Alberta
Montreal urban fish farmers say their Arctic char cuts greenhouse gases and waste

MONTREAL — A warehouse basement in an industrial area of Montreal, near the intersection of two highways, feels about as far from a fish habitat as it gets.
But walk through the doors of Opercule’s self-described “urban fish farm,” and the unmistakable smell of fish fills the air.
After donning rubber boots and lab coats, visitors are greeted with the constant hum of the plant’s filtration system. Inside the dimly lit warehouse basement, thousands of sleek, speckled Arctic char swim in a dozen or so round pools, their fins smoothly breaking the surface or sending up alarmed splashes as they scurry away from people who approach the tanks.
The business is the creation of David Dupaul-Chicoine and Nicolas Paquin, who met each other when they were studying aquaculture in college on Quebec’s Gaspé Peninsula. What began as an experiment raising fish in Dupaul-Chicoine’s garage has turned into a commercial operation that they expect will soon produce between 25 and 30 tonnes of Arctic char per year.
By raising fish on land and in an urban setting, Dupaul-Chicoine and Paquin say they hope to avoid some of the problems associated with open net fish farms, which are suspected by some conservationists of harming wild stock by spreading disease or parasites, or by escaping and interbreeding with them.
“We’re not trying to prove anything, but we’re trying to do things the way we think they should be done,” Dupaul-Chicoine said. “We’re raising fish to sell them and we’re thinking about every little step in the production. The way we deliver, the way everything is done, we try to do it in a more eco-friendly way.”
The business uses a recirculation system that filters ammonia and carbon dioxide from water, which is then reinjected with oxygen and pumped back to the tanks — vastly reducing water use. Their city setting cuts greenhouse gas emissions, as deliveries to restaurants can be done on electric bicycles. As well, they only kill fish once the animals are ordered, reducing waste. They’ve even replaced Styrofoam delivery containers with insulated cardboard, they say.
Arctic char was chosen because it sells for a good price and the animals stay healthy in close quarters.
The only downside on the environmental front, they say, is that the fish plant uses “a lot” of electricity. Their business model, Dupaul-Chicoine said, probably wouldn’t make sense if it ran on coal; luckily for them, however, Quebec has ample cheap and relatively clean hydropower.
The pair say their biggest challenge was obtaining the necessary permits — a process that took them about two years after they started their business in 2019. Because it takes 15 or 16 months for a fish to grow from an egg to market size, their first sales only came at the start of 2023.
An indoor filtration system like theirs also needs maintenance and a constant stream of electricity. Among their most stressful moments was a two-day power outage during an ice storm earlier this year; they worried that their generator would go down and cause them to lose fish.
“You have to make sure you have backups, and backups of the backups,” Dupaul-Chicoine said.
Grant Vandenberg, an aquaculture specialist at Université Laval’s agriculture and food sciences department, says land-based water-recirculation farms have some advantages over net pen farms — which are enclosed cages that float in natural water sources. Land farms eliminate concerns over environmental interactions between wild and farmed fish, and waste is easier to collect and can even be recycled into fertilizer for plants, he said.
However, land-based farms are more expensive to start and operate, and require more labour, machinery and energy than do net pens, Vandenberg said. “I think it would be very difficult for some to be able to compete economically,” he said, noting that consumers have the option to purchase imported fish produced cheaper in other countries or provinces.
Vandenberg said that despite the controversies, fish farming has an important role to play in preventing overfishing of wild stocks. Improving fish-farming technology, he added, is reducing the industry’s environmental impact.
Just as agriculture has largely replaced hunting when it comes to meat, “we have to stop hunting fish as well, and I think the answer is to produce them,” he said.
Fish farming will also improve food sovereignty, Vandenberg said, noting that Quebec — which doesn’t use open-water net pens — produces only seven per cent of the trout it consumes. He said Paquin and Dupaul-Chicoine’s operation in Montreal presents an interesting model because the plant’s proximity to its market reduces shipping costs and ensures fresher fish.
Dupaul-Chicoine and Paquin said it cost about a million dollars to launch their fish farm, which includes a processing facility, and they admit it wouldn’t have been possible without provincial government grants. However, they said they’re pleased with early sales, noting they recently passed the break-even point in terms of operational profitability.
Both said that, so far, they have no regrets. “Before this I had a career as a mechanical engineer and I decided I wanted a change,” Paquin said. “So for me, it’s fun, even though it’s hard.”
Once they’ve proved to investors and themselves that their business model can be successful, they’re hoping to expand into a bigger facility.
This report by The Canadian Press was first published Aug. 13, 2023.
Morgan Lowrie, The Canadian Press
Alberta
Low oil prices could have big consequences for Alberta’s finances

