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Politics, policy and public safety: Experts explain why a popular Atlanta festival was canceled
A sad tune is being hummed in Atlanta, where it was announced the popular annual Music Midtown festival is not happening, possibly in part due to the state’s laws surrounding guns in public parks. The event's cancellation, which brought tens of thousands of music lovers to the city -- along with the tourism dollars they spend -- has caused disappointment and drawn local and national media coverage. Calling it a “sad day” for the city, Atlanta City Council President Doug Shipman wrote on Twitter that: “Public policy has real impacts and, in this case, economic and social implications on a great tradition.” And state Democrats chastised Republicans for adopting a raft of pro-gun legislation, including a 2022 law that allows Georgians to carry concealed handguns without first getting a license from the state. The governor, who is seeking a second term, did not immediately comment on the festival’s decision. But state Rep. Rick Jasperse, a Jasper Republican who sponsored the 2014 law, said the measure is designed with public safety in mind. He said those intent on “causing chaos and crime in Georgia” won’t care if the festival bans firearms and would try to bring them in regardless. “Good Georgians who can qualify for a permit and carry a weapon do so to protect themselves from that element in our society,” he said. -- The Atlanta Journal Constitution, Aug. 1, 2022 Organizers of events like Music Midtown could look at Georgia’s gun laws and regulation of firearms as a potential legal liability. If there is a firearms incident, organizers may fear being held legally accountable and sued for any potential damages. The companies and their risk management advisors might think twice about holding large events in Georgia. Augusta University's Dr. William Hatcher, an expert when it comes to public administration and social, economic and political institutions in local communities, agrees that event organizers might be rethinking their plans in the state. "Yes. I think so. These types of laws have an impact on the economy and the business decisions of firms. We may see future effects on the economic behavior of individuals and firms." This topic could have further economic impact beyond canceled events, including affecting property values and home prices. If you're a journalist looking to know more, then let us help with your stories. Dr. William Hatcher is a professor of political science and chair of Augusta University’s Department of Social Sciences. He is an expert in the areas of public administration and social, economic and political institutions. Hatcher is available to speak with media regarding this topic. To arrange an interview today, simply click on his icon now.
Expert Says Financial Technologies Can Help Address Climate Change
“Financial technologies offer great promise to tackle climate change and provide pathways for developing sustainable economies and lifestyles,” says Aparna Gupta, a professor of quantitative finance at Rensselaer Polytechnic Institute and co-director of the Center for Research toward Advancing Financial Technologies (CRAFT), the first-ever fintech research center backed by the National Science Foundation. CRAFT brings together industry partners and policy makers to conduct research that is relevant for industry and has potential for commercialization. Dr. Gupta says that blockchain technologies combined with smart contracts and Internet of Things (IoT) devices are set to transform property and casualty insurance that is subject to increasing threats from climate change. Similarly, distributed ledger technologies can be utilized for issuing innovative climate finance securities, such as green bonds and climate derivatives, by facilitating traceable, transparent, and standardized transactions. Regulatory readiness to support blockchain-enabled green bonds and other climate finance securities issuance is underway across the globe. Climate fintech is also set to play a pivotal role in increasing renewable power generation and accelerating the transition to clean energy, according to Dr. Gupta. Digital lending platforms use crowdsourcing models to provide debt financing for residential solar energy systems. Climate-conscious consumers can make spending decisions that minimize their carbon footprint through solutions such as using a credit card that allows them to round up their purchases and use the change for planting trees. In the investment management and advisory space, there is a growing recognition of the need for environmentally sustainable investing. Responding to this need, fintech startups are offering platforms for clean energy investments and enabling investors to construct low-carbon-impact financial portfolios. “Financial technologies innovations are poised to transform almost all aspects of financial services, and in doing so, offer great opportunities to address climate change challenges,” Dr. Gupta says. In addition to her leadership in fintech, Dr. Gupta is at the helm of a team of financial and renewable energy experts developing risk management tools to incorporate renewable energy into the energy market. They will set and standardize risk factors to make it easier for this critical industry to be both productive for investors and creators and systematized for users, similar to the rating system created for the bond market. Dr. Gupta also serves on the Climate Risk Working Group of the Financial Risk Manager Advisory Committee for the Global Association of Risk Professionals tasked with identifying the important climate issues for the training of future global risk professionals. Dr. Gupta is among the many experts and researchers at Rensselaer available to speak on this topic.
