Adam Affleck's Blog

Bank of Canada warns of possible debt, mortgage defaults if conditions worsen

Adam Affleck (Remax Charlottetown Realty) — Mon, 15 Dec 2008 07:11:15 -0800

A significant number of Canadians are at risk of defaulting on mortgages and other loans if the global financial crisis deteriorates and triggers a deeper recession, the Bank of Canada warns.
In a sobering assessment of the financial crisis, the central bank concludes that significant risks remain for both the global economy and Canada if credit conditions don't begin to improve.
"With household balance sheets under pressure from weak equity markets, softening house prices, slowing income growth, and record-high debt-to-income ratios, a severe economic downturn could result in a substantial increase in default rates on household debt," the bank writes in its December financial systems review released Thursday.
The Bank of Canada says the number of "vulnerable households" - the three per cent with a debt-to-income ratio above 40 per cent - could double by the end of next year under this pessimistic scenario. That would mean tens of thousands of households could face crushing debt as Canadians lose jobs and family incomes drop to the point where they can't pay their bills.
The central bank notes that this would be a worst-case scenario. The "most likely outcome" is for global markets and credit conditions in Canada to gradually improve, it states.
This is partly because central banks and governments around the world have leaped into action with extraordinary measures such as cash injections, asset swaps and credit guarantees to backstop financial institutions to pump addditional billions of dollars of credit into the economy.
But the Canadian central bank's top officials also warn that the crisis is far from over and that there is "a significant risk of mutually reinforcing weakness in the financial sector and in the real economy."
That's the kind of negative feedback that felled the American economy, noted Douglas Porter, deputy chief economist with BMO Capital Markets, the brokerage arm of Bank of Montreal, adding it is no longer far-fetched to think it could happen here.
"Given the fact we're looking at the recession in the teeth, some of the worst-case scenarios have to be studied a little more closely," he said.
"It looks like we're going to get as close to the bank's worst-case scenario than anyone would have imagined possible as recently as three months ago."
After resisting the call for months, the Bank of Canada declared the economy in recession Wednesday when it slashed its trendsetting interest rate to the lowest level in 50 years at 1.5 per cent.
Most economists are forecasting growth at or below zero for 2009 with job losses of more than 100,000 and an unemployment rate above seven per cent.
For much of the last year, experts said the Canadian economy would perform better than the recession-ravaged U.S., where the housing, financial and manuufacturing sectors have been battered and the services sector is now feeling the effects.
But now, the slump in the auto, manufacturing and forestry industries in Ontario and Quebec has spread to the resources-based West as oil projects get shelved because of low crude prices and mines close because of slumping prices for nickel, copper, zinc and other primary metals.
Pressure is mounting on the federal government to shock the economy into recovery with a big stiumulus spending plan in its Jan. 27 budget. Late Thursday, Bank of Montreal's Porter urged Ottawa to spend as much as $16 billion next year to arrest the economy's slide into recession.
Porter said such a package should include spending on roads and bridges as well as a one-time bonus for seniors on public pensions, temporary cuts to payroll taxes and the GST, and spending vouchers that would give Canadians government cheques on the condition they spend rather than save.
As well, Porter says Ottawa should consider a one-time financial transfer to the provinces, which could put the money more directly to use.
Given the rising uncertainty, the Bank of Canada officials outlined five potential risks for the world and Canada, including a deeper and more prolonged recession as banks compelled to restore cash reserves tighten the screws on credit conditions even further.
For Canadians, the repercussions will be profound - higher joblessness, lower income growth and more home defaults from crushing debt loads, the bank says in its worst-case assessment.
And while Canadians' access to credit has not tightened significantly during the financial crunch, this could change if the crisis persists, the bank says.
The risk assessment is noteworthy for its predominantly gloomy outlook - although it remains a hypothetical one - and for the fact it was written by the bank's governing council headed by governor Mark Carney, rather than by lower-rank bank staff as is usually the case.
In the United States, millions of Americans have lost their homes in the last two years with the collapse of the sub-prime, or high-risk mortgage market, which led to sharply higher interest rates for homeowners with poor credit and produced widespread foreclosures.
In Canada, however, the housing sector has been more stable, but the jump in home prices that led to soaring values in Vancouver, Calgary, Toronto and other cities has begun to reverse. Statistics Canada reported Thursday that new home sales fell for the first time in a decade in October, dropping 0.4 per cent from September.
According to the latest figures compiled by the Canadian Bankers Association, the percentage of mortgages that have gone unpaid for at least three months as of September was 0.29 per cent, or 11,362 of about 3.9 million mortgages in the country. Arrears in the U.S. are 6.5 times higher.
"Canadian trends are stable. American trends are worsening," according to the bankers' group.
In its report, the Bank of Canada says consumer debt woes will also cut deeply into bank profitability. In their recent financial reports, the six biggest Canadian banks reported a 38 per cent drop in profits for the just completed 2008 fiscal year to about $12 billion.
Much as has happened in the U.S., the central bank officials say the contagion could spread through the banking system and further restrict the availability of credit.
The Bank of Canada does caution that the vulnerability of Canada's housing sector should not be overstated.
It notes that lending practices in Canada have been far more conservative than those in the U.S. and that subprime mortgages account for about five per cent of the market as opposed to 14 per cent in the U.S. Banks are also insulated for defaults through government guaranteed mortgage insurance.
As well, although debt is high, low interest rates means that at present most households are able to comfortably manage their financial obligations.
Merrill Lynch economists David Wolf and Carolyn Kwan warned back in September that Canada was experiencing a similar housing meltdown as occurred in the U.S.
But Derek Holt of Scotia Capital agreed with the Bank of Canada that the situation here is not as dire.
"If we start off by looking at the household balance sheet it's 20 cents in debt for dollar of assets in Canada versus 26 cents in the United States. So we have 30 per cent less debt per each dollar," he explained.

