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Some may have to wait until 11:30 p.m tonight before power is restored

Power line technician Scott Leyte working overnight to try and restore power in New Glasgow.

Power line technician Scott Leyte working overnight to try and restore power in New Glasgow. (Harold MacLeod/Nova Scotia Power)

It’s a cold morning for thousands of people in Cape Breton and northern Nova Scotia as they spend a second day without electricity and two two hospitals continue to operate with power from emergency generators.

As of 10:40 a.m. Sunday morning about 12,000 Nova Scotia Power customers had no power.

Some have been without electricity since Friday evening, several areas in Cape Breton, Antigonish, Goshen, Sheet Harbour and Stellarton are affected.

For the latest updates on any storm related cancellations check out Storm Centre

Nova Scotia Power estimates that some customers will not have their power restored before 11:30 p.m. Sunday, although those estimates could change as the day goes on.

Power crews worked through Saturday night to restore electricity.

Heavy snow led to the outages and is making it difficult for power crews to get into areas and do repair work. The utility said it’s doing everything it can to get power back as quickly as possible.

“We’re throwing every resource we have at this,” said NSP spokeswoman Sarah Dawson.

Two hospitals still on backup power

While people wait for the power to come back on warming stations are expected to reopen this morning at fire halls in Glace Bay, Reserve Mines, Sydney River, Florence, Scotchtown, Albert Bridge and Louisbourg.

Two hospitals are still operating on backup power this morning, St. Mary’s Memorial Hospital in Sherbrooke and Harbourview Hospital in Sydney Mines.

“It doesn’t allow you to run every electrical appliance or everything at the same time,” said Gregory Boone spokesman for the Nova Scotia Health Authority.

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CBC adopts SecureDrop to allow for anonymous leaks

January 29, 2016

CBC adopts SecureDrop to allow for anonymous leaks

Encrypted technology allows users to anonymously share files, messages online without being tracked

CBC's SecureDrop is a web-based system that allows whistleblowers to confidentially reach our journalists, including those who work in investigative units across Canada and on our leading programs.

CBC’s SecureDrop is a web-based system that allows whistleblowers to confidentially reach our journalists, including those who work in investigative units across Canada and on our leading programs. (Getty images)

Dave Seglins is a CBC News journalist whose recent reporting has focused on Canada’s national security and surveillance programs revealed through documents obtained by U.S. whistleblower Edward Snowden. Seglins and his team have investigated a wide range of domestic and international affairs, including railway safety, policing, and government and corporate corruption.

CBC News is launching a powerful new tool to help those with important information or sensitive documents contact our journalists using encryption and anonymous online messaging.

CBC’s SecureDrop is a web-based system that allows whistleblowers to confidentially reach CBC journalists, including those who work in investigative units across Canada and on our leading programs the fifth estate, Go Public and Marketplace.

“In an age of pervasive government surveillance, it’s an absolutely vital means to communicate safely with confidential sources and whistleblowers,” said Ryan Gallagher, of the online publication The Intercept, which has been instrumental in reporting on the global surveillance programs revealed by U.S. whistleblower Edward Snowden.

“It can be used by whistleblowers inside the government, for example, to expose corruption, abuses of power, cover-ups,” Gallagher said.

CBC/Radio-Canada is one of the first national broadcasters in the world to adopt SecureDrop, which is already used by The New Yorker, The Washington Post and The Guardian. (Norway’s national broadcaster has also set up SecureDrop, while The Globe and Mail adopted the system 10 months ago.)

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EI claims rose 9.2% in the year to November with Alberta hardest hit

January 21, 2016

EI claims rose 9.2% in the year to November with Alberta hardest hit

More than 31,000 new jobless in Alberta as EI rolls climb to 544,200

There have been several rounds of layoffs in the oilpatch since 2014, with trades, transport, technical support, finance and management affected.

There have been several rounds of layoffs in the oilpatch since 2014, with trades, transport, technical support, finance and management affected. (Todd Korol/Reuters)

The number of Canadians receiving employment insurance benefits rose 9.2 per cent in the year ending in November 2015, according to new data from Statistics Canada, with most of the newly unemployed in Alberta.

There were sharp increases in new applicants from Saskatchewan, Alberta and Manitoba, bringing the total receiving EI to 544,200 people. The unemployment rate in Canada last November was 7.1 per cent.

