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Winnipeg Free Press
a day ago
- Business
- Winnipeg Free Press
After nearly five decades, crosswalk traffic is about to return to Winnipeg's Portage and Main
Since immigrating to Canada two weeks ago from Romania, Andrew Vlad and Vanessa Chira have been impressed by their newly adopted home of Winnipeg. But on Wednesday afternoon, the engaged tech workers stood at one corner of the city's most famous intersection, attempting for the first time to solve the riddle of crossing Portage Avenue and Main Street. Vlad shook his head, overwhelmed in confusion: he could see from 201 Portage Ave. at the northwest corner his ultimate destination — the CIBC branch on the other side of the street — but for a building so close, it was still so far out of reach. The pair of new Winnipeggers were experiencing a rite of circuitous passage that will soon be eliminated for all downtown pedestrians. Ruth Bonneville / Free Press New Winnipeg resident Andrew Vlad and his fiancé Vanessa Chirh laugh about the confusion over how to get across the street. Ruth Bonneville / Free Press New Winnipeg resident Andrew Vlad and his fiancé Vanessa Chirh laugh about the confusion over how to get across the street. The following morning, Mayor Scott Gillingham announced pedestrians will be able to legally traverse Portage and Main in all directions at controlled, street-level crosswalks in a matter of days. For the first time in 46 years, a pedestrian won't need to play chicken to cross at the juncture of this city's most iconic roads. 'June 27,' Gillingham told CBC during his monthly radio interview. 'There will be a media event, but as I've said all along: Portage and Main, it's important to Winnipeg's history, it's important to our future, but as I've said all along, at the end of the day, it's just an intersection.' In a literal sense, the mayor is correct, but that simple intersection — below grade, on the sidewalk and in downtown boardrooms with an eagle-eyed view of the thrum below — has been the source of intense multi-generational debate, taking on an almost mythic stature at the heart of city life while defining the tenor of civic conversation. As early as 1971, Jack Willis, the chairman of Metro Winnipeg, was advocating for the closure of the intersection to pedestrians, should the city begin construction on an underground walkway. Eight years before the intersection's eventual closure, legendary Winnipeg Tribune columnist Val Werier was already sounding the alarm — or honking the horn — considering the idea of barring pedestrians as a harbinger of a car-centric city to come. 'I have no quarrel with Mr. Willis' proposal that an underground connection is required, for it is the busiest corner in Winnipeg and traffic will be more hectic with new buildings planned. In addition, pedestrians need some protection for the weather,' wrote Werier, who died in 2014 after 70 years covering the city for the Tribune and Free Press. Ruth Bonneville / Free Press Portage and Main will reopen to pedestrian traffic on June 27. Ruth Bonneville / Free Press Portage and Main will reopen to pedestrian traffic on June 27. 'However, I would like to make a plea that instead of banning pedestrians, we ban the cars,' he continued. 'Instead of designing a city based on the needs of the car, we should think of people. Unless some dramatic action is taken in these terms, Winnipeg will be like other large centres where the car determines the downtown character. 'If anything is to be banned, it should be the cars,' he concluded. 'After all, people are far more interesting.' The decision to shut down sidewalk traffic was preceded by a protracted debate, with the city council's executive policy committee submitting a proposal for the total ban in September 1975, nearly four years before the underground circular concourse (officially called the Portage and Main Circus) opened in February 1979. While the change was considered a concession to the growing needs of vehicular traffic, it wasn't met with unanimous support. Among the loudest — and boldest — detractors were the participants of the burgeoning disability rights movement, who argued the erection of concrete barriers and the funnelling of pedestrians into underground channels were violations of their rights to an accessible downtown. In the winter of 1979, wheelchair users and their allies breached the barricades to bring traffic to a standstill in protest. 'Portage and Main is an iconic, symbolic place,' the late disability rights advocate Jim Derksen told this reporter in 2018, when the re-opening of the intersection was considered by plebiscite on the day of the civic election. 