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Winnipeg Free Press
6 days ago
- Business
- Winnipeg Free Press
Replacement urged for joint housing program
It WILL become almost impossible to get people out of riverbank camps and into housing now that new applicants have been shut out of a key funding program for good, say people who have worked in the field for years. In March, the Canada-Manitoba Housing benefit temporarily stopped accepting requests for funding. It offered a monthly top-up of as much as $422 for a private apartment, on top of employment income assistance. Officials with both governments confirmed Wednesday that the pause is permanent because the program is fully subscribed. MIKAELA MACKENZIE / FREE PRESS FILES Executive director of St. Boniface Street Links, Marion Willis: 'We can't end homelessness without this.' 'The top-up program is the only way to end homelessness. We can't end homelessness without this,' said Marion Willis, executive director of St. Boniface Street Links. She said her organization knows of almost a dozen housing units that are empty because people cannot afford the rent. In total, social assistance pays $638 for monthly rent. 'One of the suites we have is $995 for a one-bedroom plus hydro, another is $895 for a one-bedroom plus hydro, and there is a bachelor for $750,' Willis said. 'Nobody on benefits can afford to be in them. This (top-up) benefit allowed them to rent a place for more than $900 per month. When all we have to work with is $638 — and that has to include utilities — we can't do it.' Willis urged the provincial and federal governments to devise either an enhanced agreement or a new agreement to put a top-up program back in place for new applicants. She also urged the province to create strict rent control laws so people can continue to afford suites once they move in. Willis said people who were able to rent a suite based on submitting the top-up application have had to move out when the program suddenly closed for new applications without notice in March. 'It only adds to that sense of hopelessness people feel. As soon as you feel hopeless, the challenges become greater because people give up.' New Journey Housing executive director Codi Guenther said the program was crucial to getting people into shelter. Guenther said they have helped 648 households apply for the program since January 2022. 'We see people who can't afford private market rent, whether with low-end jobs or social assistance. Now we have to tell them the heartbreaking news there is no Canada-Manitoba benefit,' she said. 'We heard from clients who signed a lease, thinking they were going to get an extra $350 per month with this program, who then got the letter saying it was closed. That left them with a choice of taking money from food or transportation or they had to move. 'A lot of people need this help.' The program was created in 2020 by the two levels of government, who promised to spend $154.6 million over eight years, including $17.5 million in the first two years. It was intended to help about 3,300 Manitobans. 'Our government is committed to ensuring that every Canadian has a safe and affordable place to call home,' said Ahmed Hussen, who was the federal families minister at the time. Heather Stefanson, who was the provincial families minister, said 'our government is committed to providing housing to vulnerable Manitobans throughout our province.' In June 2023, 923 people were receiving monthly benefits. However, after the then-Tory government raised the maximum top-up benefit to $350 from $250, applicant numbers swelled. One year later, 3,088 Manitobans were receiving it, and a total of 4,677 people were getting it by September 2024. The program first ran out of money for new applicants last summer, but in September the provincial government added $1.7 million to the pot. The federal government did not put in additional funding. The money ran out in March and since then only people who have been approved are receiving monthly rent top-ups. The federal government released an email statement Wednesday: 'In the last year, Manitoba has experienced a significant rise in applicants, which has resulted in their decision to close the program to new intakes. This allows them to strategically focus available CMHB funding for people experiencing or at risk of homelessness.' NDP MP Leah Gazan, whose Winnipeg Centre riding has some of the poorest people in the country, said the federal government's apparent lack of support for housing is one of the reasons her party announced on Wednesday it wouldn't vote for the throne speech. Sundays Kevin Rollason's Sunday newsletter honouring and remembering lives well-lived in Manitoba. 'The federal government needs to come to the table and make sure people are looked after. They go on and on in the House about the housing crisis, but they are not investing the money to get people into dignified homes and mixed kinds of homes that require support,' Gazan said Provincial Housing Minister Bernadette Smith said she has been working on the problem. 'I recently met with the new federal housing minister to advocate for the renewal of the National Housing Strategy and to emphasize the importance of ongoing funding for housing programs,' Smith said. 'Our government has increased funding for provincial rent programs, including an additional $15 million for rent assistance. We have also allocated $116 million to Manitoba Housing, reversing years of selloffs, cuts and freezes implemented by the previous provincial government. Kevin RollasonReporter Kevin Rollason is a general assignment reporter at the Free Press. He graduated from Western University with a Masters of Journalism in 1985 and worked at the Winnipeg Sun until 1988, when he joined the Free Press. He has served as the Free Press's city hall and law courts reporter and has won several awards, including a National Newspaper Award. Read more about Kevin. Every piece of reporting Kevin produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
Yahoo
30-01-2025
- Business
- Yahoo
Even though Athabasca Oil (TSE:ATH) has lost CA$233m market cap in last 7 days, shareholders are still up 986% over 5 years
Long term investing can be life changing when you buy and hold the truly great businesses. While not every stock performs well, when investors win, they can win big. To wit, the Athabasca Oil Corporation (TSE:ATH) share price has soared 986% over five years. And this is just one example of the epic gains achieved by some long term investors. On the other hand, the stock price has retraced 8.3% in the last week. We love happy stories like this one. The company should be really proud of that performance! While this past week has detracted from the company's five-year return, let's look at the recent trends of the underlying business and see if the gains have been in alignment. See our latest analysis for Athabasca Oil There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. During the last half decade, Athabasca Oil became profitable. That kind of transition can be an inflection point that justifies a strong share price gain, just as we have seen here. Since the company was unprofitable five years ago, but not three years ago, it's worth taking a look at the returns in the last three years, too. We can see that the Athabasca Oil share price is up 280% in the last three years. In the same period, EPS is up 142% per year. This EPS growth is higher than the 56% average annual increase in the share price over the same three years. Therefore, it seems the market has moderated its expectations for growth, somewhat. This cautious sentiment is reflected in its (fairly low) P/E ratio of 11.08. The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image). We know that Athabasca Oil has improved its bottom line over the last three years, but what does the future have in store? It might be well worthwhile taking a look at our free report on how its financial position has changed over time. Athabasca Oil shareholders are up 14% for the year. But that was short of the market average. If we look back over five years, the returns are even better, coming in at 61% per year for five years. Maybe the share price is just taking a breather while the business executes on its growth strategy. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. For example, we've discovered 2 warning signs for Athabasca Oil (1 can't be ignored!) that you should be aware of before investing here. But note: Athabasca Oil may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast). Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Canadian exchanges. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