About two-thirds of the increase in the past year has been in Alberta, with 31,030 people applying for benefits in the year to November.

The pain has been spread equally between Edmonton and Calgary, with just over 20,000 new people on the EI rolls in each city.

Alberta has suffered several rounds of layoffs related to the low price of oil, with companies cutting back first contract workers, then long-time employees as the world market price fails to cover the cost of crude production.

Job losses in Saskatchewan, Manitoba

There’s been a 16 per cent increase among workers in trades and transport or equipment operation and a 17 per cent increase in natural and applied sciences, a term Statistics Canada uses to apply to more skilled workers including geologists and mine technicians.

Alberta has also seen job losses in finance, administration and management categories.

Statistics Canada says the number of new claimants has levelled off in the past few months.

Despite that, Saskatchewan saw a 4.6 per cent rise in claimants in November, Alberta was up 2.7 per cent and Manitoba was up 1.9 per cent.

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Average Canadian house price up another 12% to $454,342

January 16, 2016

Average Canadian house price up another 12% to $454,342

But if B.C. and Ontario are stripped out, average house price declined by 2.2% last year

Hot markets in Toronto and Vancouver are skewing the national average price of a Canadian home higher, CREA says.

Hot markets in Toronto and Vancouver are skewing the national average price of a Canadian home higher, CREA says. (Daniel Acker/Bloomberg)

The average price of a Canadian home increased by 12 per cent in the year up to December and is now worth $454,342, the Canadian Real Estate Association says.

As it has done for a while, the realtor group says Toronto and Vancouver are skewing the national average higher. But if those two cities are stripped out, the national average drops to $336,994 while the annual gain is still 5.4 per cent.

“Leading the charge was Vancouver, where we have run out of superlatives to describe just how wild its market is,” BMO economist Sal Guatieri said. “[Vancouver] sales were up 33.7 per cent in December and benchmark prices vaulted 18.9 per cent.”

‘We have run out of superlatives to describe just how wild [Vancouver’s] market is’– Sal Guatieri, BMO

Indeed, those two cities are masking a housing market that is now getting cheaper on a national level. If the entire provinces of British Columbia and Ontario are stripped out, the average Canadian home was worth $294,363 in December — a decrease of 2.2 per cent during the past year.

Prices weren’t the only part of the housing market that rose during the month. The actual number of sales was up by 10 per cent in December compared to the same month a year ago. December is not typically a strong month for home sales as demand goes away during cold winter months.

“December mirrored the main themes of 2015, with strong sales activity and price growth across much of British Columbia and Ontario offsetting declines in activity among oil producing regions,” said Gregory Klump, CREA’s chief economist.

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Condo sales with no cash down payment proposed by B.C. developer

January 13, 2016

Condo sales with no cash down payment proposed by B.C. developer

Buyers would get a discount, which would become a virtual down payment

Townline wants to sell condos in The Strand development in Port Moody, B.C., to buyers who don't have the cash for a down payment.

Townline wants to sell condos in The Strand development in Port Moody, B.C., to buyers who don’t have the cash for a down payment. (Townline)

A B.C. developer wants to sell condos in Metro Vancouver’s red-hot real estate market to first-time buyers without the cash for a down payment, but not everyone is sure it’s a good idea.

“It’s just a different spin on, ‘How do we provide an affordable home ownership option to buyers who otherwise can’t get into the market?'” says Townline vice-president of marketing Chris Colbeck.

The company is proposing that buyers on limited incomes be allowed to purchase a unit in its Port Moody development for eight per cent less than the appraised market value.

The appraisal would be done by an independent third party, allowing the eight per cent to be used as a virtual down payment for a mortgage.

That would mean the bank would be financing 100 per cent of the cost for the buyer, says Colbeck.

The idea has already been approved by B.C. Housing, says Colbeck, and Townline is hoping the Canada Mortgage and Housing Corporation (CMHC) will approve the program as well.

“It’s a partnership we’ve made with B.C. Housing that’s providing us the ability to do this affordability program that hasn’t been done before. They’re the ones that have structured this program,” he says.

Under review by CMHC

Townline’s proposal is still under review, said CMHC spokeswoman Karine LeBlanc.

