Canada column for Sunday, June 5/16
THE CANADIAN REPORT
(c) By Jim Fox
The first group of emotionally
drained residents returned to see what’s left of their homes after the
devastating wildfires in Alberta.
But, many people
who lost their homes to the fires might never return to Fort McMurray after 2,400
houses and businesses were destroyed – about 10 percent of the city.
Last month’s
wildfires abruptly changed direction and made a direct hit on the city in the
heart of Alberta’s oil-producing region.
Authorities are
planning the return to the city in stages as more than 80,000 people had to
flee when the flames and smoke approached.
The return started
last Wednesday for people who lived in areas that were mostly spared by the
fires.
“These are the
points of light in the midst of some very, very hard days,” Alberta Premier
Rachel Notley said.
She welcomed home
the first group returning and thanked the crews who worked to get the city
running again.
The Canadian Red
Cross has begun allocating the $125 million raised so far to assist with the
recovery efforts – money that is to be matched by the federal government and
partially by Alberta.
---
Concern over a
possible housing market “correction” has prompted the Organization for Economic
Co-operation and Development to seek government intervention.
The agency said the
Canadian government should move to reduce risks associated with soaring house
prices and household debt levels in Toronto and Vancouver.
Any major market
swings could threaten the country's financial stability, it said.
Together, the two
cities comprise one-third of Canada’s housing market and the government has
acted so far to increase the minimum down payment for homes costing more than
$500,000.
House prices
climbed more than 25 percent year over last year in Greater Vancouver with many
Chinese investors in the market and about 12 percent in Greater Toronto.
In both cities, the
average price for a detached house has risen to more than $1 million.
---
News in brief:
- The patriotic
move by many Canadians to buy French’s ketchup instead of Heinz after it pulled
out of Leamington, Ontario for a U.S. plant is expanding. Along with using
Canadian tomatoes and mustard seeds, French’s announced plans to move ketchup
production to Toronto next year. French's is in partnership with Leamington’s
Highbury Canco that produces tomato paste for its ketchup and had taken over
the century-old Heinz plant.
- Recent deaths
include Cindy Nicholas, a marathon swimmer who swam across Lake Ontario and
twice across the English Channel in the 1970s and 1980s. Once known as Queen of
the Channel, the lawyer and former Ontario politician, died in Toronto from
liver failure at age 58.
---
Facts and figures:
The Canadian dollar
has advanced to 77.21 cents U.S. while the U.S. dollar returns $1.295 in
Canadian funds, before bank exchange fees.
The Bank of Canada’s
key interest rate is steady at 0.5 percent while the prime-lending rate is 2.7
percent.
Markets are higher,
with the Toronto Stock Exchange index at 14,152 points and the TSX Venture
index 687 points.
The average price for
gas nationally has risen to $1.091 a liter or $4.14 (Canadian) for a U.S.
gallon.
Lotto 6/49: (June
1) 2, 10, 14, 23, 26 and 31; bonus 12. (May 28) 18, 29, 31, 36, 43 and 47;
bonus 23. Lotto Max: (May 27) 1, 14, 16, 20, 26, 32 and 34; bonus 18.
---
Regional briefs:
- In the city that
was long ago nicknamed “Toronto the Good,” a massive police raid has rounded up
members of a downtown street gang allegedly linked to several murders and
firearms trafficking. Inspector Bryan Bott said 53 people have been arrested
since January, including 32 in Thursday's raids, that involved more than 600
police officers at 43 locations.
- Environmentalists
and the British Columbia Chamber of Commerce are calling on the provincial
government to give greater protection to its old-growth forests. There are
concerns as logging activity is increasing including west of Victoria where
forests with 1,000-year-old trees are being cut down daily, said forest
ecologist Andy MacKinnon. It’s “open season” on the old trees outside of parks
and protected areas, he said.
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Jim Fox can be reached at canadareport@hotmail.com
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