IN PHOTOS Northern lights dance across the night sky in southern Ont.
From London, to Mildmay, Collingwood and St. Thomas, here are some highlights of Friday night and Saturday morning's northern lights display.
The former CEO of the Canada Mortgage and Housing Corporation says the many factors contributing to Canada’s increasingly hot housing market, while notable, aren’t cumulating in a housing bubble.
In an interview on CTV’s Question Period airing Sunday, Evan Siddall, who was at the helm of the body from Jan. 2014 to April 2021, said “I don’t think we’re in a bubble, I really don’t think we’re in a bubble.”
“If demand is going up and supply is not, prices will go up, that’s not a bubble. So it’s a question of what the future brings and whether there will be supply and demand coming back into balance and that’s a crystal ball question.”
His comments come amid criticism directed at the Liberal government from opposition MPs, including Conservative finance critic Pierre Poilievre, who says Ottawa is contributing to a housing bubble.
“Not only are Canadians spending more when they buy a house, now they have to pay more on their taxes for the failed programs that this minister and government put in place to inflate the housing bubble to begin with,” said Poilievre during question period last week.
The national average home price in Canada was $686,650 in September, up 13.9 per cent the same month last year, according to the Canadian Real Estate Association. Just five years ago, it fell just below $490,000.
According to Re/Max's housing market outlook report published Wednesday, sale prices are projected to increase by 9.2 per cent on average across the country in 2022.
Siddall, now the CEO of Alberta Investment Management Corporation, also disputed claims that the Liberal’s pandemic stimulus response is at the root of inflation.
“It’s about much more the demand and supply response. So that again, is market factors including slow approvals – there’s a lack of coordination among municipal, provincial and federal governments and it’s hard for people to build houses. That’s one problem. The other problem is low rates make housing more attractive. Mortgage insurance makes it further attractive,” he said.
Former Liberal finance minister and deputy prime minister John Manley agreed it comes down to supply and demand factors but said there must be an element of scaling back government spending, something he hopes to see carved out in the upcoming Fall Economic Statement.
“There has to be some plan to see our spending as a ratio of our economy start to come down, that this cannot go on indefinitely. Canadians will not prosper, we will not have the wealth to redistribute and to spend on all these programs if we don't attract the investment into our country that creates the wealth,” said Manley in a separate interview on CTV’s Question Period.
“Through all of this, I haven't heard a really comprehensive explanation of how we're going to build our economy for the future so that we create the prosperity that Canadians are going to need.”
A key pillar of the Liberal’s national housing plan that targets supply is their proposal to invest $4 billion in a Housing Accelerator Fund, which they say will create 100,000 new middle-class homes in Canada’s largest cities by 2024-25.
The plan also includes a first-time home buyer incentive and a tax-free first home savings account, among other policy ideas.
When asked whether these kinds of initiatives will prove effective enough to cool the market, Siddall said they are “at the margin.”
“Let’s face it, that’s all government can really do on the supply side. It’s too much for a government to handle. We’re talking trillions of dollars in housing activity. It’s is a supply problem, but it’s not a supply problem the government can deal with on its own. It needs private sector support,” he said.
Siddall says it’s time Canadians have the debate on whether to implement capital gains tax on primary residences, which he says could help minimize the housing inequality gap.
“One of the things that's really driving people apart in terms of inequality in our country is the amount of money people are making off houses who own them versus the amount of money people aren't making on their homes that rent them. It’s a real problem,” he said.
“Why don’t we tax gains on houses but we tax gains on other investments? It’s a serious, non-progressive situation in our tax code.”
He acknowledged that it’s an idea not on the minds of policy makers, as it would lead to “political suicide.”
“Politicians just aren't allowed to have this conversation because the opposition, and it's any colour, will skewer them for it. And so we don't have the debate we have to have.”
From London, to Mildmay, Collingwood and St. Thomas, here are some highlights of Friday night and Saturday morning's northern lights display.
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
The Netherlands' contestant in the Eurovision Song Contest was dramatically expelled from competition hours before Saturday's final of the pan-continental pop competition, which has been rattled by protests over the participation of Israel.
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
An evacuation alert was issued for two Wood Buffalo communities Friday night, as crews battled an out-of-control wildfire near Fort McMurray.
Evan Bouchard scored 5:38 into overtime and the Edmonton Oilers bounced back for a 4-3 win over the Vancouver Canucks in the second round of the Stanley Cup playoffs on Friday.
Irresponsibly using a credit card can land you in financial trouble, but personal finance columnist Christopher Liew says when used properly, it can be a powerful wealth-building tool that can help grow your credit profile and create new opportunities.
A cyclist turned herself in and received a fine after striking a four-year-old girl who was crossing the street to catch a school bus.
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
The stakes have been set for a bet between Vancouver and Edmonton's mayors on who will win Round 2 of the Stanley Cup playoffs.
A grieving mother is hosting a helmet drive in the hopes of protecting children on Manitoba First Nations from a similar tragedy that killed her daughter.
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
A P.E.I. lighthouse and a New Brunswick river are being honoured in a Canada Post series.