Normally home buyers are required to put down a minimum of five per cent to qualify for Canada Mortgage and Housing Corporation insurance, and 10 per cent for homes costing more than $500,000. It is protection that banks and other lenders insist on when providing a mortgage worth more than 80 per cent of a home’s value.

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Cheap Canadian dollar making fruits and vegetables much more expensive

January 12, 2016

Cheap Canadian dollar making fruits and vegetables much more expensive

Produce prices went up by around 10 per cent last year and may double inflation in 2016

Food and vegetable prices are on the rise because virtually all the produce consumed in Canada comes from the U.S. where the greenback is soaring.

Food and vegetable prices are on the rise because virtually all the produce consumed in Canada comes from the U.S. where the greenback is soaring. (Lynne Sladky/Associated Press)

The dropping dollar, which is hovering just above the 70-cent U.S. mark, is expected to continue to leave shoppers with bigger grocery bills, especially when it comes to buying fresh fruit and vegetables.

Nearly all fruit and vegetables consumed in Canada are imported, making them more susceptible to the loonie’s fluctuations.

“It really boils down to the dollar,” said Kevin Grier, an agriculture and food market analyst.

Last year, fruits and veggies jumped in price between 9.1 and 10.1 per cent, according to an annual report by the Food Institute at the University of Guelph. The study predicts these foods will continue to increase above inflation this year, by up to 4.5 per cent for some items.

Sylvain Charlebois, the report’s lead author, said for every U.S. cent the dollar drops, foods that are imported likely increase one per cent or more.

These prices have been on the rise for years.

1 cent = 1% increase

In November 2011, one kilogram of apples cost an average of $3.35 in Canada, according to Statistics Canada. Four years later, the same amount cost $4.12.

One kilogram of celery, meanwhile, increased from $2.23 to $3.08 over the same time frame.

While the increased costs have dealt a blow to everyone’s wallet, they have a more pronounced effect on Canadians living on a tight budget or in remote regions, where fresh fruit and vegetables is more expensive than in more urban areas.

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Canada’s job recovery will reflect growing divergence between resource and export sectors: Don Pittis

January 8, 2016

Canada’s job recovery will reflect growing divergence between resource and export sectors: Don Pittis

Bank of Canada governor Stephen Poloz says rebuilding Canadian economy might be a 5-year healing process

Bank of Canada governor Stephen Poloz says the country is on track for slow job growth. But also expect a growing divergence between a weakening resource sector and a slowly recovering export economy.

“The chart between oil and the Canadian dollar looks like a pair of train tracks,” said Bank of Canada governor Stephen Poloz in Ottawa Thursday.

As Poloz was speaking, fears of a meltdown in China, one of the world’s biggest resource consumers, was sending Canada’s commodities-heavy stock index to a bear market close.

The governor’s folksy description of oil and loonie plunging in perfect parallel was in sharp contrast to what he sees as the result of that plunge: a sharp divergence, not just between the U.S. and Canadian economies but between Canada’s shrinking oil and resources sector and a recovery in other parts of the economy.

That double divergence is expected to show up in the jobs market — and the recovery won’t be quick.

Despite the new gloom that accompanied the global market tumble, Poloz said, there is already evidence of what he called a “solid U.S. economic expansion.” This week, an independent payroll survey showed the private sector created 257,000 jobs in December, the most in 12 months.

Growing gap

U.S. economists are forecasting that Friday’s job numbers will show 200,000 new jobs created in December and are predicting unemployment will stay at a low five per cent — whereas Canada’s unemployment rate lingers around seven per cent.

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Stephen Poloz discusses impact of opposing U.S., Canadian monetary policies

January 7, 2016

Stephen Poloz discusses impact of opposing U.S., Canadian monetary policies

Central bank will ‘continue to run an independent monetary policy, anchored by our inflation target of 2%’

Stephen Poloz cut the Bank of Canada's benchmark interest rate twice last year.

Stephen Poloz cut the Bank of Canada’s benchmark interest rate twice last year.

The Bank of Canada sent a strong signal today that it is content to allow the weak Canadian dollar to stay low.

Bank governor Stephen Poloz says he won’t try to match recent interest rate increases in the U.S., but will “continue to run an independent monetary policy, anchored by our inflation target of two per cent.”

Canada twice cut its benchmark interest rate in 2015 in an attempt to stimulate the economy. The U.S., meanwhile, finally hiked its rate in December after six years at record lows.

