Good evening, let’s start with today’s top stories:
Toronto to get $203-million, Vancouver, Montreal to split about $108-million more under city-specific housing plan
The federal government unveiled a Rapid Housing Initiative on Tuesday that will dedicate half of its $1-billion in program funding to 15 of Canada’s largest cities.
Ottawa says Toronto will get $203.3-million to quickly develop new affordable housing, Montreal will receive $56.8-million, and Vancouver will get $51.6-million.
The program is part of the federal government’s plan to build 3,000 new units across the country. The program will focus on building new modular multi-unit rentals as well as converting non-residential buildings into affordable multi-residential homes.
The announcement provides new details about a pledge made in last month’s Throne Speech. That document said the government would add to its 2017 National Housing Strategy by “increasing investments to rapid housing in the short term, and partnering with not-for-profits and co-ops in the mid- to long-term.” The government later said the Rapid Housing Initiative would be run by the Canada Mortgage and Housing Corp.
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Prime Minister stands by RCMP Commissioner Brenda Lucki, but says force needs to ‘do better’
Prime Minister Justin Trudeau offered a vote of confidence for RCMP Commissioner Brenda Lucki on Tuesday, and said Ottawa will work with the force to reduce systemic racism.
Indigenous leaders, including Assembly of First Nations National Chief Perry Bellegarde, have called for Ms. Lucki to leave her position. Mr. Bellegarde wrote recently to the Prime Minister and urged that he replace Ms. Lucki “with someone who will focus their attention on public safety and combating racism.”
Mr. Trudeau said the government will keep working with the Commissioner, the RCMP and all institutions to address the issue. “We need to do better,” he said.
WHAT WE’RE WATCHING
Protests flare in Philadelphia after police fatally shoot Black man: More than a dozen people were arrested and more than 30 officers injured in protests stemming from the police shooting death of a Black man they say refused their orders to drop a knife in a confrontation captured on video, Philadelphia police said Tuesday.
NXIVM leader Keith Raniere faces possible life in prison at sentencing hearing in New York: The founder of a cult-like group where women were kept on starvation diets, branded with his initials, and ordered to have sex with him, faces possible life in prison at a Tuesday sentencing hearing in Brooklyn.
Ann Hui’s Chop Suey Nation wins two major book awards: Globe and Mail writer Ann Hui’s Chop Suey Nation: The Legion Cafe and Other Stories from Canada’s Chinese Restaurants took a top prize in this year’s Taste Canada Awards. The book was the gold winner in the culinary narratives category of the annual awards. It has also won the literary/historical food writing category of the International Association of Culinary Professionals' 2020 Cookbook Awards.
MARKET WATCH
North American stock markets were relatively flat but corporate earnings dictated the share performance of individual companies.
The S&P/TSX composite index closed down 58.61 points to 16,020.94.
In New York, the Dow Jones industrial average was down 222.19 points at 27,463.19. The S&P 500 index was down 10.29 points at 3,390.68, while the Nasdaq composite was up 72.41 points at 11,431.35.
The Canadian dollar traded for 75.96 cents US compared with 75.75 cents US on Monday.
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TALKING POINTS
Even if Joe Biden wins, there’s no going back to a pre-Trump world
“To vanquish the scourge of Trumpism, Joe Biden needs a resounding victory, a rout that leaves the Republicans with no choice but to abandon their demagogue and much of what he stands for.” – Lawrence Martin
The BC Liberals were thrashed at the polls. Now, they face political annihilation
“It is not a stretch to suggest the party faces a crisis of almost existential dimensions. They are so lost right now they run the risk of never finding themselves again.” – Gary Mason
The Minister of Health, of all people, should not be caught without a mask
“The public could be forgiven for thinking there are two sets of rules on pandemic protocols: one for the people who make the rules and one for those who are supposed to abide by them. And by seeing political leaders disregarding the spirit, if not the letter of the rules and laws, some Canadians might get the impression that the warnings to which we are constantly subjected are overblown.” – Robyn Urback
LIVING BETTER
There haven’t been many silver linings since the coronavirus pandemic emerged earlier this year, but Canadians embracing the outdoors has certainly been one of them. And, with winter just around the corner, business and cities are stepping up to encourage more outdoor activities in the months ahead.
At Ottawa sporting goods store Fresh Air Experience, which specializes in bikes in the summer and cross-country skis in winter, the demand for ski equipment doesn’t traditionally take off until the first flakes of snow have fallen. But business is already booming, months ahead of schedule.
Ottawa boasts the multi-use SJAM Winter Trail, an urban trail that has both classic cross-country tracks, plus space for walking, fat-tire cycling, and skate skiing. And don’t forget that it also offers the world’s largest skating rink on the Rideau Canal.
In Toronto, the city intends to promote its toboggan hills, snowshoeing trails, and the city’s 50-plus outdoor ice rinks. Montreal says it will unveil various scenarios to enable residents to enjoy outdoor activities safely.
TODAY’S LONG READ
New real estate players try to gain foothold in Canada’s hot market
Anshul Ruparell, founder and CEO of real estate company Properly, inside a home the company is selling in Toronto, Friday, Oct. 9, 2020.Galit Rodan/The Globe and Mail
Shaking up the way Canadians buy and sell homes has always been a tough task for new entrants into the real estate industry. Purplebricks, Zillow and Zoocasa are just a few of the upstarts that tried to gain a strong foothold in Canada over the years, only to walk away, stagnate or reinvent their business model after failing to grab a slice of a lucrative market from traditional brokerages.
But some new players – such as Properly Inc. and lower-commission brokerages Redfin and Justo – think they have a better shot this time.
“People are craving a different way of doing things,” said Anshul Ruparell, co-founder and chief executive officer of Properly, which offers home sellers a guaranteed sale and price.
Like most of the industry, Properly charges the typical 5-per-cent commission on the selling price of the property. But unlike other real estate brokerages, it acts as a backstop for home sellers by providing them with a firm purchase agreement to buy their property at a set price. The purchase agreement has a 90-day closing period, which gives Properly 90 days to sell the home on the open market before they need to buy it themselves. Read Rachelle Younglai’s full story here.
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Rob Gilroy