From the Fraser Institute
By Tegan Hill
Amid the tariff war, the price of West Texas Intermediate oil—a common benchmark—recently dropped below US$60 per barrel. Given every $1 drop in oil prices is an estimated $750 million hit to provincial revenues, if oil prices remain low for long, there could be big implications for Alberta’s budget.
The Smith government already projects a $5.2 billion budget deficit in 2025/26 with continued deficits over the following two years. This year’s deficit is based on oil prices averaging US$68.00 per barrel. While the budget does include a $4 billion “contingency” for unforeseen events, given the economic and fiscal impact of Trump’s tariffs, it could quickly be eaten up.
Budget deficits come with costs for Albertans, who will already pay a projected $600 each in provincial government debt interest in 2025/26. That’s money that could have gone towards health care and education, or even tax relief.
Unfortunately, this is all part of the resource revenue rollercoaster that’s are all too familiar to Albertans.
Resource revenue (including oil and gas royalties) is inherently volatile. In the last 10 years alone, it has been as high as $25.2 billion in 2022/23 and as low as $2.8 billion in 2015/16. The provincial government typically enjoys budget surpluses—and increases government spending—when oil prices and resource revenue is relatively high, but is thrown into deficits when resource revenues inevitably fall.
Fortunately, the Smith government can mitigate this volatility.
The key is limiting the level of resource revenue included in the budget to a set stable amount. Any resource revenue above that stable amount is automatically saved in a rainy-day fund to be withdrawn to maintain that stable amount in the budget during years of relatively low resource revenue. The logic is simple: save during the good times so you can weather the storm during bad times.
Indeed, if the Smith government had created a rainy-day account in 2023, for example, it could have already built up a sizeable fund to help stabilize the budget when resource revenue declines. While the Smith government has deposited some money in the Heritage Fund in recent years, it has not created a dedicated rainy-day account or introduced a similar mechanism to help stabilize provincial finances.
Limiting the amount of resource revenue in the budget, particularly during times of relatively high resource revenue, also tempers demand for higher spending, which is only fiscally sustainable with permanently high resource revenues. In other words, if the government creates a rainy-day account, spending would become more closely align with stable ongoing levels of revenue.
And it’s not too late. To end the boom-bust cycle and finally help stabilize provincial finances, the Smith government should create a rainy-day account.
Alberta
Governments in Alberta should spur homebuilding amid population explosion

From the Fraser Institute
By Tegan Hill and Austin Thompson
In 2024, construction started on 47,827 housing units—the most since 48,336 units in 2007 when population growth was less than half of what it was in 2024.
Alberta has long been viewed as an oasis in Canada’s overheated housing market—a refuge for Canadians priced out of high-cost centres such as Vancouver and Toronto. But the oasis is starting to dry up. House prices and rents in the province have spiked by about one-third since the start of the pandemic. According to a recent Maru poll, more than 70 per cent of Calgarians and Edmontonians doubt they will ever be able to afford a home in their city. Which raises the question: how much longer can this go on?
Alberta’s housing affordability problem reflects a simple reality—not enough homes have been built to accommodate the province’s growing population. The result? More Albertans competing for the same homes and rental units, pushing prices higher.
Population growth has always been volatile in Alberta, but the recent surge, fuelled by record levels of immigration, is unprecedented. Alberta has set new population growth records every year since 2022, culminating in the largest-ever increase of 186,704 new residents in 2024—nearly 70 per cent more than the largest pre-pandemic increase in 2013.
Homebuilding has increased, but not enough to keep pace with the rise in population. In 2024, construction started on 47,827 housing units—the most since 48,336 units in 2007 when population growth was less than half of what it was in 2024.
Moreover, from 1972 to 2019, Alberta added 2.1 new residents (on average) for every housing unit started compared to 3.9 new residents for every housing unit started in 2024. Put differently, today nearly twice as many new residents are potentially competing for each new home compared to historical norms.
While Alberta attracts more Canadians from other provinces than any other province, federal immigration and residency policies drive Alberta’s population growth. So while the provincial government has little control over its population growth, provincial and municipal governments can affect the pace of homebuilding.
For example, recent provincial amendments to the city charters in Calgary and Edmonton have helped standardize building codes, which should minimize cost and complexity for builders who operate across different jurisdictions. Municipal zoning reforms in Calgary, Edmonton and Red Deer have made it easier to build higher-density housing, and Lethbridge and Medicine Hat may soon follow suit. These changes should make it easier and faster to build homes, helping Alberta maintain some of the least restrictive building rules and quickest approval timelines in Canada.
There is, however, room for improvement. Policymakers at both the provincial and municipal level should streamline rules for building, reduce regulatory uncertainty and development costs, and shorten timelines for permit approvals. Calgary, for instance, imposes fees on developers to fund a wide array of public infrastructure—including roads, sewers, libraries, even buses—while Edmonton currently only imposes fees to fund the construction of new firehalls.
It’s difficult to say how long Alberta’s housing affordability woes will endure, but the situation is unlikely to improve unless homebuilding increases, spurred by government policies that facilitate more development.
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