Worth Longest research on more targeted aerosol drug delivery systems
Michael Hindle, Ph.D., a professor in the VCU Department of Pharmaceutics, and P. Worth Longest, a professor in the VCU Department of Mechanical and Nuclear Engineering, have invested years of time and millions of dollars to address challenges found in the field of medical aerosols. In particular: While smaller particles are more effective in delivering drugs into the lungs and airways, these tiny particles are often exhaled out immediately when taking a dose. Current aerosol delivery systems — think asthma inhalers — effectively deliver just 10 percent of an aerosolized dose. That’s fine for most asthma and COPD sufferers who use standard inhalers with existing medications, as these patients only need a small amount of the potent drugs to reach the lungs and have an effect. “But the medical world wants to use the lungs for delivery of other drugs, whether it’s locally to the airways or systemically to the body, and for that, you need more efficient devices,” Hindle says. To effectively use inhaled drugs for complex medical conditions requires more of the aerosol to reach the airways and to potentially target different regions of the airways — plus the devices to get them there. “Our work is about doing something different — changing that ballgame from having 90% of the drug wasted and 10% make it to the lungs, and flip it so that we get just 10% lost and 90% in the lungs,” Hindle says. “That’s always been our goal.” Taking aerosols from lab to lung Over more than a decade, the duo and their teams have created the three keys to making aerosol drug-delivery work: “developing the strategy, developing the device, and developing the formulation,” says Longest, the College of Engineering’s Louis S. and Ruth S. Harris Exceptional Scholar Professor. “When you see inhalation of aerosols fail, or a new pharmaceutical aerosol product fail, one of these areas has often been neglected. Between my lab and the Hindle lab, we have expertise in each of these different areas.” The fourth component — commercializing their inventions — is underway through a partner in Quench Medical in a deal signed in 2020 thanks to VCU Innovation Gateway. The Minnesota-based company, led by founder and CEO Bryce Beverlin II, Ph.D., has identified lung cancer, severe asthma, and cystic fibrosis as potential initial applications using VCU’s intellectual property, the licensing of which covers both the aerosols and the delivery devices. “It’s very difficult for an academic institution to develop a drug product,” says Hindle, the Peter R. Byron Distinguished Professor in Pharmaceutics. “So Bryce has moved forward with a team of manufacturers, clinical testing plans, and is talking to the Food and Drug Administration.” The VCU researchers had not previously pursued lung cancer as a possible application until Quench came along, Hindle says. “The idea that you could deliver a chemotherapy locally to the lungs is obviously very advantageous, because you don’t get the systemic side effects through the body like with traditional chemotherapy,” he says. “You’re just delivering drugs direct to that site of action for targeting the metastases in the lung.” In May, Quench presented data using the VCU technology to the Respiratory Drug Delivery conference in Florida showing that using a chemotherapeutic dry powder aerosol in rats was highly effective. It significantly reduced tumor burden but used half of the standard IV-delivered chemo dose. “This approach also aims to decrease the total drug delivered with reduced systemic drug levels in the circulation to decrease systemic toxicity,” the report read. It noted the efforts “solve a critical unmet medical need to develop new strategies to improve treatment outcomes in patients with lung cancer.” Heavy interest nationally Hindle and Longest have millions of dollars in funded projects underway, backed by the National Institutes of Health, U.S. Food & Drug Administration, and the Bill & Melinda Gates Foundation. Their work is building on the reputation of VCU’s Aerosol Research Group, founded in 1988 by emeritus professor Dr. Peter Byron (the name on Hindle’s professorship). The group’s work spans a wide variety of research areas in aerosol formulation and delivery. Hindle and Longest have worked together since 2006. While Hindle is focused on drug formulations, Longest is the engineering and computer modeling expert. His background is in biological fluid flow, and prior to joining VCU in 2004 had worked in the area of blood flow in vascular disease. But he wanted to differentiate his work, and found VCU’s reputation in medical aerosols was the place he could, in his words, “make an impact.” Through computer models, Longest and his team can understand how powders or liquids will turn into aerosol particles and the behaviors they will undertake when delivered into the body. “The lung is an area of the body where we have all these complex phenomena occurring with airflow and moving walls,’” he says. “It really takes high performance computers to understand it.” Drs. Longest and Hindle have developed a series of technology platforms that produce particles that are tiny when entering the lungs to minimize deposition losses in the mouth and throat — but grow in size as they travel down the warm, humid airways. One of the