Adam Affleck

Charlottetown Remax

www.adamaffleck.com

What should be done

Bank of Montreal calls for $16-billion fiscal stimulus package

Adam Affleck (Remax Charlottetown Realty) — Mon, 15 Dec 2008 07:03:17 -0800

The federal government should move decisively on a fiscal stimulus package of as much as $16 billion next year to arrest the economy's slide into recession, the Bank of Montreal says.
In a four-page note released late Thursday, deputy chief economist Douglas Porter argues that a $16 billion stimulus in the Jan. 27 federal budget is appropriate. After 12 years of budgetary surpluses, Ottawa can well afford to spend to boost growth and put more money into ordinary Canadians' pockets to help grow demand, spur buying and create jobs.
"After all, the string of budget surpluses in the past decade were the public sector equivalent of saving for a rainy day, and it's starting to pour," said Porter.
Porter says many economists still object to governments going into deficit to stimulate the economy, preferring that central banks carry the load through interest rate cuts to encourage consumers and companies to borrow, spend and invest.
That is a reasonable position under normal circumstances, he says, but adds that the current situation is dire and time is of the essence, noting that monetary stimulus typically takes 12 to 18 months to fully take hold.
As well, the Bank of Canada has already chopped interest rates by three percentage points in the last year - the latest coming in this week's three-quarter point cut - and the short-term trendsetting rate now stands at a 50-year low at 1.5 per cent.
"Monetary policy could use an assist," said Porter, whose bank is one of Canada's big financial institutions, with profits of nearly $2 billion in fiscal 2008 and 36,000 employees in Canada and the United States.
Prime Minister Stephen Harper said this week the Jan. 27 budget would contain "significant" stimulus, but did not give number.
However, leaders of the G20 suggested last month that stimulus should be around two per cent of the size of the economy - which would amount to $32 billion for Canada - although it was unclear whether that would be over one year or several.
Porter argues the economy badly needs a stimulus, citing November's 70,600 job losses and recent sharp declines in home sales, housing starts and auto sales.
Earlier Thursday, the Bank of Canada also warned of a "significant risk" of a deeper recession than previously anticipated, after officially declaring the country in recession earlier in the week.
The central bank said that if the economy worsen, many more Canadians could face defaulting on mortgages and other consumer loans.
"A stimulus package of ($16 billion) would be both substantial but also affordable ... it would be unwound without significantly slamming growth in the ensuing years," Porter writes.
And he offers a number of suggestions on how Ottawa can spend the money effectively beyond the already expected construction projects on roads, bridges and sewer works to improve the country's infrastructure.
These include a one-time bonus for seniors on public pensions, temporary cuts to payroll taxes and the GST, and spending vouchers that would give Canadians government cheques on the condition they spend rather than save.
As well, Porter says Ottawa should consider a one-time financial transfer to the provinces, which could put the money more directly to use.
Porter's recommendations partly coincide with a ranking of options open to Finance Minister Jim Flaherty for his upcoming budget issued by IHS Global Insight economist Dale Orr.
Orr and Porter agree that the key criteria for choosing the best form of fiscal stimulus is that measures should be tailored to impact the economy as quickly as possible, be targeted and be temporary so they can be withdrawn once the economy recovers.
Orr places small infrastructure projects at the top of the list, followed by a temporary cut to the GST, followed by cuts to personal income taxes.
He does not say how big the stimulus should be, but says with the opposition parties threatening to topple the government over perceived inaction on the economy, "They must design a fiscal stimulus package acceptable or they will be defeated."
The recommendations from the economists come as the Finance Department opened public consultations on the Jan. 27 budget beginning Friday in Saint John, N.B., where Flaherty is scheduled to speak.
"The government is open to innovative new ideas that would help shape the plan for economic recovery in the 2009 budget," the finance minister said in a release late Thursday.
The department said ideas for stimulus already proposed include investing in housing, expediting infrastructure spending and incentives for worker training.

what do you think?

Adam Affleck

Charlottetown Remax Realty

www.adamaffleck.com

Hospital death rate dropping, report shows

Adam Affleck (Remax Charlottetown Realty) — Mon, 15 Dec 2008 06:57:49 -0800

Canadian hospitals are improving the chances that patients will survive, new statistics suggest. The hospital standardized mortality ratio (HSMR) data released by the Canadian Institute of Health Information (CIHI) shows that nationally, the rate of in-hospital deaths has fallen four per cent over the past year, said Dr. Indra Pulcins, director of indicator and performance measurement at the group. While the data shows some hospitals and health regions have made progress in cutting patient mortality, there are variations by hospital and region. Nonetheless, the trend is down. "The bar gets lower every day," Pulcins said. Among the 76 large acute-care hospitals or hospital corporations across Canada (excluding Quebec, where the data is collected differently), 47 reported drops, two were unchanged and 25 reported increases. CIHI says the data should not be used to compare hospitals because of the different factors involved, but "provides an important starting point for hospitals and health regions to assess their mortality rates and identify areas for improvement." But even hospitals that are below the national average of can improve, Pulcins said. And CIHI would also like the variation between hospitals and health regions to drop. Hospital mortality ratio The hospital standardized mortality ratio is a statistic showing the number of deaths that occurred in a hospital or health region divided by the number of deaths expected, times 100. An HSMR greater than 100 suggests that the hospital or region's mortality rate is higher than the national average; under 100, that it is lower. The HSMR focuses on the people with ailments that account for the majority of in-hospital deaths. It's adjusted to take age, sex, length of stay, admission category, diagnosis and other factors into account. CIHI cited Ontario's Scarborough General Hospital in the Greater Toronto Area as a success story. The HSMR declined from 125 in 2005-06 to 109 in 2007-08. A number over 100 suggests that the hospital has a mortality rate over the national average. Scarborough General adopted "a culture of patient safety" — including cutting adverse drug reactions and surgical infections — after the first public release of HSMR data last year, CIHI said in a news release Thursday. "Unfortunately, sometimes it takes something very dramatic to get people's attention focused in the right direction," Dr. Steven Jackson, chief of staff at the hospital, said in the release. There are still things the hospital can do better, "but the HSMR initiative has helped motivate people to take this on." It's not just mortality rates that can be improved, Pulcins said. "A number of years ago, it was thought impossible to prevent pneumonia" among patients on respirators, but now some hospitals go for months without a case. HSMR rates for some urban areas, 2007-08 and 2004-05 Health region No. of hospitals/corporations Rate '07-'08 Rate '04-'05 Vancouver 10 83 98 Calgary 11 88 87 Winnipeg 7 105 115 Toronto 6 97 96 Halifax 6 93 125 St. John's 8 102 114 Source: CIHI

White House may tap $700B bailout fund for automakers!

Adam Affleck (Remax Charlottetown Realty) — Mon, 15 Dec 2008 06:53:41 -0800

White House may tap $700B bailout fund for automakers.

