Thursday, September 23, 2021

'Slap in the face': Sask. premier's advice to medical workers hits sour note with doctor


CTV News Saskatoon Staff
Wednesday, September 22, 2021

Health care workers slam Moe


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WATCH: CTV Saskatoon's Nicole Di Donato explain why health care workers take umbrage with Scott Moe's recent comments.


SASKATOON -- A Saskatchewan doctor is speaking out following Premier Scott Moe's suggestion that medical professionals "really provide some guidance for Saskatchewan people" to help dispel COVID-19 misinformation.

"It was more than disheartening to hear you talk today about how doctors should *start* publicly educating and talking to media to counter pandemic misinformation, as if we haven’t been doing this kind of advocacy from the start," Tamara Hinz wrote in a series of tweets Tuesday evening.

Hinz said the premier's remarks during a news conference held in Regina felt like a "slap in the face."

While responding to reporter's questions during a media availability largely focused on responding to the results of Monday's federal election, Moe said he thought the medical community "could answer the bell" by providing "direct answers" concerning COVID-19 vaccines and their safety.

In her tweets, Hinz said this has already been happening.

"We’ve had countless one on one conversations with friends, family, and strangers to answer COVID-related questions and allay vaccine-related fears. All of this has been done unpaid during precious hours off with our families," the Saskatoon-based child and adolescent psychiatrist said.

"We do this as a labour of love and out of a sense of obligation."

Hinz also bristled at the premier's suggestion that medical professionals use "access to the media" and social media to engage with the community during the pandemic.

"Sir, we’ve been providing (guidance) all along, to the public but most importantly to you. We have wanted to provide collaboration and share our expertise, to let you know our concerns," Hinz said in her tweets, which also included links to open letters penned by physicians in the province throughout the pandemic.

"Today we are in our worst wave yet, but please don’t place any blame at our feet."

Saskatoon emergency physician Dr. Paul Olszynski said he was also discouraged by the premier’s comments as they take away from the educational work healthcare workers have already been doing throughout the pandemic both on social media and through media interviews.

“The reality is that we have seen an unprecedented level of engagement by the medical community, the healthcare community here in Saskatchewan, and it has not yet been acknowledged or promoted or supported in a meaningful way.”

Olszynski said the premier and his party have a wider reach and better access to people in the province who are vaccine hesitant or misinformed than many healthcare workers, and that his government can help inform people by retweeting and sharing posts made by physicians that are backed up by scientific evidence.

“We are in a critical fourth wave of this pandemic. There is a tremendous amount of suffering and death that is going to happen and that’s not something that we can change at this point at our current trajectory,” Olszynski said.

“This is the time for policy. (Healthcare workers) can continue to share, but I think it’s a deflection. I think the key here is that we need policies that have enforcement behind them.”

Saskatchewan Union of Nurses (SUN) president Tracy Zambory called Moe’s comments demoralizing and “tone deaf.”


“It was just a real blow to an already exhausted, tired workforce that has been showing up consistently since March 2020," she said.

“Taking absolutely no responsibility for the fact that they are to be leading this pandemic and they’re not taking any advice from consummate professionals that show up everyday to keep patients safe in this province, like the registered nurses, like the physicians. So, now we find ourselves in a very, very critical situation where we’re going to have to start making some heartbreaking decisions,” she told CTV News.

“The frontline workers deserve some respect, they deserve to be listened to. They deserve to be listened to when we tell you that these public health measures right now haven’t gone far enough.”

In a statement to CTV News Wednesday, Moe’s press secretary Julie Legott said Saskatchewan residents, including those in the medical community, can engage with their government on policies that have been put in place.

“We would ask Saskatchewan’s professional medical community to further engage directly with individuals to combat the misinformation that is being communicated through various channels. There is an opportunity for our medical professionals to discuss the benefits to individuals of being fully vaccinated and the benefits to society of having more people vaccinated,” the statement said.


