There are growing concerns that the spread of more contagious COVID-19 variants could spark a third wave of the coronavirus in Canada as provinces ease restrictions.
All 10 provinces have now reported at least one case of the variant first detected in the United Kingdom. Other “variants of concern” from South Africa and Brazil have also made their way into the country.
With a downward trend of daily cases, Canada is seemingly wrestling through the tail end of a second wave. But public health officials and infectious diseases experts are already raising the alarm bells on a third peak.
“The combination of that optimism from a successful lockdown leading to governments wanting to reopen and the background of these variants of concern emerging, plus, delays in the vaccine arrival is setting up really this perfect storm for a massive third wave,” said Dr. Brooks Fallis, a critical care physician in Toronto.
Growing fears new variants could lead to third wave
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In the largest province of Ontario, 27 regions will begin a gradual reopening on Tuesday against the backdrop of stark scientific modelling that has predicted a third wave of infections and the potential of a third lockdown.
Following a strict lockdown, Quebec reopened non-essential retail stores, personal-care salons and museums reopened across the province last week. On Feb. 8, Alberta restaurants were also allowed to reopen for in-person dining. Meanwhile, since January, several provinces in Canada have resumed in-person learning at schools.
Coronavirus: Ontario could see 3rd wave due to increase in variants
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Jean-Paul Soucy, an infectious disease epidemiologist and PhD student at the University of Toronto, said based on the current trajectory of the variants and the decision-making by governments, the third wave could come in mid to late March and early April.
“We’re looking at two different epidemics almost at this point,” he said, adding that the exponential growth of the new variants is gradually replacing the old strain of COVID-19.
Following a month-long lull and a sluggish start to its vaccine rollout, Canada is expected to get a big boost in the delivery of shots from Pfizer-BioNTech this week.
But, since vaccinations for the general population are not expected to start until April, it is less likely that the COVID-19 vaccines could prevent a third wave, Dr. Isaac Bogoch, an infectious diseases specialist and physician at Toronto General Hospital, said.
“A third wave is a very reasonable possibility, but it is not inevitable at this point,” he told Global News.
If a third wave does hit the country, however, it will be different than the second wave, according to Soucy and Bogoch.
They said vaccinations in long-term care homes will mean there will be fewer deaths there, but a larger percentage of fatalities among the older adults in the community.
“Hopefully the devastation of long-term care facilities will be avoided because, at that point, everyone who lives and works in long-term care will have completed their COVID-19 vaccinations,” said Bogoch.
‘Nobody wants a third wave’ of COVID-19 infections, Trudeau says
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Can a third wave be averted?
On Friday, Prime Minister Justin Trudeau urged the public to refrain from unnecessary travel and gatherings as the long weekend approached, noting a fast-tracked shipment of millions of COVID-19 vaccines in coming months will not be enough to combat the variants that have overtaken other countries.
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“Nobody wants a third wave to start, particularly not one comprised of new, more communicable variants that can cause real challenges,” Trudeau said during a news conference from outside Rideau Cottage in Ottawa.
Also on Friday, Dr. Theresa Tam, Canada’s chief public health officer, said aggressive vaccinations will play a key part in addressing COVID-19 spread but that is just one suppression tool. She added that ongoing vigilance was vital.
“Look at the European countries — they give us a clue as to what might happen if variants are circulating, and we let our guard down. That massive acceleration into that third resurgence, if you like … will happen really fast.”
In a bid to curb the spread of new variants, Ontario has introduced an “emergency brake” system to allow for immediate action if a public health unit region experiences rapid acceleration in COVID-19 transmission or if its health care system risks becoming overwhelmed.
Soucy said the reopening of less essential facilities like restaurants for indoor dining and gyms should be delayed until the spring and summertime “when we get to control transmission.”
Bogoch echoed that thought, saying it will be important not to reopen too quickly, have policies in place to act swiftly and “stay ahead of the virus.”
“Variants of concern or no variants of concern — we still know how to prevent infection,” he said.
“If we navigate the next few months until vaccination is more widespread, we can certainly avoid a third wave.”
— With files from the Global News’ Heather Yourex-West, the Canadian Press.
MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.
The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.
The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.
Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.
On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.
Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.
This report by The Canadian Press was first published Sept. 12, 2024.
