Enmax warns of downtown substation traffic impacts
Enmax's new substation will result in some periodic traffic delays in the downtown core. (Supplied/Enmax)
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CTV News
43 minutes ago
- CTV News
Bank of Canada head Tiff Macklem says mandate should evolve in a ‘shock-prone' world
Bank of Canada Governor Tiff Macklem takes part in an interview at the Bank of Canada in Ottawa on Wednesday, June 4, 2025. THE CANADIAN PRESS/Sean Kilpatrick OTTAWA — Tiff Macklem is wearing an Edmonton Oilers pin as he reflects on coming very close to beating big odds. It's a significant day for the governor of the Bank of Canada: he's just laid out his reasons to the entire country and a global audience for keeping the central bank's benchmark interest rate steady for a second straight time. That night is also Game 1 of the NHL's Stanley Cup finals; Macklem ends his press conference with a hearty 'Go Oilers!' It's a rematch from last year's heartbreak, when the Oilers came oh-so-close to mounting a seemingly impossible four-game comeback against the Florida Panthers, only to fall short by a single goal in Game 7. Macklem, too, was almost safe to declare victory last year. He had just about secured a coveted 'soft landing' for Canada's economy — a rare feat that sees restrictive monetary policy bring down surging levels of inflation without tipping the economy into a prolonged downturn. 'We got inflation down. We didn't cause a recession,' Macklem said in an interview with The Canadian Press after the rate announcement Wednesday. 'And, to be frank, until President (Donald) Trump started threatening the economy with new tariffs, we were actually seeing growth pick up.' Fresh out of one crisis, the central bank now must contend with another in U.S. tariffs. Five years into his tenure as head of the Bank of Canada, Macklem said he sees the central bank's role in stickhandling the economy — as well as Canada's role on the world stage — evolving. Many Canadians have become more familiar with the Bank of Canada in recent years. After the COVID-19 pandemic recovery ignited inflation, the central bank's rapid tightening cycle and subsequent rate cuts were top-line news for anxious Canadians stressed about rising prices and borrowing costs. That was all in pursuit of meeting the central bank's inflation target of two per cent, part of a mandate from the federal government that's up for review next year. Macklem said the past few years have led the Bank of Canada to scrutinize some of its metrics, like core inflation and how it responds to supply shocks in the economy. But he defends keeping the bank's inflation target, particularly at a time of global upheaval. 'Our flexible inflation targeting framework has just been through the biggest test it's ever had in the 30 years since we announced the inflation target,' he said. 'I'm not going to pretend it's been an easy few years for anybody. But I think the framework has performed well.' Macklem said, however, that he sees room to build out the mandate to address other areas of concern from Canadians, such as housing affordability. Whether it's the high cost of rent or a mortgage, or surging prices for groceries and vehicles, Macklem said the past few years have been eye-opening to Canadians who weren't around the last time inflation hit double digits in the 1980s. 'Unfortunately, a whole new generation of Canadians now know what inflation feels like, and they didn't like it one bit,' he said. Monetary policy itself can't make homes more affordable, he noted — in a nutshell, high interest rates make mortgages more expensive while low rates can push up the price of housing itself because they stoke demand. But Macklem said one of the things he's reflecting on is that inflation can get worse when the economy isn't operating at its potential or when it's facing great disruption. 'There is a role for monetary policy to smooth out some of that adjustment — support the economy while ensuring that inflation is well-controlled.' He didn't offer suggestions on how the mandate might expand to address housing affordability specifically, but said 'the work is ongoing' and will be settled in meetings with the federal government next year. Right now, he's trying to make sure that the economic impacts from Canada's tariff dispute with the United States don't result in prolonged inflation. The Bank of Canada is not alone in debating how monetary policy ought to respond in what Macklem called a more 'shock-prone' world. The G7 Finance Ministers' Summit in Kananaskis, Alta., last month also featured roundtables with the bloc's central bankers. Conversations at the summit were 'candid,' Macklem said, and though the nations issued a joint statement at the close of the event, that doesn't mean they agreed on everything. 'International co-operation, to be honest, has never been easy. It is particularly difficult right now, but that doesn't make it less important. That makes it more important,' he said. 