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Ontario in last place when it comes to Canada’s already low housing stock – Global News

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Ontario is the worst offender among Canadian provinces when it comes to the lack of sufficient housing stock, according to a new analysis from Scotiabank Economics.

A report published Wednesday shows that Ontario, Alberta and Manitoba are the only provinces below the national average when it comes to per capita housing stock available. Scotiabank’s analysis relies on data from 2020, the last year with complete information on hand.

To make up the difference, Ontario would need to add 650,000 new dwellings, Alberta would need to build 138,000 units and Manitoba would have to construct 23,000 homes.

But as wide as some of these gaps are, striving towards the mean in Canada is not a high bar.

Canada already ranks lowest among all G7 nations for per capita housing stock, Scotiabank reported last year, needing more than 1.8 million homes to reach the average of its peers on the international stage.

Jean-Francois Perrault, senior vice-president and chief economist at Scotiabank as well as the report’s author, wrote that the delta between Canada and other G7 nations when it comes to housing points to the “collective failure in right-sizing the number of homes relative to our population.”

Need to reconcile immigration with intensification

It’s the growth of Canada’s population that’s become so difficult to manage, Perrault told Global News in an interview on Wednesday, with the pain points coming largely at the municipal level.

While the federal government has stated that it wants more immigration to bolster Canada’s economy, that sweeping directive comes up against obstacles at the city level, such as NIMBYism, zoning challenges and a lack of available labour or materials in the construction industry.

Read more:

Housing affordability in Ottawa-Gatineau reaching record lows, says Desjardins

“There’s an economic imperative to have a lot more Canadians, which is fantastic,” he said.

“When it gets down to the nitty-gritty and the people are actually confronted with the day-to-day, what it means to have more Canadians from a real estate perspective, it’s a much, much more challenging situation.”

Ontario’s status as an attractive destination for immigration has made the shortage of available housing particularly stark, Perrault said. On the other end, Newfoundland and Labrador’s housing stock is the highest in Canada on a per capita basis, largely due to a decline in population through the mid-90s.

The ongoing shortage will continue to push up prices, Perrault says.

“If we don’t fix this, if we don’t right-size the number of homes in Canada or Ontario relative to population needs, things are never going to be more affordable.”






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Housing market on the rise following record numbers in 2021


Housing market on the rise following record numbers in 2021

Provinces, feds looking for answers

There’s some optimism in the near term that Canada is taking the housing shortfall seriously, but it could be some time before the provinces are on track to fill the gap.

Conservative Party MP and shadow minister of finance Pierre Poilievre on Wednesday moved to study the drivers of inflation in Canada at the federal finance committee, with a particular focus on housing affordability. His motion passed unanimously with a report due by the end of May.

The federal government also has signalled plans for a housing summit to start examining how to fix the problem, though a date for that hasn’t been set.

Read more:

Trudeau takes aim at cost of living, housing affordability in throne speech

Ontario also struck a task force on housing affordability late last year with the mandate to increase the supply of units for rental and ownership (Perrault notes in a disclosure the group is chaired by Scotiabank).

Housing starts are meanwhile picking up pace, Perrault says, enough to make a “small dent” in the housing stock gap. But it will take years of accelerated pressure to get the country’s housing market on track to meet the growing demand.

Until the dwellings are actually built, however, Perrault believes there’s little policymakers can do in the short term to make housing more affordable. Adjusting interest rates, for example, will do little to change the reality that home prices will rise as growing immigration levels continue to drive up demand for the stock that’s there, he says.

“In the short run, it’s very difficult to see how affordability is dramatically improved in the next year or two.”






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Toronto looks to garden suites to grow housing options


Toronto looks to garden suites to grow housing options

© 2022 Global News, a division of Corus Entertainment Inc.

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MEG Energy earnings dip year over year to $167 million in third quarter

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CALGARY – MEG Energy says it earned $167 million in its third quarter, down from $249 million during the same quarter last year.

The company says revenues for the quarter were $1.27 billion, down from $1.44 billion during the third quarter of 2023.

Diluted earnings per share were 62 cents, down from 86 cents a year earlier.

MEG Energy says it successfully completed its debt reduction strategy, reducing its net debt to US$478 million by the end of September, down from US$634 million during the prior quarter.

President and CEO Darlene Gates said moving forward all the company’s free cash flow will be returned to shareholders through expanded share buybacks and a quarterly base dividend.

The company says its capital expenditures for the quarter increased to $141 million from $83 million a year earlier, mainly due to higher planned field development activity, as well as moderate capacity growth projects.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:MEG)

The Canadian Press. All rights reserved.



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Eby wants all-party probe into B.C. vote count errors as election boss blames weather

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Premier David Eby is proposing an all-party committee investigate mistakes made during the British Columbia election vote tally, including an uncounted ballot box and unreported votes in three-quarters of the province’s 93 ridings.

The proposal comes after B.C.’s chief electoral officer blamed extreme weather, long working hours and a new voting system for human errors behind the mistakes in last month’s count, though none were large enough to change the initial results.

Anton Boegman says the agency is already investigating the mistakes to “identify key lessons learned” to improve training, change processes or make recommendations for legislative change.