'If we don't take measures to update it according to our new values, in a sense we are recommitting the errors of the past,' added Derksen, a multiple barricade-skirting scofflaw. Ruth Bonneville / Free Press A person makes their way down the stairs to the escalator. Ruth Bonneville / Free Press A person makes their way down the stairs to the escalator. Former mayor Brian Bowman, who supported the idea of re-establishing pedestrian traffic at Portage and Main, vowed to honour the results of the plebiscite, which ultimately ended with a two-thirds majority opposing the reopening despite a vocal 'Vote Open' movement. (Analysis showed the bulk of that majority were commuters who didn't reside in the city's core). However, a city report soon found that the cost of repairing the underground's leaky membrane could cost $73 million and result in four to five years of traffic delays. Those anticipated costs were ultimately enough to tip Gillingham, who did not support opening the intersection in 2018 as a councillor, toward crossing the political aisle when it came to Portage and Main. It's a decision that will not only help to improve the city's image, but one which will encourage the development of a more accessible, welcoming downtown, says Melissa Graham, the executive director of the Manitoba League of Persons with Disabilities. 'It changes who that space is for,' Graham says. 'It won't just be for people who use cars. It will be for everybody.' 'This is good for pedestrians, it's good for businesses and it's good for the entire city,' says Kirby Cote, the executive director of Accessible Sport Connection Manitoba. 'As a city we should be celebrating our ability to be welcomed,' adds Cote, who is vision impaired and cycles through the area daily. 'We designed a downtown to move cars through it as fast as possible and that's not the reality of how it's used.' JAKE GIROUARD PHOTO A window cleaner's veiew of Portage and Main. JAKE GIROUARD PHOTO A window cleaner's veiew of Portage and Main. Window cleaning supervisor Don MacKinnon has for 15 years enjoyed an unparalleled vantage point of the intersection. At the end of their shift, cleaners often give in to the temptation to snap photographs from their platform outside the highest floors of the Richardson Building, which anchors the intersection's northeast corner at 1 Lombard Place. 'I never thought in my lifetime they'd open it up again,' says the 53-year-old swing stage supervisor, who was too young to remember crossing at the time of the closure. A longtime Jets fan, MacKinnon says he eagerly anticipates a Stanley Cup celebration at Portage and Main next season. For some downtown workers, the reopening is something they've been looking forward to for years. On her lunch break at her usual spot outside the Fairmont Hotel, just a stone's throw away from the intersection, Joanna Oznowicz reflected on how much better the downtown looked without the barricades. But she also thinks the reopening will make life safer for pedestrians, so long as drivers give them proper attention. 'I see people walking in the middle of the street before and I think, you're going to get killed,' says Oznowicz, 60. 'So I hope there will be caution on both sides as we get used to it.' Paralegal Cheri Harasym is less optimistic. 'Horrible idea,' she says. 'Too busy. There's a reason they've been closed for 46 years. The drivers are already looking for too many things, and that's just more distractions. (Around the office) we think people will end up getting hit, that there will be too many accidents.' Ruth Bonneville / Free Press Area office worker Cheri Harasym takes a break from work. Ruth Bonneville / Free Press Area office worker Cheri Harasym takes a break from work. Harasym also expressed concern about the status of the underground circus, which she says downtown workers rely on for relief from the harsh winter weather when going from corner to corner. 'The long-term future of the concourse has not yet been determined,' says Julie Dooley, the city's acting manager of corporate communications. 'We have hired a consultant to assess any requirements of potentially decommissioning it.' For businesses operating in and around the underground concourse, there's been very little clarity as to when such a change might occur. 'The unknown is tough,' says Donavan Robinson, a co-owner of Pop CoLab, a corporate creative workshop business that opened two years ago in Lombard Place. 'I don't know that anyone really has an answer.' Still, Robinson says crossing at street level will help businesses such as his because pedestrians will have an easier time accessing the Portage and Main nexus as a whole. 'Right now people just get confused,' he adds. Outside the former Bank of Montreal building, now owned by the Manitoba Métis Federation, road crews were putting the finishing touches on the pedestrian island at the midway point of Main Street. Standing next to them, a young woman stared across to the southwest corner. Seeing no northbound traffic, she ran to the median and, a few moments later, arrived at the opposing corner. 'I had to run my errands,' reasoned Elsie Isiche. It was thrilling to watch. Come next Friday, it's an experience every pedestrian can legally enjoy for the first time since 1979. Ben WaldmanReporter Ben Waldman is a National Newspaper Award-nominated reporter on the Arts & Life desk at the Free Press. Born and raised in Winnipeg, Ben completed three internships with the Free Press while earning his degree at Ryerson University's (now Toronto Metropolitan University's) School of Journalism before joining the newsroom full-time in 2019. Read more about Ben. Every piece of reporting Ben 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