devices uses a mixer-heater to produce tiny particles, other technologies use a pharmaceutical powder or liquid containing a simple hygroscopic excipient such as sodium chloride; it is this excipient that attracts water from the lungs and makes the particles grow and deposit in the lungs with high efficiency. Eyes on infants Lately, the pair have been working on a method of aerosol drug delivery to newborns and prematurely born babies. “It’s a different set of challenges when you’re trying to deliver aerosols to infants who are born prematurely, and don’t have the ability to breathe on their own due to the lack of airway surfactant,” Hindle says. “And that’s something that, academically, we thought we were in a position to try and make a contribution to the field.” The group is working with funding from the NIH and the Bill and Melinda Gates Foundation to develop a method of delivering an aerosol surfactant to infants that will hopefully remove the need to intubate these fragile babies. In addition to striking licensing deals with Quench and building relationships with additional partners, Innovation Gateway has backed the pair’s work with an initial $25,000 from VCU’s Commercialization Fund as well as a just-awarded additional $35,000. “We turned that into a series of intellectual property that has resulted in three licensed patents and a whole family of IP in relation to both formulations and devices,” Hindle says. “There’s been lots of interest in delivering drugs to the lungs, it’s just been very difficult to institute any sea change, because the pharmaceutical industry is relatively risk averse.” And so their research continues, as Quench moves forward to bring their inventions to the bedside. “What I’m doing, I don’t really consider it work — it’s an opportunity to interact with great colleagues and contribute to a mission that will be very helpful to a broad range of people,” Longest says. “I also see it as a big responsibility. We want to do this in the right way. Because people’s health and lives are at stake. We want to make sure we approach this with a large sense of responsibility, and do our best.”
It Works on TV - Do Property Rehabs Drive Up Prices in Surrounding Neighborhoods?
When a house is distressed, the negative impact tends to ricochet around its surrounding neighborhood. Distressed homes (e.g. foreclosures) can significantly bring down the value of other homes in the area, as these properties are often poorly maintained and then typically sold at discounted prices In the past, and particularly in the wake of the 2008 subprime crisis, federal and local governments sought to mitigate this negative effect by incentivizing the rehabilitation of distressed properties through programs like the Neighborhood Stabilization Program (NSP). Until now, there has been some skepticism as to whether or not these kinds of initiatives actually work. New research by Goizueta Foundation Term Associate Professor of Finance Gonzalo Maturana and Goizueta’s Assistant Professor of Finance Rohan Ganduri might change the narrative definitively. They have analyzed new data that shows that rehabilitation projects not only help to stabilize housing prices in affected neighborhoods but can also actually increase the value of neighboring properties by as much as four percentage points. Using highly robust, non-parametric statistical analysis methods, Maturana and Ganduri parsed more than 10 years of information on rehabilitated property transactions and real estate prices across the United States. The effect of renovating dilapidated or derelict houses in these areas pushes prices up between 2.3 and four percentage points in their surrounding blocks, they find. And that’s not all. While the average amount spent by authorities on these renovations comes in at roughly $36,000, their study estimates a societal welfare gain of $134,000 per rehabilitated property—almost four times the cost of the rehabilitation. These insights should provide interesting food for thought for the U.S. Congress and local governments, Maturana notes. After the housing crash in 2008, Congress allocated $6.9 billion in funding to the NSP to help stabilize communities affected by high vacancy and foreclosure rates, but the Department of Housing and Urban Development didn’t find any positive impact on local housing markets at the time. “Our findings suggest that rehabilitation projects do drive a positive uptick in prices that can help revitalize distressed neighborhoods,” says Maturana. “And they provide very timely support for policy interventions, such as President Biden’s infrastructure spending program which proposes an allocation of $20 billion to rehabilitate 500,000 single-family homes in low-income neighborhoods in the United States.” With the current economy facing some uncertain times - this is a topic that is important for everyone. And if you're a reporter looking to know more then let us help. Gonzalo Maturana is an associate professor of finance at the Goizueta Business School. He is an expert in the areas of corporate, household and real estate finance. Rohan Ganduri's research interests include banking, credit risk, real estate, household finance, and corporate finance. Both Gonzalo and Rohan are available to speak to media regarding this topic – simply click on either icon now to arrange an interview today.