'I do think Canada, as the chair of the G7, has a leadership role to play.' The Bank of Canada is also changing the way it has conversations with Canadians and the kind of data it considers. A day after the June interest rate decision, deputy governor Sharon Kozicki told a Toronto business crowd how the central bank is using data more nimbly, relying heavily on surveys and more granular information to make monetary policy decisions in an uncertain time. These sources offer a faster way to see what's happening on the ground in the economy than traditional statistical models allow. Macklem said the central bank would previously have dismissed most supply shocks as transitory — likely to pass without the need for central bank adjustments, such as rising and falling oil prices. But he said the Bank of Canada needs to be running a more 'nuanced playbook' now to respond to some increasingly common shocks: supply chain disruptions, trade conflicts and extreme weather to name a few. An overheating economy running up against a supply disruption is the kind of inflationary fire Macklem is trying to avoid in this latest crisis. 'The economy does not work well when inflation is high,' he said. 'And the primary role of the Bank of Canada is to ensure that Canadians maintain confidence in price stability. That's all we can do for the Canadian economy. That's what we can do for Canadians. And that's what we're focused on.' Later in the day on Wednesday, the Edmonton Oilers took Game 1 of the Stanley Cup finals. The Canadian team was down but roared back to win 4-3 in overtime. It's still early in the Bank of Canada's response to the latest global shock. But with any luck, Macklem's team might also get a leg up with lessons learned the last time they faced big odds. This report by The Canadian Press was first published June 7, 2025. Craig Lord, The Canadian Press
CBC
an hour ago
- CBC
For $3.4M, you could own this southern Ontario drive-in movie theatre
After 37 years of showing movies under the stars, owner John D'Addetta of the Mustang Drive-In just outside Guelph, Ont., has decided it's time to sell. "I'm reaching 74 years old now and I think it's time to pretty well pack it in," said D'Adetta. "I enjoyed every minute of it. You know, I loved going out there, fresh air, you get to see a lot of people, a lot of friends." The Mustang Drive-In is one of 16 remaining drive-ins in Ontario and a total of 37 across Canada. The nearly five hectare property on Jones Baseline just east of Guelph is listed for $3.4 million. Robert Dickinson, a sales representative for Coldwell Banker Commercial Integrity Real Estate, says the location has been a cornerstone of community entertainment for many years. "It's just an opportunity for a new buyer to take over and operate a beloved business that's still well used by the community," Dickinson said. "You know there are not that many types of entertainment where you can bring the whole family and for an affordable price." Flicker of memories D'Addetta was already in the theatre business in the 1980s. He owned a movie theatre in downtown Oshawa when he had the opportunity to purchase the Mustang Drive-In and another drive-in movie theatre in Cobourg, east of Oshawa D'Addetta says since he took over, there have been a lot of technical changes at the Mustang. "We finally got rid of the outside speakers there, which were a pain in the you know where. People forgot that they had them on their windows, they'd drive off, ripping them off," D'Addetta said adding that resulted in "a lot of maintenance." "We finally got rid of that and we went and picked up our own FM frequency radio station, which improved the sound and everything else." D'Addetta says he was also happy to see the conversion from original film projectors, which made the change from what he calls the "fire hazard" Carbon Arc projector lamp to the Xenon bulb. Then that technology was replaced about seven years ago when movies went from film to digital. Now a feature-length film comes in a small hard drive that they ingest into the projector to show on the screen. Future of the property As more people move to communities throughout southern Ontario, including the Guelph area, there are questions about whether the drive-in could be converted into housing. But Dickinson says the property is currently zoned agricultural with a legal non-conforming use to operate a drive-in movie theatre. "Confirmation with the Township of Guelph/Eramosa would have to be undertaken by the buyer to any change of use," Dickinson said. "Its current use only states that a drive-in theatre can operate there. But there is opportunity to do other income streams including antique car shows, farmers markets and any sort of outdoor venue event permissible by the township." The Mustang Drive-In can fit between 400 and 500 cars on the property and it is currently open every weekend for the summer. D'Addetta says they've also worked to maintain a vibe that reminds people of when drive-ins were first introduced. "There's still the 1950s style diner. I have old clips at intermission of the bouncing hot dogs and all that stuff that's very cute," D'Addetta said. "Much more relaxed atmosphere. Again, you're in your own car. If you don't like the first movie, have a snooze and watch a second movie. We always show a double feature, long weekends or so, triple features."