It would be "irresponsible" to hurt the economy by letting the Detroit Big Three automakers fall, a White House spokeswoman said Friday following the Senate's rejection of a massive auto industry bailout.

Speaking to reporters aboard Air Force One, press secretary Dana Perino said the White House is considering using money from the $700-billion US Wall Street rescue fund to support the domestic automakers.

Perino said the administration would not typically make such a move, but said the White House would consider the option due to the economic distress confronting the United States.

"While the federal government may need to step in to prevent an immediate failure, the auto companies, their labour unions and all other stakeholders must be prepared to make the meaningful concessions necessary to become viable," Perino said.

The U.S. Treasury Department also said it was ready to move to avoid the collapse of the industry.

"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," said department spokeswoman Brookly McLaughlin.

The $14-billion US bailout package collapsed in the Senate on Thursday night. It was rejected 52-35 on a procedural vote - well short of the 60 votes needed to pass the plan.

Republican senators had pressed for wage cuts, but the United Auto Workers had rejected that call.

Obama reacts to failed bailout bid

President-elect Barack Obama said he was disappointed that an agreement couldn't be reached, adding that supporting the economy should not be undermined by partisan political fights.

Obama said he remained hopeful that a short-term auto sector bailout could be reached, but he also pressed the need for a long-term restructuring of the industry.

Speaking in Detroit, UAW president Ron Gettelfinger said the only option is for Treasury Secretary Henry Paulson to use money from the $700 billion bailout fund "to prevent the imminent collapse of the automakers and the devastating consequences that would follow for millions of workers, retirees, for families across our nation, and for our economy as a whole."

Gettelfinger said it was important for the White House to use its influence to get money for the industry released as soon as possible.

"We cannot afford for there to be a run on the banks, if you will, at these companies," he said, meaning that suppliers and creditors might shorten up their terms and demand cash on delivery.

What do you think should be done?

Adam Affleck

Charlottetown Remax PEI

Gas, oil prices continue to slide.

Adam Affleck (Remax Charlottetown Realty) — Mon, 15 Dec 2008 06:48:26 -0800

The price for gas and heating oil has dropped on P.E.I. for the fourth week in a row.

Current prices (¢)
Gas	69.9
Heating oil	70.1
Diesel	92.9

As of 12:01 a.m. Monday the price of gas fell 3.0 cents per litre. Heating oil was down 3.8 cents a litre and diesel by 2.0 cents. Propane was unchanged.

A continuing global economic slowdown is the main reason for the falling prices, said IRAC in a news release. Relatively mild weather is also lowering the demand for heating oil.

This was a scheduled petroleum product price review from IRAC, which normally looks at prices at the beginning and middle of the month, but falling oil prices have prompted weekly changes since Nov. 15.

The next scheduled price review is Jan. 1.

GM slashing car, truck production!!!

Adam Affleck (Remax Charlottetown Realty) — Mon, 15 Dec 2008 06:46:14 -0800

General Motors will suspend much of its North American production in January as it cuts 250,000 vehicles from its first-quarter output.

The company's car plants in Oshawa, Ont., will close for January, plus the first week of February.

Stew Low, a GM Canada spokesman, said the company's Oshawa truck plant will be down beginning the first week of January and not go back into production until the middle of March.

A total of 20 GM plants across the continent will be shut down for all or part of January. A GM spokesperson said normal production for the quarter would be about 750,000 cars and trucks.

Jim Stanford, an economist with the CAW, said October and November auto sales were weak, with no indication that December will be any better.

"With auto sales collapsing like that, you know you're going to have significant downtime at your plants. That's not unexpected," he said.

"The bigger problem for us is to ensure that temporary collapse in auto sales ... does not take the industry itself down," he added.

The announcement comes following the failure of the U.S. Senate to pass a $14-billion US bailout package for the Detroit Big Three automakers.

However, the White House has said it could tap into its $700-billion bailout fund for banks to support the auto sectors.

The Big Three automakers have been seeking $6.8 billion in loans and credit lines from Ottawa and Ontario.

Ken Lewenza, the president of the CAW, called on governments in Canada to go ahead with a support package for the Canadian auto industry, conditional on a U.S. bailout getting done.

"Don't sit back," he encouraged governments. "That could help break the logjam in the United States."

"We think if Canada was to move, and move swiftly, that would put pressure on the United States to respond more appropriately than as of last night."

AMAZING COUNTRY HOME MINUTES TO CITY!!

Adam Affleck (Remax Charlottetown Realty) — Tue, 09 Dec 2008 06:45:09 -0800

AMAZING COUNTRY HOME MINUTES TO CITY! This amazing family home is the oerfect mix of country living only minutes to the city.Property features include:all new windows,renovated kitchen,seperate living and dining rooms,and a main floor office/study. Large lot and detached garage make this home a must to see. Electric hot water heater, new sub-well pump, insulation throughout. New second floor bathroom,shingles, sheathing,painting, flooring, hedgegrow program home with over 350 trees planted,new amp 200 service, steel roof and many more updates.This home won`t last long @ 225,000 so call Adam today @ 902-629-4997 with any questions or to set up a private viewing.All measurements are approximate. Directions TCH to Colville Rd (Route # 19) north to Clow`s Store, tirn left, property on left.

FloorRoomSizeFloorRoomSize

MAIN FLOOR	LIVING ROOM	10.5X14	2ND FLOOR	MASTER BEDROOM	13.11X14.5+8.4X10.10
MAIN FLOOR	DINING ROOM	9.3X14	2ND FLOOR	BEDROOM	9.4X10.10
MAIN FLOOR	KITCHEN	11.3X14.6	2ND FLOOR	BEDROOM	11X12.5
MAIN FLOOR	REC ROOM	14.3X16.4	2ND FLOOR	BEDROOM	9.2X13
MAIN FLOOR	DEN/OFFICE	8.6X14.2

more pics at www.adamaffleck.com

Adam Affleck

P.E.I. out to restore the reputation of the maligned Malpeque oyster

Adam Affleck (Remax Charlottetown Realty) — Tue, 09 Dec 2008 06:26:35 -0800

The provincial government has set December as "Celebration of the Oyster" month, in the wake of media reports calling into question the quality of Malpeque oysters, once considered among the world's best.

Last week, the province called together local media to showcase Malpeque oysters - complete with photo ops of Premier Robert Ghiz slurping them off the half shell.