Expert Insight: Properties on Confederate-named U.S. Streets Sell for Less
Houses on streets that are named after Confederate figures or themes sell for 3% less than similar properties in neighboring areas, says a new study led by John W. McIntyre Professor of Finance, Clifton Green. For an average property worth $240,000, the mean discount works out to around $7,000. Not only that, these homes take considerably longer to sell than comparable houses on streets that are named for secessionists. Green and his co-authors reviewed data from home sales across 35 states in the U.S., analyzing nearly 6,000 transactions between 2001 and 2020. Their data set looked at properties located on streets named after Jefferson Davis, Robert E. Lee, and Thomas “Stonewall” Jackson, as well as the more generic options of “Confederate” and “Dixie.” The majority of these streets are located in former Confederate states, though some are also found in California and Massachusetts, as well as a number of Midwestern and Western states that had not been created before the U.S. Civil War. To be certain of their findings, Green et al looked at homes with similar features and characteristics such as lot size, age, building type, and the number of bedrooms and bathrooms. The findings are unequivocal, says Green, although the effect is not equally distributed across states. What is the Confederate Discount? “The discount in prices for homes of Confederate-named streets is geographically variable. In those states that make up the former Confederacy, the effect is more muted at around two percent,” he notes. “And in some states where you find the most Lost Cause memorials, there may even be a fraction of a percentage point boost in sales for properties on streets with secessionist names.” Beyond the South, the “Confederate discount” effect is notably more visible. The debate around changing street names in the U.S. has gathered momentum in recent years, with some 1,400 streets still named after Confederate figures. Much of the discussion, however, has focused on what Green calls the “principled reasons” for name changes–arguments that may or may not stack up favorably against the cost of changing signs. This new study lends more economic clout to the cause of revising street names in the U.S.–albeit that the effect is more pronounced in Democratic-voting areas or areas with a higher share of Black or highly-educated residents. “In these places, sales on streets with Confederate names dipped even further, going for eight percent less on average, and this is particularly noticeable after events that have shone a spotlight on race inequity or white supremacy in the U.S.” Interested in knowing more? Get in touch today. T. Clifton Green is a Professor of Finance at the Goizueta Business School. He is an expert in the areas of market microstructure, with an emphasis on behavioral finance and his research has been featured in the Wall Street Journal, Barrons, Financial Times, and on CNBC.
