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Prepare for home prices to drop Most Canadian housing markets overpriced, UBC study finds With Metro Vancouver past the peak of its current real-estate market cycle, more discussion is emerging about what the cycle's downside will look like. The latest discussion points lean towards a price correction in the double digits, with one study showing current Vancouver house prices overvalued by 11 per cent on a particular measure and an economist observing that prices are falling at a rate of 10 per cent or more this year. University of B.C. real-estate economist Tsur Somerville was lead author of a study that evaluated the cost to rent a detached, mid-market home in nine Canadian cities versus the cost to own, in order to find a balanced price. The study's conclusion was that in the second-quarter of this year, Metro Vancouver's house price, of $754,500, was 11 per cent higher than the balance point. However, that is less out of balance than Regina, Winnipeg, Ottawa and Montreal, which are 25 per cent out of equilibrium, considering prices and rents in those markets. Halifax house prices are 20 per cent out of balance. Titled Are Canadian Housing Markets Overpriced? the study observes that housing affordability is a severe problem in some Canadian cities, limiting the ability of markets to continue to rise. Calgary prices showed as being seven per cent higher than balance. Only Toronto showed prices in balance with rents, and Edmonton, which has already seen price declines, would need to see prices climb again by eight per cent to be in balance. "I was surprised the Vancouver number is as low as it was," Somerville, director of the centre for urban economics and real estate at the Sauder School of Business at UBC, said in an interview. He added that the rent-versus-own measure is a narrow observation that treats homes like a financial asset and does not take other measures of affordability or valuation into account. And what eventually happens in the Vancouver market, Somerville said, will depend on a host of variables ranging from changes in mortgage rates to changes in the long-term average appreciation of housing prices and economic conditions. "What you can identify is where the pressures are," Somerville added. "How the market plays out is very different." Prices do not have to fall for the market to correct, Somerville said. Prices can simply stagnate over a period of time, like Vancouver experienced through the mid-1990s until 2001. However, Somerville added that Vancouver has built new homes at a much higher rate than household formation in the city during the up-cycle, and the inventory of unsold homes in the market has ballooned rapidly, which make Vancouver more susceptible to price declines. "Those are two big warning signs," he said. Somerville said another unknown in the declining market is what the buyers of pre-sale condominiums that are now under construction will do once the units are complete. If a significant number of investor-buyers of those condominiums decide to sell them right away, that would put more downward pressure on prices. However, at this point there is little evidence of "calamity in the housing market," said Helmut Pastrick, chief economist for Central 1 Credit Union, formerly known as Credit Union Central B.C. Pastrick said the reversal in the housing market was caused because of affordability. Too many first-time buyers were squeezed out of the market for prices to rise higher. However, "it would take nastier economic conditions," such as a recession or sudden spike in mortgage rates to cause a more serious decline in Vancouver's markets, he said. Pastrick said Vancouver's housing price index has declined four per cent since its peak in February, and in his latest weekly economic briefing, he noted that prices are on pace to drop 10 to 15 per cent this year. "I think [the decline] will be closer to 10 per cent by the end of the year," Pastrick added in an interview. "And the [decline] will be at least 10 per cent from top to bottom [of the cycle]." The inventory of unsold homes, which had grown dramatically over the summer, dropped a bit in August and Pastrick expected that trend to continue over the next several months. At some point in 2009, he believes, the real estate market will find a new balance "and we could see housing prices tread water." "I'm not suggesting [prices will be] flat," he said. "There's going to be some movement, but it could be a period of time where prices don't make large moves up or down - perhaps plus or minus five per cent a year." Pastrick said significant numbers of first-time buyers will have to be able to afford to buy homes before the market swings back up. Recent declines in prices help that affordability factor, he said, but low interest rates and solid income growth will also be needed to put the market into its next upswing. "After going through this adjustment period, which I think will run its course next year," Pastrick said, "we could be in a period of a flat market" that could last through 2010 to 2012. http://www.canada.com/vancouversun/n...7-1a4e7666c4b2
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Ces établissements font partie des 12 magasins mis en vente le mois dernier par la chaîne, pour un montant total de 174 M$. Pour en lire plus...
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Mediocre job performance is better than the alternative
un sujet a posté ErickMontreal dans L'actualité
Mediocre job performance is better than the alternative JAY BRYAN, The Gazette Published: 7 hours ago Canada's job market is in mediocre shape, we discovered yesterday, and when you look at the alternative, this is wonderful news. For the past few weeks, many economic forecasters have been nervously asking themselves if Canada could resist the powerful recessionary undertow from a slumping U.S. economy or whether we'd fall into a downturn similar to the one that's under way south of the border. The final answer might not be available for a little longer, but yesterday's August job reports out of Ottawa and Washington make it clear that, for now, Canada is doing much better than the U.S. and is certainly nowhere near recession. In Canada, employment grew by a solid, if uninspiring, 15,200 jobs, returning to growth after two months of declines. That left the unemployment rate at 6.1 per cent, just above its record low of 5.8 per cent in February. So far this year, the Canadian economy has created 86,900 jobs. In the U.S, by contrast, August proved to be the eighth month in a row of shrinking employment, with 605,000 jobs lost (divide by 10 for a rough equivalence to Canadian numbers) since the beginning of this year. Unemployment south of the border jumped to a five-year high of 6.1 per cent - which sounds low to Canadians, but because of differences in measurement methods, is approximately equivalent to a Canadian unemployment rate of 7.1 per cent. Canada's modestly good job report reinforces the rationale for the Bank of Canada's decision to hold interest rates steady this week. The bank's targeted rate is already quite low at three per cent, and there's no clear need to pump emergency stimulus into the economy. Indeed, one of the the country's weakest sectors in recent years, manufacturing, has shown surprising resilience this year. As of August, factory employment was down by just 14,000, or 0.7 per cent, for this year. That's quite an accomplishment, given the plunge in car purchases by U.S. shoppers, who are the key market for Ontario's giant auto industry. In fact, Ontario has done quite well for a manufacturing province heavily dependent on U.S. customers. So far this year, it has created 51,900 jobs and its unemployment rate has actually edged down to 6.3 per cent from last December's 6.5 per cent, thanks to strong employment in construction and service industries. Ironically, Quebec, another big manufacturing province, hasn't done nearly as well, even though its big aerospace industry is much healthier than the auto industry, helping Quebec's factory sector create some jobs this year. Still, Quebec is one of the few provinces not to have enjoyed overall job growth so far in 2008. In fact, employment has shrunk by 25,200, while the unemployment rate has risen to 7.7 per cent from 7.0 per cent at the end of last year. Montreal's unemployment rate is up just 0.1 per cent so far this year, to 7.3 per cent in August, but this doesn't reflect any better performance than Quebec's on the employment front. The city actually lost 15,700 jobs in the first eight months of the year, but this was mostly offset by the 13,000 workers who abandoned the Montreal job market, making them disappear from the unemployment calculation. They might have found better opportunities elsewhere, gone back to school or simply stopped looking after a tough job search.On the provincial level, Quebec construction employment has been lukewarm and consumer-oriented service industries like retailiing have been shedding jobs, notes economist Sébastien Lavoie at Laurentian Bank Securities. As well, education employment has shrunk in Quebec as it grew in Ontario. Lavoie suggests that Quebec consumers may feeling worried enough to be cutting back on spending, while in Ontario's bigger, more diverse economy, there are still enough areas of growth to offset the auto industry's distress. Nevertheless, Ontario's ability to shrug off the U.S. economy's distress could be living on borrowed time, warns economist Douglas Porter at BMO Capital Markets. There are layoff announcements and factory closings that have yet to go into effect, he notes. And as for Ontario's boom in condo and office construction, "I have to wonder how long it can hang on." -