While the Malpeque name still carries weight, the oyster's reputation took a hit recently when some prominent names in the oyster industry singled them out for criticism. Seventy per cent of the Malpeque oyster fishery is wild, and that causes some problems with quality. The shells can be long instead of round, making them difficult to shuck. Inside, they can be short on meat.

Wholesaler Jason Woodside said Malpeques just aren't that good any more, and he's seen it at recent events.

"[The Malpeques] were these tiny little dried up little cocktails, right next to these beautiful, big Blue Point oysters," said Woodside.

Too many fishing?

Having 675 licensed fishermen also poses problems. In previous years, less information was available about where the good fishing was. Fishermen tended to stick with particular beds, so beds producing well were not overfished. Clifford Bernard, head of the P.E.I. Shellfish Association, said that has changed.

"Now they have cellphones and GPSs, you know," said Bernard.

"One friend's one place, and another friend another place, and they say, 'Well, it's good fishing here.'"

PEI's fisheries minister has been meeting with industry to find ways to bring the bivalve's reputation back. One possibility is cutting back on the number of fishermen. Bernard believes some licences will have to be bought out to take pressure off the beds. But he doesn't want to see too many go, because these licences inject much-needed employment and money into the rural economy.

The industry was worth about $13 million last year.

Woodside said the industry needs to do more of what's happening in other jurisdictions: reduce the wild fishery in favour of cultivating oysters. That, he said, will allow for better quality control.

what do you think?

Adam Affleck

www.adamaffleck.com

Housing starts fall 21% as condo construction slows: CMHC

Adam Affleck (Remax Charlottetown Realty) — Tue, 09 Dec 2008 06:23:25 -0800

November housing starts fell to 172,000 units, representing a 21.6 per cent decline in year-over-year comparisons, the Canada Mortgage and Housing Corporation said Monday.

The federal agency attributed the decline in part to slumping demand in the condo market.

"Note that at the beginning of the new millennium, Canada posted strong housing start levels given a pent-up demand that existed then," said Bob Dugan.

"Over the last few years, this excess demand gradually decreased and our forecast for 2008 and 2009 reflects this new reality with housing starts, more aligned with long run demographic demand."

Seasonally adjusted urban multiple starts fell 29.1 per cent to 81,700 units from 115,300 in October. Urban single starts slowed nine per cent to 63,100 units.

Collapse unlikely in Canada: RBC report

Meanwhile, RBC Economics on Monday released a report suggesting that while Canada's housing market is slowing, a U.S.-style downturn is unlikely to be mirrored here given that the sub-prime business is marginal and banks are continuing to lend.

"Many of the factors that triggered the collapse in the United States are either absent or of much lower significance on this side of the border," said Robert Hogue, a senior economist with RBC.

The report noted that market corrections are occurring in British Columbia, Alberta and Saskatchewan as the economy continues to weaken. Conversely, prices continue to rise in St. John's, Saint John, N.B., and Halifax, the report said.

According to RBC's Affordability index for a detached bungalow - which measures the proportion of pre-tax income needed for homeownership - Vancouver led the country with 74.8 per cent, followed by Toronto at 53.3 per cent, Calgary at 47.3 per cent, Ottawa at 43.3 per cent and Montreal at 40.4 per cent.

Great article

Adam Affleck

www.adamaffleck.com

Atlantic premiers urge federal government to stimulate economy now!!!

Adam Affleck (Remax Charlottetown Realty) — Tue, 09 Dec 2008 06:19:41 -0800

SUMMERSIDE, P.E.I. - Efforts by the federal government to stimulate the country's slumping economy must accelerate programs already announced and invest in projects being started by the provinces, the Atlantic premiers said Monday.

"Rather than creating some new national program that may take a year for the dollars to start flowing, there's an opportunity now to be flexible and to dovetail into our existing programs and allow that accelerated investment immediately," said New Brunswick Premier Shawn Graham.

Prince Edward Island Premier Robert Ghiz, New Brunswick Premier Shawn Graham, left, and Nova Scotia Premier Rodney MacDonald, right, share a laugh at the start of a news conference during a meeting of Atlantic premiers in Summerside, P.E.I., on Monday. THE CANADIAN PRESS/Andrew Vaughan

His comments came as three of the four Atlantic premiers wrapped up a one-day meeting in Summerside that focused on the state of the economy.

"Let's respond as quickly as we can," said Shawn Skinner, minister of innovation, trade and rural development for Newfoundland and Labrador.

"People need it. We need to restore confidence in our people, in our economies, and one of the best ways to do that is by governments investing in our infrastructure."

Newfoundland Premier Danny Williams was unable to attend the meeting because of a snow and wind storm that lashed the region.

Quebecers head to the polls? what does it mean for Canada??

Adam Affleck (Remax Charlottetown Realty) — Mon, 08 Dec 2008 06:47:42 -0800

Quebecers are heading to the polls Monday to vote in their second provincial election in as many years.

The Quebec Liberal Party, the Action Démocratique du Québec and the Parti Québécois all hope to form the next government.

Liberal Leader Jean Charest called a snap election this fall on the grounds he needs a majority to steer the province through the global financial crisis.

The ADQ is hoping to hold on to its unprecedented gains made in the 2007 election when it elected 41 members to the legislature and formed Quebec's official opposition. Two members crossed the floor to join the Liberals prior to the election call Nov. 5.

The PQ will be looking to win back sovereigntist supporters who turned their backs on the separatist party in the last election.

Both the Green party and upstart Québec Solidaire are banking on making a breakthrough and electing a member of the provincial legislature for the first time in history.

ADQ Leader Mario Dumont urged voters to cast their ballot even if they didn't want another election. "Not voting is rewarding the party that called this election," he said while campaigning in Thetford Mines on Sunday. "Abstaining is our worst enemy."

According to the province's election agency, 5,739,12 Quebecers are registered to vote. Nearly 12 per cent of registered voters cast their ballot in advance polls, up from 10.23 per cent in 2007.

Polling stations are open Monday from 9:30 a.m. to 8:00 p.m. ET.

Any Canadian citizen aged 18 and over who has lived in Quebec for more than six months can vote, as long as they are registered on the voters' list.

Ignatieff poised to replace Dion with support of Liberal caucus vote. Don't let this happen!!!

Adam Affleck (Remax Charlottetown Realty) — Mon, 08 Dec 2008 06:44:38 -0800

Michael Ignatieff, who enjoys the support of a majority of Grit MPs and senators, appears poised to become federal Liberal leader at a caucus meeting Wednesday when Stéphane Dion is expected to step down.

