Canada column for Sunday, Jan. 23/22
THE CANADIAN REPORT
By Jim Fox
They’re still digging out from a massive snowstorm that set records across Toronto and eastern Canada.
The dump of a foot-and-a-half of snow was the most to hit the city in 30 years and gained power as it picked up moisture from the Gulf of Mexico and headed north on Monday.
It created havoc on the roads as Toronto’s major expressways were closed much of the day as numerous smashed transport trucks and cars without winter tires littered the roads.
Many vehicles were stuck in driveways as the storm piled up snow on the side streets and took several days for one of the city’s 160 plows and 200 salting trucks to find them.
Environment Canada issued winter storm warnings for most of Ontario and southern Quebec as the low-pressure system released two inches of snow an hour with high winds.
“Snow days” delayed the planned return to schools for another two days for students after weeks of remote learning due to the pandemic.
Commuter services ground to a halt as some 540 Toronto Transit Commission buses were stranded at the height of the storm.
In Canada’s capital, the school boards pulled buses off the roads as many residential roads had yet to be plowed.
Across Canada, winter storm and wind warnings were also in place for much of Alberta, parts of southern Manitoba and Saskatchewan.
In the east, 50,000 people were without power overnight across Nova Scotia due to snow whiteouts, high winds and difficult travel conditions.
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Canadians should prepare for interest-rate increases as early as this week by the Bank of Canada.
Scotiabank Economics say there is a “pressing need” for the country’s central bank to raise rates to battle a surge in inflation and soaring house prices.
They are looking for a rise in the key overnight rate of .25 percent to .5 per cent at its next meeting on Jan 26.
There has been no comment from the bank as this is predicted to be the first of multiple interest rate hikes this year, rising to 2 percent by the end of the year.
The annual inflation rate is 4.8 percent, the highest in 30 years, and the average housing price has topped $1 million in many cities.
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News in brief:
- Quebec’s threatened tax on people refusing to be vaccinated has drawn the “interest” of Prime Minister Justin who suggests instead that other “strong measures” have worked in keeping Canadians safe. Trudeau said his government is awaiting more details from the Quebec government. Premier François Legault called for the measure as a health tax that many say would be unconstitutional .Trudeau said a key principle of the Canada Health Act is that everyone has equal access to health care without financial or other barriers and that would be respected.
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Facts and figures:
Canada’s dollar is steady at 80 cents U.S. while the U.S. dollar returns $1.26 in Canadian funds, before exchange fees.
The Bank of Canada’s key interest rate is unchanged at 0.25 percent while the prime lending rate is 2.45 percent.
Canadian stock markets are lower, with the Toronto index at 20,736 on Friday while the TSX Venture index was 867 points.
The average price for gas in Canada is higher at $1.46 a liter (Canadian) or $5.55 for a U.S. gallon.
Lotto Max: (Jan. 18) 2, 15, 25, 28, 30, 35 and 38; bonus 31. (Jan. 14) 2, 4, 7, 10, 14, 21 and 34; bonus 26.
Lotto 6/49: (Jan. 19) 3, 12, 19, 37, 39and 45; bonus 47. (Jan. 15) 5,10, 35, 41, 42 and 44; bonus 13.
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Regional briefs:
- Ontario, Canada’s most-populous province, will try again to remove pandemic lockdowns now that schools have reopened for in-class learning. Indoor dining, gyms and movie theaters will reopen on Jan. 31 as the province, including Toronto, starts lifting public health measures. Premier Doug Ford said this will be a “gradual and cautious reopening plan” as the virus shows signs of easing. By March 14, the plan calls for all indoor capacity restrictions to be lifted but proof of vaccination requirements will remain.
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thecanadareport.blogspot.com
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