KENNTH CHAN (DAILY HIVE) - In an apparent response to growing backlash and some deteriorating reconciliation and First Nations sentiment among the public, business community, and property owners — stemming from the major implications of a Supreme Court of British Columbia ruling that sided with the Cowichan Tribes’ land claims in Metro Vancouver — the leader of one of the region’s most prominent First Nations is speaking out against such disruptive, court-driven legal cases.

The ruling granted the Cowichan Tribes Aboriginal title over approximately 800 acres in southeast Richmond, prompting concern across B.C.

A public opinion survey of British Columbians in October 2025 found that 66 per cent of property owners believe the ruling harms reconciliation efforts with First Nations, compared with 48 per cent of non-owners. Moreover, strong overall majorities believe the implications for private property rights are a serious concern, and the decision needs to be appealed. A separate survey in November 2025 had similar findings.

Today, Musqueam Indian Band chief Wayne Sparrow said his First Nation’s long-standing strategy prioritizes negotiations with governments outside the court system when seeking the transfer of government-owned public land — within areas it considers its traditional unceded territory — to its community.

Today, Musqueam Indian Band chief Wayne Sparrow said his First Nation’s long-standing strategy prioritizes negotiations with governments outside the court system when seeking the transfer of government-owned public land — within areas it considers its traditional unceded territory — to its community.

Today, Musqueam Indian Band chief Wayne Sparrow said his First Nation’s long-standing strategy prioritizes negotiations with governments outside the court system when seeking the transfer of government-owned public land — within areas it considers its traditional unceded territory — to its community.

According to the City of Richmond’s trial transcript, Cowichan Tribes’ lawyers stated: “Aboriginal title is not symbolic. It is full ownership interest. Once recognized, the Cowichan people will have exclusive right to decide how the land is used, including whether it may be developed, transferred, or accessed by others.”

“Any disposition of land, whether by the Province or a private party, would require the Cowichan’s agreement.”

From the outset of the lawsuit, the Cowichan Tribes sought Aboriginal title over 1,846 acres in southeast Richmond. While Justice Young declared less than half of this area to be under Aboriginal title, the Cowichan Tribes have launched their own appeal seeking to expand the declaration to the full 1,846 acres originally pursued — an area nearly twice the size of Vancouver’s Stanley Park, encompassing both public and private property.
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In contrast, the Musqueam Indian Band highlighted its history of pursuing negotiated, win-win outcomes that avoid acrimony, disruption, and division.

The band pointed to its successful partnership with Vancouver International Airport (YVR), including a 2017 agreement that provides Musqueam Indian Band with one per cent of the Vancouver Airport Authority’s non-aeronautical revenues, along with education and employment opportunities for its members. In early 2025, the First Nation signed an additional YVR-related agreement with the federal government, setting aside a small portion of annual ground lease revenues received by the government from the airport authority for the Musqueam Indian Band.

The Musqueam Indian Band also highlighted its productive relationships with other First Nations, such as the Squamish and Tsleil-Waututh Nations. Together, they jointly own MST Development, a for-profit real estate company pursuing major high-density, mixed-use housing projects, including the Heather Lands and Jericho Lands developments in Vancouver.

Additionally, the band noted its successful partnerships with the provincial and federal governments and the City of Vancouver.

In 2008, through a negotiated reconciliation agreement, the Musqueam Indian Band acquired the 120-acre University Golf Course near UBC — which must remain a golf course until at least 2083 under the terms of the agreement — as well as nearby land within the University Endowment Lands, where the First Nation is now developing a 21-acre high-density, mixed-use residential project. The agreement also included a waterfront property in north Richmond, home to the River Rock Casino Resort.

In October 2025, it was announced that the Musqueam Indian Band and the Vancouver Island-based Snuneymuxw First Nation had partnered to acquire the business and gaming license of the River Rock Casino Resort from Great Canadian Entertainment, which began accepting bids earlier this year. Great Canadian’s lease for the property is set to expire in 2041.