Tembec Industries Files Bankruptcy as Foreign Firm (Update1) By Christopher Scinta Sept. 4 (Bloomberg) -- Tembec Industries Inc., a unit of Montreal-based Tembec Inc., filed for protection from U.S. creditors to implement the debt restructuring approved by a Canadian court in February. The company said in papers filed today in U.S. Bankruptcy Court in New York that its assets and debts exceed $1 billion. Tembec Industries filed under Chapter 15 of the U.S. Bankruptcy Code, saying it wants the debt restructuring that was approved by the Ontario Superior Court of Justice to govern U.S. creditors. Chapter 15 allows foreign companies to reorganize outside the U.S. while protecting them from U.S. lawsuits and creditor claims. Holders of more than 98 percent of the company's notes and 95 percent of its stock voted earlier this year in favor of the restructuring that swapped debt for new equity, Michel Dumas, the company's chief financial officer, said in a statement to the court. Tembec had to restructure its debt due to the rising value of the Canadian dollar, declining U.S. home construction, a glut of timber because of a beetle infestation in British Columbia and falling newsprint demand, according to court papers. Douglas Bartner, an attorney with Shearman & Sterling in New York that filed the petition, didn't immediately respond to a phone call seeking comment. Tembec produces about 1.7 billion board feet of lumber, 1 million tons of paper and 2.1 million tons of pulp a year, according to court papers. Virtually all of Tembec's assets are in Canada, so the reorganization plan approved by the Canadian court should govern, Dumas said. Tembec joins another Canadian wood-products company, Pope & Talbot Inc., in filing for U.S. Chapter 15 as a foreign entity. The case is In re Tembec Industries Inc., 08-13435, U.S. Bankruptcy Court, Southern District of New York (Manhattan). To contact the reporter on this story: Christopher Scinta in New York at cscinta@bloomberg.net. Last Updated: September 4, 2008 16:37 EDT
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Accords pétroliers entre sociétés tuniso-libyenne et canadienne
un sujet a posté mtlurb dans L'actualité
Une société mixte tuniso-libyenne, Joint Oil, a conclu deux accords de prospection, d'exploitation et de services pétroliers avec la compagnie Canadian Superior. Pour en lire plus... -
Canadian smog costs $1 billion, 2,700 lives: CMA Canwest News Service Published: Wednesday, August 13, 2008 The Canadian Medical Association estimates that by 2031, more than 4,900 Canadians, mostly seniors, will die prematurely each year from the effects of polluted air.Dean Bicknell/Canwest News ServiceThe Canadian Medical Association estimates that by 2031, more than 4,900 Canadians, mostly seniors, will die prematurely each year from the effects of polluted air. OTTAWA -- Smog this year will contribute to the premature deaths of 2,700 Canadians and put 11,000 in hospitals, costing the economy and health-care system $1 billion, Canada's doctors say. A report by the Canadian Medical Association calculates that deaths linked to air pollution will rise over the next two decades, claiming nearly twice as many lives each year and costing $1.3 billion annually in health care and lost productivity. The study estimates that by 2031, more than 4,900 Canadians, mostly seniors, will die prematurely each year from the effects of polluted air. Ontario and Quebec will bear the brunt, with smog-related deaths soaring among aging baby-boomers and the chronically ill. In Ontario, the number of premature deaths could double, to 2,200, from 1,200 per year, while hospital admissions over the same period could jump by as much as 70%. The annual health-care and economic costs could rise by as much as 30%, to $740 million, from $570 million. Quebec's mortality rate could rise by 70%, from 700 a year to 1,200, while hospital admissions could spike by 50% annually, costing the province 10% more, or up to $290 million a year. While smog can trigger lung problems, accounting for up to 40% of hospital visits, heart attack and stroke are the real problems, responsible for more than 60% of all air-pollution-related hospital admissions, the study found. Pollutants such as nitrous oxide damage the heart by harming blood vessels, leading to atherosclerosis, a disease that makes people susceptible to heart attack and stroke. Besides the direct costs to the economy and the health system, the study tries to put a price on the poor quality of life and loss of life caused by smog-related deaths. With those estimated costs included, this year's total bill -- in addition to the $1 billion estimate for economic and health-care costs - would amount to more than $10 billion. That figure would rise to $18 billion a year by 2031, with nearly $16 billion of that the price the doctors' association puts on lost lives. But Gordon McBean, a renowned climatologist at the University of Western Ontario, questioned the accuracy of such estimates. While he praised the report and called most of its data sound, he said the attempt to put a price tag on lost life is problematic. "Health-care costs you can do a reasonably good job quantifying, but quality of life and the actual value of life is a bit difficult," said Mr. McBean, co-author of a recently published Health Canada report on the impact of climate change on human health. As a Canadian representative to the Nobel Prize-winning Intergovernmental Panel on Climate Change, Mr. McBean said the world's top experts have tried unsuccessfully to come up with similar estimates for the human cost of climate change. "That became very controversial because the people who did it said, 'Well, a North American is worth so many thousand dollars and an African is worth a small fraction of that.' And people like me didn't think that was acceptable," he said. Given that climate change likely will lead to more smoggy days, the report does not exaggerate the level of anticipated deaths caused by air pollution, said Mr. McBean. "They're not overstating the problem. If anything, these are lowball estimates."
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(Courtesy of New York Times - Travel)
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La Caisse augmente sa participation dans Canadian Royalties
un sujet a posté mtlurb dans L'actualité
La Caisse de dépôt et placement du Québec a indiqué jeudi avoir acheté quelque 2,1 millions d'actions de Canadian Royalties au coût unitaire de 1,20 $. Pour en lire plus... -
Les ventes ont néanmoins crû de 4% à 2,95 G$ au deuxième trimestre, malgré les mauvaises conditions météorologiques et de l'environnement économique plus difficile. Pour en lire plus...
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Investir à Québec Les Affaires, 00:00 Canadian Real Estate Il n'y a pas que Céline et Sir Paul qui aiment Québec. Le magazine Canadian Real Estate aussi. Car Québec est un bon endroit pour placer son argent dans la brique, nous apprend ce magazine spécialisé. Mieux : ce serait, après Ottawa, le deuxième endroit au Canada pour l'investissement immobilier. Canadian Real Estate a publié la liste des 10 marchés immobiliers les plus prometteurs. Cette liste est fondée sur les performances actuelles du marché, les infrastructures et les projets de développement. La Vieille Capitale est la seule ville québécoise à figurer au palmarès. Décidément, tout réussit à la ville de Québec ces temps-ci.