Greta Thunberg urges global strikes, takes climate action back to the streets

Sep 22, 2021





Global News

Teenage climate activist Greta Thunberg and her Fridays For Future movement will return to the streets on Friday to demand action on climate issues, following an absence of over a year due to the COVID-19 pandemic. Focusing on a theme of "uproot the system," Thunberg said that the crisis has not disappeared during the pandemic and that the time has come for physical manifestations again. Thunberg and her fellow climate activists moved their protests online during the COVID-19 pandemic, and with vaccines rolling out and restrictions being lifted around the world, the activists feel comfortable returning to public actions. Friday's action will be a global strike taking place in locations around the world, with Thunberg herself expected to attend an event in Germany.
Ontario Teachers' to buy reverse mortgage-issuer HomeEquity Bank



Jon Mace, BNN Bloomberg

The Ontario Teachers' Pension Plan Board has announced plans to purchase the parent company of reverse mortgage-issuer HomeEquity Bank.

The deal would see the Ontario-based fund acquire HomeQ Corporation from Birch Hill Equity Partners Management Inc. Financial terms were not disclosed.

"HomeEquity Bank is an excellent fit for our growing portfolio of leading financial services firms,” said Karen Frank, senior managing director of equities at Ontario Teachers', in a news release.

“We believe the company has a high-quality management team, a solid value proposition for consumers and room to grow their business given Canada's aging population as well as the increased attractiveness of staying in your own home as you age."

Toronto-based HomeEquity Bank is best known for its CHIP reverse mortgage (once known as the Canadian Home Income Plan), which is designed for homeowners aged 55 and up.

“We are excited about the value Ontario Teachers' will bring as we continue to serve Canada's rapidly growing retiree population,” said Steven Ranson, president and chief executive officer of HomeEquity Bank, in a release. “Its long-term capital profile, track record of delivering retirement solutions and our shared vision of making a positive impact on the lives of retired Canadians makes Ontario Teachers' a natural partner for us."

The deal hinges on regulatory approval. In the news release, the parties said they expect conditions to be met in the second half of 2022.

Ontario Teachers' announces agreement to acquire HomeEquity Bank 

NEWS PROVIDED BY HomeEquity Bank

Sep 22, 2021

TORONTO, Sept. 22, 2021 /CNW/ - Ontario Teachers' Pension Plan Board ("Ontario Teachers'") announced today that it has entered into an agreement to acquire HomeQ Corporation ("HomeQ"), the parent company of HomeEquity Bank, from Birch Hill Equity Partners Management Inc. ("Birch Hill") and the other minority shareholders of HomeQ. The completion of the acquisition is subject to receipt of required regulatory approvals, which the parties expect to occur in the first half of 2022.

Ontario Teachers’ announces agreement to acquire HomeEquity Bank (CNW Group/HomeEquity Bank)

HomeEquity Bank is Canada's leading bank offering reverse mortgage solutions including the flagship CHIP Reverse Mortgage. HomeEquity Bank has a 30-year track record of helping Canadians 55 and older age in place by accessing the equity in their homes. The bank is well positioned for sustained growth as more Canadians near retirement age and seek innovative solutions to create income and build wealth.


"HomeEquity Bank is an excellent fit for our growing portfolio of leading financial services firms. We believe the company has a high-quality management team, a solid value proposition for consumers and room to grow their business given Canada's aging population as well as the increased attractiveness of staying in your own home as you age," said Karen Frank, Senior Managing Director of Equities at Ontario Teachers'. "Ontario Teachers' has a long history of investing in successful financial services businesses in Canada and internationally and we look forward to supporting HomeEquity Bank during its next stage of growth."

"We are excited about the value Ontario Teachers' will bring as we continue to serve Canada's rapidly growing retiree population. Its long-term capital profile, track record of delivering retirement solutions and our shared vision of making a positive impact on the lives of retired Canadians makes Ontario Teachers' a natural partner for us," said Steven Ranson, President and Chief Executive Officer of HomeEquity Bank. "I want to thank Birch Hill for its unwavering support for HomeEquity Bank over this past decade. Our partnership provided a reliable source of capital so that HomeEquity Bank could help more Canadians access the equity they built in their homes and live in the place they love."

The company's significant growth over the past nine years during Birch Hill's ownership has been driven by strong leadership, increased diversity of distribution channels, product expansion, significant investment in marketing and technologies, and a revitalized brand that resonated strongly with the attitudes of Canadian homeowners aged 55 plus.

Ontario Teachers' was advised by TD Securities Inc. as financial adviser, with Blake, Cassels & Graydon, LLP as legal adviser. Legal adviser to HomeQ was Torys LLP.