The prospect of a caucus vote installing Ontario MP Ignatieff in the top Liberal job emerged late Sunday after the party's national executive gave a rough reception to a last-minute proposal to give all party members a vote by a combination of phone and online ballots early next month.

No final decision was made but insiders said it appeared the proposal, supported by rival Bob Rae, will not fly.

Liberals are virtually unanimous that the leadership question must be settled quickly and well before a Jan. 27 budget vote that could plunge the country into another election or see the Harper Conservatives replaced by a coalition government.

If there is to be no nationwide vote by party members, a caucus vote is the only other option left to find a replacement for Dion, who is expected to resign Wednesday at the caucus meeting. Some Liberals speculated he may go as early as Monday.

Under the party constitution, as soon as the leader resigns, the national executive, in consultation with the caucus, can choose an interim leader.

Many Liberals now expect Ignatieff, a former Harvard professor, will be chosen Wednesday by caucus as interim leader - to be made permanent by a ratification vote at a previously scheduled May 2 leadership vote.

Ignatieff is also expected to get a boost Monday, picking up the support of the third leadership contender, New Brunswick MP Dominic LeBlanc, who is expected to drop out of the race and endorse Ignatieff. But top insiders in LeBlanc's camp continued to insist late Sunday that no final decision has been made.

Contenders agree party needs new leader before Jan. 26

Despite arguments over the best way to replace Dion, there was a consensus that the Liberal party needs a new, permanent leader before Parliament resumes on Jan. 26.

"We need to find a leader of the party before the House comes back at the end of January," leadership candidate Bob Rae told CBC News earlier Sunday."

On Thursday, Prime Minister Stephen Harper persuaded Gov. Gen. Michaëlle Jean to suspend Parliament and ward off the possible demise of his minority Conservative government.

That move came after the Liberals and NDP agreed to form a coalition headed by Dion and aimed at ousting Harper's government, which the opposition accused of failing to propose an adequate plan to deal with the economic crisis. The Bloc Québécois is not an official member of the coalition, but has agreed to support it on matters of confidence.

"Mr. Dion has indicated that as soon as a new leader is chosen, he will step down, and I think the party is obviously considering ways in which the leadership race can be moved forward," Rae said.

Ignatieff echoed the sentiment on CTV's Question Period on Sunday.

"There's an emerging feeling in the caucus that, given the importance of this [Jan. 27 budget] vote in late January, it would be appropriate to have a permanent leader in place," he said. "The caucus is considering various options about how to do that."

Manley urges party to choose new leader before Christmas

In an opinion piece in Saturday's Globe and Mail, former Liberal deputy prime minister John Manley said the Liberal caucus and party executive should move to choose a new leader before Christmas.

"As a Liberal, I believe the first step for my party is to replace Stéphane Dion as leader with someone whose first job is to rebuild the Liberal party, rather than leading a coalition with the NDP," Manley said.

Manley said the idea that the public would welcome Dion as prime minister after having rejected him during the Oct. 14 federal election "was delusional at best."

"Mr. Dion had seemed to accept responsibility for the defeat (although somewhat reluctantly), and should have left his post immediately" after the vote, wrote Manley, who is now a counsel at McCarthy Tétrault LLP.

"Furthermore, in agreeing to the terms of the coalition with the NDP and the Bloc, Mr. Dion bound his successor to a controversial arrangement without even consulting any of the candidates to succeed him in the process, leaving them no option but to endorse it or break with him as party leader."

Rae also said on Sunday that a closed-door decision by the Liberal caucus and party executives - both of which are top-heavy with Ignatieff supporters - wouldn't be the right way to choose a permanent leader.

"It can't simply be a small group of people behind closed doors," he said, adding it would be inappropriate.

Accelerated leadership race

Rae told CTV that an accelerated leadership race, including televised debates and a vote by rank-and-file members, could be organized with the goal of installing the winner "by the middle or third week of January."

If Dion should decide to step down before then, he said, it would be all right for the two bodies to select an interim leader to fill in while the process runs its course.

Last week, the Conservatives mounted a massive public relations campaign, including anti-Dion television and radio ads, contending that a leader whose party captured just 25 per cent of the vote in the Oct. 14 election doesn't have a legitimate mandate to govern.

Many Liberals acknowledge privately that Dion's continued presence as the public face of the party has complicated efforts to sell the idea of an alternative coalition government.

They point, as an example, to the embarrassing communications snafu last week in which Dion's team was an hour late delivering a videotape to broadcast outlets offering the Liberal response to a televised address by Harper.

Coalition government??? What do we do???

Adam Affleck (Remax Charlottetown Realty) — Mon, 08 Dec 2008 06:40:58 -0800

More than 100 Conservative supporters gathered in Charlottetown Saturday to voice their approval of the government of Prime Minister Stephen Harper and to denounce efforts to defeat it in Parliament.

The Liberals and the NDP delivered a letter to Gov. Gen. Michaëlle Jean last week saying Harper had lost the confidence of the House of Commons and they were ready to form a coalition government to replace him. However, Harper succeeded in getting Jean to prorogue Parliament before a vote of no confidence could take place.

Malpeque MP and Fisheries and Oceans Minister Gail Shea spoke at the rally in front of Province House.

"It might look very appealing to the Wayne Easters of the world to steal the government," said Shea, referring to the most outspoken Liberal member of the P.E.I. caucus during the Parliamentary crisis.

"They must ask themselves: is it ethical as a Canadian to vest veto power over the country's decisions in a party that has no responsibility for Canada's progress?"

The Liberal-NDP coalition would require the support of the Bloc Québécois, which has said it would support a coalition government for 18 months.

A rally in support of a coalition government was held last Thursday night, organized by the P.E.I. Federation of Labour.

There have been rallies in support of both sides across the country, and more are expected before Jan. 27 when Parliament resumes to hear the new federal budget.

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Adam Affleck

Charlottetown Remax

Be Safe this winter!!! Canadian Red Cross promotes readiness for anything this winter !

