WATCH: Dance Magic Studio wins Business of the Year in the “11-20 Employee” category
As a proud platinum sponsor of the 2019 Business of the Year Awards, we hope you enjoy these videos, produced by Todayville in association with Are You Social.
Our first story is about Dance Magic Studio, winner of the Red Deer and District Chamber of Commerce Business of the Year Award in the “1-11 Employee Category. Please watch their video below and learn more about this great local company!
“…Dance Magic Studio is committed to providing lessons in a fun, upbeat and positive atmosphere; supported by teachers with a passion for learning and the arts. Our goal is to share our love of dance and music with those in our community while encouraging positive growth and development in every aspect of their lives. Our non-competitive atmosphere aims to nurture self-confidence, personal friendships and lasting, lifetime memories. Personal attention and care is taken in every aspect of your Dance Magic experience…”
There were 2 other finalists in this category. Click on the links to learn more about these amazing companies!
Berry Architecture and Associates
“…Berry Architecture + Associates delivers thoughtful, well-developed, dynamic architectural solutions to clients across Alberta and Western Canada. Its hands-on, client-focused approach enables the team to be fully integrated in a project, supporting clients throughout the process and ensuring success…”
Messinger Meats Artisan Butcher and Bistro
“…At Messinger Meats Mirror we believe that our customers’ needs are of the utmost importance. Our entire team is committed to meeting those needs and as a result – a high percentage of our business is from repeat customers and referrals. We are a family oriented business and we care. We would welcome the opportunity to earn your trust and provide you with only the freshest and healthiest local meat…”
About the Chamber: The Red Deer & District Chamber of Commerce is the largest and most influential business association in Central Alberta. We are committed to promoting business growth and prosperity in the region by providing networking opportunities, educational and relevant speakers, benefit programs like group insurance and discounted merchant card rates to save you money, and being your advocate on issues that matter. Chamber membership is the most effective way to raise your business profile and capitalize on business development opportunities.
All companies, Chamber members and non-members, are eligible for nomination for an award in their respective category.
Todayville is proud to be a platinum sponsor of the 2019 Red Deer and District Chamber of Commerce Business of the Year Awards.
Canada needs 300,000 new rental units to avoid gap quadrupling by 2026: report
An aerial view of houses in Oshawa, Ont. is shown on Saturday, Nov. 11, 2017. A Royal Bank of Canada report predicts Canada’s rental housing shortage will quadruple to 120,000 units by 2026 without a significant boost in rental stock. THE CANADIAN PRESS/Lars Hagberg
By Sammy Hudes in Toronto
Canada’s rental housing shortage will quadruple to 120,000 units by 2026 without a significant boost in stock, Royal Bank of Canada said in a report Wednesday.
In order to reach the optimal vacancy rate of three per cent, the report suggested Canada would need to add 332,000 rental units over the next three years, which would mark an annual increase of 20 per cent compared with the 70,000 units built last year.
The research analyzed vacancy rate data released in January by the Canada Mortgage and Housing Corporation (CMHC).
Canada’s vacancy rate fell to 1.9 per cent in 2022, its lowest point in 21 years, from 3.1 per cent in 2021.
Competition for units also drove the highest annual increase in rent growth on record, by 5.6 per cent for a two-bedroom unit.
Canada’s rental housing stock grew by 2.4 per cent in 2022, led by Calgary at 7.4 per cent and Ottawa-Gatineau at 5.5 per cent, while Toronto and Montreal saw the smallest percentage increases at 2.1 per cent and 1.4 per cent, respectively.
“We haven’t seen that many additions to the purpose-built inventory in almost a decade, so you would think that added supply of units would ease some of the competition, but what the CMHC rental market data revealed to us was that it didn’t,” said RBC economist Rachel Battaglia.
Slow growth in Canada’s two most populous cities has been outpaced by rapidly increasing demand, partly fuelled by high immigration levels, she said. Annual federal immigration targets are set to grow eight per cent by 2025, meaning demand is unlikely to let up.
Battaglia also pointed to affordability and behavioural preferences for the influx of rentals sought. She said more Canadians are choosing to live alone, meaning fewer incomes per household.
“You have a lot of people being funnelled into the rental market who maybe would have liked to own something but it’s just not financially in the books for them right now,” said Battaglia.
The report estimated an existing deficit of 25,000 to 30,000 units of rental stock across Canada. In addition to building more supply, it recommended turning condo units into rentals, converting commercial buildings and adding rental suites to existing homes to help ease the pressure.
Without such measures, Battaglia said the market could “become infinitely more competitive.”
“Which is not something that we want to realize given the competition we’re already seeing,” she said.
“You’re already seeing rents increase dramatically.”
This report by The Canadian Press was first published March 22, 2023.