Georgia Southern University has established a new research and outreach center, the Institute for Water and Health, to investigate the complex interactions between water and human activities, and protect and restore public health in a changing environment. As part of the University’s focus on public impact research, the center will foster collaboration among scientists, government agencies, industry, nonprofit organizations and communities. Coastal Georgia is the perfect location for such an institute to conduct interdisciplinary research because it lies at the intersection of many social, economic and ecological issues. The center supports the region through research, workforce training for students, and actively involving communities in water resource management decision-making process, said Asli Aslan, Ph.D., associate professor in Georgia Southern’s Jiann-Ping Hsu College of Public Health Department of Biostatistics, Epidemiology and Environmental Health Sciences. Now also director of the Institute for Water and Health, Aslan is a water microbiologist, and her research program bridges ecosystem and human health. She has ongoing funded projects on tracking sources of water pollution and assessing health risks associated with exposure to chemical and microbial contaminants. She works with local communities and nonprofit organizations to encourage water stewardship behaviors. Aslan has served in various federal and state agencies and organizations as an adviser, reviewer, scientific committee member and affiliated faculty. She is also the founder and currently the co-chair of the Water and Health Committee of the American Public Health Association. “We want to create a nationally recognized institution that provides meaningful solutions for community needs,” said Aslan. “Our immediate plan is to develop a coalition with all stakeholders in the region to address issues related to increased water demand, impact of sea-level rise on water resources, and potential emerging contaminants in our urban and rural water infrastructure. We are in the process of establishing a community advisory group consisting of scientists from academic institutions, representatives from local and state governments, community leaders, non-profit organizations and businesses to identify and prioritize community needs in water research and education.” For example, she said, although one in every six households in Georgia has a private well, few residents realize any water testing, treatment or well maintenance is the sole responsibility of the property owner as per the Safe Drinking Water Act. Aslan said the Institute for Water and Health will work with the homeowners to help them recognize potential risks and provide solutions that will keep families safe in the long term. “We also look at sources of contaminants using state-of-the-art-methods. And if you know where the pollution is coming from precisely, it’s easier to go fix that problem once and for all, which has a direct impact on the decision-making process to protect water resources.” she said. These new techniques allow researchers with the institute to provide test results within a few hours, which helps end-users to be informed the same day instead of days where most water testing methods currently take about 48 hours. The implications of these methods are broad, as they can be used to identify pathogens in storm water or in household drinking water pipes; assess how new sustainable water treatment technologies efficiently remove contaminants, or provide same-day results for recreational beach monitoring. “We can do all this fancy research in the lab, but it will be very important for us to go out into the community and talk to people, ask them what their immediate needs – our goal is to involve communities from the very beginning of our research so that we co-develop meaningful solutions that will improve the quality of their everyday lives,” Aslan said. “Our group at Georgia Southern consists of established researchers from multiple disciplines such as environmental education, public health, social and behavioral sciences, environmental and computational engineering, coastal ecology, and we are growing everyday”. Carl L. Reiber, Ph.D., Georgia Southern’s provost and vice president for academic affairs, said the center will pull together faculty from across the University, many of whom have already established themselves as water experts within their own discipline. He expects the center to take a very visible role for the University and is renovating space in Savannah near the Armstrong campus to house the center and its labs. “The Institute for Water and Health will bring to southeast Georgia an awareness of the importance of water quality, water management and how tightly these areas are aligned with our health,” Reiber said. “The public impact of this institute is immeasurable and will ultimately increase the quality of life in our community.” If you're a journalist looking to know more about this topic or are looking to cover - then let us help. Asli Aslan, Ph.D., is a water microbiologist, and her research program bridges ecosystem and human health. She has ongoing funded projects on microbial source tracking, health risk assessment of water resources, and the ecology of pathogens in the aquatic environment. She is available to speak with reporters – simply click her icon now to arrange an interview today.
Brexit caused a large negative effect on UK trade pre-pandemic - new Aston University research