All three properties acquired under the 2008 agreement are owned by the Musqueam Indian Band as fee-simple private property, not reserve lands.

CRAIG LORD (CANADIAN PRESS) - ​Canada’s economy posted surprisingly strong growth in the third quarter, but economists looking underneath the hood offered a series of caveats that suggest weaker results than the headline figures imply.

Statistics Canada said Friday that real gross domestic product rose 2.6 per cent on an annualized basis in the third quarter of 2025, marking a rebound from a contraction of 1.8 per cent in the second quarter.

The Q3 results show Canada staved off a technical recession — two consecutive quarters of GDP declines. The magnitude of the gain was also well above expectations from both the Bank of Canada and a poll of economists heading into the release calling for just 0.5 per cent annualized growth.

“At first glance, this would appear to be a strong print, but there are some underlying details that we do have to dig into,” said TD Bank economist Marc Ercolao in an interview.

“There’s still some ways to go before we see the Canadian economy back to firing on all cylinders.”
StatCan said much of the growth last quarter came from a favourable trade balance: exports edged up while imports fell sharply, which tends to draw better results out of the GDP calculation.

Ercolao explained that a pullback in imports and relatively flat exports creates the mathematical impression of growth, rather than reflecting an actual surge in firms doing business out in the world.
He also said it’s best to take any trade data with “a grain of salt” right now as tariffs skew export and import volumes from the United States.

The recent U.S. government shutdown also hampered Statistics Canada’s ability to gauge merchandise trade results because that data relies on inputs from south of the border. As a result, the agency warned Friday that third quarter GDP data will be subject to larger than normal revisions.
‘There’s a lot of gyration in this trade data," Ercolao said.

“So it’s hard to get a clean read exactly on trade, but we’re expecting overall trade to slowly recover into next year after a pretty weak second quarter.”

Spending on weapon systems was up 82 per cent in the quarter, putting a lift in government capital investments, StatCan said.

While higher government capital spending and home resales offered a boost to the economy last quarter, business investment was flat and declines in household spending and construction activity were drags on growth.

Bradley Saunders, North America economist at Capital Economics, said in a note to clients Friday that the import-led growth in Q3 masks underlying weakness in domestic demand.

The drop-off in household spending was the largest quarterly decline outside the pandemic in almost two decades, Saunders said.

StatCan on Friday also reported modest GDP growth of 0.2 per cent in September, fuelled by growth in manufacturing and a rebound in air transportation after the Air Canada flight attendants’ strike in August.

But the agency’s early estimates for October predict a contraction of 0.3 per cent in the economy for month.

“The declines in household consumption and business investment, along with the weak preliminary GDP estimate for October, demonstrate how the economy is struggling for momentum,” Saunders said.

“Absent a sharp rebound in November, this leaves growth on track to underperform the Bank of Canada’s forecast.”

The third quarter GDP results come ahead of the Bank of Canada’s last scheduled interest rate decision of the year on Dec. 10.

The central bank cut its benchmark interest rate by a quarter point to 2.25 per cent in October but signalled it may be done lowering the policy rate unless economic data strays from its forecast.

The Bank of Canada called for modest growth of 0.75 per cent annualized in the second half of 2025 and recovering slowly in the years to come.

BMO chief economist Doug Porter said in a note Friday the rebounding Q3 figure should quiet “recession chatter” for now, but he suspects the central bank won’t shift its stance based on the hit-and-miss details of the report.

“For the Bank of Canada, there are many mixed messages here, but the overall read is better than expected, thus more firmly putting them on the sidelines for next month’s meeting,” he said.

Financial markets placed odds for a cut at the Bank of Canada’s meeting next month at just below 16 per cent as of Friday afternoon, according to LSEG Data & Analytics.

Ercolao also said he wouldn’t expect the Bank of Canada to be swayed by the headline figure alone — monetary policymakers know to look through “trade noise” at this point in the tariff dispute.
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“As long as growth is evolving broadly in line with their forecast, which at this point it seems like it is, we foresee the Bank of Canada staying on hold for 2026 at their current policy rate,” he said.