About HomeEquity Bank

HomeEquity Bank is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage™ product. The company was founded more than 30 years ago as an annuity-based solution addressing the financial needs of Canadians who wanted to access the equity of their top asset – their home. The Bank is committed to empowering Canadians aged 55 plus to live the retirement they deserve, in the home they love. For more information, visit www.chip.ca

About Ontario Teachers'

Ontario Teachers' Pension Plan Board ("Ontario Teachers'") is the administrator of Canada's largest single-profession pension plan, with C$227.7 billion in net assets (all figures at June 30, 2021 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. The defined-benefit plan, which is fully funded as at January 1, 2021, invests and administers the pensions of the province of Ontario's 331,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.

About Birch Hill Equity Partners

Birch Hill is a Canadian mid-market private equity firm with a 26-year history of driving growth in portfolio companies and delivering returns to investors. Based in Toronto, Birch Hill currently has over $4 billion in capital under management. Since 1994, Birch Hill has made over 68 investments, with 52 fully-realized. Today, their 16 partner companies collectively represent one of Canada's largest corporate entities with over $6 billion in total revenue and more than 34,000 employees.

SOURCE HomeEquity Bank

For further information: Media Contacts, HomeEquity Bank, Yvonne Ziomecki, EVP & CMO, Phone: (416) 554-1669, Email: yziomecki@heb.ca; Ontario Teachers', Dan Madge, Director, External Communications, Phone: (416) 419-1437, Email: media@otpp.com; Birch Hill Equity Partners, Pierre Schuurmans, COO and Partner, Phone: (416) 775-3830, Email: pschuurmans@birchillequity.com
Related Links

http://www.homequitybank.ca/


Organization Profile

HomeEquity Bank


Also from this source


HomeEquity Bank's reverse mortgage portfolio surpasses $5 billion ...


Nearly 80% of Canadians 55+ say registered savings and pension...

 

The Ontario Teachers’ Pension Just Bought Canada’s Largest Reverse Mortgage Lender

Canadian home prices are moving faster than wages, leaving a lot of cash-poor, house-rich Boomers. The Ontario Teachers’ Pension Plan Board (OTPPB) must see opportunity, because they are buying a large reverse mortgage lender. The pension announced its acquisition of HomeEquity bank today. It might not be a familiar name, but their flagship product might ring a bell — CHIP Reverse Mortgages. The lender is the largest provider of reverse mortgages, which are on the climb again. 

OTPPB To Acquire Canada’s Largest Reverse Mortgage Lender

The OTPPB announced they’ll be acquiring HomeQ, the parent company of HomeEquity Bank. The bank is behind CHIP reverse mortgages, an extremely fast-growing debt product. An announcement went out today, but it’s still subject to regulatory approval. Failing any issue there, the deal should be done in the first half of 2022. Once completed, the pension will own the largest reverse mortgage player in Canada.

Reverse Mortgages 

If you’re not familiar with reverse mortgages, they’re a straightforward concept. Reverse mortgages are a type of loan where seniors pledge their home equity in exchange for cash. Lenders either deliver the funds as a lump sum, or regular payments over the term — whatever is agreed. It’s basically a mortgage in reverse, not unlike the name suggests. Another similar product is a home equity line of credit (HELOC). The biggest difference between a HELOC and a reverse mortgage is the repayment terms.

Unlike a HELOC, a reverse mortgage doesn’t require regular payments. Generally, payment is only required after death, default, or a sale. In exchange for the generous payment terms, the lender charges higher interest rates. It makes sense from the lender’s perspective since they have no idea when they’ll be repaid. From the borrower’s perspective, it might not be the best option.

Borrowers have a few issues to consider — it doesn’t take your income into account, and it’s expensive. Being on a fixed income with not a lot of money, but a lot of home equity is a dangerous combination. Borrowers that don’t have a repayment plan, or use it to fund retirement, can see their equity disappear quickly. That can leave the borrower with significantly less funds than they may have planned.

Canadians Owe $4.83 Billion In Reverse Mortgage Debt, And It’s Climbing Fast

More and more cash-poor, house-rich Boomers are seeking out reverse mortgages. The outstanding balance of reverse mortgage debt reached $4.83 billion in July, up 12.46% from last year. This is a new record high for reverse mortgage debt.

Canadian Reverse Mortgage Debt

The total of reverse mortgage debt held by regulated financial institutions, in Canadian dollars.