Professor Jun Du and Dr Oleksandr Shepotylo analysed the causal effect of Brexit on the UK’s services trade between 2016 and 2019 They found the UK experienced an average shortfall of £18.5 billion worth of services exports for each of those years Transport, Travel, Insurance and Telecom sectors experienced significant decline post-2016 No significant decline was found in other services including intellectual property, construction and financial. New research from economics experts at Aston University has found Brexit has caused a largely negative effect on UK services trade since the EU referendum. Professor Jun Du and Dr Oleksandr Shepotylo, from Aston Business School, analysed the causal effect of the Brexit referendum on UK’s services trade over the period between 2016 and 2019, in comparison to other major services exporters. They found the uncertainty associated with the UK-EU trade negotiations following the referendum caused harms to the UK services economy as a whole, reducing firms’ exports of services. This damages the competitiveness of services sectors which make up a lion’s share of the UK economy in terms of gross output, value-added and jobs. Professor Du and Dr Shepotylo used a Synthetic Difference in Differences (SDID) estimator to construct a counterfactual of the UK, had it not voted leave in 2016, to compare its services exports performance. This was done by comparing the actual performance of the UK with the modelled performance of a country that looks much like the UK, but did not vote to leave the European Union. They found Brexit resulted in the UK experiencing an average shortfall of £18.5 billion worth of services exports every year between 2016 and 2019 relative to what it would have been, had the UK remained in the EU. The impact varied considerably between different types of services. The UK’s exports in the category of transport, travel, insurance and telecom services saw a statistically significant decline following the referendum. No significant decline was found in business, intellectual property, construction, financial or personal, cultural and recreational services. In addition, Professor Du and Dr Shepotylo did not find evidence to suggest that UK businesses have redirected exports in services from the EU markets to those outside the EU, which is in contrast to exports in goods. The research suggested that Ireland has benefited significantly during this period, with growth in post-Brexit services exports up by £24 billion annually over 2016 to 2019 in the country compared to the counterfactual scenario if Brexit did not occur. This translates to 14.75% of Ireland’s 2019 total services exports, with growth clustered largely in the telecoms, business, intellectual property, and insurance sectors. Jun Du, professor of economics at Aston Business School, said: “Brexit marked a rupture in the highly integrated UK-EU services markets that had been developed during the UK’s membership of the single market. However, the UK’s strength in services was not reflected in the government’s ambitions for the sector in the EU-UK trade negotiations that followed the referendum. “There are other winners besides Ireland in some post-Brexit services areas. The Netherlands have increased considerably in ‘Business’ and ‘Intellectual Property’ exports. “Spain has seen growth in ‘Travel and transport’ services exports. Germany has gained in ‘Transport’, ‘Insurance’, ‘Telecom’ and ‘Intellectual Property’ services exports. While Ireland seems to have done exceptionally well in relation to the export of ‘Telecom’ services, a sharp contrast emerges to the lost exports not just from the UK, but also from the Netherlands, Switzerland and France.” Dr Oleksandr Shepotylo, a senior lecturer in economics, finance and entrepreneurship at Aston University, co-wrote the working paper and said: “UK services exports are 5.7% lower than they would be without Brexit. It reflects an overall decline of the UK as a place for doing business. “What economists tend to agree on is that the UK’s exit from the EU’s custom union and single market may have more significant impacts on services than goods, and more severe impact on post-Brexit regulated services than unregulated services. “It will take some time for the full impact of Brexit on UK services to emerge. Freedom of movement and data flow in some areas between the UK and EU could remain restricted. Stability, transparency and regulatory consistency in financial markets could be challenged. But new opportunities might surface. “Continued trade negotiations and dialogues regarding trade liberalisation are essential with the EU and large, fast-growing markets beyond Europe. Crucial to understanding these impacts will be reliable data and rigorous analysis. Our modelling of marked losers and winners in post-Brexit services trade provides new evidence for an open discussion of the post-Brexit trade in services.” You can read the full working paper HERE
Indebted Chinese Real Estate Developer Could Become Systemic Risk
Recent speculation surrounding the property developer China Evergrande Group caused the S&P 500 to have its worst day since May. But what we should look out for is systemic risk, according to John Sedunov, PhD, associate professor of finance at Villanova University. Evergrande currently has the biggest debt out of all publicly traded real-estate management or development companies. “The big issue seems to be Evergrande’s ability to repay its debt. The bigger issue is a potential for systemic crises or contagion to unfold,” said Dr. Sedunov. Another possibility is that Beijing could allow Evergrande to default. “Evergrande is a large Chinese developer, and the Chinese government may allow it to fail. It owes a lot of money to financial institutions and other market participants,” says Dr. Sedunov. With these risks, assets were moved from stocks, oil and Bitcoin to much safer options. “What’s potentially at stake is a contagion event where institutions with large exposure to Evergrande experience distress or fail as a result of lost cash flows they are expecting from Evergrande. This scenario is exacerbated if the company is allowed to fail,” said Dr. Sedunov. Does this present any other future concerns? Per Dr. Sedunov, Evergrande’s collapse could also impact the housing market. “More at issue is also that the real estate sector in China looks to be quite overheated (and it may be here as well), and this could be a signal of a collapse in real estate values, which again can bleed back into the financial system,” he said.
