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Good morning! 🏒 Utah’s NHL team had to ditch the bus this week and walk to Toronto’s Scotiabank Arena, highlighting the importance of road infrastructure. In response, Ontario officials noted they are working to shift policy around bike lane decisions, building highways and public transit, and speeding up work so this kind of gridlock doesn’t happen.

⏰ Today’s read: 5 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 8:00 PM ET Nov. 25th, 2024.

Economy:  The Bank of Canada’s recent interest rate cuts have prevented the housing market from collapsing but are unlikely to restore its previous levels of activity, according to CoStar Group. The group emphasized that while mortgage rates have slightly declined, they remain far from the low levels of the past decade, limiting the market's ability to rebound significantly. Officials noted that Canadian mortgage rates are primarily influenced by bond yields, which are shaped by market forces rather than the Bank of Canada.

NEED TO KNOW

The week's headlines

Back from the dead: ☠️ U.S. President-elect Donald Trump is considering reviving the Keystone XL pipeline project, despite its cancellation in 2021. Originally proposed by Calgary-based TC Energy in 2008, the pipeline faced over a decade of legal, political, and environmental opposition before President Joe Biden revoked its permit.

Lazy land: 🏗️ A study by the University of British Columbia shows that governments could provide affordable housing for over a million Canadians by repurposing underused or vacant public land in urban areas. For example, the Toronto region could house 587,000 people, Ottawa 200,000, and Calgary 89,000. Located near essential services, these lands could lower construction costs if governments lease or offer them free to developers, ensuring long-term affordability.

Rosy outlook: 💰 Quebec has announced over $2 billion in new spending following a stronger-than-expected economic recovery and newly identified government savings. Officials outlined spending priorities in four key areas: forestry, housing, public safety, and public transit, with a notable $1.2 billion allocated to support Montreal and Quebec City.

Accelerating ConTech: 🖥️ EllisDon Corporation and Impulse Partners have announced a successful second round of its ConTech Accelerator program. From over 165 submissions, 30 were selected as the top contenders. The ultimate winners were SALUS, EHAB and Specter Automation. 

THE BIG STORY

Hard hat hackers: Attacks highlight Digital vulnerability in Canadian infrastructure

When was the last time you changed your passwords? 

The Canadian Centre for Cyber Security has released a series of guidelines for digitally protecting increasingly connected critical infrastructure. Here’s why.  

What happened: The warning comes after a security breach at the Duffin Creek Water Pollution Control Plant.  Fortunately, the affected system was isolated and operations at Duffin Creek are currently running in auto or manual mode.

How they get in: Malware and exploiting weak credentials are both methods used, but the easiest and most common hack attacks the weakest part of any system, people, by using phishing/social engineering. 

What’s the point: Hackers could use ransomware to extract money to get facilities working again, some could be state-sponsored attempts designed to achieve political goals and some hackers just want fame. 

A growing issue: Cybersecurity experts have seen a sharp increase in cyberattacks targeting physical operations and sensitive data over the past year. They believe a convergence of IT and OT systems, coupled with greater reliance on remote control, has broadened the attack surface, leaving these systems more exposed to cyber risks.

A new front: According to cybersecurity experts, the issue should be taken far more seriously. Courtney Adante, president of security risk advisory at Canadian security risk advisory Teneo said critical attacks on power grids, water systems and other infrastructure puts lives at risk and more effort should be made to beef up defenses.

“The reality is that a potential attack against water systems, dams, bridges, energy, is a real threat, it's a real risk,” Adante said. “My concern is that the public just isn't paying enough attention.”

PROJECT SPOTLIGHT

Symbio

Le Symbio Habitat, a newly constructed 29-storey rental building in Montreal, is set to become the first Canadian rental complex to earn both LEED and Zero Carbon Building (ZCB) certification, along with meeting the WELL Building Standard. The 219-unit apartment tower incorporates both active and passive energy-efficient design elements, such as high-efficiency HVAC systems, energy-saving lighting, and advanced insulation.

PROJECT UPDATES

New facility complete at CentrePort Canada Rail Park 

Hydrogen production/refuelling stations built in Alberta

Development partners announced for Toronto Coach Terminal site

PRGT pipeline permit under review to remain active

Get our full breakdown of the week’s project updates in the link below

WHAT WE’RE TALKING ABOUT

PHOTOS: 🏠Peek inside a famous Edmonton architect’s home

VIDEO: ✈️ Fly over the new Pattullo Bridge

READ: 🌍 Toronto among world’s best cities

READ: 🔎 Drought reveals hidden U.S. bridge

VIDEO: 🪚 A carpenter shops for tools in Japan

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Here’s to a great rest of the week!

Disclaimer: SiteNews is an independently-operated news website. Views expressed are that of the editorial team and are based on publicly available information unless otherwise noted through sponsored content.