CBC
2 hours ago
- CBC
Sisson tungsten mine one of several critical mineral projects eyed by N.B. government
Social Sharing The Sisson Mine project north of Fredericton appears to be back on the front burner thanks to a surge of interest in developing new sources of critical minerals and an infusion of cash from the U.S. government. At a first ministers' meeting this week, Prime Minister Mark Carney identified critical minerals as one of several sectors targeted for growth. Premier Susan Holt made specific mention of potential tungsten, indium and antimony mining projects in New Brunswick. According to Natural Resources Canada, critical minerals are materials considered essential to Canada's economic or national security, its position in global supply chains or its transition to a digital, sustainable and low-carbon economy. The province is working to identify its resources, determine the best way to develop them and ensure the needed infrastructure is in place, Holt said, adding she was happy to hear the federal government wants to be a partner. That followed an announcement by Northcliff Resources in early May that it was awarded $20.7 million from the U.S. Defence Department and a conditional $8.2 million from the Canada government to help develop tungsten production at the Sisson Mine project north of Fredericton. Tungsten is dense and resistant to heat, wear and corrosion. It's used in alloys for military applications, engines and turbines. The Sisson tungsten deposit is the largest in the world, according to David Lentz, head of the geology department at the University of New Brunswick. Northcliff obtained provincial environmental approvals in 2015 for an open pit mine on 12.5 square kilometres near Napadogan and Stanley, with conventional processing facilities, as well as a plant where tungsten concentrates would be made into ammonium paratungstate, a salt used to make other tungsten products. Estimates are that the project would cost more than $500 million to fully develop, employ about 300 people — more during construction — and operate for about 27 years. The federal government green-lit Sisson in 2017. But the company didn't have financing for the project and not much if anything has happened since. The company did not respond to inquiries in the last couple of weeks from CBC News and Radio-Canada. Tungsten prices slumped in 2015, and none has been mined in Canada or the United States since then, according to Natural Resources Canada. More recently, things have turned around. Both tungsten and molybdenum, also present at the Sisson site, play a key role in many defence and aerospace applications and are growing in importance for energy storage batteries and other green transition technologies, Northcliff said in a news release. "Tungsten carbides are an integral part of the tools that are used to shape metals, alloys, wood, composites, plastic, and ceramics and to power the oil and gas, mining and construction industries," the company said. Sisson could become a source of tungsten in the "near-term," according to Natural Resources Canada. With China producing about 80 per cent of the world's supply, Sisson would strengthen and diversify the supply chain, Andrew Ing, Northcliff's president and CEO. said in the release, and it would have North American standards for transparency, environmental protection and social licence. The new money from the U.S. and Canadian governments will be used for things like engineering and updated feasibility studies to satisfy conditions of environmental approvals and financing and to figure out whether to go ahead with construction, said Ing. The provincial government has also expressed support for the project. "Even if our neighbours haven't been the friendliest lately, I don't think we're uncomfortable selling a commodity used to make cell phones, to strengthen steel, at a fair price," New Brunswick Natural Resources Minister John Herron said, referring to poor trade relations with the U.S. Meanwhile, productive talks have taken place with First Nations, he said, stipulating there is no path forward without their participation. CBC inquiries to the Wolastoqey Nation, which represents six communities in New Brunswick, and to Sitansisk Chief Allan Polchies were not answered by publication time. Chiefs of the communities signed a deal in 2017 to get a share of future provincial royalties from the mine, but several later said they still opposed the project, as does traditional Chief Ron Tremblay of the Wolastoqey Grand Council, which concerns itself with matters outside First Nation communities. Tremblay said he sent a letter to the premier with concerns about Sisson about a month ago, but he was referred to the Wolastoqey Nation group. He maintains that he has standing, that the mine site is unceded territory and that proper consultation has not taken place, nor consent given. The council's first priority is to protect the Wolastoqey homeland, waterways and air for the next seven generations, said Tremblay. "There's no way we will support Sisson," he said. "It's a project that will damage the water and the land forever." Some members of the Wolastoqey community, including grandmothers, camped at the proposed mine site for an extended period, vowing to protect the Nashwaak watershed, which Tremblay said, includes salmon spawning grounds and forest land used for hunting and gathering. Northcliff went to court in 2023 to get injunctions against their obstruction of preparatory work. Discussions will have to take place with many stakeholders before mine development, said Herron, and environmentally responsible rules must be set. Northcliff was already granted an extension to begin construction of the mine by December by the provincial Department of Environment and Local Government. Herron said it is reasonable to expect another extension. Besides Sisson, the dormant Mount Pleasant mine, north of St. George, also has a significant amount of tungsten, according to the provincial Department of Natural Resources, and seven other tungsten projects are at various stages of exploration in the province. The department has identified potential sources of 21 other critical minerals. A global drilling company based in Moncton sees the greatest opportunities in more zinc, copper and nickel mining in the Bathurst area, where a lot was mined in the late 1900s, but not much exploration has happened recently. "Right now those prices are at close to record highs," said Denis Larocque of Major Drilling, who is "sure" there are more deposits nearby that could be mined. Mining practices have changed substantially in the last few decades in terms of safety equipment and procedures and environmental impact, said Larocque. In drilling, for example, his company's equipment now has a system to filter and recirculate water, reducing the amount needed by 90 per cent, he said. However, a federal auditor general report that came out just last year found a lack of information on the adverse effects of mining on the environment and a lack of engagement with Indigenous communities.