Fed raises key rate by quarter-point despite bank turmoil
Federal Reserve chair Jerome Powell speaks during a news conference, Wednesday, Feb. 1, 2023, at the Federal Reserve Board in Washington. With inflation still high and anxieties gripping the banking industry, the Federal Reserve and its chair, Jerome Powell, will face a complicated task at their latest policy meeting Wednesday and in the months to follow: How to tame inflation by continuing to raise interest rates while also helping to restore faith in the financial system – all without triggering a severe recession. (AP Photo/Jacquelyn Martin, File)
By Christopher Rugaber in Washington
WASHINGTON (AP) — The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system.
“The U.S. banking system is sound and resilient,” the Fed said in a statement after its latest policy meeting ended.
At the same time, the Fed warned that the financial upheaval stemming from the collapse of two major banks is “likely to result in tighter credit conditions” and “weigh on economic activity, hiring and inflation.”
The central bank also signaled that it’s likely nearing the end of its aggressive series of rate hikes. In a statement, it removed language that had previously indicated it would keep raising rates at upcoming meetings. The statement now says “some additional policy firming may be appropriate” — a weaker commitment to future hikes.
And in a series of quarterly projections, the Fed’s policymakers forecast that they expect to raise their key rate just one more time – from its new level Wednesday of about 4.9% to 5.1%, the same peak level they had projected in December.
Still, in its latest statement, the Fed included some language that indicated that its fight against inflation remains far from complete. It said that hiring is “running at a robust pace” and noted that “inflation remains elevated.” It removed a phrase, “inflation has eased somewhat,” that it had included in its previous statement in February.
The latest rate hike suggests that Chair Jerome Powell is confident that the Fed can manage a dual challenge: Cool still-high inflation through higher loan rates while defusing turmoil in the banking sector through emergency lending programs and the Biden administration’s decision to cover uninsured deposits at the two failed U.S. banks.
The Fed’s signal that the end of its rate-hiking campaign is in sight may also soothe financial markets as they continue to digest the consequences of the U.S. banking turmoil and the takeover last weekend of Credit Suisse by its larger rival UBS.
The central bank’s benchmark short-term rate has now reached its highest level in 16 years. The new level will likely lead to higher costs for many loans, from mortgages and auto purchases to credit cards and corporate borrowing. The succession of Fed rate hikes have also heightened the risk of a recession.
The Fed’s policy decision Wednesday reflects an abrupt shift. Early this month, Powell had told a Senate panel that the Fed was considering raising its rate by a substantial half-point. At the time, hiring and consumer spending had strengthened more than expected, and inflation data had been revised higher.
The troubles that suddenly erupted in the banking sector two weeks ago likely led to the Fed’s decision to raise its benchmark rate by a quarter-point rather than a half-point. Some economists have cautioned that even a modest quarter-point rise in the Fed’s key rate, on top of its previous hikes, could imperil weaker banks whose nervous customers may decide to withdraw significant deposits.
Silicon Valley Bank and Signature Bank were both brought down, indirectly, by higher rates, which pummeled the value of the Treasurys and other bonds they owned. As anxious depositors withdrew their money en masse, the banks had to sell the bonds at a loss to pay the depositors. They were unable to raise enough cash to do so.
After the fall of the two banks, Credit Suisse was taken over by UBS. Another struggling bank, First Republic, has received large deposits from its rivals in a show of support, though its share price plunged Monday before stabilizing.
The Fed is deciding, in effect, to treat inflation and financial turmoil as two separate problems, to be managed simultaneously by separate tools: Higher rates to address inflation and greater Fed lending to banks to calm financial turmoil.
The Fed, the Federal Deposit Insurance Corp. and Treasury Department agreed to insure all the deposits at Silicon Valley and Signature, including accounts that exceed the $250,000 limit. The Fed also created a new lending program to ensure that banks can access cash to repay depositors, if needed.
But economists warn that many mid-size and small banks, in order to conserve capital, will likely become more cautious in their lending. A tightening of bank credit could, in turn, reduce business spending on new software, equipment and buildings. It could also make it harder for consumers to obtain auto or other loans.
Some economists worry that such a slowdown in lending could be enough to tip the economy into recession. Wall Street traders are betting that a weaker economy will force the Fed to start cutting rates this summer.
The Fed would likely welcome slower growth, which would help cool inflation. But few economists are sure what the effects would be of a pullback in bank lending.
Other major central banks are also seeking to tame high inflation without worsening the financial instability caused by the two U.S. bank collapses and the hasty sale of Credit Suisse to UBS. Even with the anxieties surrounding the global banking system, for instance, the Bank of England faces pressure to approve an 11th straight rate hike Thursday with annual inflation having reached 10.4%.
And the European Central Bank, saying Europe’s banking sector was resilient, last week raised its benchmark rate by a half point to combat inflation of 8.5%. At the same time, the ECB president, Christine Lagarde, has shifted to an open-ended stance regarding further rate increases
In the United States, most recent data still points to a solid economy and strong hiring. Employers added a robust 311,000 jobs in February, the government report. And while the unemployment rate rose, from 3.4% to a still-low 3.6%, that mostly reflected an influx of new job-seekers who were not immediately hired.
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