Toronto, ON, Oct. 26, 2020 (GLOBE NEWSWIRE) — Traditional Territories of multiple Indigenous Nations, including the Haudenosaunee and the Treaty Territory of the Mississaugas of the Credit/Toronto, ON – Vancity Community Investment Bank (VCIB), in partnership with Parkdale Neighbourhood Land Trust (PNLT), today announced a new financing solution to increase community access to affordable rental housing in Parkdale, Toronto. The first-of-its-kind Preserve and Protect Guarantee Program will support the Neighbourhood Land Trust (NLT) – PNLT’s charitable arm – to rapidly acquire at-risk affordable rental buildings in Parkdale, helping to fill a gap in existing funding for the preservation of affordable housing.
“Affordable rentals provide crucial housing for our communities. Yet over the past decade, Parkdale has lost 28 rooming houses to gentrification and renoviction, displacing hundreds of renters – many of whom have now been pushed into homelessness – and disproportionately impacting BIPOC people and working class residents,” saidJoshua Barndt, Executive Director of Parkdale Neighbourhood Land Trust.
“The new Preserve and Protect Program is a solution to this problem as we fight for a just recovery,” Joshua Barndt continued. “It will allow the Neighbourhood Land Trust to respond quickly to acquire at-risk properties that are put up for sale, protecting our supply of affordable rental housing and tackling Toronto’s affordability crisis head-on.”
To date, over $4 million has been committed from five investors, with the Atkinson, Metcalf, ECHO and Fairmount Foundations providing the anchor investments to kickstart the Preserve and Protect Program – and progress is already being made. The NLT is currently monitoring 59 at-risk rental properties in Parkdale, with the objective of protecting over 40 units of affordable rental housing in the first round of the program. This initiative builds on the success of the NLT’s Rooming House Acquisition Pilot Project in 2019, which saw the preservation of a 15-unit building as permanently affordable housing and involved financing from VCIB.
“We’re inspired to see impact investors across sectors coming together to support an innovative solution that addresses the affordability crisis and helps facilitate an inclusive recovery for all,” said Jay-Ann Gilfoy, CEO of VCIB. “Following VCIB’s support for PNLT’s first acquisition in 2019, we’re pleased to now be able to co-develop a program that allows them to replicate that success and secure as many homes as possible, as quickly as possible.”
Colette Murphy, CEO of the Atkinson Foundation, said: “The Atkinson Foundation’s commitment to the residents of Parkdale goes back four decades. In recent years, we’ve backed the efforts of the Parkdale Activity Recreation Centre and the Parkdale People’s Economy project to enact their exciting vision for equitable local economic development that centres on residents’ well being. As an anchor investor in the Preserve and Protect Program, we can see how our support for the Neighbourhood Land Trust and VCIB will preserve affordable rental housing in Parkdale in perpetuity. That’s an outstanding return on investment!”
As Canada’s first and only values-driven bank, VCIB is committed to driving positive social and environmental change within the communities in which it operates. The Preserve and Protect Guarantee Program signals the bank’s ongoing commitment to use the tools of finance to create innovative, long-lasting solutions to address Toronto’s housing crisis.
The Preserve & Protect Program remains open to additional investment, with a first close scheduled for December this year. Under the Program, VCIB will hold funds from investing organizations in a VCIB Impact GIC that will be used to guarantee a loan to the NLT for the acquisition of at-risk properties.
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About Vancity Community Investment Bank (VCIB) VCIB is an Ontario-based schedule 1 federally chartered bank and a subsidiary of Vancouver City Savings Credit Union (Vancity). As Canada’s first values-driven bank, VCIB partners exclusively with organizations that drive social, economic, and environmental change. The bank is committed to connecting these visionary enterprises with financial solutions that allow them to create, grow, and foster change. VCIB’s primary focus is lending for social purpose real estate (affordable housing, co-op housing, co-working spaces, green and heritage buildings), as well as meeting the needs of non-profit organizations, foundations, and social enterprises. For more information, visit vcib.ca, tweet us at @BankVancity and connect with us at Facebook.com/BankVancity.
About Parkdale Neighbourhood Land Trust Parkdale Neighbourhood Land Trust (PNLT) is a community land trust in Parkdale led by a group of residents and organizations trying to protect the social, cultural and economic diversity of Parkdale by redefining how land is used and developed. The Neighbourhood Land Trust is the charitable arm of the PNLT. Through the community land trust model, PNLT and NLT will acquire land and use it to meet the needs of Parkdale by leasing it to non-profit charitable partners who can provide affordable housing, supportive housing and community economic development.
About Atkinson Foundation The Atkinson Foundation is a Canadian charitable foundation committed to social and economic justice. We are part of a global movement that believes income, wealth and democractic inequality are not inevitable. As a grantmaker, investor and advocate, we work alongside community organizers, workers, policy innovators and investors who are creating more decent work and a fair economy.
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.