Normally, the two countries have monetary policies that move in broadly similar directions. But the U.S. hiking of rate as Canada cuts them — a phenomenon known as “divergence” — could have unexpected consequences, especially for the loonie which lost 16 per cent of its value last year while the two central banks were moving in opposite direction.

In a speech at Ottawa City Hall, Poloz explained that the weak loonie is the result of weak prices for Canada’s commodities, particularly oil.

“It is not a coincidence that the Canadian dollar is about where it was back in 2003 and 2004,” Poloz said. “Oil prices are also about where they were back then.

“The depreciation of our currency is a natural part of the process.”

Following the speech, he bristled at the suggestion during a media Q&A that he was “cheerleading” the loonie’s decline.

“It’s not something to cheer for,” he said. “We would of course prefer oil prices to be a little higher.”

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Canadian dollar dips below 71 cents for 1st time since 2003

January 6, 2016

Canadian dollar dips below 71 cents for 1st time since 2003

Oil and threat of global conflicts weigh on risky loonie

The Canadian dollar is dropping to levels not seen since the summer of 2003.

The Canadian dollar is dropping to levels not seen since the summer of 2003. (Pawel Dwulit/Bloomberg)

The Canadian dollar lost more than half a cent this morning, pushed down by oil prices and widespread risk aversion, going to below 71 cents US.

Early Wednesday, the loonie was changing hands at 70.90 cents US, down 0.55 of a cent. That’s the lowest level on record for Canada’s currency since the summer of 2003, when the dollar was on a multiyear march upwards from below 62 cents, which it briefly hit in 2002.

The reasons for the loonie’s weakness are a mix of old and new, as oil prices sank back to $35 US per barrel, but also “added pressure from the broader market tone of risk aversion,” Scotiabank foreign exchange strategist Shaun Osborne said in a note to clients.

Broadly speaking, the Canadian dollar is perceived to be a riskier asset than other currencies, such as the U.S. dollar and the euro. Anything with risk attached to it is getting savaged in the current market, as investors consider the possibility of conflict between Saudi Arabia and Iran, coupled with Tuesday’s news that North Korea may have detonated a hydrogen bomb.

On Tuesday, Bank of Montreal chief economist Douglas Porter told a gathering of leading economists that the loonie could fall below 70 cents US before it begins to recover.

Household debt still rising, but most Canadians in decent shape: experts

December 30, 2015

Household debt still rising, but most Canadians in decent shape: experts

Bank of Canada worries some Canadian households may be over their heads

Most Canadians handle debt well, but a small minority have so much, they might everntually be in trouble.

Most Canadians handle debt well, but a small minority have so much, they might everntually be in trouble. (CBC)

Canadian households will close out 2015 carrying thicker layers of debt after worrisome gains over the past 12 months — extra padding that’s expected to get even fatter in the new year.

But even with the borrowing binges, many experts still believe the finances of most Canadians remain in decent shape.

This assessment comes as the country shows worrisome signs linked to consumer spending. It has a record-high debt-to-income ratio and the central bank has called rising household debt as a growing weak spot in Canada’s entire financial system.

One big bank economist, who has closely studied household debt, said any negative fallout from the debt situation would likely depend on whether Canada sustains an unlikely economic shock.

But trouble could also hinge on how quickly interest rates eventually rise, said CIBC deputy chief economist Benjamin Tal.

Low rates helped build debt

Economic shocks remain difficult to predict and, for at least the next year, Tal doesn’t expect rates to climb at a hazardous speed for those who may have overindulged on debt.

“As a society, there is no question that we are more sensitive to the risk of higher interest rates than in any other time in history,” Tal said. “On its way up, it’s extremely powerful.”

Persistently low interest rates have been a major contributor to rising household debt. Borrowing became even cheaper in 2015 after the Bank of Canada twice dropped its benchmark rate to help cushion the blow of the oil slump.

Households, meanwhile, have dined on debt since the financial crisis and provided spending that has helped the economy recover.

…click on the above link to read the rest of the article…

Bank of Canada says housing, debt threaten financial system

December 24, 2015

Bank of Canada says housing, debt threaten financial system

Central bank releases financial system review that focuses on small group of highly indebted people

Bank of Canada governor Stephen Poloz told a news conference on Tuesday that the bank is watching a small group of Canadian households that are highly indebted.

