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Voyager Digital suspends withdrawals, as Three Arrows Capital files for bankruptcy – CNBC Television

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Where to look for cheap rent in Canada, as prices soar, again – CBC.ca

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As rent prices spiked over the past two months, affordable pockets of rental housing became harder and harder to find.

In July, the average monthly cost for rental properties across Canada was $1,934 — up 10.4 per cent over last year, according to the data of the property listing company Rentals.ca. A similar hike in June saw the average rent spike 9.5 per cent.

Analysts say the steep prices are being driven by more demand than inventory.

And that demand is being driven in part by some people fleeing larger cities, while others flock to them.

This creates a challenge for people like Joan Alexander.

The senior has rented homes across Canada, in St. Catharines, Ont., and Guelph, Ont., then in Castlegar, B.C., and for the past two years on Prince Edward Island.

Joan Alexander, left, sits with her dog Beau and her partner, Elizabeth Huether. They plan to move from P.E.I. to Lloydminster, Alta./Sask., this October. (Submitted by Joan Alexander )

Alexander and her partner chose Summerside, a city about 50 kilometres northwest of Charlottetown, for its small-town feel.

But rising rental costs and other considerations — like proximity to health care — are driving her to relocate.

“We really hoped that P.E.I. would be our last stop on our life journey,” she said. 

Last year, rents on P.E.I. rose higher than they had in a decade. Plus rental places are scarce.

Finding affordable rental housing in Canada after a pandemic is proving a challenge for many, with spiking interest rates, inflation and limited rental stock. 

Ben Myers, president of Bullpen Research and Consulting, a real estate advisory firm that tracks rental pricing in Canada, says if you are looking for a deal there still are some places he’d describe as comparatively “cheap.”

This two-bedroom in Lloydminster, Sask., offers a 1,000 square foot corner unit in a quiet building for $1,250 per month. (Aspen Grove/Kijiji)

He suggests looking at Red Deer or Lethbridge in Alberta, or Saskatoon.

“You can get a two-bedroom for under $1,150 a month. It’s all about where you can work,” said Myers. 

Alexander says she was able to find a few havens on the Prairies.

“It felt almost too good to be true. There seemed to be a few pockets where we could find what we were looking for. Pet friendly, affordable, safe housing,” said Alexander, who needs monitoring after donating a kidney and a place that welcomes her small, beloved dog — Beau.

Lloydminster — a city that spans Alberta and Saskatchewan — attracted Alexander and her spouse with affordable prices and a pet-friendly property owner.

They move in October to their new $1,200-per-month home.

WATCH | Priced out by rising rents:

Soaring prices leaving some renters priced out

1 day ago

Duration 2:03

While the housing market may be cooling down, the rental market is on fire, with the price of an average unit up 10 per cent compared to last year. That has left many renters scrambling to find suitable housing.

Rentals.ca listings include detached and semi-detached homes, townhouses, condominium apartments, rental apartments and basement apartments. The company can’t provide an average rent for all cities. Some smaller communities don’t have enough rentals to get an accurate average.

So it’s worth hunting. There are some hidden gems.

Myers says that in a normal year, rent can fluctuate on average three to five per cent. But average rents grew 10 to 12 per cent in 2019, due to a shortage of supply, he says. Then the pandemic hit and rent declined, on average, 15 to 20 per cent.

“We are now adjusting back to pre-pandemic levels,” said Myers.

Renters on the move

Then there are the super-expensive anomalies — like Vancouver, which rebounded even faster from the pandemic, with a per month average rent of $2,300 in June 2022. 

Myers says there have also been significant shifts to cities that used to enjoy low rent, as some people migrate to smaller places where they can get more real estate for their dollar.

Retiring Baby Boomers from the Toronto area are creating demand and raising prices in places like the Niagara Region and Halifax, for example. 

“Halifax has gone kind of nuclear. Definitely a lot of Ontarians moved to Halifax during the pandemic,” Myers said.

Also, he says a lot of students stayed in their university towns like Victoria, London, Ont., and Kingston, Ont., when offices closed during the past two years.