How to rent an apartment with no credit history or job letter in Canada
For the first few months or even a couple of years, most newcomers moving to Canada consider renting accommodation versus buying property. As an essential and high priority task, this often turns out to be challenging as in addition to the rent deposit, landlords usually ask for an employment letter, a credit report, and references. And with just having moved to Canada, newcomers often aren’t able to meet these additional requirements. So, as a newcomer, how can you find permanent accommodation in Canada with no credit history and no job offer letter? In this article, we will share a few tips and workarounds on how to position yourself as a reliable tenant so you can find a suitable place for you and your family. Moving to Canada soon and looking for more tips on renting a place? See How to rent your first home as a newcomer in Canada. To build a stronger case as a reliable tenant, you can try combining as many tips as you can from the ones outlined below 8 tips to find a rental unit without credit history and job letter in Canada 1. Provide proof of savings from a bank account You can demonstrate your reliability as a tenant by showing proof of savings to cover a few months of rent. To do this, you don’t need to provide a detailed bank statement. Speak with your banking advisor to know your options; it may be possible to obtain a letter indicating that you are in possession of the funds to pay the rent. Moving to a new country comes with many challenges. Book an appointment with an RBC Advisor or call 1-800-769-2511 to find answers to any financial questions you may have. RBC’s phone services are available in up to 200 languages. Once you have your appointment booked, an advisor will reach out to check whether you’d like to meet via phone, video or in-branch. 2. Provide a local guarantor or co-signer A guarantor or a co-signer is someone who agrees to pay rent on your behalf if you are not able to. Being a guarantor or co-signer is legally-binding, and usually, only close friends or relatives will agree to act as a guarantor for you. You should also consider the impact on your relationship with them should you fail to hold up your end of the bargain. 3. Look for house-share or apartment-share arrangements You can try to find a shared accommodation by – Subleasing from an existing tenant; or Co-signing the lease agreement with a roommate who has a good credit history; or Leasing from a landlord who lives in the same apartment or house. What is a sublease? A sublease allows you to rent a room from the original tenant of an apartment. Rent payments are made to the existing tenant who, in turn, pays the landlord. Generally, rooms that are subleased by tenants don’t require you to provide a credit report or employment letter. This may differ from place to place and depends on the urgency of the tenant who is subletting. In Canada, many people seek out roommates for their living arrangements. Instead of signing a sublease with the existing tenant, you could explore the option of co-signing the lease with a roommate who has a good credit history, to meet the credit history requirement. Landlords renting out a room in their own house or apartment may be willing to overlook the requirement for credit history and/or employment letter. You can start your search by looking for shared accommodation listings on sites like Kijiji, Craigslist, and some provincially popular options like Home Zone on Facebook (for Toronto and GTA listings). Tip: Sites like Kijiji and Craigslist tend to have many scammers. If a listing seems too good to be true, it’s probably a scam. Do not make any payments until you verify the place in-person and sign the appropriate paperwork. 4. If you can, offer more than expected deposit Each province in Canada has legal guidelines on rent deposit payments to be made by tenants before moving in. For example, in Ontario, renters are required to pay first and last month rent; there’s no security deposit. But in British Columbia, you will be required to pay a security deposit equivalent to half the monthly rent. In the absence of a credit report and employment letter, you can offer the landlord a few more months of rent upfront – this can be a huge incentive for the landlord to accept your application over another. Remember, the landlord cannot legally ask you for any additional amount beyond the specified norms. So be sure to check the guidelines for the province you are moving to and accordingly present your offer to the landlord. 5. Explore condos rented out by individual owners It can be relatively easier to find a condo or apartment that’s owned by individual landlords versus those that are owned by property management firms or large institutional investors. The application process for apartments located in rental buildings is usually very strict and offers little to no flexibility in terms of credit and employment verification. However, in a condo setting, most landlords are individuals and might be open to accepting you as a tenant, subject to your reliability. 6. Consider neighborhoods that are away from prime locations Finding a place in the heart of the city or the city centre is usually challenging even for those who have credit history and employment records to show. Broadening your search and considering the suburbs or neighbourhoods that are on the radius of the city may prove helpful in finding a suitable place. While you do this, if you don’t have a car, keep a close eye on public transportation and commute time to the city centre. 