Adam Affleck (Remax Charlottetown Realty) — Mon, 08 Dec 2008 06:38:17 -0800

The trees were thick with ice, electric poles were down across the province and hundreds of Islanders were left in the dark and cold, but Barb Mullally didn't blink an eye when she got the call for aid.
As a disaster management trainer and co-ordinator, last winter's ice storm was just the kind of emergency event Mullally has been trained to help handle.
She put in 14-hour days helping stranded Islanders as Maritime Electric crews worked to restore downed power lines. And with more than 300 damaged utility poles throughout central and western Prince Edward Island, it took the utility seven days to get the power restored.
And throughout, 20 trained disaster management volunteers for Canadian Red Cross on P.E.I. were there to hand out 800 blankets, set up 400 cots and help communities through the days of dark and cold.
"The devastation on the roads was unbelievable and the desperation," Mullally said.
"As a Canadian Red Cross volunteer when you're present, people say, ‘Oh you're here. Thank goodness!' It's that sigh of relief."
Still, Mullally said she couldn't believe how well some places coped with going days without heat or power in the dead of winter.
"People want to do it and look after themselves but don't necessarily have the knowledge and the know-how of what they need to do and that's where we come in."
The Red Cross helped establish and equip 11 comfort centres and helped with the logistics of securing and delivering nearly 1,000 meals and 600 cases of water.
As a result of the ice storm, Mullally said she believes more Islanders are prepared for unpredictable emergencies.
And that's just what the Canadian Red Cross hopes Islanders have learned by this weather event because storms, hurricanes, floods and other weather disasters are on the rise.
"Emergency events will get larger and longer, that's what the new intelligence on disaster management is telling us," said John Byrne, general manager for the local Canadian Red Cross.
That's why the Canadian Red Cross is starting now to try to promote being ready for anything this winter.
Byrne said everyone should have an emergency preparedness kit and a plan so they can deal with the first 72 hours of an unforeseen tragedy or disaster.
But even this is not enough if people are not being proactive, Byrne said.
He pointed to a number of worrying trends the Red Cross has discovered that are putting people at risk. A recent survey it conducted shows 37 per cent of people disable fire detectors that go off repeatedly, 23 per cent of people believe it's OK to leave a stove on with nobody home, and 17 per cent of people this winter plan to rely on stove or oven heat for warmth.
These are disasters waiting to happen, said Bill Lawlor, director of disaster management and international services for Canadian Red Cross Atlantic.
"I think there's often basic things like being aware of hazards that may be in your own household that will help prevent a tragedy," he said.
But for those that do end up dealing with a personal or weather-related disaster, Red Cross volunteers are ready and willing to help.
"For me to be part of this and gain some experience doing this is great and totally fulfilling," Mullally said. "We all help each other."

Emergency Kit:
Here are just some items you should have in an emergency kit in your home and vehicle to be prepared should disaster strike:
- Two litres of drinking water per person per day;
- Non-perishable canned and dried foods, can opener;
- Change of clothing and footwear per person;
- Copies of essential family documents;
- First aid supplies;
- Flashlights and extra batteries;
- Candle and holder;
- Cash;
- Useful tools such as a shovel, knife, pliers and screwdriver.
Source: www.redcross.ca

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Adam Affleck

Charlottetown Remax Realty

rGas prices drop again

Adam Affleck (Remax Charlottetown Realty) — Mon, 08 Dec 2008 06:35:05 -0800

Gas prices continue to plummet on Prince Edward Island.
The Island Regulatory and Appeals Commission announced the following petroleum pricing decisions, effective 12:01 a.m., Saturday:
- Gasoline prices will decrease by 2.5 cents per litre (cpl);
- Furnace and stove oil prices will decrease by 5.0 cpl;
- Diesel prices will decrease by 5.0 cpl.
There will be no changes to propane pricing at this time. Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 73.1 cpl to 75.2 cpl.

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Adam Affleck

Charlottetown Remax Realty

Alberta bankruptcies rise as oilsands downturn cools economy!!

Adam Affleck (Remax Charlottetown Realty) — Mon, 08 Dec 2008 06:32:40 -0800

CALGARY - More and more people have been streaming into bankruptcy trustee Bruce Alger's office in recent months, as a slowdown in the all-important energy sector begins to weigh on the livelihoods of everyday Albertans.
Not long ago, Alberta was considered Canada's economic juggernaut, as torrid development in the oilsands created scores of high-paying jobs and rampant economic growth.
But oil prices have been decimated since hitting an all-time high of US$147 in July. On Friday, the crude contract closed at a four-year low of $40.81 on the New York Mercantile Exchange.
The staggering fall in oil prices has caused many producers to put a kibosh on their ambitious expansion plans, many of which need crude prices close to US$100 per barrel to be viable.
At the same time, though, the inflated cost of living that came with the energy boom has remained stubbornly high.
"It just cuts right through things," said Alger, adding the current slowdown reminds him of the "atrocious" recession of the early 1980s.
In 2007, Alberta saw the lowest number of bankruptcy filings in five years, continuing a prolonged downward streak.
But a report by the federal Superintendent of Bankruptcy last week said total monthly filings in Alberta soared more than 50 per cent between October 2007 and this year. Nationally, bankruptcies were up 21 per cent.
"We're not at quite that hockey-stick curve but we're getting there," said Alger.
Recently it has been oilfield workers and tradespeople who have been finding themselves in dire financial straits. Big project delays and cancellations in the oilsands has caused much of the work in the province to dry up.
"Ever since the price of oil dropped off, the optimism has disappeared," said Alger.
Bank of Montreal economist Robert Kavcic is forecasting flat economic growth in Alberta next year, which doesn't seem too bad when stacked up against the 0.7 per cent decline expected in Canada as a whole.
But compared to the past five years of rampant growth, "that's going to feel pretty tough out West," Kavcic said.
"Pretty much by the day now we're seeing cancellations or at least delay announcements coming across the wire in the oilsands. You went from a period of extremely hot activity in that sector to almost stopping on a dime right now," he said.
"As goes oil prices, so goes Alberta."
Retail sales in Alberta are now the weakest in Canada. And the real estate market in Calgary has been cooling off tremendously, with nine listings for every sale.
"In the case of some of these tradespeople, they've lost their jobs. There's no more home construction," said Alger.
Alger has also been seeing a gradual increase in people living off fixed income filing for bankruptcy in the past few years, largely due to the "crazy" cost of living increase.
Often there is some sort of a trigger - like a medical problem or a mortgage being renewed on less favourable terms.
"All of a sudden they find they have some sort of an emergency. They get into their card one month and then the next month something else happens and next thing you know, it snowballs," said Alger.
"They finally reached the wall. They cannot afford to continue to both service their debt and live at the same time."