“All the benefits of living in a big city were almost bad because you didn’t want to be around a lot of people during a pandemic,” said Myers. 

Vanishing affordable rentals

But all this change has just put more pressure on the rental market that’s been seeing declines in rental options for low earners for more than a decade, according to housing policy researcher Steve Pomeroy.

He uses Canada Mortgage and Housing Corporation (CMHC) data to probe losses in the rental market.

Pomeroy, the senior research fellow for the Centre of Urban Research at Carleton University, estimates that between 2011 and 2016, the number of rental units that would be affordable for households earning less than $30,000 per year — with rents below $750 — declined by 322,600 in Canada.

That has an effect on the one in three Canadians who rent, according to 2016 census data.

Pomeroy says historically Quebec offered the largest rental stock available in the country.

“Quebec has always been culturally very different. Rent is much more culturally accepted. It’s a bit about European influence … You get these very scenic estates of two-, three-storey homes with the wrought iron staircase and with three units, and two are rented. So by definition, two-thirds of your population are renters,” he said.

He says perhaps it’s time for the remainder of Canada to consider a more European model, where renting is more accepted. 

He says there are many cities, in France and Germany for example, where renters almost match owners in population.

North America historically has had a different culture, where owning is seen as better.

“Traditionally there has been very strong support for home ownership. Here in Canada we’ve had mortgage insurance including increasing access to credit for buyers … the political system has very much reinforced that belief system, that ownership is the right thing to do.”

In Red Deer, Alta., this two-bedroom townhome rents for $1,220 per month if you opt for the smaller one with no den. It even comes with energized parking stalls. (Sunreal Property Management Ltd./Rentfaster.ca)

But now, tenancy and anti-poverty organizations are lobbying for more renters’ rights. That’s something Pomeroy sees as a positive shift.

He also says he believes many younger Canadians see renting as their future. It gives them the freedom to pursue experiences, move for jobs and not remain tethered to a property that they can’t afford.

Pomeroy recently asked his graduate students — all employed and in their 20s — if they thought they could buy a home in the next five years. Would you want to?

He says he was surprised to hear for the first time, none of them believed they could.

“Nobody thought they could, and only about half actually wanted to.”

The average monthly cost for rental properties across Canada in July was $1,934 — up 10.4 per cent over last year — making it harder still for renters to find affordable housing. (David Horemans/CBC)

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WTI Stops Slide As API Figures Show Major Gasoline Draw – OilPrice.com

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WTI Crude Falls To Lowest Level Since January | OilPrice.com


Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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Crude oil prices fell further on Tuesday, with WTI falling to its lowest benchmark price since January this year.

Crude oil prices began their fall on Monday, dragged down by China’s disappointing economic data that led to China’s central bank cutting lending rates.

WTI prices fell to $86.13 per barrel by 2:24 pm ET, down $3.28, or 3.67% on the day. Brent crude fell $2.98 (-3.13%) on the day to $92.12 per barrel—the lowest price since February this year.

Gasoline prices in the United States have been falling for months now led by falling crude oil prices. Today’s gasoline prices in the United States average $3.949 per gallon, according to AAA data, down from $3.956 yesterday. Over the last month, U.S. gasoline prices have fallen 60 cents. They are still 76 cents above where they were this time last year.

The weight of disappointing data out of China—the world’s second-largest oil consumer and largest oil importer—was compounded on Tuesday by developments surrounding the Iran nuclear deal. Just moments before the deadline, Iran sent its written response to the EU regarding the “final” nuclear deal text. In its letter, Iran suggested that it was closer than it had ever been to securing a deal, although there were a few sticking points—mainly that the U.S. guaranteed the deal couldn’t be changed by future U.S. Presidents.

Despite the current crude oil fundamentals that suggest the market is still tight, the market fear is that Iran could unleash on the market hundreds of thousands of barrels of crude oil per day if sanctions were to be lifted. Iran has said that it could ramp up production and exports within months.