a day ago
- Automotive
- Yahoo
'Grisly' May retail sales drop of 1.1% could point to Bank of Canada restarting rate cuts
Retail sales for May likely contracted 1.1 per cent after increasing 0.3 per cent in April on strong automobile sales, Statistics Canada said on Friday. The April result just missed analysts estimates of a 0.4 per cent month-over-month increase, but core sales, which exclude gasoline and vehicles, only rose 0.1 per cent. In March, retail sales grew 0.9 per cent. Feedback in April indicated that 36 per cent of retailers felt the impacts from the United States' tariff war against Canada. Increases in prices, changes in demand and supply chain problems were among the major issues cited. 'Despite six of nine subsectors posting monthly gains in retail sales, all nine subsectors saw a negative impact on sales,' Statistics Canada said. Here's what economists think the numbers mean for the economy and Bank of Canada interest rates. 'A decline in the May advance estimate for retail sales provides another indication that the economy is heading for a stall in Q2,' Andrew Grantham, an economist at CIBC Capital Markets, said in a note. Much of the previous strength in retail sales was due to automobiles, sales of which were 13 per cent higher than a year ago. Grantham said a similar scenario played out in the U.S., with vehicle sales subsequently fading. He said 'sluggish' sales when autos are excluded 'is evidence that consumer spending is starting to struggle.' CIBC is calling for the Bank of Canada to restart interest rate cuts and forecasting two more trims of 25 basis points this year to take rates to 2.25 per cent. 'The grisly flash estimate for May suggests the economy will slow over the second half of the year,' Bradley Saunders, North America economist at Capital Economics Ltd., said in a note. He said it's possible the drop could reflect a pullback by consumers who flocked to purchase vehicles to get ahead of tariffs. But he also said a recent uptick in consumer confidence 'suggests the final figure may not be quite as bad.' However, Capital Economics still thinks annualized economic growth is on track to contract one per cent for the remainder of the year, leaving the Bank of Canada in a pickle because some businesses reported prices are rising just as growth appears to be on the brink of slowing. Bank of Canada governor Tiff Macklem earlier this week warned that prices would start to tick up unless tariffs are eased. 'Yet despite Macklem's hawkish comments, we still believe policymakers will prioritize the downside risks to the economy and therefore expect more loosening this year than is currently priced into markets,' Saunders said. May's forecasted retail sales decline points to two things: a weakening consumer and slower growth in the second quarter, Charles St-Arnaud, chief economist at credit union Alberta Central, said. Still, he thinks there are signs that consumers are not in that bad of shape. For example, retail sales per person, adjusted for inflation, improved in April, indicating that increasing consumption no longer depends solely on population growth. That, along with improving consumer sentiment, means 'further deterioration in consumer spending is less likely.' St-Arnaud doesn't think the latest retail numbers will sway the Bank of Canada's decision on interest rates and that inflation is more important to policymakers. He thinks the Bank of Canada will focus its attention on next week's consumer price index to guide its next rate decision on July 30. 'It was better to look at core sales to get a better idea of the health of Canadian consumers,' Daren King, an economist at National Bank of Canada, said in a note, highlighting that sales fell in several categories, including clothing, shoes, building materials and garden supplies. Looking at May, he said it's possible that wildfires across much of Western Canada could corral sales. 'We are not seeing inflation in our business,' Empire CEO says 'This is massive:' Amazon extends Prime Day to four days and encourages shoppers to support Canadian brands Regardless, National Bank's 'base case' is for retail sales to continue slowing over the next few months, given the tariff uncertainty and a stalling jobs market. 'The (federal) tax cut announced this summer will certainly soften the blow, but it should not be forgotten that some mortgage holders continue to face an interest payment shock,' he said. • Email: gmvsuhanic@ Sign in to access your portfolio
Reuters
a day ago
- Automotive
- Reuters
Canada's retail sales up in April, likely to post big drop in May