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adam affleck

Charlottetown Remax Realty

Historian suggests P.E.I. has much to learn from Iceland

Adam Affleck (Remax Charlottetown Realty) — Thu, 08 May 2008 06:45:53 -0700

P.E.I. could learn a thing or two from Iceland in giving Islanders more cause to remain in the province to work and raise their families, says a local historian.
"I'm very impressed with Iceland as a model of a dynamic, small island culture in society,'' said Harry Baglole, former director of the Institute of Island Studies at UPEI.
"I think we have much to learn from it.''
Baglole said Prince Edward Island needs to work more towards economic independence, noting that Iceland is a prosperous place that sees its people commonly study in Scandinavia and North America only to return home to find good jobs.
He says the province needs to diversify the economy more and also improve the education system.
"Our school system, I think, is fairly mediocre and the results are pretty much at the end of the country as far as any tests go,'' he said.
"And people seem to be relatively content with that - not happy, but certainly not up in arms. So I think we should be stressing excellence more.''
Baglole also believes Islanders should adopt a stronger sense of place.
"I think it is a special place,'' he said.
"I think there is no question it is. But I think people should be more pro-actively aware of that and it should be a feature in our school system and in our culture generally.''
Gisli Sigurdsson, a professor of folklore at the University of Iceland, will share his insight tonight in Charlottetown when he gives a public lecture called Getting Islanders Back Home (7 p.m. to 8:30 p.m. in the Main Building faculty lounge at UPEI).
Sigurdsson, a noted research professor at the prestigious Arni Magnusson Institute in Iceland, said his republic has consciously nurtured a strong connection to place, land and history.
Icelanders have a sense of attachment to the past developed through history, language and literature, which have generated a passion to be there rather than somewhere else, he said.
"Iceland has a good record for not losing their educated classes or generations,'' he said.
"It never became a question really that this is where you belonged and where you were attached - and (that Icelanders) couldn't really get that kind of attachment anywhere else.''
Baglole said Islanders need to adopt some of that Icelander strut.
"We tend in the past to be rather apologetic,'' he said.
"We think we're very small and we think we are a have-not province. So I think it's a matter of provincial pride and more of a sense of independence. (We need to be) more chauvinistic about ourselves, I guess.''

from the Guardian

http://www.adamaffleck.com/

Red Cross makes call for Burma aid

Adam Affleck (Remax Charlottetown Realty) — Thu, 08 May 2008 06:43:19 -0700

The Red Cross on P.E.I. is now accepting donations for victims of the cyclone in Burma.

On Tuesday authorities in Burma made a plea for foreign aid. Cyclone Nargis struck Burma, also known as Myanmar, on Saturday. Twenty-two thousand people have been confirmed dead, and tens of thousands more are homeless.

Canada has promised $2 million in aid, and various relief organizations are rallying to the cause. Marcia Carrol of the Prince Edward Island Red Cross is urging Islanders to help.

"We need to be aware that these types of disasters are increasing, and we need to help our fellow human being just as the way if we were hit by a major disaster we would want to be helped by other parts of the world," said Carrol.

Donations may be made at redcross.ca or by calling 628-6262 in Charlottetown. People can also drop off donations at the Red Cross office at 62 Prince Street in Charlottetown.

Both cash and credit card donations are being accepted.

We should do all we can is this time of crisis.

www.adamaffleck.com

P.E.I. beef plant losses increasing again

Adam Affleck (Remax Charlottetown Realty) — Thu, 08 May 2008 06:41:18 -0700

The Atlantic Beef Products plant in Albany, P.E.I. lost $550,000 in April, and has lost $3.5 million since last June.

Agriculture Minister Neil LeClair believes fortunes at the plant can still improve. (CBC)

Losses at the plant had been improving. Early last year it was losing $500,000 a month, but by late summer those losses had been cut in half.

The Opposition said it's time the government did something to stop the growing tide of red ink. He was also concerned about beef farmers who are waiting up to six weeks to get paid.

"They have to go out and get a manager and bring somebody in that's capable of running the plant," Progressive Conservative MLA Jim Bagnall told CBC News Wednesday.

"If it means you have to spend a lot of money or whatever then they have to do it, but you can't sit for six months without a manager."

The plant has been without a manager since a restructuring in December. With that restructuring came $12 million from the three Maritime provinces and ACOA to keep the plant going while it found a way to turn a profit.

Bagnall accused government of playing favourites in the agriculture industry. He wondered why the government is willing to support massive losses at the beef plant even after it put P.E.I.'s hog plant into receivership when it was losing far less money.

Bagnall said he wants both sectors supported.

Agriculture Minister Neil LeClair admitted the money provided to the beef plant is being quickly eroded. He said he's meeting Thursday with the advisory group that's running the plant.

"I'm going to be asking for their future outlook for this, where they think it's going to go, if it can be achieved and how long it's going to take," said LeClair.

"We've got to have to look at all those areas we have to take a serious look at where the industry is."

LeClair said he still thinks there's hope to turn the plant around.

Should we as taxpayers say enough is enough?

www.adamaffleck.com

Iran predicts oil prices will rise to $200 a barrel

Adam Affleck (Remax Charlottetown Realty) — Thu, 08 May 2008 06:37:21 -0700

TEHRAN, Iran - Iran's oil minister has predicted the price of oil will rise to $200 per barrel in the near future.

Oil prices jumped to a record near $124 a barrel for the first time this week.

Traders at the New York Mercantile Exchange deal in crude oil options on Wednesday, May 7, 2008. Oil prices steadied Wednesday after hitting a record near $123 a barrel in the previous day's session on worries over supply disruptions. THE ASSOCIATED PRESSs/Mark Lennihan

IRNA news agency quotes minister Gholam Hossein Nozari as saying the time when the price of oil is $200 a barrel is not far.

He attributed the rise in oil so far partly to difficulties in production in Nigeria and said it was also the result of the dollar's weakening against other currencies.

Nozari says that oil has not been expensive, but the dollar has been weak.

Iran is OPEC's second-largest producer.

Wow!!!!!!!!!!!!!!!!!

www.adamaffleck.com

Oil rises above $123 US a barrel

Adam Affleck (Remax Charlottetown Realty) — Thu, 08 May 2008 06:34:55 -0700

The price of oil prices hit another new high as it topped $123 US a barrel on Wednesday, despite a U.S. government report that showed a large rise in oil stockpiles for last week.