By Julianne Geiger for Oilprice.com

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Ageism: Does it Exist or Is It a Form of ‘I’m a Victim!’ Mentality? [ Part 4 ]

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How you think is everything.

This is the fourth and final column of a 4-part series dealing with ageism while job hunting.

The standard advice given by “experts” to overcome ageism revolves contorting yourself to “fit in,” “be accepted,” and “be invited.” Essentially, their advice is to conceal your age and hope the employer throughout the hiring process won’t figure it out and hire you.

It takes a lot of time and energy to be accepted into places where you aren’t welcome, and it can be heartbreaking.

Finding an employer who accepts you for who you are, regardless of age, gender, race, or whatever, is the key to happy employment. There’s no better feeling than the feeling you’re welcomed. Therefore, my advice to job seekers is: Be your best self and let the chips fall where they may. Doing your best and accepting the outcome will give you a Zen-like sense of freedom.

An attempt to infer someone’s biases based on their actions is usually just an assumption based on what you want to believe. If it benefits you to think someone is practicing ageism (e.g., a convenient excuse), then you’ll believe you’re the victim of ageism.

The fact is you don’t know what the hiring manager’s behind the scene looks like. The entire company’s leadership team judges their hiring decisions. Your fit with current employees needs to be considered. Budget constraints exist. Let’s not forget the biggest hiring influencer, and their past hiring mistakes, which they don’t want to repeat.

While reviewing resumes for a senior accounting position, the hiring manager thinks, “The Centennial College graduates I’ve hired didn’t last six months. While Bob has plenty of experience, he’s a Centennial College alumnus. Hiring another six months quitter won’t look good on me.” “Karen has worked for FrobozzCo International. If I recall, the company reportedly funneled money into offshore accounts to avoid paying taxes. I wonder if Karen was involved.”

Association experiences contribute to most biases. You know the saying, “If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.” If you met five rude redheads in a row, the next one will also be rude, right? The human brain is wired to look for patterns and predict future behavior based on those patterns. Call it a survival skill. When we first meet someone, we try to predict what behavior to expect from them using past experiences.

This quick assessment is why hiring managers decide, within as little as two minutes, whether a candidate is worth their time. While it’s important to try and make a good first impression (READ: image), you have no control over how others interpret it.

Bottom-line: You can’t control another person’s biases.

Based on how I hire, and conversations with hiring managers, I believe the following to be true. An employer is more interested in the results you can deliver for them than your age or whatever “ism” you believe is against you.

Can employers afford to pass up qualified candidates who could contribute to their bottom line? Of course not! (Okay, it’s “unlikely.”) You’ll be in demand if you can demonstrate a track record of adding value to your employers.

Having the belief that your age prevents you from finding the employment you want is a paralyzing belief. Ageism exists for all ages, which I think many people use as a crutch.

“They said I was overqualified. That’s ageism!”

“They hired someone younger than me. That’s ageism!”

“They said I wasn’t experienced enough. That’s ageism!”

Get over yourself!

Employers can hire whomever they deem to be the best fit for their business. It’s self-righteous to judge someone else’s biases (READ: preferences), especially when their biases don’t serve your interests. Let’s say, for example, you’re 52 years old, and the hiring manager prefers candidates between 45 and 55 (Yes, I know such hiring managers), and they hire you. Would you call out the hiring manager’s bias that worked in your favor?

If you believe your age is an obstacle, here’s my advice: Break the fourth wall. If you sense your age is the elephant in the room, put your age on the table and see what happens. When interviewing, I always mention, early in, that I’ve been managing call centers since 1996. I then let my interviewer do the mental math and wrestle with any age bias they may have. As I mentioned in my last column, the employer most likely Googled you and has a good idea of your age. Therefore, since you were vetted to determine if you were interview-worthy, tell yourself that your age is irrelevant.

When interviewing, don’t focus on “isms.” Doing so makes them your reality. Instead, focus on the problems the position you’re interviewing for is meant to solve.

______________________________________________________________

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send Nick your questions at artoffindingwork@gmail.com

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