OTTAWA, June 20 (Reuters) - Canada's retail sales were up in April on a monthly basis but were below estimates, data showed on Friday, as the momentum seen in the previous months when customers advanced purchases to beat the impact of tariffs continued. Retail sales in April grew by 0.3% to C$70.11 billion ($51.11 billion) from 0.8% observed in the month earlier, Statistics Canada said, adding sales grew in six of the nine subsectors. An advanced estimate of sales shows that the number is likely to contract by 1.1% in May. "Canadian consumers continued to spend in April, but a decline in the May advance estimate for retail sales provides another indication that the economy is heading for a stall in Q2," Andrew Grantham, senior economist at CIBC Capital Markets wrote in a note. Retail sales are closely watched by economists and analysts as they give an indication of the trend of the GDP. They had been largely increasing in the previous months as uncertainty around the timing and magnitude of tariffs brought forward purchases. The sales have started showing signs of decline as tariffs have come into effect and analysts expect that they are likely to go down in the coming months. Feedback from respondents for April highlighted the effects of trade tensions between Canada and the United States on Canadian retail businesses, the statistics agency said. "Despite six of nine subsectors posting monthly gains in retail sales, all nine subsectors saw a negative impact on sales," it said. Analysts polled by Reuters had estimated the April sales to increase by 0.5% on a monthly basis and 0.2% excluding automotive and parts sales. StatsCan reported that excluding automotive and parts sales, the number shrank by 0.3% from a drop of 0.8% in March. The biggest jump in sales in April came from sales at motor vehicle and parts dealers, registering a growth of 1.9%, and was led by sales at new car dealers and used car dealers. This is the biggest category of sales and contributes over a quarter of total retail sales. The biggest drop in sales came from gasoline stations and fuel vendors which shrank by 2.7% and were closely followed by sales at retailers selling clothing and accessories posting a drop of 2.2%. In volume terms, retail sales increased 0.5% in April. ($1 = 1.3718 Canadian dollars)
Globe and Mail
3 days ago
- Business
- Globe and Mail
The rise of giving while living: Advisors play a key role in smart wealth transfer strategies
A shift is occurring as part of the great wealth transfer, in which trillions of dollars globally are expected to move from baby boomers to their millennial and Generation Z children during the next decade: Many aren't waiting until they die to transfer their wealth. 'There seems to be a real push to gift while alive, and largely, that has to do with the high cost of living for younger generations,' says Jeanette Power, senior wealth advisor with the Power Investment Team at CIBC Wood Gundy in Mississauga. The 'bank of mom and dad' factors into the purchases of many first-time home buyers, particularly in expensive real estate markets such as the Greater Toronto Area, she adds. The movement to give with a warm hand may not be new, but it's gaining more attention from advisors as their clients have accumulated substantial wealth, says Tony Maiorino, vice-president and director, head, RBC Family Office Services in Toronto. Advisors play a key role in helping clients execute strategic ways to transfer wealth and ensure that their clients' financial and retirement plans aren't compromised as they help their children. 'The first thing is establishing there's excess capital,' Mr. Maiorino says. He says it's vital to stress-test strategies to prevent running out of money, examining different scenarios for market returns, inflation and life expectancy. 'Then, we break down the giving strategy by immediate, mid- and long-term supports.' It's not just a matter of carving out $300,000 from the future estate and handing it out to the adult children to buy a home, which is a more immediate form of support. Clients might also consider other suitable strategies to support their children, including an estate freeze. 'The main opportunity [in using an estate freeze] is deferring taxes and capping the parents' taxes,' says John Sacke, investment advisor and portfolio manager with the John Sacke Wealth Management Team at BMO Nesbitt Burns in Toronto. As he explains, the goal is to freeze the current value of a portion of an individual's assets that otherwise would eventually be part of their entire estate upon death. The benefit to the parents is a lower tax base while alive, because income and dividends from the frozen part of the estate, and even gains, wouldn't be attributed to them. Taxes on the growth of the frozen estate portion would then be deferred until beneficiaries dispose of the assets, 'presumably at a lower rate than the parents would have paid,' he says. Mr. Sacke notes that some families will employ a trust for the frozen portion of the estate, facilitating distributions to beneficiaries, likely at a lower marginal rate than the parents. He says trusts can add more cost and complexity and may not be appropriate for every client using an estate freeze. Another option for giving while living is a prescribed interest rate loan, especially in instances in which parents are helping one child more than others. The drawback is that it's a loan, and many parents would rather not worry about their adult children's ability to pay it back. While gifting is a cleaner approach, Mr. Sacke says not all gifts are equally helpful. He has seen clients pay their adult children's car loans and credit card debt. 