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Quebec already has power to be an international player: Charest
un sujet a posté ErickMontreal dans L'actualité
Quebec already has power to be an international player: Charest KEVIN DOUGHERTY, The Gazette Published: 9 hours ago Canadian federalism already allows Quebec to negotiate international agreements on its own, Premier Jean Charest said yesterday, commenting on a federal minister's declaration that Ottawa would give provinces more power to act on the international stage. Charest said Quebec needs to play an active international role to thrive in the global economy. "I see it as an occasion for the emancipation of Quebec," he said of the province's international relations. Charest called Transport Minister Lawrence Cannon's declaration, on the eve of a federal Conservative caucus meeting in Quebec this week, "a positive signal." But as things stand, Charest added, Quebec has more powers to make international agreements on its own than France has as a member of the European Union. Quebec's position is that "what is in Quebec's jurisdiction at home is in Quebec's jurisdiction everywhere," he said. The Canadian constitution gives Quebec jurisdiction over education, health, language and culture. The proposed agreement between France and Quebec on mutual recognition of professional qualifications is within Quebec's powers. "We have the powers to do that," he said. "In fact, when I proposed the project to President Sarkozy, I think it was about a year ago when I did it, I didn't call Ottawa to ask them permission to do it. "I proposed it. We did it and we started negotiating." Some consider Cannon's statement a betrayal of a more centralized vision of Canadian federalism. "There will always be these people in English Canada and elsewhere, even in Quebec, who fear the future of the federation if we ever question their way of exercising federalism," Charest said. "The Canadian federal system is a very decentralized system, by choice," he said. "It is not an accident of history that we have a decentralized federal system. It is one of the conditions that permitted the creation of the country." -
The Ugly Canadian at global trade talks in Geneva Jeffrey Simpson Editorial - The Globe and Mail mardi 29 juillet 2008 When is failure a success ? For the Harper government, as for previous Canadian governments, failure in international trade negotiations means political success. Failure prevents the government from having to face the ire and political retribution of Canada’s supply management groups, which govern the production, sale and pricing of eggs, poultry and dairy. These are the lobby groups Canadian politicians bow down before. In 2005, the House of Commons unanimously passed a resolution instructing negotiators to defend the existing supply management arrangements. Any change, according to the Commons, would be unacceptable. This from a group who couldn’t agree today is Tuesday. Canada’s negotiators at the last-gasp meetings in Geneva this week are taking a position to defend supply management that will in effect lead to failure at the talks. After all, how do you negotiate in good faith when your negotiating instructions are that no changes must be made, ever, under any circumstances to the status quo ? Whenever International Trade Minister Michael Fortier and Agriculture Minister Gerry Ritz appear in public in Geneva, they are questioned, badgered and otherwise verbally accosted by the legions of supply management representatives who have descended on the city. Back home, these organizations issue threatening press releases at the hint of change to their cozy arrangements. On Saturday, when it looked as if progress was being made at the talks, Quebec’s farmers’ union denounced an "agreement concocted in secret" and demanded that Canada repudiate it. What are the supply management arrangements ? In part, they allow tiny levels of imports, after which tariffs are imposed at 299 per cent for butter, 246 per cent for cheese and at astronomical levels for other dairy products, turkeys, chickens, eggs. Every other advanced industrial country, including the United States and European Union members, are proposing cuts to subsidies and other barriers. Only Canada is against any change in its domestic arrangements. Predictably, Canada is completely isolated at Geneva. Canada stands hypocritically before the world. Canada’s negotiators demand that other countries lower their subsides and protection for agricultural products that we export (grains, pork, cattle and the like), while insisting that whole sections of Canada’s agricultural market remain effectively closed to imports. This hypocrisy has been widely noted abroad, but it apparently causes no ripples in Canada, where people either do not know about it or believe that Canada, being a moral superpower in its own mind, can afford the occasional lapse from unsullied virtue. An early text of a possible agreement would have lowered tariffs gradually by 23 per cent, thereby still leaving them for many products in the range of 150 to 225 per cent - still astronomically higher than for any other products. This possibility sent the supply-managed groups into paroxysms of anger. Dairy, poultry and egg producers jointly said such proposals would "destroy our farms by allowing Canada to be flooded with imported food." Such grotesque hyperbole is the stock and trade of these groups, but it frightens politicians of all stripes. Stephen Harper’s government is supposed to be a free-trading group, proposing new deals with Colombia, Peru, the Caribbean and the EU, and waxing indignant at any threats to NAFTA. But when it comes to supply management, it nervously eyes seats it must win in rural Quebec and Ontario and acquiesces to the demands of farmers. Quebec is the greatest beneficiary of supply management, since 47 per cent of the quota for industrial milk used to make butter, cheese, yogurt and other dairy products belongs to Quebec farmers. Half of Quebec’s production is therefore "exported" to the rest of Canada, which under supply management cannot import the same product from cheaper suppliers. It’s an across-the-board, across-the-country racket. Political will being completely absent in Canada, the only hope for trimming supply management lies in success at the WTO. If international trade talks succeed, Canada could never walk away from the entire agreement. If Canada tried, it would be outside the entire framework of international trading rules, a disaster for a trade-dependent economy. So what Canadian ministers must do, as they are doing now, is put forth a position on supply management designed to prevent success while publicly insisting on striving for it. It is the Ugly Canadian position.
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Head offices are worth protecting High-value jobs come with territory DAVID CRANE, Freelance Published: Thursday, July 24 When Rio Tinto, the Anglo-Australian mining giant, made a successful $38.1 billion bid for Alcan a year ago, the Quebec government quickly intervened to make sure that Alcan's global head office remained in Montreal. Fortunately, the Quebec government not only had leverage but, in un-Canadian fashion, chose to exercise it. Those with longer memories can recall how, when Stone Container of Chicago acquired Montreal-based Consolidated Bathurst in 1999, the head office was quickly dismantled and most important functions were transferred to Chicago. Head offices clearly matter, and, with the number of high-profile foreign takeovers of Canadian companies, this has triggered fears of a "hollowing out" of the economy. That's why, just over a year ago, the Harper government asked a small group of talented Canadians, led by corporate executive Red Wilson, to tell it what to do. Wilson's panel - the Competition Policy Review Panel - has now delivered its report, with many important proposals to improve the competitiveness of Canadian companies and build more Canadian multinationals. But Wilson's panel has not been successful in designing an effective policy on foreign takeovers that balances Canada's commitment to an open economy with the need for a stronger business sector headquartered in Canada. Our experience tells us that head offices of large corporations bring many benefits, the panel says. "When a Canadian company is acquired by another Canadian company, Canada