Features
The Winnipegger who changed the course of Calgary’s history
By IRENA KARSHENBAUM Calgary is not known for saving its heritage buildings — although some impressive exceptions exist — so when on March 15 a local real estate investment company, Strategic Group, that is not in the business of heritage restoration, announced they will be restoring the city’s most significant Art Moderne building, the news came as a welcome surprise.
Work has begun on the 1951 Barron Building, once the epitome of chic, that for the last dozen years had stood empty and its future uncertain.
In 1947, when oil was discovered in Leduc, which is closer to Edmonton than to Calgary, oil companies could have settled in the provincial capital instead they were lured to Calgary, thanks to the daring of J.B. Barron, a Winnipeg-native, who saw that the city desperately needed office space and built Calgary’s first post-WWII high-rise. Named the Mobil Oil Building initially, in honour of its biggest tenant and located at 610 8 Avenue S.W., John Barron, J.B. Barron’s oldest grandson who, at the age of five, broke ground in 1949 for the construction of the building, remembers that his grandfather was thought of as “crazy” at the time because, “the city was never going to move that far west.”
Calgary had been struggling through a depression over the previous 35 years since the economic collapse in 1913, so it was hard for the naysayers to imagine a different future.
Calgary’s rising fortunes had their beginnings in Winnipeg.
Born in 1863, Joseph Samuel Barron arrived in Winnipeg in 1880 from Kiev. In 1887, he married 18-year-old Kiev-native, Elizabeth Belapolsky, and the couple had two sons, J.B. (Jacob Bell), born in 1888 and, Abraham, who followed in 1889.
Not immune to the gold rush fever that had spread across North America, in 1898 J.S. Barron left behind his family in Winnipeg and headed to Dawson City enduring an arduous journey by climbing through the White Pass on foot, carrying his merchandise on his back.
A lucky few struck it rich during the Klondike Gold Rush, which lasted only from 1896 to 1899, but most did not – J.S. Barron among them. In 1899, when gold was found in Nome, Alaska, people abandoned Dawson City to seek their fortunes in Nome. J.S. Barron remained.
Elizabeth waited for her husband to return and finally, in 1902, set out on a difficult journey with her two young sons. They traveled from Winnipeg to Regina to Calgary to Seattle by train, where they boarded a liner that sailed north to Skagway on the coast of Alaska, then by railroad to Whitehorse, where they boarded the Casca sternwheeler, which sailed on the Yukon River, and finally arrived in Dawson City.
J.B. and Abe were the first graduates of Dawson City High School and, in 1905, while the father remained in the Yukon, headed with their mother to the University of Chicago, where they studied law. Elizabeth supported her sons by sewing dresses for Vaudeville and Yiddish Theatre actresses and cooking for them. Following graduation, in 1911, J.B. Barron came to Calgary at the urging of his uncle, Charlie Bell, who had recently built the King George Hotel (demolished in 1978). Elizabeth and Abe arrived in Calgary the following year.
Even though J.S.’s mercantile business burned down three times, he continued to stay in Dawson City. Elizabeth had to brave another journey to Dawson City to coax her husband to return to his family. The parents eventually joined their sons in Calgary in 1913, but Joseph passed away in 1917. Elizabeth survived him until 1941.
In 1914, J. B. Barron married fellow Winnipeg-native Amelia Helman, daughter of Odessa-born John Louis Helman and Esther Helman (née Finkelstein), from Shumsk, Ukraine. The couple had three sons: William, Robert and Richard. A teacher, Amelia served as president of the Calgary Chapter of Hadassah and was instrumental in bringing Goldie Myerson and Eleanor Roosevelt to the city.
In 1915, J.B. Barron became the first Jewish lawyer in Calgary to be admitted to the bar. Abe passed the bar in 1919 and the two brothers started the law firm, Barron & Barron. By acting as the solicitor for the Allen brothers, a Jewish family that had established a national movie theatre chain, in 1923, J.B. acquired the Allen’s Palace Theatre on 8th Avenue and discovered his calling, as theatre impresario.
In 1924, he brought the violinist, Jascha Heifitz, and pianist, Sergei Rachmaninoff, who played to thrilled audiences. In 1926, he hired newly-arrived Leon Asper to serve as the conductor of the Palace Concert Orchestra, along with his wife, Cecilia, who played the piano. He convinced Crimean-born, Grigori Garbovitsky, who had settled in Winnipeg, to move to Calgary, where the violinist and conductor founded the Calgary Symphony Orchestra. In 1928, however, J.B. Barron lost control of the Palace Theatre.
