B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
The Canada Day long weekend saw gas prices plummet in parts of the country, but the relief at the pumps may not stay for very long, analysts say.
According to GasWizard.ca, prices in the Greater Toronto Area and Ottawa fell by 11 cents a litre on Friday and dropped again by six cents on Saturday, settling in at 187.9 cents a litre.
Gas prices in Montreal also saw a six cent drop on Saturday after a four cent decline on Friday. In Vancouver, prices dropped seven cents on Friday and by another seven cents on Saturday. Winnipeg and Halifax also saw a three cent drop in gas prices on Canada Day while prices in those regions held steady on Saturday.
The decreases come after crude oil prices slid in June following the U.S. Federal Reserve's interest rate hikes, sparking fears of a recession.
"Panicking markets, I think, is probably the best way to describe it. A bit of overzealousness in terms of concerns about recession and demand destruction," GasWizard founder and president of Canadians for Affordable Energy Dan McTeague told CTVNews.ca in a telephone interview on Saturday.
In Ontario, which saw the most steepest declines in gas prices, the slump in oil prices coincided with the provincial government's temporary 5.7-cent per litre gas tax cut. Other provinces have already cut gas taxes, including Alberta and Newfoundland and Labrador.
Despite the tax cut, Roger McKnight, chief petroleum analyst at En-Pro International, says gas prices in Canada largely follow what's happening in the U.S., where there continues to be a large discrepancy between supply and demand.
"Prices in Canada aren't made in Canada. They really follow whatever happens to the wholesale price in the United States. And in that regard, we have a situation where the crude inventories are down 13 per cent versus the five-year average. Gasoline down eight and diesel down 20," he told CTV News Channel on Saturday.
While OPEC had pledged to boost output, the group has failed to meet its targets as Libya and Nigeria slowed production in June, Reuters reported. Earlier this week, French President Emmanuel Macron told U.S. President Joe Biden that Saudi Arabia and the U.A.E. were already producing at capacity.
"I think the reality is that we were still no better than we were months ago, which is that supply of fuel remains challenging and demand is not slacking," McTeague said.
Facing the pressure from voters ahead of the U.S. midterm elections this fall, Biden has been urging domestic oil companies to ramp up production, while putting pressure on Gulf countries to boost supply. The White House is also considering expanding offshore oil drilling in the Gulf of Mexico.
"[Biden's] scrambling to look for a secure supply or a steady supply of crude, and that's a long shot," McKnight said.
McKnight says he expects a five cent increase in gas prices by Monday and says it's unclear which direction prices are going to go this summer.
"It's very difficult to say," McKnight said. "There's 16 factors that go into the price of a litre of gasoline and if any one of those changes, that changes the whole picture"
But McTeague predicts gas prices are only going to go up from here over the next two months, saying the difference between supply and demand won’t resolve anytime soon.
"What we saw here last week was a bit of a head fake... and not a reflection of fundamentals," he said. "It's pretty clear that there will be much higher prices come July and into August.”
With files from Reuters.
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.