The U.S. government's Energy Information Agency said oil stockpiles grew by 5.62 million barrels last week.

In volatile trading, the price of oil hit a new intraday high of $123.80 US a barrel. Oil later settled at $123.43 US a barrel, up $1.69 US from Tuesday's settlement price.

The U.S government said gasoline supplies grew by 800,000 barrels to 211.9 million barrels, while supplies of distillates, such as home heating oil, slipped 100,000 barrels to 105.7 million barrels.

Refinery utilization eased to 85 per cent of capacity from 85.4 per cent a week earlier.

Any thoughts?

www.atlanticrealtysolutioins.com

www.adamaffleck.com

Charlottetown Remax Realty

Canada’s Q4 labour productivity drops; annual growth modest: StatsCan

Adam Affleck (Remax Charlottetown Realty) — Thu, 17 Apr 2008 14:41:47 -0700

Canada's labour productivity fell for the first time in more than a year in the fourth quarter as GDP growth slowed while hours worked continued to increase steadily
Productivity lost 0.8 per cent in the fourth quarter, after posting a slight 0.1 increase in each of the previous two quarters.
For all of 2007, labour productivity increased a mere 0.5 per cent, the lowest annual increase since 2004.
For U.S. businesses, the quarterly labour productivity decelerated significantly in the fourth quarter, increasing only 0.2 per cent, after rising 1.6 in the third quarter.
Despite this slowdown, U.S. businesses had a revised growth of 1.9 per cent in their year's productivity, an improvement over the one per cent growth of 2006.
The higher productivity gains among U.S. businesses in 2007 marked the first time in three years the differential in annual productivity growth favoured the Americans.
Statistics Canada blamed Canada's fourth quarter drop on a significant decrease in professional, scientific and technical services, construction and mining, and oil-and-gas extraction.
Moreover, productivity in manufacturing fell for the first time since the third quarter of 2006.
Significant productivity gains were posted in wholesale trade, utilities and in accommodation and food services.

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Adam Affleck

Remax PEI

Consumers to hold up Canadian economic growth to 2.2 per cent in 2008

Adam Affleck (Remax Charlottetown Realty) — Thu, 17 Apr 2008 14:39:54 -0700

The Conference Board says robust consumer spending this year will shelter the Canadian economy from the U.S. recession.
The economic think-tank says the Canadian economy will expand by 2.2 per cent in 2008, among the most optimistic of recent private sector forecasts.
The Board says Canadian exporters and manufacturers will have a miserable year in the face of waning U.S. demand.
But consumer spending, which was the major driving force behind last year's 2.7 per cent growth, will hold up despite the U.S. slowdown.
The Conference Board notes that consumer spending grew at an annualized rate of 7.4 per cent in the fourth quarter of 2007.
It predicts that strong employment, health wage gains, the stable housing market and low interest rates will ensure that Canadians keep spending throughout 2008

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Housing starts brisk in March; Q1 numbers up over a year ago: CMHC

Adam Affleck (Remax Charlottetown Realty) — Thu, 17 Apr 2008 14:38:27 -0700

Housing starts brisk in March; Q1 numbers up over a year ago: CMHC

The Canadian Press

Canada Mortgage and Housing Corp. reports the annual rate of housing starts was 254,700 units in March, down slightly from 255,600 units in February.
For the first quarter of 2008, actual starts, in rural and urban areas combined, were up about 12.8 per cent compared to the same period last year.
CMHC's chief Economist Bob Dugan says the strong showing in March is largely due to construction of multiple-family dwellings, particularly condominiums.
Dugan says construction starts among single-detached homes, usually a strong trend indicator, decreased slightly.
CMHC predicts the housing market will moderate gradually throughout 2008.
Urban starts edged down by 0.4 per cent to 221,500 units in March.
Urban multiples were up 1.1 per cent to 141,000 units, while singles decreased 2.9 per cent to 80,500 units.
Rural starts were estimated at an annual rate of 33,200 units in March.

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www.atlanticrealtysolutions.com

Adam Affleck

Charlottetown Remax Realty

Gasoline, oil futures hit new records on report of lower supplies

Adam Affleck (Remax Charlottetown Realty) — Thu, 17 Apr 2008 14:35:46 -0700

OMG This oil/gas thing is beginning to be so crazy. Will it ever stop?????

NEW YORK - Gasoline and oil futures prices rocketed to new records Wednesday, propelled by concerns about how much gas will be available during the peak summer months. Crude futures approached US$115 for the first time.
Gas futures prices set records after the Energy Department's Energy Information Administration reported that supplies of the fuel fell by 5.5 million barrels last week, much more than analysts surveyed by Dow Jones Newswires had expected.
The report raised concerns that there won't be enough gasoline to meet demand this summer. May gasoline futures rose 3.58 cents to $2.9168 a gallon on the New York Mercantile Exchange after earlier rising to a trading record of $2.933.
Meanwhile, oil futures rose to a new trading high of US$114.95 after the report said crude inventories fell by 2.3 million barrels last week, compared to the gain analysts expected.
Light, sweet crude for May delivery was up 60 cents at $114.39 a barrel on the Nymex by late morning.
The EIA also reported that inventories of distillates, which included heating oil and diesel, unexpectedly rose last week by about 100,000 barrels. Analysts had expected a sharp decline. That news sent May heating oil futures 0.48 cent lower to $2.2691 a gallon on the Nymex.
At the pump, meanwhile, the U.S. national average price of a gallon of regular unleaded gas rose 1.3 cents Wednesday to a record US$3.399 a gallon - about 89.5 cents US a litre - according to a survey of stations by AAA and the Oil Price Information Service. That's 53 cents higher than a year ago, and is expected to keep climbing along with futures prices and as the summer driving season draws near.
The average national U.S. price of a gallon of diesel, meanwhile, rose a cent to a record $4.129 a gallon, the survey showed.
In Canada, a weekly survey by Calgary-based MJ Ervin & Associates Inc. reported an average price of gasoline in Canada of C$1.185 per litre, up 2.3 cents from a week ago. It was the highest weekly price since September 2005, when pump prices hit $1.26 per litre.
The price in Vancouver was $1.223 per litre, up 0.4 of a cent, while the price in Calgary was $1.153, down 0.1 of a cent. In Toronto, the price was $1.152 per litre, up 3.1 cents.

Any Comment???

Adamaffleck

Charlottetown Remax Realty