It took him another nine years before he would own another theatre, the Sherman Grand. Located in the 1912 Lougheed Building — built by Senator Sir James Lougheed, the grandfather of Premier Peter Lougheed — he bought the theatre from the Lougheed family, giving them much-needed cash. The Lougheeds, who once entertained European royalty in their mansion but, since the death of the senator, and being lenient about collecting rent from their tenants to help keep their businesses afloat during the Great Depression, were themselves on the brink of financial ruin.
Owning the Grand gave J.B. Barron not only the opportunity to return to being a theatre impresario — he brought pianist Artur Rubinstein to Calgary in 1942 and 1944 — but the Chicago Style Lougheed Building would serve as a model for his greatest project yet to come.
Located on the corner of 6th Avenue and 1st Street S.W., the 6-floor, mixed-use building contained the Sherman Grand Theatre, retail at street level, offices and a penthouse. When opened in 1912, it was Calgary’s most prestigious corporate address. (By the end of the 20th century the building was in severe decline and only thanks to a devastating fire in 2004 did it galvanize wide-spread civic support for its restoration.) J.B. Barron used this model to build his own mixed-use building with the Uptown Theatre, stores at street level, office space on the second to tenth floors and an eleventh floor containing office space for his business as well a penthouse for him, since he and Amelia were by then separated. The penthouse opened on to a rooftop garden for his dog, Butch.
Completed at a cost of $1.125 million, the Alberta Association of Architects (ASA) listed the Barron Building as Significant Alberta Architecture. The penthouse design was influenced by Frank Lloyd Wright. The rooftop garden won the Vincent Massey Award for excellence in urban planning for a rooftop garden.
The building housed Sun Oil, Shell Oil, Socony Mobil Oil Company and others. New office towers sprung up around it, inspiring the expression, “the oil patch.” (Built so far west, it also inadvertently saved from demolition early 20th century buildings along the eastern section of 8th Avenue that today make up the Stephen Avenue National Historic District.) Calgary’s position as the oil capital of Canada was sealed.
J.B. Barron passed away in 1965. His sons took over the management of the building until 1981, when they sold it to a Swiss family for what is believed to be $6 million. The real estate market soon collapsed and the building was eventually foreclosed. It stood on the market through the mid 1980s until 1992 when Blake O’Brien, a young banker, placed a joke bid of $250,000 at an auction and found himself the accidental owner of the Barron Building and Uptown Theatre.
Under O’Brien, the Uptown Theatre flourished as if a scene out of Cinema Paradiso, while the rest of the building languished empty like a Sicilian village. For years, O’Brien lived with his own dog in the penthouse, filled with 1950s furniture.
In 2005, while attending a Calgary Centre Hadassah meeting, I met Linda Barron (née Rosenthal), a Winnipeg native. When asked if she had a connection to the Barron Building, she explained that it had been built by the grandfather of her husband, John Barron. My relationship with the Barron family grew, along with my research about their extraordinary grandfather and his building.
In 2009, the building was bought by Strategic Group and its future came into question when the company discarded the contents of the penthouse, removed the theatre marquée ,and ripped out the Uptown Theatre.
Between 2007 and 2013, I advocated for the restoration of the Barron Building and Uptown Theatre by writing articles, giving public talks and, in 2012, witing a submission that included placing the building on that year’s National Trust of Canada Top Most Endangered Places List. This advocacy helped raise awareness of the significance of the building. Representatives of Strategic Group attended my talk for Historic Calgary Week in the summer of 2012 and, in the fall of that year, I was invited to meet with Riaz Mamdani, CEO of Strategic Group, who showed me his plans for the building. I asked Mamdani to restore the Barron Building to the highest heritage standards and make it the jewel in his Strategic crown. I left the meeting uncertain that things would end well. Later, a number of groups wrote to provincial and municipal governments and, in 2014, the Government of Alberta ordered a Historic Resources Impact Assessment.
After years of work, on March 15, Strategic Group announced they will be investing $100 million into the restoration and residential conversion of the Barron Building for which they will receive an $8.5 million incentive from the City of Calgary.
Strategic Group’s investment is likely the largest heritage restoration project in Calgary’s recent history and needs to be recognized and celebrated. The Barron Building’s continued life will serve to tell a wild story of fortunes lost and made across space and time.
With files from Daniel Barron and Donald B. Smith.