loses a head office but gains a stronger company. When the acquirer is foreign, Canada loses a head office and a company," it contends, arguing that foreign takeovers affect career opportunities for Canadians as well as many community benefits associated with large head offices. As the panel stresses, "the head office of an enterprise is its 'brain.' It is the place where strategy and other critical decisions are made by its key management personnel." When a Canadian firm is acquired by a foreign enterprise, decisions that once were made in Canada are now made in another part of the world where Canadian interests may have little importance. Head offices provide high-skill, high-paying jobs. And as the panel points out, head offices also support many other jobs "by attracting high-value business services - legal, accounting, consulting, information technologies, marketing and advertising - to the community." But the panel's solution to foreign takeovers is not to propose stronger rules on foreign takeovers but to advocate policies to develop a new generation of Canadian-based multinationals, companies like CAE, Bombardier and SNC-Lavalin, as well as making Canada more attractive for divisional headquarters of foreign multinationals, as happened with Alcan. These are important proposals and we should certainly do all we can. But even if we do a better job of creating new companies, the best of them could also become foreign takeover targets. So we would be growing seed corn for foreign multinationals or, as it has been put, "growing guppies to feed the sharks." Moreover, the panel would make it even easier for foreign corporations to acquire budding Canadian multinationals by limiting Investment Canada screening of foreign takeovers to companies with a value of $1 billion or more, compared with the current level of about $295 million. This would be a mistake - we should keep as much screening scope as possible. The panel does propose that instead of judging foreign takeovers on a vague test of "net benefit" to Canada, that negotiation of proposed takeovers be based on a test of "Canada's national interest." Australia, which uses the "national interest" test for takeovers of about $100 million or more, has shown it's possible to use this approach to negotiate strong terms or alternatively to say no. For example, according to Secor Consulting, when BHP Ltd. of Australia and Billiton Plc of Britain merged in 2001 to create BHP Billiton, Australia required that the company continue to be an Australian, managed in Australia and listed on the Australian stock exchange. The global headquarters had to be in Australia, both the CEO and CFO had to have their principal places of residence, offices and key supporting functions in Australia and the majority of all regularly scheduled board and executive committee meetings had to occur in Australia. So the "national interest" test could make sense. But it would have to be carefully defined to give Canadians confidence that Ottawa would really stand up for Canadian interests. The panel also proposes easing Canada's foreign takeover restrictions on foreign ownership of Canadian airlines, telecommunications companies and broadcasters. But it's hard to see clear benefits. One important recommendation the panel does make is to give directors of Canadian corporations more power to say "no" to foreign takeover bids. Today, directors are typically forced to become "auctioneers" and find an alternative buyer in response to an unwanted bid. In the U.S., directors have much greater capacity to simply say "no." Canada should continue to screen foreign takeovers, but with a more rigorous and more transparent negotiation of conditions and a greater readiness to say no, while improving the ability of corporate boards to reject unwelcome takeovers. Canada should also focus more on attracting foreign corporations to launch new businesses here, not take over our existing ones. David Crane is a Canadian writer who closely follows innovation and globalization issues. He can be reached at crane@ interlog.com. http://www.canada.com/montrealgazette/news/story.html?id=65bbef64-3d8f-401e-8ad2-7790f7f4bcd1&p=2
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Ce vétéran du commerce de détail qui a travaillé pour Loblaw et Canadian Tire devient PDG des magasins Zellers. Pour en lire plus...
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Owens-Illinois closing Toronto glass container plant, Last Updated: Tuesday, July 29, 2008 | 9:02 AM ET The Canadian Press Owens-Illinois Inc. is closing its glass container plant in Toronto effective Sept. 30, affecting 430 workers. The company said Tuesday that the closure arises from an "ongoing review of its global manufacturing footprint," and the Toronto plant's production will be shifted to other factories, including sites in Brampton, Ont., and Montreal. "This closing was driven by our global asset utilization process which identified the opportunity to shift our production to other O-I North American facilities, resulting in lower energy consumption and production costs while still meeting current and anticipated market needs," stated Scott Murchison, president of the 24,000-employee company's North America glass containers division. "The market impacts of a strong Canadian dollar, high energy prices and the recent activities of the Liquor Control Board of Ontario were contributing factors."
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Marble Point, qui est détenue à 40% par ses dirigeants et les membres de son conseil d'administration, produit l'équivalent d'environ 750 barils de pétrole par jour. Pour en lire plus...
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Canada's inflation rate jumps to 3.1 per cent Canwest News Service Published: 1 hour ago OTTAWA - The annual rate of inflation in Canada jumped to 3.1 per cent in June, the biggest rise in almost three year years, fuelled by soaring gasoline prices, Statistics Canada said Wednesday. Most economists had expected an overall inflation rate last month of 2.9 per cent from a year early, compared with a year-on-year increase of 2.2 per cent in May. "Gasoline prices increased 26.9 per cent between June 2007 and June 2008, significantly higher than the 15 per cent advance posted in May," the federal agency said. "June's increase was the largest since the 34.7 per cent gain reported for September 2005, when hurricanes Katrina and Rita disrupted the oil market," it said. "June's increase reflected both recent increases in pump prices, as well as the fact that gasoline prices had been on the decline in June 2007." On a monthly basis, inflation rose 0.7 per cent in June from May. "In addition to gasoline prices, mortgage interest cost, bakery products and air transportation also exerted strong upward pressure on the consumer price index in June," Statistics Canada said. Prince Edward Island and Alberta posted the biggest gains in consumer prices, rises 4.7 per cent and 4.4 per cent, respectively. Meanwhile, the core rate - which strips out volatile items, such as energy and food, and is used by the Bank of Canada to gauge inflation - rose by 1.5 per cent in June, the same rate as the previous month. On Tuesday, Statistics Canada reported that retail sales rose by a less than expected 0.4 per cent in May, with virtually all of the increase due to higher prices, especially for gasoline. However, Canadian consumers - thanks to the strong Canadian dollar - have not been as hard hit by rising prices for food and fuel. As well, pump prices have fluctuated over the past few months from the $1.20 range upwards to nearly $1.50 a litre, driving down consumption. The Bank of Canada's target for inflation is between one and three per cent, although it expects the rate to peak at 4.3 per cent early in 2009. The central bank has held its key lending rate steady at three per cent for the past two months after a series of reductions in an effort to spur spending amid an economic slowdown. However, the bank has signalled it is now balancing the need to encourage growth without fuelling inflation. "The sting of the steep pick-up in headline inflation is lessened by the fact that the Bank of Canada was already so public in calling for an eventual peak of more than four per cent by the turn of the year," said BMO Capital Markets economist Douglas Porter. "A further correction in energy prices (on