STEPHEN PUNWASI (BETTER DWELLING) - The Bank of Canada (BoC) cut its overnight rate by 25 basis points to 2.25% this morning, citing weak investment and falling demand. It also reminded Canadians that monetary policy is meant to keep inflation low and stable—then promptly put that on the sideburner. The BoC warned that monetary policy won’t fix the current headwinds, but expects economic erosion to control inflation. Apparently, the inflation mandate has been outsourced to economic devastation, and a resilient economy means life is about to get much more expensive.

Bank of Canada Says Lower Rates Won’t Address Current Economic Issues, Cuts Anyway 
The central bank cited eroding economic factors as the primary support for rate cuts. It points to GDP’s 1.6% contraction in Q2, driven by a shock to exports, and weak business investment due to economic uncertainty—primarily around tariffs. They further cite unemployment sitting at 7.1% in September, and slowing wage growth. None of these are directly addressed by monetary policy, but factors the BoC attributes primarily to tariffs.

“Monetary policy cannot offset the long-term implications of US tariffs or other sources of structural change. The primary focus of monetary policy is to maintain low and stable inflation,” explained the BoC in its accompanying report. 

To sum up the first few minutes of the BoC conference—it cut rates to support the economy, though it doesn’t believe the easing can actually do much for a structural change… cool?
   
BoC Dismisses Inflation Warnings, Refers To Feelings Of Inflation
Don’t let the above quote mislead you, the BoC reiterated its primary mandate is maintaining low and stable inflation, but it struggled to explain how this factored into its decision. Headline CPI came in at 2.4% in September, “higher than the Bank had anticipated” and climbed to 2.9% excluding taxes. It further explained that its preferred core inflation measures also remain around 3%, but “underlying” inflation suggests inflation is more like 2.5%. 

For those curious what underlying inflation is, earlier this month the BoC explained it’s “not a statistic,” but more of a feeling. The BoC is taking a page out of weather forecasting—inflation is 3.0%, but it feels like 2.5% when adjusted for the bullshitidex. They see underlying inflation um, feeling like 2.0% in the coming months. We imagine underlying inflation also told the Bank’s Governor that he’s smart, handsome, and gosh darnit—people like him.  

BoC Addressing Slow Investment & Write-Offs, Little Mortgage Relief
The aggressive rate cuts are praised by the real estate industry, but it may not prove to be the win anticipated. The overnight rate influences short-term borrowing costs, only helping with variable-rate mortgages. Fixed-term mortgages are influenced by Government of Canada (GoC) bond yields, which move with inflation expectations. The 5-year GoC bond yield, which influences 5-year fixed-rate mortgages, climbed 10.8 basis points (bps) on the cut, rolling back 3 weeks of progress in a single day. In other words, the initial reaction was higher borrowing costs for people who don’t want to play rate roulette. 

The BoC’s justification here is they expect the drivers of inflation to be tempered by collapsing economic activity. They see higher prices via imported inflation and trade disputes mitigated by falling demand due to worsening economic conditions. The excess supply will lower prices for those who can afford it, so hope for that downturn, otherwise life is about to get much more expensive. 

Does it sound like the BoC’s actions are in conflict with its words, and they’re leaving something out? It may have been buried on page 32 of its accompanying report. “Investment will slow, and some existing capital could be written off or diverted toward a less profitable use,” explained the central bank—suggesting they may be pre-emptively addressing a crisis not yet visible to the public. 

Canada’s central bank may have reiterated its belief that monetary policy is for inflation control, but it’s demonstrating the exact opposite. BoC research found that monetary policy takes between 18 to 24 months to reach the market. However, it’s using monetary policy as a short-term tool to address problems it acknowledges are out of policy reach—at the expense of higher inflation. Its sole supporting argument being that economic conditions will erode to the point where it will temper its stimulus. Oh my.