Investment

Urgent investment needed to increase affordable housing supply: Ottawa mayor – Ottawa Citizen

Published

5 years ago

January 28, 2020

A memo reviews the city’s six year-old plan to address housing and homelessness and calls for a dramatic “refresh” of that strategy.

Homeless and hungry in downtown Ottawa.

Errol McGihon / Postmedia

Urgent investment from all three levels of government is needed to increase Ottawa’s supply of affordable housing, and to help homeless and disabled people find permanent homes that meet their needs, Mayor Jim Watson says.

The memo, signed by Watson and Councillors Jenna Sudds and Catherine McKenney, was issued late Tuesday on the eve of a debate about whether to declare a city-wide emergency on affordable housing and homelessness.

The memo reviews the city’s six year-old plan to address housing and homelessness and calls for a dramatic “refresh” of that strategy.

In the next 10 years, it suggests, the city should create between 5,700 and 8,500 affordable housing units and financial subsidies, while also ensuring that 20 per cent of those are devoted to supportive and accessible housing. It also calls on the city to preserve its existing stock of Ottawa Community Housing units.

The proposal sets out some ambitious goals: to reduce overall homelessness by 25 per cent and to eliminate “unsheltered” homelessness — people living on the streets.

“The refreshed plan is aspirational in nature and requires the commitment of significant new funding from all levels of government in order to be realized,” the memo says. “Without an injection of increased, sustained and long-term funding, the plan will not achieve its ambitious outcomes.”

The city will spend $109 million on housing and homelessness this year, which means the cost of the refreshed plan cannot be absorbed by municipal property taxpayers alone, Watson said. In the past two budgets, the city has committed $30 million in capital for new affordable housing developments.

The province will contribute $43 million and the federal government $27 million to affordable housing and homelessness initiatives in Ottawa in 2020.

Last month, McKenney put colleagues on notice that she will ask for their support to declare an emergency on affordable housing and homelessness. Council is to debate her motion Wednesday.

The city’s housing crisis has been created by a welter of issues, according to a review of the city’s 2014 housing and homelessness plan.

Funding for new affordable housing units has not kept pace with the city’s population growth that has forced Ottawa’s overall vacancy rate down to 1.8 per cent. That supply shortage has driven up prices: the average market rent in 2018 was $1,174 — a 15 per cent increase from 2014.

That means more people in community housing are holding onto their units longer, reducing the annual turnover. The centralized wait list for community housing has more than 10,600 households on it. Families can wait years for a spot, and some are spending longer periods in emergency shelters.

The lack of affordable housing has exacerbated the city’s homelessness problem. During the past six years, there has been a 23 per cent increase in the number of people requesting an emergency shelter placement. In 2018, the emergency shelter system operated, on average, at 108 per cent of its capacity.

Family homelessness, the report said, is the main driver of the increased demand at the city’s emergency shelters, and the reason why Ottawa increasingly is relying on hotels and motels to house the overflow.

More than 55,000 households in Ottawa — about 13 per cent of the population — live with the kind of low incomes that make housing a serious challenge. Canada Mortgage and Housing Corporation says Canadians should be spending no more than 30 per cent of their before-tax income on housing.

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Economy

S&P/TSX composite up more than 250 points, U.S. stock markets also higher

Published

7 hours ago

September 19, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.

The S&P/TSX composite index was up 254.62 points at 23,847.22.

In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.

The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.

The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.

The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Investment

Canada’s Probate Laws: What You Need to Know about Estate Planning in 2024

Published

9 hours ago

September 19, 2024

Harry Miller

Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.

For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.

Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.

Let’s unearth how these updates can simplify the process for you and your family.

What is probate?

Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.

Here’s how it works.

Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.

Probate ensures everything is done by the book, giving you peace of mind during a difficult time.

Recent Changes in Canadian Probate Laws

Several updates to probate law in the country are making the process smoother for you and your family.

Here’s a closer look at the fundamental changes that are making a real difference.

1) Virtual witnessing of wills

Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.

Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.

2) Simplified process for small estates

Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.

Fewer forms and legal steps mean less hassle for families handling modest estates.

3) Substantial compliance for wills

Courts can now approve wills with minor errors if they reflect the person’s true intentions.

This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.

These changes help make probate less stressful and more efficient for you and other families across Canada.

The Probate Process and You: The Role of a Probate Lawyer

(Image: Freepik.com)

Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.

Here’s how they can help.

Navigating the legal process

Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.

Handling paperwork and deadlines

They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.

Resolving disputes

If conflicts arise, probate lawyers resolve them, avoiding legal battles.

Providing you peace of mind

With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.

With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.

Why These Changes Matter

The updates to probate law make a big difference for Canadian families. Here’s why.

Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.

With these changes, probate becomes smoother and more manageable for you and your family.

How to Prepare for the Probate Process

Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.

Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.

These simple steps make the probate process easier for everyone involved.

Wrapping Up: Making Probate Easier in Vancouver

Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.

Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.

Economy

Energy stocks help lift S&P/TSX composite, U.S. stock markets also up

Published

2 days ago

September 17, 2024

Anne Joseph

TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.

The S&P/TSX composite index was up 34.91 points at 23,736.98.

In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.

The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.

The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.

The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.

This report by The Canadian Press was first published Sept. 17, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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