Irena Karshenbaum is a writer, historian and heritage advocate living in Calgary. www.irenakarshenbaum.com
Features
Exchange Rate Factors: What Global Events Mean for Savvy Investors
When Russia invaded Ukraine in 2022, it created ripples in all financial markets, including currency markets. The Euro weakened while the dollar surged and emerging market currencies wobbled. Global factors can quickly affect financial markets and shake established trends. Apart from such rare events, currencies tend to change their price because of interest rates, inflation, and overall investor confidence. For investors managing money abroad, understanding these movements is critical to avoid losses and mitigate risks.
Below, we will break down how global political, economic, and cultural events influence exchange rates, with insights for savvy investors.
Economic factors
There are several key exchange rate factors with a consistent history of shaking financial markets. These factors include inflation, interest rates, trade balances, employment rates, and so on. Since economic factors are shaping markets almost daily, we start with those.
Inflation and interest rates
Inflation and interest rates are closely connected as one can easily affect the other. When inflation rises, central banks step in and raise interest rates to reduce inflation, and when inflation is lower, central banks can lower interest rates to make borrowing money cheaper. As a result, investors closely monitor these two metrics to anticipate changes in interest rates. Higher inflation makes currencies weaker, and whenever banks change the rates, the changes are immediately reflected in global currency rates. In the United States, the Federal Reserve is the central bank that sets interest rates in the country.
Trade balances and economic growth
A country that exports more than it imports has a stronger demand for its currency. More demand equals a stronger currency. However, the Japanese yen was always weaker against the dollar because the BOJ of Japan tends to have super low rates near 0 to support its exporters. Economic growth also increases demand for local currency as more investors try to invest in the country’s economy. Long-term investors often track this data to detect early signs of any changes in currency strength.
Political and geopolitical factors
Elections, sanctions, and overall political stability are also crucial factors. If the country gets under sanctions, its economy crumbles and its currency becomes inflationary, losing its value quickly. Elections are also crucial for a currency’s strength. Geopolitical events can have a serious impact on the currency as well. The most obvious example is the 2016 Brexit events that made GBP lose its value rapidly and violently. Global conflicts, such as wars, can seriously impact global financial assets, especially currency markets. When tensions are high, safe-haven currencies like USD and CHF (Swiss Franc) become very popular among investors as they seek a safe place to protect their capital.
Cultural and social factors
People like tourists, workers, and diaspora communities can shape currencies as well. Tourism usually drives seasonal demand, and countries that are popular destinations during certain seasons experience their currency appreciation as demand spikes. The perception matters as countries seen as safe and opportunity-rich tend to attract more investors, solidifying their currency strength.
Technology and innovation
Technology is seriously affecting everything, especially the financial sector. Digital payment systems, blockchain technology, and fintech startups have made it easy and swift to move money around. Cryptos and stablecoins enable investors to protect their capital using stablecoins during volatile times. The latest trend among banks is to work on CBDCs, which signals a new era where national currencies are blended with technology and blockchain. Despite this, currencies, even in their crypto form, will continue to be influenced by all major factors mentioned above, and knowing how these factors impact your currency is key to keeping your capital safe from risks.
Practical lessons for savvy investors
So, what do all these factors teach us about global currency rates and investing strategies? The key lies in proper preparations and anticipation. Monitoring macro trends, policy announcements, and major geopolitical and political developments is critical.
Diversify
The number one method which is used by professional investors is diversification. This simply means to spread your risks across a basket of assets. By not investing all your capital in one instrument, you can mitigate risks. If one asset experiences a loss, other ones will counter it with returns. Building a diversified portfolio is key to properly diversifying. For example: divide your capital to buy stocks, commodities, currencies, and cryptos so that if one fails to perform, others will counter it. This ensures a stable income without unnecessary losses in the long run.
Hedge
Forex options and ETFs are great hedging assets. Forex options let investors lock in an exchange rate for a future date, which is very useful if you expect volatility but want stability. Currency ETFs, on the other hand, track specific currencies or a basket of currencies and allow easy trading or protection without trading forex directly, but they are still risky.
Monitor the economic calendar
Economic calendar is a free online tool that aggregates important macroeconomic news data such as interest rate decisions, CPI, inflation, employment rates, central bank announcements and speeches, and other crucial information. By monitoring them, investors can always know when important news data will be released, and they can postpone their investment decisions to avoid volatile times and only invest after the main trend is determined.
Features
The Canadian Dollar is on a slow decline. Should you save in euros or US dollars instead?