top of the $20 drop in crude oil in the past two weeks) would go a long way to further dampening concerns about lofty headline inflation readings," he said. "With core holding steady at 1.5 per cent in June, right around where the bank looks for it to average in Q3, there's really not much to chew on here from a monetary policy stance." The Canadian dollar trading around 99 cents US following the inflation report, little changed from its Tuesday close of 99.16 cents US. Percentage change (May to June / June 2007 to June 2008): All-items +0.7 / +3.1 Food +1 / +2.8 Shelter +0.6 /+4.7 Household operations and furnishings 0.0 / +1.3 Clothing and footwear -0.5 / -0.6 Transportation +1.8 / +5.5 Health and personal care +0.1 / +0.7 Recreation, education and reading 0.0 / +0.4 Alcoholic beverages and tobacco products +0.2 / +1.6 Goods +1.1 / +2.5 Services +0.3 / +3.7 All-items excluding food and energy 0.0 / +1.2 Energy +4.4 / +18 Source: Statistics Canada Percentage change (May to June / June 2007 to June 2008): Newfoundland and Labrador +0.8 / +3.1 Prince Edward Island +0.5 / +4.7 Nova Scotia +0.6 / +4.2 New Brunswick +0.5 / +2.1 Quebec +0.4 / +3.1 Ontario +0.5 / +2.8 Manitoba +0.8 / +2.4 Saskatchewan +0.7 / +3.4 Alberta +1.5 / +4.4 British Columbia +0.7 / +3 Whitehorse +0.9 / +4.5 Yellowknife +0.8 / +4.5 Iqaluit +0.6 / +2.3 Source: Statistics Canada http://www.canada.com/montrealgazette/news/business/story.html?id=8187d0e4-0761-4d7e-a550-ad9f55369ca1
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Quebec City’s Old Town : An Old-World Feel on the St. Lawrence
un sujet a posté ErickMontreal dans L'actualité
High & Low | Quebec City’s Old Town An Old-World Feel on the St. Lawrence Article Tools Sponsored By By BETHANY LYTTLE Published: July 18, 2008 QUEBEC CITY celebrates its 400th anniversary this year. Founded in 1608 as Kebec (Algonquin for “place where the river narrows”) by Samuel de Champlain, Quebec City was the first permanent French settlement in North America. Today, the charms of Quebec City make it one of the most visited cities in Canada, and increasingly a destination for Americans and Western Canadians who wish to own, in the form of real estate, a piece of its history. Perched on the St. Lawrence River, the walled town conjures up images of Europe, its terraced setting filled with narrow cobblestone streets, many of them steep, and a stirring display of restored architecture. Jeannette Casavant, a real estate broker, has been selling real estate in Quebec City for 22 years. “Values have increased more than 25 percent in less than 10 years,” she said. “And although the United States has experienced suffering in its real estate market, we have not felt that nor seen it here.” Ms. Casavant said that in recent years there has been a shift in the trend of buying second homes outside the city. Instead, those who are thinking about retirement, but also a significant population of younger families with children, are choosing to buy pieds-à-terre and historic houses in the Old Town. Extensive government-backed preservation and restoration of the city’s oldest apartment buildings and houses mean that buyers can own a centuries-old dwelling, complete with modern conveniences, and experience the enchanting European-style life without traveling overseas. And Old Town’s central location means there is no need to own a car. With outstanding views of the St. Lawrence River, ramparts on which to walk and enjoy the water, and plentiful outdoor cafes, there is a lot to attract a second-home owner. “People come up here to study French and end up wanting to own a property here,” Ms. Casavant said. Typical prices in Old Town range from 200,000 Canadian dollars, about the same in U.S. dollars, for a condominium to about 2 million Canadian dollars. And one of the area’s coveted single-family houses might be more expensive. “Since 9/11, we have seen a marked increase in American buyers,” Ms. Casavant said. “They want security, and Quebec is secure in many ways, not the least of which is the fact that real estate should continue to increase. “There is no more land left in the city to build,” she added, “and the government is very strict about historic architecture. Nothing here is going to be knocked down and replaced with a condominium high-rise.” High This 5,277-square-foot house was built in 1807. It is within walking distance of Le Chateau Frontenac, a Quebec City landmark and one of the nation’s premier hotels. It is also near all of Old Town’s amenities, including its many terrace cafes, and the newly constructed Promenade Samuel de Champlain, which provides access to the shores of the St. Lawrence River. The house, which includes an attached stable that has been turned into a garage, has been fully restored. It has had only three owners in its history. The property shares its original stone-walled yard with an Ursuline convent and has views of the convent’s French gardens from its upper levels. The restored interior includes marble fireplaces, hardwood floors and arched doorways, as well as deep windows and hand-carved woodwork. There are seven bathrooms and three balconies and a terrace on the upper level. Taxes: 9,727 Canadian dollars. Listing agent: Cyrille Girard, Sotheby’s International Realty Quebec, Quebec City, (418) 264-2809; http://www.cyrillegirard.com. Low This two-story, 1,076-square-foot condominium is in an 1850s building on a quiet, narrow street close to the St. Lawrence River and the shops, cafes and restaurants of Quebec City’s Old Town. It was fully restored and renovated about 10 years ago. On the upper floor is the dining room, kitchen, a living room and a half-bathroom. From this level, there is an entrance to a small garden area in the back. On the lower floor are two bedrooms and a full bathroom. There is an exposed fieldstone wall, original to the building, in the open dining and living area, and there is a wood-burning fireplace. There are hardwood floors throughout except in the bathrooms, where the floors are ceramic. The building has only one other condominium unit. Taxes: 1,600 Canadian dollars, about the same in United States dollars. Listing agent: Danielle Themens, Themens Real Estate, (418) 353-3456; http://www.daniellethemens.com. http://www.nytimes.com/2008/07/18/greathomesanddestinations/18mark.html?ref=realestate -
(Courtesy of the Associated Press)
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36 Hours in Montreal MAKE no mistake: visiting Montreal is not like going to Paris. True, the brooding facades and crooked streets of Old Montreal feel distinctly European, and yes, the locals take their French seriously. But don’t confuse this cosmopolitan Canadian port city for a fusty, Old World wannabe. Freshened up by a wave of trendy new hotels, shops and restaurants, Montreal sings its own tune — and it sounds more like Arcade Fire, the homegrown indie band, than La Marseillaise. With the city’s debilitating 1990’s recession behind it—and the specter of Québécois secession all but forgotten — a lively patchwork of gleaming skyscrapers, bohemian enclaves and high-gloss hideaways now outshines the city’s gritty industrial past. Given the weak American dollar (off about 9 percent against the Canadian dollar over the last two years), Montreal is not the bargain it used to be. But it’s still cheaper than Paris. And a lot closer. Friday 4 p.m. 1) DODGING MIMES Start in Old Montreal, and ignore the Wish-You-Were-Here postcards, skyline refrigerator magnets and street performers that clog the eastern end of Rue Saint-Paul, the area’s main drag. Instead, focus on the gas-lamped streets lined with rustic limestone buildings: this is the Montreal of romance. While you’re exploring, do a little shopping at Appartement 51 (51, rue Saint-Paul Ouest, 514-223-7648; http://www.apt51.com), a boudoirlike boutique filled with jewelry, stylish parlor furniture and crocodile bags, and Reborn (231, rue Saint-Paul Ouest, 514-499-8549; http://www.reborn.ws), another new shop that sells très chic labels like Bless, Preen and Alexandre Herchcovitch. 