Bank of Canada governor Stephen Poloz told a news conference on Tuesday that the bank is watching a small group of Canadian households that are highly indebted. (CBC)

Household indebtedness and imbalance in the housing sector are key vulnerabilities to Canada’s financial sector, the Bank of Canada says in a financial system review.

Specifically, the central bank is worried about young people who have taken on high levels of debt so they can buy homes in expensive markets.

The number of households with debt-to-income ratios of 350 per cent and above — considered highly indebted households — has doubled in the past 10 years to eight per cent of the population, the bank said.

About 80 to 87 per cent of the debt is from mortgages, it said. Many of these overburdened homeowners are in markets in Ontario, British Columbia and Alberta where house prices have escalated.

“Income growth hasn’t kept pace with the growth of borrowing, as house prices have continued to rise in these markets,” Bank of Canada governor Stephen Poloz said in a news conference in Ottawa.

A handful in trouble

“There is a not only more of these households, but they also carry a larger portion of household debt.”

He estimated there are about 720,000 such highly indebted households in Canada, and they are a concern because they are concentrated in pockets.

Debt and housing are the same problems flagged in last financial system review six months ago, but the vulnerabilities are “edging higher,” Poloz said.

The risk to these households is an economic downturn that could result in widespread job loss, the bank said.

“Household vulnerabilities could be exacerbated by a severe recession that is accompanied by a widespread and prolonged rise in unemployment,” the central bank said in a news release.

…click on the above link to read the rest of the article…

Halifax Superstores warn of short supply due to weather, dollar

December 20, 2015

Halifax Superstores warn of short supply due to weather, dollar

Grocery bills likely will go up in 2016 due to vegetable and fruit prices, a report says

Inflation is modest at 1 per cent, but the price of fresh vegetables was up 11.5 per cent in September, Statistics Canada said.

Inflation is modest at 1 per cent, but the price of fresh vegetables was up 11.5 per cent in September, Statistics Canada said. (Jacques Boissinot/Canadian)

A sign posted in the produce section of a Halifax area Superstore apologized to customers for the inconvenience.

”Due to weather related issues in the growing regions coupled with the impact of U.S. exchange,” the sign reads, “we are unfortunately experiencing significantly higher than normal costs and gaps in supply.”

These signs have been posted in Superstores in the Halifax area. (Nancy Waugh/CBC)

No one from Loblaw, the chain which owns Atlantic Superstore, was available to comment Saturday.

Dominion grocery stores, also owned by Loblaw, posted similar signs in Newfoundland this week.

The price of groceries in Canada has risen by 4.1 per cent in the last year — faster than inflation, according to a recent food price forecast by the University of Guelph.

7 foods that will cost you more in 2016 and why

Canada imports 81 per cent of its produce, much of that from the U.S., which has had variable weather and drought in the last year. That problem has been compounded by a sudden, severe drop of the Canadian dollar last winter, largely due to oil, the report said.

Consumers saw the price of fruit jump by 9.1 per cent and vegetables even more by 10.1, the report found.

Food prices ‘steadily marching up’

Annette d’Eon picked up a few groceries at Quinpool Road’s Superstore Saturday afternoon. Food prices she’s seen have been “steadily marching up,” she said.

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Canadian dollar on track for 2nd-worst year ever

December 19, 2015

Canadian dollar on track for 2nd-worst year ever

Currency is down 17% year-to-date against the U.S. currency

The Canadian dollar hasn't been at par with the U.S. dollar for three years. This year, the loonie's slide against the American dollar was one of the biggest ever.

The Canadian dollar hasn’t been at par with the U.S. dollar for three years. This year, the loonie’s slide against the American dollar was one of the biggest ever. (Mark Blinch/Reuters)

Assuming that the loonie stays at current levels (and that may be a reckless assumption given the steady slide we’ve seen of late) our dollar is on track to record its second-worst year ever, according to calculations from BMO Capital Markets, with a drop of 17 per cent since the start of the year.

That would be second only to 2008’s drop of 18.6 per cent, when the financial crisis was gripping much of the industrialized world.

Economists at the National Bank of Canada put it this way in a currency outlook this month: “This year is one to forget for holders of the Canadian dollar.”