7. Book temporary accommodation for the first couple of months If you have friends or family already residing in Canada and they’re open to hosting you, it may be a good idea to plan your stay with them for the first few months. For those who cannot leverage this option, you can try booking long-term stays at an Airbnb, a hotel, or a hostel. Hostels in Canada are clean, secure, and extremely budget-friendly; some even provide free breakfast. Often, you’ll be able to choose between staying in a mixed dorm or a male or female-only dorm. Some hostels also provide private rooms at a higher cost. Try exploring sites like HostelWorld, HI Hostels, Booking.com, or Kayak to find good deals. If you are moving to Toronto as a single young professional, you can now skip the temporary accommodation part entirely and book a SoulRoom. Get a fully furnished room in one of the great locations in the city, at an affordable price. All rooms at SoulRooms come at a minimum six-month lease and are ready to live, equipped with high-speed internet, cable and utilities with shared living spaces. Just unpack your bags and be at home! Some landlords are willing to rent to tenants with a two or three-month credit history. Booking or arranging temporary accommodation for the first few months will give you a couple of months of time to build your credit. For a deeper understanding of how to build your credit, download Arrive’s guide onCredit and credit scores in Canada. How to obtain a credit report It takes at least a few weeks to a month for newcomers to receive their first Canadian credit card and a few additional months of credit transactions to generate a credit history. EQUIFAX and TransUnion are the two major credit rating organizations in Canada, and you can choose either one to get your credit report. Detailed instructions to obtain the report are available on the respective websites. 8. Take up a survival job and/or volunteer Survival jobs are lower-skilled jobs where significant education or extensive professional experience is usually not required. For example, working as a driver with a ride-sharing service, warehouse or factory worker, cashier at a grocery store, barista at a coffee shop, food delivery person, sales associate, telemarketing associate, cleaner, or a server at a restaurant. Volunteering is an integral part of Canadian culture, and giving back to the community is usually well-regarded and valued in Canadian society. It involves giving personal time freely for the benefit of another person, group, or cause. Both survival jobs and volunteering are good ways to earn Canadian experience, practice your language skills, build your network locally, and gather references for your rental application. Survival jobs will also provide you with an employment letter and cover basic living expenses while still allowing you to continue looking for your desired role. Helpful articles: Taking up survival jobs as a newcomer in Canada: All you need to know The benefits of volunteering as a newcomer in Canada Finding your first long-term permanent accommodation in Canada can be stressful and challenging. Following the tips outlined in this article will ensure you have a place to stay while you build your credit history and find employment. And over time, you will be well-positioned to find a place you can call home! Original article located here, published by Arrive.
As the pandemic enters its second year, household expenses remain top of mind for consumers, as does the cost of auto insurance. It’s one of the reasons why CAA Insurance has seen a dramatic increase over the past ten months in the number of drivers who have signed up for Canada’s only pay-as-you-go auto insurance payment program, CAA MyPace™. New CAA Insurance data reveals, that the number of new CAA MyPace policies between April and December 2020 increased by almost 300 per cent compared to the same period in 2019. “While the growth is remarkable, it reinforces what consumers are telling us, that a one-size-fits-all solution to auto insurance isn’t working for them, especially during these challenging times where many vehicles are not being used as much,” says Matthew Turack, president of CAA Insurance. “CAA MyPace is a one-of-a-kind payment program that lets customers take control of their car insurance costs by giving them the freedom to pay for the distance they drive.” On average, people who switch to CAA MyPace are saving 50 per cent on their auto insurance costs, compared to a traditional policy. The pay-as-you-go program was launched in 2018, and benefits motorists who drive less than 9,000 kilometres per year. In 2020, CAA Insurance provided over $60 million in relief to support policyholders in managing their expenses during the pandemic. The Financial Services Regulatory Authority of Ontario (FSRA) identified CAA Insurance as the leading insurer, providing the highest percentage of rate relief to its policyholders. Nearly one year ago, CAA Insurance led the insurance industry by providing a 10 per cent rate reduction for a 12-month term to all active CAA Auto and Property Insurance policyholders. CAA Insurance will continue to apply this rate reduction in 2021 for its active policyholders. No action is necessary by policyholders to receive this reduction.