8 p.m. 2) FIELD AND STREAM The food is just one excuse to find out why everyone is talking about Le Club Chasse et Pêche (423, rue Saint-Claude; 514-861-1112; http://www.leclubchasseetpeche.com). Behind this young boîte’s unmarked door — save for an enigmatic coat of arms — the fashion flock joins forces with local tycoons and ladies in pearl necklaces in a cavernous interior that might be described as a Gothic-minimalist hunting lodge. Just as tantalizing are the Kurobata risotto appetizer (15 Canadian, or about $13 with $1 equaling 1.16 Canadian dollars) and lobster tail with sweetbreads (30 Canadian dollars). Saturday 9 a.m. 3) ARCHITECTURE ON WHEELS Time to work off last night’s dinner. Head to the Old Port and rent a bicycle at Montreal on Wheels (27, rue de la Commune Est, 877-866-0633; http://www.caroulemontreal.com; 7.50 Canadian dollars an hour). Follow the waterfront to the Lachine Canal, a former industrial corridor transformed into a well-manicured park. One of the last great world’s fairs was Montreal’s Expo 67. Hold onto your handlebars because you’re about to whiz past its most spectacular icons: Habitat 67 (2600, avenue Pierre-Dupuy; 514-866-5971; http://www.habitat67.com) and the Biosphère (160, chemin Tour-de-l’Isle, Île Sainte-Hélène; 514-283-5000; http://www.biosphere.ec.gc.ca). Habitat, designed by the architect Moshe Safdie, was an exhilarating experiment in modular housing: it looks like an enormous pile of building blocks. Across the Concorde Bridge, on the Île Sainte-Hélène, is the equally sensational Biosphere. Built as the American Pavilion for Expo 67, it houses a museum of hydrology, though the star attraction is the geodesic dome. Allow two to three hours for the entire excursion. 1 p.m. 4) A MILE OF HIPSTERS Follow the hipsters to the Mile-End neighborhood, and bite into a Montreal bagel — it’s a less doughy, but equally delicious, cousin to its New York counterpart. One of the best, with lox and cream cheese (4.79 Canadian dollars), can be found at Fairmount Bagel (74, rue Fairmount Ouest; 514-272-0667; http://www.fairmountbagel.com). This hole-in-the-wall has been churning them out from its wood-burning oven since 1919, an act of baking that becomes almost performance art when practiced by the quick-wristed chefs. Nearby, discover the well-heeled boutiques and restaurants of the Avenue Laurier, and then turn north onto the Boulevard Saint-Laurent, where the vibe becomes a bit more on the edge. In recent years, Mile-End has become a hotbed for Montreal’s young creative types, and the vanguard shops have followed. Make sure to visit Commissaires (5226, boulevard Saint-Laurent; 514-274-4888), a gallery of experimental furniture and design, and browse the deconstructed frocks of the local it-boy Denis Gagnon (5392A, boulevard Saint-Laurent; 514-272-1719; http://www.denisgagnon.ca). Most stores close at 5 p.m. on Saturdays. 7:30 p.m. 5) FORGET PARIS Who needs the Left Bank when you can have L’Express (3927, rue Saint-Denis; 514-845-5333). With crimson walls and checkerboard floors, this bistro-style institution in the fashionable Plateau neighborhood is a longstanding favorite among, well, pretty much everyone. One bite of the steak frites (20.75 Canadian dollars) or croque monsieur (9.10 Canadian dollars), and you’ll be a convert. 9:30 p.m. 6) POPCORN AND HEGEL Hollywood loves to film in Montreal, but you won’t find any Tinseltown blockbusters at the Ex-Centris theater (3536, boulevard Saint-Laurent; 514-847-2206; http://www.ex-centris.com; admission is 10 Canadian dollars), a futuristic temple to independent film where the ticket agents appear on video screens as disembodied heads (think Max Headroom). If you feel like talking Hegel, join the bespectacled cineastes who pontificate in the dimly lighted cafe. 11:30 p.m. 7) IS THAT CELINE DION? Ready to rock out? Continue north to Casa del Popolo (4873, boulevard Saint-Laurent; 514-284-0122; http://www.casadelpopolo.com), a vegetarian cafe that moonlights as an epicenter of Montreal’s thriving indie music scene. (Come earlier to hear the bands play, or just hang out afterwards at the bar.) Or, if you’re feeling lazy, Ex-Centris shares the block with several stomping grounds for the designer-label crowd. Start out at Globe (3455, boulevard Saint-Laurent; 514-284-3823; http://www.restaurantglobe.com) or Buonanotte (3518, boulevard Saint-Laurent; 514-848-0644; http://www.buonanotte.com), where scantily clad waitresses squeeze past dinner plates autographed by George Clooney, Leonardo DiCaprio and other celebrity patrons. Many Montrealers dismiss these venues as overheated feeding grounds for fashion victims and their star-gawking friends. But, heck, you’re on vacation. Sunday 11 a.m. 8) PAIN COUTURE Nurse your hangover at Café Holt (1300, rue Sherbrooke Ouest; 514-282-3750), but don’t forget your sunglasses. Set within the venerable Holt Renfrew department store, its interior is bright and airy with glass walls. Order the bread pudding served warm with peaches and chocolate (8 Canadian dollars), or the poached eggs and smoked salmon (16 Canadian dollars) — both using bread flown in from the Poilâne bakery of Paris. 12 p.m. 9) MUSéE OR MUSEUM? Ah yes, culture. A block from Café Holt, the Musée des Beaux-Arts de Montreal (1379-80, rue Sherbrooke Ouest; 514-285-2000; http://www.mmfa.qc.ca; admission is free for the permanent collection, 15 Canadian dollars for special exhibitions) has a strong collection of modern design, Old Masters and contemporary Canadian artists, including Jeff Wall and Ken Lum. A 10-minute walk away is the Canadian Centre for Architecture (1920, rue Baile; 514-939-7026; http://www.cca.qc.ca; admission is 10 Canadian dollars). This pre-eminent institution, which holds regular exhibitions on architecture and urbanism, was founded by Phyllis Lambert, the Seagram heiress best known for landing Ludwig Mies van der Rohe the commission to design the Seagram Building in New York City. Housed in a 19th-century mansion with a modern stone addition, it’s a striking contrast of old and new—much like Montreal itself. The Basics From New York, travel time to Montreal is about one hour by air, seven hours by car. Round-trip fares from LaGuardia Airport this month start at about $153 on United. The Montreal-Trudeau International Airport is just a 20 minute cab ride from downtown. Taxis within the city center generally run from 7 Canadian dollars (about $6 at with $1 equaling 1.16 Canadian dollars) to 15 Canadian dollars, but the subway is also excellent. Stay in grand style at the 61-room Hôtel Le Saint-James (355, rue Saint-Jacques; 514-841-3111; http://www.hotellestjames.com) in Old Montreal. It’s only four years old, but you wouldn’t know it. Occupying a former bank building from 1870, it’s dripping in heavy curtains, dark-paneled walls and gilt chandeliers. Enjoy afternoon tea or predinner cocktails in the elegant atrium. Rooms start at 400 Canadian dollars. It’s not the city’s newest boutique property, but the Hôtel Gault in Old Montreal (449, rue Sainte-Hélène; 866-904-1616; http://www.hotelgault.com) is arguably the most sophisticated, with hushed concrete walls and off-white floors, lightly dusted with mid-20th-century furniture. The 30 rooms are similarly spartan and spacious. Rates start at 199 Canadian dollars; 235 Canadian dollars in summer. Le Petit Prince in downtown Montreal (1384, avenue Overdale; 877-938-9750; http://www.montrealbandb.com) is a bed-and-breakfast that excels on both counts. Its six color-themed rooms are souped-up with Wi-Fi, flatscreen televisions, boat-size whirlpool tubs and, in some cases, a terrace. The young staff is attentive and makes a mean breakfast. Rates start at 150 to 250 Canadian dollars. http://travel.nytimes.com/2006/10/22/travel/22hours.html
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Canada urged to lift foreign ownership limits in several sectors
un sujet a posté jesseps dans L'actualité
(Courtesy of CBC News) -
