In this edition:
- New owner takes on former St. Catharines General Hospital site
- Ontario breaks ground on long-term care home in St. Catharines
- Medavie Blue Cross Named Life and Health Insurer of the Year
- Unifor CN members to hold strike vote
- Darlington nuclear refurbishment completed 5 months ahead of schedule
- Canadian home sales see surprise jump in October
- U.S. budget airline Spirit Airlines files for bankruptcy
- Canadian dollar weakness to persist into 2025
- Focus on Sustainability
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Photo credit: Google Streetview screenshot
New owner takes on former St. Catharines General Hospital site
The former St. Catharines General Hospital property on Queenston Street has a new owner after it was placed in receivership last year.
Kitchener-based real estate developer Vive Development Corp. bought the site on Nov. 4 and said it has plans to design much-needed rental units.
Photo credit: Extendicare St. Catharines
Ontario breaks ground on long-term care home in St. Catharines
Construction is underway on the redevelopment of Extendicare St. Catharines’ new 256 bed long-term care home in St. Catharines. This project was a recipient of the Construction Funding Subsidy top-up, part of the Ontario government’s commitment to build 58,000 new and upgraded long-term care beds across the province.
Photo credit: Insurance Business Canada Awards
Medavie Blue Cross Named Life and Health Insurer of the Year
Medavie Blue Cross, a leading all-in-one private health insurer and Canada’s largest private administrator of federal and provincial government-sponsored health program, is thrilled to announce that it has been named Life and Health Insurer of the Year at the ninth annual Insurance Business Canada Awards (IBCAs).
Photo credit: IanDewarPhotography / Adobe Stock
Unifor CN members to hold strike vote
Unifor Council 4000 and Local 100 members working at Canadian National Railway (CN Rail) will hold strike votes in workplaces across Canada starting on November 18.
Unifor’s two national bargaining committees continued contract negotiations with CN this week in Montreal, calling for the removal of concessions.
Photo credit: Ontario Power Generation
Darlington nuclear refurbishment completed 5 months ahead of schedule
Ontario is announcing the completion of the refurbishment of Unit 1 at the Darlington Nuclear Generating Station five months ahead of schedule, marking a significant milestone in the province’s plan to tackle soaring demand for energy.
Refurbishing and returning Unit 1 to service provides 875 megawatts (MW) of reliable, affordable and clean power for the next 30-plus years, enough to power 875,000 homes.
Photo credit: Andy Dean / Adobe Stock
Canadian home sales see surprise jump in October
Home sales activity recorded over Canadian MLS® Systems increased 7.7% on a month-over-month basis in October 2024, reaching its highest level since April 2022, new data from the Canadian Real Estate Association (CREA) shows.
“The jump in home sales last month was definitely an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, CREA’s Senior Economist.
Photo credit: MKPhoto / Adobe Stock
U.S. budget airline Spirit Airlines files for bankruptcy. Here’s what Canadians should know
Spirit Airlines announced on Monday, Nov. 18 the airline has filed for bankruptcy protection after what the New York Times characterizes as “a string of setbacks, most recently a failure to renegotiate its looming debt.”
The company filed for Chapter 11 bankruptcy in New York. The company says it plans to come back from its setbacks caused by the pandemic and a failure to sell the airline to JetBlue.
Photo credit: journey2008 / Adobe Stock
Canadian dollar weakness to persist into 2025, expert says
The Canadian dollar will remain weak through at least the end of this year, some experts say, though a rebound could come in 2025.
After falling to a four-year low last week, the loonie was up slightly Monday at 71.18 cents US. But it still remains lower than it has been since the early days of the COVID-19 pandemic, and is nearly four per cent below where it was trading in September.
Did you know?
Focus on Sustainability
On the eve of Canada’s first LNG export facility starting up, future growth is anything but certain
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
