its merchandise has cultivated.

“Our product really resonates with (shoppers) because you can wear it through multiple different use cases and occasions,” she said.

“We’ve been seeing customers come back again and again for some of these core products in our activewear collection.”

Her remarks came the same day as Roots revealed it lost $5.2 million in its latest quarter compared with a loss of $5.3 million in the same quarter last year.

The company said the second-quarter loss amounted to 13 cents per diluted share for the quarter ended Aug. 3, the same as a year earlier.

In presenting the results, Roach reminded analysts that the first half of the year is usually “seasonally small,” representing just 30 per cent of the company’s annual sales.

Sales for the second quarter totalled $47.7 million, down from $49.4 million in the same quarter last year.

The move lower came as direct-to-consumer sales amounted to $36.4 million, down from $37.1 million a year earlier, as comparable sales edged down 0.2 per cent.

The numbers reflect the fact that Roots continued to grapple with inventory challenges in the company’s Cooper fleece line that first cropped up in its previous quarter.

Roots recently began to use artificial intelligence to assist with daily inventory replenishments and said more tools helping with allocation will go live in the next quarter.

Beyond that time period, the company intends to keep exploring AI and renovate more of its stores.

It will also re-evaluate its design ranks.

Roots announced Friday that chief product officer Karuna Scheinfeld has stepped down.

Rather than fill the role, the company plans to hire senior level design talent with international experience in the outdoor and activewear sectors who will take on tasks previously done by the chief product officer.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:ROOT)

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Talks on today over HandyDART strike affecting vulnerable people in Metro Vancouver

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VANCOUVER – Mediated talks between the union representing HandyDART workers in Metro Vancouver and its employer, Transdev, are set to resume today as a strike that has stopped most services drags into a second week.

No timeline has been set for the length of the negotiations, but Joe McCann, president of the Amalgamated Transit Union Local 1724, says they are willing to stay there as long as it takes, even if talks drag on all night.

About 600 employees of the door-to-door transit service for people unable to navigate the conventional transit system have been on strike since last Tuesday, pausing service for all but essential medical trips.

Hundreds of drivers rallied outside TransLink’s head office earlier this week, calling for the transportation provider to intervene in the dispute with Transdev, which was contracted to oversee HandyDART service.

Transdev said earlier this week that it will provide a reply to the union’s latest proposal on Thursday.

A statement from the company said it “strongly believes” that their employees deserve fair wages, and that a fair contract “must balance the needs of their employees, clients and taxpayers.”

This report by The Canadian Press was first published Sept. 12, 2024.

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