Dollarama Inc.’s food aisles may have expanded far beyond sweet treats or piles of gum by the checkout counter in recent years, but its chief executive maintains his company is “not in the grocery business,” even if it’s keeping an eye on the sector.
“It’s just one small part of our store,” Neil Rossy told analysts on a Wednesday call, where he was questioned about the company’s food merchandise and rivals playing in the same space.
“We will keep an eye on all retailers — like all retailers keep an eye on us — to make sure that we’re competitive and we understand what’s out there.”
Over the last decade and as consumers have more recently sought deals, Dollarama’s food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets.
However, the competition in the discount segment of the market Dollarama operates in intensified recently when the country’s biggest grocery chain began piloting a new ultra-discount store.
The No Name stores being tested by Loblaw Cos. Ltd. in Windsor, St. Catharines and Brockville, Ont., are billed as 20 per cent cheaper than discount retail competitors including No Frills. The grocery giant is able to offer such cost savings by relying on a smaller store footprint, fewer chilled products and a hearty range of No Name merchandise.
Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren’t off his radar.
“All retailers in Canada are realistic about the fact that everyone is everyone’s competition on any given item or category,” he said.
Rossy declined to reveal how much of the chain’s sales would overlap with Loblaw or the food category, arguing the vast variety of items Dollarama sells is its strength rather than its grocery products alone.
“What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store,” he said.
The breadth of Dollarama’s offerings helped carry the company to a second-quarter profit of $285.9 million, up from $245.8 million in the same quarter last year as its sales rose 7.4 per cent.
The retailer said Wednesday the profit amounted to $1.02 per diluted share for the 13-week period ended July 28, up from 86 cents per diluted share a year earlier.
The period the quarter covers includes the start of summer, when Rossy said the weather was “terrible.”
“The weather got slightly better towards the end of the summer and our sales certainly increased, but not enough to make up for the season’s horrible start,” he said.
Sales totalled $1.56 billion for the quarter, up from $1.46 billion in the same quarter last year.
Comparable store sales, a key metric for retailers, increased 4.7 per cent, while the average transaction was down2.2 per cent and traffic was up seven per cent, RBC analyst Irene Nattel pointed out.
She told investors in a note that the numbers reflect “solid demand as cautious consumers focus on core consumables and everyday essentials.”
Analysts have attributed such behaviour to interest rates that have been slow to drop and high prices of key consumer goods, which are weighing on household budgets.
To cope, many Canadians have spent more time seeking deals, trading down to more affordable brands and forgoing small luxuries they would treat themselves to in better economic times.
“When people feel squeezed, they tend to shy away from discretionary, focus on the basics,” Rossy said. “When people are feeling good about their wallet, they tend to be more lax about the basics and more willing to spend on discretionary.”
The current economic situation has drawn in not just the average Canadian looking to save a buck or two, but also wealthier consumers.
“When the entire economy is feeling slightly squeezed, we get more consumers who might not have to or want to shop at a Dollarama generally or who enjoy shopping at a Dollarama but have the luxury of not having to worry about the price in some other store that they happen to be standing in that has those goods,” Rossy said.
“Well, when times are tougher, they’ll consider the extra five minutes to go to the store next door.”
This report by The Canadian Press was first published Sept. 11, 2024.
TORONTO – The U.S. Consumer Financial Protection Bureau has ordered TD Bank Group to pay US$28 million for repeatedly sharing inaccurate, negative information about its customers to consumer reporting companies.
The agency says TD has to pay US$7.76 million in total to tens of thousands of victims of its illegal actions, along with a US$20 million civil penalty.
It says TD shared information that contained systemic errors about credit card and bank deposit accounts to consumer reporting companies, which can include credit reports as well as screening reports for tenants and employees and other background checks.
CFPB director Rohit Chopra says in a statement that TD threatened the consumer reports of customers with fraudulent information then “barely lifted a finger to fix it,” and that regulators will need to “focus major attention” on TD Bank to change its course.
TD says in a statement it self-identified these issues and proactively worked to improve its practices, and that it is committed to delivering on its responsibilities to its customers.
The bank also faces scrutiny in the U.S. over its anti-money laundering program where it expects to pay more than US$3 billion in monetary penalties to resolve.
This report by The Canadian Press was first published Sept. 11, 2024.
