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Logging industry targeted B.C. old-growth forests for more than a century, SFU study finds

Logging industry targeted B.C. old-growth forests for more than a century, SFU study finds

Ken Lertzman’s paper shows between 1860 and 2016, 87 per cent of logging took place in old-growth forests

A man in a raincoat walks past a giant tree in a forest.
A man walks past an old growth tree in Avatar Grove near Port Renfrew, B.C. A new paper published by Simon Fraser University professor Ken Lertzman shows that decades of logging on the province’s Central Coast targeted the highest-value forests first. (Jonathan Hayward/The Canadian Press)

The worsening effects of climate change are compounding the historical loss of British Columbia’s old-growth forests, says the co-author of a new paper that shows decades of logging on the province’s Central Coast targeted the highest-value forests first.

“History tells us that we have really depleted these high-value elements of the landscape and that we can’t keep going,” said Ken Lertzman, professor emeritus at Simon Fraser University’s school of resource and environmental management.

“At the same time, [forests] have never been under greater threat from natural disturbances that are driven by a changing climate.”

Some forests have been set aside for logging because of their ecological and cultural value, only to be scorched by increasingly severe wildfires, he added.

That’s the reality today’s policy-making must reflect when it comes to determining how B.C.’s forests will be valued and used in years to come, Lertzman said.

Vital old growth first to be cut

The paper published Monday in the peer-reviewed journal Proceedings of the National Academy of Sciences examined more than 150 years of logging across 8,550 square kilometres of forests around Bella Bella on B.C.’s Central Coast.

Of nearly 570 square kilometres logged in the area between 1860 and 2016, 87 per cent of that logging took place in old-growth forests starting in 1970, it shows.

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

Canadian banks set to reveal quarterly earnings amid housing & debt concerns

Ratings agency Moody's downgraded the credit ratings for Canada's big banks earlier this month, citing concerns that over-stretched borrowers and high house prices have left lenders vulnerable to potential losses.

Ratings agency Moody’s downgraded the credit ratings for Canada’s big banks earlier this month, citing concerns that over-stretched borrowers and high house prices have left lenders vulnerable to potential losses. (Dillon Hodgin/CBC)

The Canadian banks are expected to benefit from rising U.S. interest rates and fewer bad loans in the oilpatch as they start reporting their latest quarterly results this week, but analysts say worries about the housing market and consumer debt remain key concerns.

“The reality is that given all of the fears about the Canadian mortgage market, I think that even if the results are good, people will dismiss them as being backward-looking,” said analyst Meny Grauman of Cormark Securities.

The Bank of Montreal will kick off the earnings parade on Wednesday, followed by Royal Bank, TD Bank and CIBC  on Thursday. Scotiabank will report May 30.

Edward Jones analyst Jim Shanahan said fee income from trading activities and other types of charges was a key driver of earnings growth last quarter.

That likely moderated during the second quarter, but a strengthening in net-interest margins — stemming from U.S. interest rate hikes in December and March — will likely pick up some of the slack, he said.

BMO and TD are most likely to benefit from the rate increases, Shanahan said.

The banks could also see some improvement in their loan loss provisions as stability has returned to the oilpatch.

“From a credit perspective we should see some continued improvement within the oil and gas portfolios,” Shanahan said.

However, analysts said concerns about high home prices, debt-laden consumers and a liquidity crisis at mortgage lender Home Capital Group  could all weigh on the bank stocks.

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

Toronto homeowners cash out of hot real estate market amid uncertainty

Toronto homeowners cash out of hot real estate market amid uncertainty

Agent says some buyers are delaying purchases in anticipation of possible fixes

Many buyers and sellers are waiting to see what will come of Tuesday's scheduled meeting between Finance Minister Bill Morneau, Ontario Finance Minister Charles Sousa and Toronto Mayor John Tory, who are expected to discuss ways to rein in Toronto's hot housing market.

Many buyers and sellers are waiting to see what will come of Tuesday’s scheduled meeting between Finance Minister Bill Morneau, Ontario Finance Minister Charles Sousa and Toronto Mayor John Tory, who are expected to discuss ways to rein in Toronto’s hot housing market. (The Canadian Press)

Sarah Blakely recalls feeling some trepidation when she and her husband shelled out more than $300,000 for a modest 1 1/2-storey house in a less-desirable part of Toronto.

Seven years later, they found themselves on the right side of a hot housing market, with values tripling in a ‘hood suddenly considered up-and-coming for young families seeking detached homes.

They recently sold that renovated three-bedroom for more than $1 million and now expect to live mortgage-free in a four-bedroom purchase in their hometown of Ottawa.

The 34-year-old says it made sense to cash out of a city that was draining their finances, energy and family time.

“My husband and I saw an opportunity to take advantage of the recent gains in real estate and to move to a less expensive city to live mortgage-free, support our savings for retirement and also to be closer to family,” says Blakely, whose new home has nearly twice the square footage.

Home Sales 20170410

A sold sign is shown in front of a west-end Toronto home. (Graeme Roy/The Canadian Press)

And they may have taken action at just the right time.

Blakely’s real estate agent Josie Stern says the market appears to be cooling, and doubts Blakely could fetch that same jackpot sale today.

“A little bit of air has been let out of the bubble,” she says.

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

Wayne Smith, Head Of Statistics Canada, Quits On Point Of Principle

Wayne Smith, Head Of Statistics Canada, Quits On Point Of Principle

OTTAWA — Statistics Canada chief Wayne Smith has resigned, saying the independence of his agency is compromised by new information-technology arrangements.

It marks the second time in just over six years that a chief statistician has quit over a point of principle.

In an email to the National Statistical Council, Smith says Shared Services Canada now holds an effective veto over many of the statistical agency’s operations.

wayne smith
Chief Statistician of Canada Wayne Smith appears before a standing committee in Ottawa on April 12, 2016. (Photo: Matthew Usherwood/CP)

Smith says he can’t support federal initiatives to centralize IT services that effectively undermine the independence of Statistics Canada, which the federal government has committed to protect.

“All of you are aware of my view that this loss of independence and control is not only an apprehension, but an effective reality today, as Statistics Canada is increasingly hobbled in the delivery of its programs through disruptive, ineffective, slow and unaffordable supply of physical informatics services by Shared Services Canada,” says the email, obtained by The Canadian Press.

“I have made the best effort I can to have this situation remediated, but to no effect. I cannot lend my support to government initiatives that will purport to protect the independence of Statistics Canada when, in fact, that independence has never been more compromised.”

Smith says he does not wish to preside over what he describes as the decline of a world-leading statistical office. “So I am resigning, in order to call public attention to this situation.”

The decision of the previous Conservative government to make the long-form census a voluntary survey led to the July 2010 resignation of Munir Sheikh, Smith’s predecessor.

“I cannot lend my support to government initiatives that will purport to protect the independence of Statistics Canada when, in fact, that independence has never been more compromised.”

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

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