Canada's housing boom is over, bank says VIRGINIA GALT Globe and Mail Update June 26, 2008 at 10:44 AM EDT After a long run of rapidly-rising prices, the Canadian housing market has cooled to the point that it is no longer a sellers' market, Toronto-Dominion Bank said Thursday. “The long-awaited end of the Canadian housing boom has occurred, reflecting more moderate demand and increased supply of properties for sale,” TD economists Craig Alexander and Pascal Gauthier said in a report. “The year-over-year price growth for existing homes in Canada's major markets fell to only 1.1 per cent in May, down from 8.6 per cent just four months earlier,” the TD economists wrote. “The trend has been broadly based, but is has been particularly sharp in some of the markets that had experienced the most dramatic price growth. Calgary and Edmonton home prices in April and May fell to below year-earlier levels.” The TD economists said they had expected the slowdown to occur before now, but “housing remained stronger for longer than we had anticipated, largely due to increased affordability through new financing options, such as no money down or extended amortization.” Regional economic strength related to the commodity boom also helped to fuel “unsustainably elevated home price growth in the west,” they wrote. Last month, the Canadian Real Estate Association reported that resale home listings across Canada rose by 17.7 per cent in April from a year earlier – pushing the number of home listings to the highest level on record. At the time, Bank of Montreal economist Douglas Porter noted: “For the first time in a long time, sellers are not in the drivers' seat any more. I'm not necessarily saying that buyers are in the drivers' seat either, but what we've seen truly is a return to a balanced market.” The TD economists concurred in their report Thursday. “Most of Canada's major housing markets have moved out of sellers' territory to more balanced markets.” Mr. Alexander and Mr. Gauthier forecast modest national average price growth of 2 per cent this year and 3.5 per cent in 2009, “down substantially from the 10 per cent annual pace of the last six years.” However, the Canadian housing market remains fundamentally strong, unlike the U.S. market, where the National Association of Realtors reported Thursday that median home prices continued to fall. The median price of an existing U.S. home sold in May was $208,600 (U.S), down 6.3 per cent from a year earlier – fallout from the subprime mortgage crisis. In Canada, the TD economists forecast an average existing home price of $313,300 (Canadian) in 2008, up 2 per cent from last year's average. Canadians, the TD economists said, are “cashing in, not foreclosing. “... It should be stressed that the rise in listings does not reflect homeowners of principal dwellings desperate to sell, and this is the dominant difference between the Canadian and U.S. experience,” they wrote in their report, Canada's Housing Boom Comes to an End. “Indeed, the U.S. has been characterized by an abnormal rise in delinquencies and foreclosures or large negative equity positions. In Canada, speculators may be quickly dumping properties on the market to get out while the times are good, but individuals that have a principal dwelling are not under financial duress. “Canadian consumers are nowhere nearly as leveraged through their home equity as American consumers are.” Throughout the rest of this year and 2009, most regional housing markets in Canada “will see low to mid single-digit gains, but Saskatchewan and Manitoba will continue to post double-digit gains in the near term, followed by a significant cooling in 2009 – with the risk of a mild price correction in the major cities that have recently experienced extraordinary price growth,” the TD economists said. “Alberta will have further weakness in the near term, as Calgary and Edmonton will likely see prices continue to fall for another three or four quarters, dropping 8 per cent to 10 per cent from their peak, after which prices should stabilize and start rising at a low single-digit pace.” http://www.reportonbusiness.com/servlet/story/RTGAM.20080626.whousing0626/BNStory/Business/home
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52% oppose Bill C-10 Proposed change targets filmmakers. Don't censor content by refusing tax credits, slim majority of Canadians say in survey TIFFANY CRAWFORD, Canwest News Service Published: 6 hours ago A slim majority of Canadians believe it would be wrong for the government to screen the content of films and deny tax credits to projects it deems offensive, a new Ipsos Reid poll conducted for Canwest News Service and Global TV indicates. The poll, conducted from June 10 to 12, found that 52 per cent of the 1,002 Canadians surveyed disagree with Bill C-10, a proposed change to the Income Tax Act that would deny tax money to filmmakers whose content is "contrary to public policy." At 62 per cent, residents of film-industry-heavy British Columbia are most likely to say the government is "wrong" to interfere in such a way. That's followed by those living in the mostly Conservative province of Alberta at 57 per cent, indicating the reaction of Canadians is largely ideological. "(The bill) has obviously touched a nerve," said John Wright with Ipsos Reid. "If it's not going to pass the sniff test, it's going to be gagged," said the senior vice-president of Ipsos Reid. "It has a good majority in the country that are going to go against this." Although the idea to deny tax credits was raised under the previous Liberal government, Wright suggests people may be concerned about the "slippery slope" of censorship with the Conservative Party. "While it may have been acceptable under the Liberals because they were more flexible on content, this government has the trappings of moral and religious rigour," he said. "So they might wear this more than the last government." According to the poll, 45 per cent of Canadians believe it's right for the government to screen the content of films, because it involves taxpayers' money - and because government has the right to determine what's in the public interest. As the poll was released, the Canadian independent film, Young People F*****g, opened in cinemas on the weekend. The film has become the poster child for the controversial bill that has many Canadian film and TV stars, including actress and director Sarah Polley, lobbying the government to stop the bill. The reason, say opponents of C-10, such as Polley, actor-director Paul Gross and Oscar-winning director Ang Lee, is that Young People is the type of film that would have been denied funding. Young People, a movie about four couples and a threesome trying to find satisfactory sex lives, has been viewed as pornographic by some religious groups, while others say it's just a bit of fun. In any case, the film is not as raunchy as its title suggests. Although there's a lot of nudity, mostly it's just a series of sketches where the characters seek to balance their lives with love and sex. The film's director, Martin Gero, says it's a harmless comedy, but he agreed it may not have got the funding had it been judged by the title. The poll found younger Canadians aged 18 to 34 were more likely to say the government is "wrong" to censor content by refusing tax credits, followed by Canadians age 35 to 54. Those with post-secondary education and those who live in urban areas were also more likely to disagree with the bill, the poll suggests. While the poll suggests a majority of Canadians disagree with the bill, the government argues the proposed change to the federal tax-credit system does not jeopardize the creative freedom of Canadian film and TV production. Heritage Minister Josée Verner says the government is trying to make sure Canadian taxpayers' money won't fund extreme violence or pornography. http://www.canada.com/montrealgazette/news/story.html?id=a7f81b30-f97e-4570-84d8-dff373f9f66e
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Canadian Commercial Paper Plan Likely to Be Approved
un sujet a posté ErickMontreal dans L'actualité