'That's not a very effective strategy because you're teaching bad habits.' A longer-term strategy for giving can lead to better outcomes. That largely involves providing financial support over many years for certain goals, such as putting money into their adult children's registered accounts, Ms. Power says. 'I see more parents funding their kids' tax-free savings accounts [TFSA], their grandkids' RESP [registered education savings plans] and the FHSA [first-home savings account].' RESPs and FHSAs are often a giver's preferred strategy because they're more confident those assets will be put to good use, whereas money for a TFSA could be spent on anything, Mr. Maiorino says. Providing funds for the RESP or FHSA helps 'create the infrastructure to support the kids at a later date.' Of course, many parents still want to leave a legacy after death. An often-overlooked strategy is using permanent life insurance, Mr. Maiorino says. The benefit is two-fold. Parents reduce taxable income from their non-registered investments in funding the insurance premiums. Plus, beneficiaries receive a tax-free death benefit upon the death of the surviving parent without passing through probate, which can take several months. 'And if something happens where the parents find themselves in financial trouble … they can borrow against the policy,' Mr. Maiorino adds. Trusts are another option allowing for more governance around assets for beneficiaries. But like other approaches, these can add complexity to estate planning. 'Navigating that complexity is what we're here for as advisors,' Ms. Power says.
Yahoo
4 days ago
- Business
- Yahoo
WHITECAP RESOURCES ANNOUNCES $300 MILLION OFFERING OF SENIOR NOTES
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ CALGARY, AB, June 17, 2025 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has priced an offering of $300 million principal amount of 3.761% senior unsecured notes due June 19, 2028 (the "Notes"). The net proceeds will be used to repay existing indebtedness and for general corporate purposes. Whitecap's investment grade credit rating was recently upgraded to BBB, with a stable trend, issued by DBRS, Inc. ("Morningstar DBRS"), reflecting its improved credit profile. The Notes have also been assigned a provisional rating of BBB, with a stable trend, by Morningstar DBRS. The Notes will be direct, unsecured obligations of the Company and will rank equally with all other present and future unsecured and unsubordinated indebtedness of the Company. The Notes are being offered in Canada on a private-placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation (the "Offering"). The Notes are being offered through a syndicate of agents including CIBC World Markets Inc., RBC Dominion Securities Inc., ATB Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc. and Merrill Lynch Canada Inc. The Notes are expected to be issued on or about June 19, 2025, subject to customary closing conditions. This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes in any jurisdiction. The Notes have not been approved or disapproved by any regulatory authority. The Notes have not been and will not be qualified for distribution to the public under the securities laws of any province or territory of Canada and will only be sold to "accredited investors" under applicable Canadian securities laws. The Notes will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and will not be offered or sold within the United States. ADVISORY Credit Ratings Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold or sell securities and do not address the market price or suitability of a specific security for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgement, circumstances so warrant. NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Offering and other aspects of our business. In particular, and without limiting the generality of the foregoing, this press release contains forward-looking information with respect to: that the Company will use the net proceeds of the Offering to repay existing indebtedness and for general corporate purposes; our belief that the credit rating from Morningstar DBRS reflects the improved risk profile; and the expected terms of the Notes and timing to issue the Notes. The forward-looking information is based on certain key expectations and assumptions made by our management, including our ability to satisfy all conditions to closing the Offering on the timeline anticipated. Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Whitecap can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. These include, but are not limited, to: the risk that we are delayed in satisfying or are unable to satisfy the conditions to closing the Offering and that closing of the Offering is delayed or does not occur; changes to credit ratings from the provisional rating disclosed herein; and general business and economic conditions and the risk of adverse changes thereto. Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on our future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect our operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR+ website ( These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. SOURCE Whitecap Resources Inc. View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