Jan 2010May 2010Sep 2010Jan 2011May 2011Sep 2011Jan 2012May 2012Sep 2012Jan 2013May 2013Sep 2013Jan 2014May 2014Sep 2014Jan 2015May 2015Sep 2015Jan 2016May 2016Sep 2016Jan 2017May 2017Sep 2017Jan 2018May 2018Sep 2018Jan 2019May 2019Sep 2019Jan 2020May 2020Sep 2020Jan 2021May 2021$0$1,000,000$2,000,000$3,000,000$4,000,000$5,000,000Canadian Dollars (x1,000)
MonthCanadian Dollars (x1,000)
Jan 2010652,938
Feb 2010664,576
Mar 2010680,588
Apr 2010690,211
May 2010704,812
Jun 2010719,509
Jul 2010728,990
Aug 2010740,841
Sep 2010754,490
Oct 2010760,776
Nov 2010760,776
Dec 2010771,352
Jan 2011788,836
Feb 2011796,038
Mar 2011810,705
Apr 2011820,197
May 2011836,899
Jun 2011856,014
Jul 2011862,897
Aug 2011872,912
Sep 2011889,554
Oct 2011898,569
Nov 2011916,360
Dec 2011932,540
Jan 2012938,429
Feb 2012948,089
Mar 2012959,663
Apr 2012966,839
May 2012978,235
Jun 2012986,828
Jul 2012995,023
Aug 20121,008,652
Sep 20121,023,826
Oct 20121,034,376
Nov 20121,048,627
Dec 20121,060,740
Jan 20131,068,448
Feb 20131,080,365
Mar 20131,091,601
Apr 20131,103,917
May 20131,110,370
Jun 20131,116,643
Jul 20131,128,247
Aug 20131,145,835
Sep 20131,159,878
Oct 20131,174,959
Nov 20131,188,322
Dec 20131,208,430
Jan 20141,215,007
Feb 20141,228,987
Mar 20141,243,595
Apr 20141,255,792
May 20141,274,423
Jun 20141,291,842
Jul 20141,298,548
Aug 20141,318,976
Sep 20141,335,018
Oct 20141,350,111
Nov 20141,364,494
Dec 20141,384,441
Jan 20151,393,026
Feb 20151,406,275
Mar 20151,420,013
Apr 20151,428,762
May 20151,447,484
Jun 20151,464,571
Jul 20151,486,448
Aug 20151,498,654
Sep 20151,513,281
Oct 20151,533,457
Nov 20151,544,868
Dec 20151,576,084
Jan 20161,583,909
Feb 20161,601,104
Mar 20161,633,115
Apr 20161,648,831
May 20161,668,329
Jun 20161,689,183
Jul 20161,704,984
Aug 20161,729,091
Sep 20161,755,888
Oct 20161,779,380
Nov 20161,811,878
Dec 20161,849,068
Jan 20171,865,410
Feb 20171,886,106
Mar 20171,929,941
Apr 20171,954,435
May 20171,994,618
Jun 20172,037,023
Jul 20172,060,723
Aug 20172,099,331
Sep 20172,132,482
Oct 20172,175,559
Nov 20172,649,688
Dec 20172,674,957
Jan 20182,697,416
Feb 20182,759,718
Mar 20182,817,477
Apr 20182,857,244
May 20182,914,436
Jun 20182,964,860
Jul 20182,994,624
Aug 20183,035,068
Sep 20183,070,378
Oct 20183,425,690
Nov 20183,489,247
Dec 20183,547,583
Jan 20193,518,383
Feb 20193,548,132
Mar 20193,616,916
Apr 20193,661,784
May 20193,719,710
Jun 20193,743,703
Jul 20193,780,548
Aug 20193,831,180
Sep 20193,882,002
Oct 20193,924,050
Nov 20193,981,093
Dec 20194,008,499
Jan 20204,027,468
Feb 20204,086,763
Mar 20204,182,640
Apr 20204,214,702
May 20204,240,450
Jun 20204,269,101
Jul 20204,295,683
Aug 20204,311,708
Sep 20204,364,359
Oct 20204,416,509
Nov 20204,457,440
Dec 20204,490,228
Jan 20214,509,988
Feb 20214,537,526
Mar 20214,594,535
Apr 20214,638,083
May 20214,683,228
Jun 20214,770,982
Jul 20214,831,129

Source: Regulatory Filings, Better Dwelling.