Canadian Commercial Paper Plan Likely to Be Approved By Joe Schneider June 3 (Bloomberg) -- A Canadian judge will probably approve a plan to convert C$32 billion ($31.8 billion) of frozen commercial paper to new notes by the end of the week, though court appeals may keep investors waiting months to get their money back. ``I will have a decision with reasons by Friday,'' Ontario Superior Court Judge Colin Campbell said at the end of a hearing in Toronto today. ``I'll approve,'' unless there's something in his notes that convinces him to change his mind, the judge said. Lawyers representing some of the noteholders have already indicated they plan to appeal Campbell's ruling once it comes out. Some investors object to the plan's limitations on lawsuits targeted at the banks and brokers that sold the paper, which hasn't traded since August. James Woods, who represents 18 companies that want to sue including pharmacy chain Jean Coutu Group Inc., said if the judge rules as he indicated, his group will likely file to the Court of Appeal. ``If we find fraud against banks that are not ABCP dealers, there is no recourse,'' Woods said, urging the judge to reject the proposal at today's hearing. ``It's inconceivable.'' New notes may be issued as early as the end of June if there are no appeals, said Purdy Crawford, a lawyer who led a group of foreign and Canadian banks and pension funds that drafted the proposal. All appeals must be exhausted before the notes are issued, he said. Quick Appeal ``We can't close until we get the sanction,'' Crawford told reporters. ``I am assured by our lawyers that the Court of Appeal will agree to an expedited hearing.'' The insolvent asset-backed paper hasn't traded since August, when investors shunned the debt on concerns about links to high-risk mortgage loans in the U.S. A group of foreign banks as well as Canadian lenders and pension funds led by Caisse de Depot et Placement du Quebec negotiated the so-called Montreal Proposal in August. The plan would convert the insolvent 30- to 90-day debt into new notes maturing within nine years. Banks agreed to provide funding to back the new notes on the condition that they be given immunity from any lawsuits stemming from the sale of the notes. Campbell said in a May 16 ruling he wasn't satisfied protection from lawsuits over potentially criminal conduct such as fraud was fair, and he delayed approval. The banks agreed to change the plan to allow limited suits under certain conditions within nine weeks following the plan's approval. Possible Fraud Campbell criticized the lawyers opposing the plan for failing to provide examples of potential outstanding fraud. ``So we defeat the plan on the off chance that there is something out there?'' Campbell asked. Once the new notes are issued, investors can hold them to maturity or try to trade them in the secondary market. Some clients of Canaccord Capital Inc. will be paid in full for their debt, under an agreement announced by the Vancouver-based brokerage in April. The case is Between the Investors Represented on the Pan- Canadian Investors Committee for Third-Party Structured Asset- Backed Commercial Paper and Metcalfe & Mansfield Alternative Investments II Corp., 08-CL-7740, Ontario Superior Court of Justice (Toronto). To contact the reporters on this story: Joe Schneider in Toronto at jschneider5@bloomberg.net. http://www.bloomberg.com/index.html?Intro=intro3 -
The Grown-Up's Guide to Montreal Attractions h1 = document.getElementById("title").getElementsByTagName("h1")[0];h1.innerHTML = widont(h1.innerHTML);Attractions in Montreal, Canada's Most Sophisticated City By Susan Breslow Sardone, About.com Montreal is the anti-Disney: A sophisticated adult playground, where pleasures for grown-ups -- from savoring fine food and wine, to casino gambling, to boutique shopping, to the spirit of l'amour itself -- add to the city's many attractions. These are among the best for couples traveling free of children. 1. Check into a Top Montreal Hotel Opus Montreal Hotel. 2. Explore Montreal by Land and by Sea Vincent Sardone. The Old Port area of Montreal alongside the St. Lawrence River is one of the most scenic spots to stroll. Couples can also rent bikes; a 220-mile long bicycle path leads cyclists in and around Montreal. And the city has more than one thousand parks. For utterly romantic transportation, hire a caleche (horse-drawn carriage). Any time of year, explore the underground city on foot. Want to sail on the water? Amphibus provides a land-and-sea city tour in the same floating vehicle to help you get your bearings. (To avoid family groups, come late in the day.) Montreal's long and slender Le Bateau Mouche boats run day tours teeming with kiddies; dinner cruises provide a better opportunity to surround yourselves with grown ups. 3. Savor Epicurean Delights Like to cook, or just eat? Epicier is Montreal's new gourmet store-and-restaurant where couples can find delicacies that include parmesan oil, maple vinegar, and ginger jam. And La Vieille Europe stocks more than 300 different kinds of cheeses along with cold cuts, breads, and everything else you might need to take on a picnic. 4. Shop for Montreal Treasures Plan to leave extra room in your suitcase to pack the treasures you pick up in Montreal: The sweetly intoxicating ice wine, genuine maple syrup from the countryside, Fruits & Passion products for the skin and bath, Roots leather goods. And if you like to wear hard-to-find labels, along rue Ste-Catherine you can find the city's top department stores. Holt Renfrew, Ogilvy's, and Hudson's Bay Company carry Canadian, French, and international brands as well as ones familiar to United States shoppers. 5. Dine Like a Montreal Gourmet Montreal is home to some 5,000 restaurants. These include cozy French bistros in the Old Port where couples can linger over a bottle of wine to Little Italy spots where you can bring your own. Everyone stops by Schwartz's Montreal Hebrew Delicatessen at least once to sample the city's world-famous smoked meat. And gourmets won't leave the Beaver Club in The Fairmont Queen Elizabeth disappointed. Coming to propose marriage, or something more provocative? Reserve a spot at the historic, much-photographed, circa-1725 Pierre du Calvet in the heart of Old Montreal. The building housing it contains opulent, Victorian-style rooms, so you need not go far if someone swoons -- or agrees to be seduced. 6. Take a Tango Lesson Did you know Montreal is tango-crazy? (Why would you?) The city even has an annual Tango Festival that features the world's best practitioners of this sexy dance. Regardless of when you visit, though, Montreal's tango parlors are open for business, offering classes for couples and milonga demonstrations for appreciative spectators. 7. Visit Notre-Dame Basilica No visit to the Old Port is complete without stepping inside the magnificent nineteenth-century Notre-Dame Basilica, completed in Gothic Revival style. The soaring interior, in addition to its intricate carving, includes brilliantly hued stained-glass windows. Rather than ancient biblical scenes, each these depict the religious history of Canada, complete with images of the faithful forging through the icy wilderness. 8. Admire Montreal's Museums Vincent Sardone. While family visitors explore Montreal attractions such as the Biodome and Insectarium, you can get an adult fix of fun at the city's eye-opening and thought-provoking museums. Among the top ones: The Montreal Museum of Fine Arts collects and displays European art, Canadian art, Inuit and Amerindian art, contemporary art and decorative arts. Connected to the underground city, Montreal Museum of Contemporary Art features new and conceptual art and stages multimedia events, including performance, experimental theatre, video, and film. Château Ramezay Museum, in the Old Port area, is a small history museum that features paintings and objects from Montreal's past in a circa-1705 stone building. 9. Try Your Luck at Casino Montreal Shaped like a multi-deck ship moored at the former Expo 67 site across from the Old Port, the unique Casino Montreal operates 24 hours a day, seven days a week. It's a short cab ride from the city center. Games such as blackjack, roulette, poker, keno, pai gow, and baccarat, familiar to any English-speaking gambler, are conducted in French. (How much more elegant it is to hear "égalité!" at the 21 table than, "That's a push.") Dealers, croupiers, and many players are bi-lingual, so if you want to bet or ask a question in English, you will be understood. Naturally, all bets are made with Canadian currency, and cashiers will readily exchange US dollars. 10. Come to One of Montreal's Amazing Festivals Montreal Jazz Festival Passionate people who love music, laughter, movies, fast cars, and more circle their calendars in anticipation of their favorite festival in Montreal. The Montreal Jazz Festival is considered the world’s biggest and best of its kind. It takes place from late June through the first week of July, showcasing more than 2,500 artists in 500-plus concerts from noon to midnight. Also held in the summer, Just for Laughs, the Montreal Comedy Festival attracts world-class comedians and fresh talent. Several hotels offer packages that include accommodations, admissions, dinner, and personal assistance throughout the stay. And at the end of the summer, Montreal's World Film Festival gives lovers one more reason to cuddle in the dark. http://honeymoons.about.com/od/allaboutmontreal/tp/montreal_attractions.htm
