Good evening, let’s start with today’s top stories:
Governor-General Mary Simon opened the 44th Parliament Tuesday, saying climate change has put the world “in danger” and urging MPs to turn “talk into action.”
The Speech from the Throne outlined the key election promises for the minority government led by Justin Trudeau’s Liberals, who put ending the pandemic, economic recovery and addressing climate change at the top of the priority list.
The Throne Speech was the first for Ms. Simon, the first Indigenous person to serve as the Queen’s representative in Canada.
The late launch to the fall parliamentary sitting means the Liberals have just a four-week window to shepherd key government bills through the House of Commons – a short time frame, made more difficult because the opposition has more power to influence the agenda in a minority Parliament.
Also:
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Bank of Canada calls out investors for boosting home prices, warns on household debt with rates set to rise
For the first time, Canada’s central bank has called out investors for their role in driving up the price of homes across the country.
On Tuesday, the Bank of Canada said investors have likely contributed to the rapid spike in home prices, which it fears has exposed the housing market to a downturn where the fallout could spread to other parts of the economy. The central bank said investor buying has doubled since the start of the pandemic, while purchases from first-time homebuyers have increased about 45 per cent.
The average price of a home in Canada has increased more than 30 per cent compared to the period just before the pandemic began.
Paul Beaudry, deputy governor of the Bank of Canada, said the runup in home prices during the pandemic – a period in which the central bank has held interest rates at 0.25 per cent – has intensified the economic problems. Moreover, the impending rise in interest rates could create a problem for homebuyers who took on huge mortgages in the hope that rates would remain low.
What B.C. floods, inflation and global shortages mean for Canadians ahead of the holiday season
The COVID-19 pandemic and, more recently, the B.C. floods have warped supply chains around the world – causing product shortages and pushing up prices.
The Globe has put together an explainer on the disruptions and how they’re affecting Canadian industries and consumers.
Related:
ALSO ON OUR RADAR
TC Energy seeks NAFTA damages over cancelled Keystone XL pipeline project: The Canadian pipeline operator has submitted a formal request for arbitration under the North American free-trade agreement after the US$9-billion project was cancelled by the Biden administration last June. The company is seeking more than US$15-billion in damages from Washington.
Atlantic Canada in the midst of three-day blast of heavy rain and powerful winds: Rainfall totals have exceeded 50 millimetres in many communities in the Maritimes, and about 12,000 Nova Scotia Power customers had lost service on Tuesday. The storm is forecast to linger over the region until late Wednesday and then hover over western Newfoundland into Thursday.
French PM Jean Castex singled out for reckless behaviour, tests positive for COVID-19: Multiple videos are being circulated of a maskless Castex vigorously shaking hands with elected officials in an enclosed space at a Paris mayoral congress on Nov. 16. Many people are pointing out that goes against France’s official stance that everyone should keep taking preventative measures against the spread of COVID-19.
How unaffordable rent is pushing out the people our cities need: In this episode of City Space, the podcast explores how the crisis in rental housing happened, how it’s affecting the people we really need in our cities, and what we can do about it.
MARKET WATCH
Canada’s main stock index rose on Tuesday, snapping its four-day losing streak as gains in energy shares on higher oil prices and OrganiGram Holdings Inc’s upbeat results offset mining companies that followed gold prices lower.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 33 points, or 0.15%, at 21,453.77. The index is up 23.1% year to date.
In New York, Wall Street shares were mixed and the U.S. dollar slipped from a 16-month high as investors positioned for interest rate hikes in 2022 after Federal Reserve Chairman Jerome Powell was nominated for a second term.
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TALKING POINTS
Canada’s climate reckoning is upon is. The costs of ignoring the warnings will be enormous
“Premier John Horgan can say that ‘even the experts were … surprised’ at what happened with the rainstorm, but that’s not true. The ‘experts’ have been issuing warnings. The ‘experts’ were saying the government long ago needed to begin urgently upgrading critical infrastructure.” – Gary Mason
A diplomatic boycott of the Beijing Olympics would put athletes in danger
“Think of our young people in the place of the two Michaels and ask whether the risk to them is worth it. When observers are beginning to wonder increasingly whether travel to China is safe, we should not take the risk of shovelling Canadian athletes into the Wolf Warrior’s maw.” – Eric Morse
Children’s voices deserve to be heard during COVID-19. Let’s not let them be forgotten
“In many ways, the ones who are best equipped to explain these nuanced experiences are the young people themselves. The lack of engagement with children in media stories, especially those that are thought to be child-focused or related to children, have implicitly positioned children as an afterthought.” – Sydney Campbell and Franco Carnevale
LIVING BETTER
Looking to score a travel deal? Here’s some of the best available this Black Friday
Cielo Lodge, Costa RicaCielo Lodge/Supplied
Black Friday and Cyber Monday are traditionally some of the best times to book travel. The deals available are incredible, and the travel dates are flexible.
So, if you’ve been thinking about booking a trip sometime soon or for the new year, you’ll want to do it soon.
The deals include promotions from Air Canada Vacations, California, Aruba, Europe and select Canadian cities.
TODAY’S LONG READ
A less angry Rick Mercer looks back in his newly published memoir Talking to Canadians
Rick Mercer has long been known for “The Rant,” a frenzied monologue delivered straight at the camera. The routine evolved while he was growing up in Middle Cove, Nfld., in a region blighted by economic downturn.
But while chatting with The Globe’s Simon Houpt in a downtown pub on a fall afternoon, Mercer seems almost sheepish as he acknowledges it has been many years since he felt the distilled rage of his younger self.
“The joke I make is, like, how could I be angry? I drive a Volvo,” he quips. “Not that there’s not a place for angry young men. But it’s just someone else’s job. I think it would be a bit tedious coming from me, quite frankly.”
But for those who worry that Mercer, 52, may be losing his ability to shock, just recall his rant during the early days of the pandemic, where he blasted Canadians who were ignoring public-health guidelines.
Evening Update is presented by Rob Gilroy. If you’d like to receive this newsletter by e-mail every weekday evening, go here to sign up. If you have any feedback, send us a note.
Rob Gilroy