The Canadian dollar has been losing its value against the dollar this year. For Canadians, this raises a simple question: if your CAD is losing ground, is it better to move savings into euros or U.S. dollars, especially bonds, stocks, or a carry-trade strategy? Carry-trade strategy in this context means to borrow in CAD and invest it in the USA or the EU zone. This is a complex matter, and to understand where the CAD is, how attractive other currencies might be, we need to analyze these currencies more deeply. Below, we will walk you through the data, practical costs, and risks so you can reach a usable conclusion after reading this guide.
Quick snapshot – What the markets say right now
Recently, the Canadian dollar has hit multi-month lows due to weaker oil prices and a post-Fed (U.S. Federal Reserve) market reaction (which raised the rates, making the CAD weaker against the dollar). Canada’s central bank has cut its policy rate to 2.25%, while the Fed’s fund rate remains notably higher at about 3.75-4%. The ECB (European Central Bank) main interest rates are lower than the Fed’s and near the low-to-mid 2% range. While the Euro currency to USD rates remain mostly predictable, due to higher US bond yield rates, the EUR remains stronger, still. The U.S. 10-year Treasuries are around 4.1%, Canada’s 10-year near 3.2%, and Germany’s 10-year around 2.7%, meaning that today the USD-denominated bonds have the highest nominal yield among the three. As a result, the dollar seems much more attractive when it comes to bond yields and stocks.
Bonds – Which currency is the best for fixed income?
The short answer is: USD bonds. When it comes to nominal yield alone, US bonds beat almost all other competitors. U.S. government bond yields (10-year) are noticeably higher than Canadian and German/Eurozone bond yields right now. As a result, US bond buyers have more income potential than Canada and the EU. Euro-area core yields are lower, meaning they are paying less than the USA.
However, nominal yield does not mean it is guaranteed real return, and metrics like inflation, currency rates, and hedging costs can impact potential returns directly. If you buy USD bonds but the dollar falls against the CAD, currency losses will most likely wipe out the higher yield rate. If the Fed lowers its rates, it will make the dollar weaker against the CAD and EUR.
Another challenge is that, if you live and spend in Canada, you are using CAD, and when exchanging it for dollars, you get exposed to foreign currency rate risks, which must not be underestimated.
Stocks – Euro or dollar?
Both the EUR and USD have their advantages. USD has strong liquidity and strong long-term performance, while EUR equities offer valuation opportunities and recent relative strength.
Why USD?
The U.S. market remains the most liquid stock market with strong earnings for many tech and large companies. This makes USD stocks very attractive for long-term-oriented investors. S&P has been rising historically, and even after crashes, it often recovers its value relatively quickly.
Why EUR?
European indexes have performed well this year and in many cases cost less than their U.S. counterparts. While cheaper does not always mean better, these indexes still have some growth potential. Some major banks in the EU zone, together with industries, have recovered strongly with a recent focus on military manufacturing, making many EU stocks very attractive, together with local indexes.
However, here is a caveat: if you are using CAD daily and it loses its value against the euro, the returns from euro holdings might shrink, exposing you to greater currency risks.
Carry-trade analysis – Is it viable to borrow CAD and invest it in USD or EUR?
The basic promise of carry-trade is simple yet powerful: you borrow cheaper currency and invest it in currencies with higher yields. In our case, is it lucrative to borrow in CAD and invest in either EUR or USD? To answer this question, we need to look at numbers. BoC policy rate is 2.25%, Fed funds from 3.75%, U.S 10-yr is 4.1%, Canada 10-yr is 3.2%. If we deduct Canadian rates from the U.S. rates, we get around 1.8% positive before costs. So, in theory, it could be lucrative to invest CAD in USD assets using a carry trade. Since the ECB has around 2%, it is not profitable to use a carry-trade strategy for the euro.
The bottom line
While the CAD has been weakening lately, it is still not cheap enough to naively invest in USD or EUR. However, if you want a pure yield and can tolerate foreign exchange rate risks, USD bonds are more attractive today. When it comes to stocks, USD equities provide stable and liquid markets. If you want valuation potential and diversification, then euro equities have become more attractive this year. When it comes to carry-trade strategies, the USD remains more lucrative than the euro, but on paper, traders and investors should evaluate all the risks and costs before investing in any currency.
In the end, Canadians who have CAD for their daily costs should be careful when trying to get exposure to other markets. US bonds, US stocks, US carry-trade, and EU stocks remain attractive choices for experienced investors.