To put this slide into perspective, of course, it’s necessary to go back more than one year. Remember when the dollar was on par with its American counterpart? It wasn’t that long ago. The two currencies were at par as recently as December 2012.

Today, it costs at least $1.40 to buy a greenback that could be swapped one-for-one with our loonie three years ago.

Experts cite several main reasons for the slide since then:

Slumping oil prices. With oil plunging to around $35 US a barrel (it was around $60 US at the start of the year and more than $100 US in the middle of last year), the hit to our currency has been huge. Canada is a large exporter of oil, which is priced in U.S. dollars. Prices of gold, copper and coal, which Canada also exports in abundance, are also slumping.

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Canadian dollar tumbles to close below 72 cents US

December 18, 2015

Canadian dollar tumbles to close below 72 cents US

Oil slips below $35 US amid continuing strength of U.S. dollar

Some analysts say the loonie could eventually fall to 70 cents US as the currency is pressured by low commodity prices, and the diverging interest rate policies of Canada and the United States.

Some analysts say the loonie could eventually fall to 70 cents US as the currency is pressured by low commodity prices, and the diverging interest rate policies of Canada and the United States. (Mark Blinch/Reuters)

UPDATED

Loonie has lost 17% of its value in 2015, the second-worst year it’s ever had

The Canadian dollar continued its slide today, closing below the 72-cent US mark for the first time since the spring of 2004.

The loonie ended the trading day at 71.68 cents US, down more than four-fifths of a cent from its close Wednesday. At one point during the day, it was down more than a full cent.

Put another way, it now costs almost $1.40 Cdn at official exchange rates to buy a single U.S. dollar. Tack on service fees charged by banks and anyone buying American currency at their local financial institution will end up paying $1.43 or so.

The loonie is on track to post its second-worst year ever, down 17 per cent since Jan. 1, and there’s still a week to go, Bank of Montreal economist Doug Porter noted Thursday. “The only bigger annual decline was in the extreme conditions of 2008, when the Canadian dollar fell 18.6 per cent — a threshold I thought would never even be approached again,” Porter said.

Several factors

The dollar’s drop has been fuelled by several factors, including the continuing slide in oil prices, and the diverging monetary policies of Canada and the United States.

The U.S. Federal Reserve on Wednesday began raising its key lending rate for the first time in nearly 10 years, while the Bank of Canada has indicated it’s in no hurry to follow suit. Some analysts say the Bank of Canada may have to lower rates to jump start the economy.

…click on the above link to read the rest of the article…

Doomsayers are wrong (so far) as U.S. Fed raises rates: Don Pittis

December 17, 2015

Doomsayers are wrong (so far) as U.S. Fed raises rates: Don Pittis

Breaking the ice on frozen rates has calmed markets, not roiled them

U.S. Federal Reserve chair Janet Yellen oozed confidence as she announced a hike in interest rates yesterday. Markets responded in kind.

U.S. Federal Reserve chair Janet Yellen oozed confidence as she announced a hike in interest rates yesterday. Markets responded in kind. (Reuters)

“Remember, we have very low rates and we’ve made a very small move.”

With those words, U.S. Federal Reserve chair Janet Yellen meant to reassure ordinary Americans that yesterday’s quarter-point hike in interest rates, labelled “historic” after seven years near zero, was really nothing much to worry about.

With everyone from Harvard’s Larry Summers, to IMF boss Christine Lagarde to the Financial Times warning of the economic risk of raising rates, it appears that, so far at least, Yellen’s reassuring words were effective far beyond Main Street, extending to financial markets around the world.

If there are economists who think interest rates should stay at zero forever, I’ve never met them. So the issue was not whether rates should rise, but when.

With almost two years in the job as head of the world’s most powerful central bank, Yellen was able to present a calm and rational case for why the Fed did have to move now.

Calming effect

As some predicted earlier this year, the announcement of a rise in rates was far more soothing than the speculation and doomsaying that came before.

Challenged at yesterday’s news conference by a reporter who quipped central banks often kill off periods of economic growth by raising rates, Yellen had a confident response. She said the reason that sometimes happened was that central banks moved too late, allowing inflation to get out of control.

“At that point they’ve had to [raise interest rates] very abruptly and very substantially,” said Yellen. “And it has caused a downturn, and the downturn has served to lower inflation.”

…click on the above link to read the rest of the article…

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