He says the uncounted ballot box containing about 861 votes in Prince George-Mackenzie was never lost, and was always securely in the custody of election officials.

Boegman says a failure in five districts to properly report a small number of out-of-district votes, meanwhile, rippled through to the counts in 69 ridings.

Eby says the NDP will propose that a committee examine the systems used and steps taken by Elections BC, then recommend improvements in future elections.

“I look forward to working with all MLAs to uphold our shared commitment to free and fair elections, the foundation of our democracy,” he said in a statement Tuesday, after a news conference by Boegman.

Boegman said if an independent review does occur, “Elections BC will, of course, fully participate in that process.”

He said the mistakes came to light when a “discrepancy” of 14 votes was noticed in the riding of Surrey-Guildford, spurring a review that increased the number of unreported votes there to 28.

Surrey-Guildford was the closest race in the election and the NDP victory there gave Eby a one-seat majority. The discovery reduced the NDP’s victory margin from 27 to 21, pending the outcome of a judicial review that was previously triggered because the race was so close.

The mistakes in Surrey-Guildford resulted in a provincewide audit that found the other errors, Boegman said.

“These mistakes were a result of human error. Our elections rely on the work of over 17,000 election officials from communities across the province,” he said.

“Election officials were working 14 hours or more on voting days and on final voting day in particular faced extremely challenging weather conditions in many parts of the province.

“These conditions likely contributed to these mistakes,” he said.

B.C.’s “vote anywhere” model also played a role in the errors, said Boegman, who said he had issued an order to correct the results in the affected ridings.

Boegman said the uncounted Prince George-Mackenzie ballot box was used on the first day of advance voting. Election officials later discovered a vote hadn’t been tabulated, so they retabulated the ballots but mistakenly omitted the box of first-day votes, only including ballots from the second day.

Boegman said the issues discovered in the provincewide audit will be “fully documented” in his report to the legislature on the provincial election, the first held using electronic tabulators.

He said he was confident election officials found all “anomalies.”

B.C. Conservative Party Leader John Rustad had said on Monday that the errors were “an unprecedented failure by the very institution responsible for ensuring the fairness and accuracy of our elections.”

Rustad said he was not disputing the outcomes as judicial recounts continue, but said “it’s clear that mistakes like these severely undermine public trust in our electoral process.”

Rustad called for an “independent review” to make sure the errors never happen again.

Boegman, who said the election required fewer than half the number of workers under the old paper-based system, said results for the election would be returned in 90 of the province’s 93 ridings on Tuesday.

Full judicial recounts will be held in Surrey-Guildford and Kelowna-Centre, while a partial recount of the uncounted box will take place in Prince George-Mackenzie.

Boegman said out-of-district voting had been a part of B.C.’s elections for many decades, and explained how thousands of voters utilized the province’s vote-by-phone system, calling it a “very secure model” for people with disabilities.

“I think this is a unique and very important part of our elections, providing accessibility to British Columbians,” he said. “They have unparalleled access to the ballot box that is not found in other jurisdictions in Canada.”

This report by The Canadian Press was first published Nov. 5, 2024.



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Memorial set for Sunday in Winnipeg for judge, senator, TRC chair Murray Sinclair

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WINNIPEG – A public memorial honouring former judge, senator and chair of the Truth and Reconciliation Commission into residential schools, Murray Sinclair, is set to take place in Winnipeg on Sunday.

The event, which is being organized by the federal and Manitoba governments, will be at Canada Life Centre, home of the NHL’s Winnipeg Jets.

Sinclair died Monday in a Winnipeg hospital at the age of 73.

A teepee and a sacred fire were set up outside the Manitoba legislature for people to pay their respects hours after news of his death became public. The province has said it will remain open to the public until Sinclair’s funeral.

Sinclair’s family continues to invite people to visit the sacred fire and offer tobacco.

The family thanked the public for sharing words of love and support as tributes poured in this week.

“The significance of Mazina Giizhik’s (the One Who Speaks of Pictures in the Sky) impact and reach cannot be overstated,” the family said in a statement on Tuesday, noting Sinclair’s traditional Anishinaabe name.

“He touched many lives and impacted thousands of people.”

They encourage the public to celebrate his life and journey home.

A visitation for extended family, friends and community is also scheduled to take place Wednesday morning.

Leaders from across Canada shared their memories of Sinclair.

Premier Wab Kinew called Sinclair one of the key architects of the era of reconciliation.

Prime Minister Justin Trudeau said Sinclair was a teacher, a guide and a friend who helped the country navigate tough realities.

Sinclair was the first Indigenous judge in Manitoba — the second in Canada.

He served as co-chair of the Aboriginal Justice Inquiry of Manitoba to examine whether the justice system was failing Indigenous people after the murder of Helen Betty Osborne and the police shooting death of First Nations leader J.J. Harper.

In leading the Truth and Reconciliation Commission, he participated in hundreds of hearings across Canada and heard testimony from thousands of residential school survivors.

The commissioners released their widely influential final report in 2015, which described what took place at the institutions as cultural genocide and included 94 calls to action.

This report by The Canadian Press was first published Nov. 5, 2024.

The Canadian Press. All rights reserved.



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