Features
Why Reading Online Reviews Matters Before Making a Purchase
People usually pause before purchasing to read reviews from other customers. It’s become part of everyday online life, a quick way to see how something really performs before making a decision. According to the Pew Research Center, most internet users read reviews to get a better idea of what they’re buying. The feedback from actual users becomes more reliable than marketing statements because it comes from everyday consumers instead of sales-oriented corporate messages.
Reading reviews also helps spot patterns. If the same comment, good or bad, appears again and again, it usually means there’s truth to it. People now use this collective feedback as their main method to evaluate online products and services for quality and reliability.
When There Are Too Many Options, Reviews Narrow the Field
Shopping online can be overwhelming and a bit of an adventure. There are always more options than anyone needs, hundreds of gadgets, countless household tools, endless entertainment subscriptions. All listings present themselves as excellent value propositions with operational excellence, yet it remains a bit of a challenge when it comes to verifying which ones deliver actual results.
Reviews become useful at this point. Real users provide information about product details, which marketing content fails to show, by sharing their experiences about delivery speed and setup ease and product durability after several months of use. The product details show its operational behavior when used in regular business activities.
Users tend to begin with reviews. For instance, a tech product might have amazing packaging but fall short on battery life or integration. Maybe a new game or casino platform might sound promising, and reviews on trusted choices can confirm whether it includes flexible payment options, a wide content library, and responsive support. When feedback keeps mentioning strong points like clear instructions or helpful customer service, it shows consistency. The product or service delivers its expected results because customers have personally seen its performance.
Reviews Build Faith Through Shared Experience
Reviews gain their strength from the emotional bonds which readers find with each other. Reading about someone else’s experience feels familiar, even if you don’t know them. It’s basic word-of-mouth marketing, like receiving recommendations from a neighbor who has already purchased the item you are considering.
This shared experience has built an informal community of online voices. People rely less on what a brand claims and more on what other users notice. When different reviewers mention similar strengths or small frustrations, it adds authenticity. The story becomes more believable.
Reviews show what other users have experienced, but they do not offer any guidance about what to do. This type of his collective info turns into an important part of how people build trust online. It’s a small thing, but it makes a big difference in how confident we feel about the choices we make.
Balanced Feedback Feels More Honest
A perfect score does not prove that something lacks any imperfections. A combination of positive and less-than-perfect feedback creates a more authentic impression. Small complaints about packaging or delivery delays make glowing reviews sound real. A recent study showed that participants answered honestly instead of trying to make their responses attractive to others.
Most readers know that nothing works flawlessly all the time. People look for reviews which provide both positive and negative aspects because they want to find balanced opinions. Customers can establish realistic purchase expectations through combined information which they can apply before buying. Review systems maintain their value because reviewers maintain honesty in their assessments.
Why Recency and Volume Matter
The best reviews and product ratings are the ones written recently. They reflect how a product or service performs right now, not how it worked a year ago. Things change, materials, delivery services, and even the way companies handle support.
A steady flow of new reviews suggests consistency. When lots of people share their experiences over time, patterns appear. Those patterns tell readers what’s typical, not just what’s possible. It’s the difference between one person’s lucky experience and a reliable average that others can count on.
Quantity matters too. Ten balanced reviews from this month will usually tell more than a single five-star comment from last summer. Together, recency and volume create a clear picture of reliability and quality without relying on assumptions.
Recognising Genuine Reviews
Not every review online is authentic, real, and written by a consumer. Some are written by automated accounts or people hired to post positive comments. Real feedback tends to sound natural and personal. It might mention something specific like the texture of a fabric, how easy the setup was, or whether support staff replied quickly.
Authentic reviews vary in tone and detail. Some are short, others long, some are full of small observations. That mix of styles feels human. On the other hand, copied or fake reviews usually repeat the same phrases or sound overly polished.
Many websites now try to identify and label suspicious posts, but readers can also help by paying attention to repetition, timing, and tone. A quick scan across different platforms usually reveals what’s genuine and what’s not.
Reading Smarter in the Online Marketplace
Reviews have become a solid foundation for how people make decisions online. They give an honest view of how something performs beyond what’s written on the label. Every comment, short or long, adds another piece to the puzzle.
More than that, reviews show how businesses handle problems, how quickly they respond, and whether they follow through on promises. They offer accountability in a world where shoppers and sellers rarely meet face to face.
Reading a handful of reviews won’t guarantee a perfect experience, but it provides helpful context. It shows what’s typical and helps people make choices with more confidence. In an online world full of noise, reviews remain one of the easiest and most reliable ways to learn from others.