The growth rate is also worth a quick mention. The 12.46% annual growth in July is the highest level since October 2020. Except back then the market was showing deceleration of growth. Now we’re looking at high growth accelerating. As living costs rise faster than the CPI-indexed pensions, this is primed for a run higher.

Canadian Reverse Mortgage Debt Change

The annual percent change of reverse mortgage debt held by regulated financial institutions.

Percent ChangeJan 2011Apr 2011Jul 2011Oct 2011Jan 2012Apr 2012Jul 2012Oct 2012Jan 2013Apr 2013Jul 2013Oct 2013Jan 2014Apr 2014Jul 2014Oct 2014Jan 2015Apr 2015Jul 2015Oct 2015Jan 2016Apr 2016Jul 2016Oct 2016Jan 2017Apr 2017Jul 2017Oct 2017Jan 2018Apr 2018Jul 2018Oct 2018Jan 2019Apr 2019Jul 2019Oct 2019Jan 2020Apr 2020Jul 2020Oct 2020Jan 2021Apr 2021Jul 20210102030405060Percent
MonthPercent Change
Jan 201120.81
Feb 201119.78
Mar 201119.12
Apr 201118.83
May 201118.74
Jun 201118.97
Jul 201118.37
Aug 201117.83
Sep 201117.9
Oct 201118.11
Nov 201120.45
Dec 201120.9
Jan 201218.96
Feb 201219.1
Mar 201218.37
Apr 201217.88
May 201216.89
Jun 201215.28
Jul 201215.31
Aug 201215.55
Sep 201215.09
Oct 201215.11
Nov 201214.43
Dec 201213.75
Jan 201313.85
Feb 201313.95
Mar 201313.75
Apr 201314.18
May 201313.51
Jun 201313.15
Jul 201313.39
Aug 201313.6
Sep 201313.29
Oct 201313.59
Nov 201313.32
Dec 201313.92
Jan 201413.72
Feb 201413.76
Mar 201413.92
Apr 201413.76
May 201414.77
Jun 201415.69
Jul 201415.09
Aug 201415.11
Sep 201415.1
Oct 201414.91
Nov 201414.83
Dec 201414.57
Jan 201514.65
Feb 201514.43
Mar 201514.19
Apr 201513.77
May 201513.58
Jun 201513.37
Jul 201514.47
Aug 201513.62
Sep 201513.35
Oct 201513.58
Nov 201513.22
Dec 201513.84
Jan 201613.7
Feb 201613.85
Mar 201615.01
Apr 201615.4
May 201615.26
Jun 201615.34
Jul 201614.7
Aug 201615.38
Sep 201616.03
Oct 201616.04
Nov 201617.28
Dec 201617.32
Jan 201717.77
Feb 201717.8
Mar 201718.18
Apr 201718.53
May 201719.56
Jun 201720.59
Jul 201720.86
Aug 201721.41
Sep 201721.45
Oct 201722.27
Nov 201746.24
Dec 201744.67
Jan 201844.6
Feb 201846.32
Mar 201845.99
Apr 201846.19
May 201846.11
Jun 201845.55
Jul 201845.32
Aug 201842.32
Sep 201843.98
Oct 201857.46
Nov 201831.68
Dec 201831.68
Jan 201930.44
Feb 201928.56
Mar 201928.37
Apr 201928.15
May 201927.63
Jun 201926.26
Jul 201926.24
Aug 201926.23
Sep 201926.43
Oct 201914.55
Nov 201914.1
Dec 201913
Jan 202014.47
Feb 202015.18
Mar 202015.64
Apr 202015.09
May 202014
Jun 202014.03
Jul 202013.63
Aug 202012.54
Sep 202012.43
Oct 202012.55
Nov 202011.97
Dec 202012.01
Jan 202111.98
Feb 202111.03
Mar 20219.85
Apr 202110.05
May 202110.44
Jun 202111.76
Jul 202112.46

Source: Regulatory Filings, Better Dwelling.

Reverse mortgage debt is likely to see huge growth as Canada’s population ages. Home prices have long outpaced income, and are now how many people fill the gap. Expensive housing also means fewer people will have funds for anything but a home. It’s a huge growth opportunity for the pension. It is ironic to see a pension make a big bet on others not having enough in retirement though.