Canadian ride-hail service stops in Vancouver amid world record attempt
A Canadian ride-hail company is hoping to launch its business with a bang with an attempt to break the Guinness World Record for the longest rideshare trip ever taken.
Launched in Toronto last year, HOVR is a ridesharing service that says it separates itself from already existing companies by offering a membership model, instead of a commission-based model, where drivers retain 100 per cent of their fares.
'It is about time that we had a national platform,' said the company's CEO Harrison Amit during the trip's stop in Vancouver on Friday, day five of the cross-country journey.
The trip, dubbed Connecting Canada, will span 28 days and will see Amit join HOVR's CMO Christian Alicpala in checking off various points across the country as it travels from the east coast to the west and then back again.
After getting underway in Toronto July 13 and checking off Vancouver over the course of the weekend, the journey will continue onwards to St John's before finishing up in Toronto by August 9. The drive will be tracked in real time on the HOVR platform and via an independent GPS for Guinness verification, Amit said.
The record for the longest continuous rideshare journey is believed to be held by Mr. Beast, a YouTube celebrity who travelled 2,256 miles (3,630 kilometres) from North Carolina to California in 2017.
Alongside smashing a world record, Amit says the 16,200-kilometre journey will provide an opportunity to meet the drivers, potential riders, stakeholders, and city officials in each city the company is looking to operate in, so they can get 'HOVR operations up and rolling as soon as possible.'
Amit said the initiative has had a 'ton of great support' in every province they've passed through so far.
'Everybody becomes a HOVR lover, it's amazing. The drivers love us. The riders love us,' he said.
'We were just speaking to a few people here in Stanley Park and they mentioned that they can't wait for HOVR to begin their operations here.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
an hour ago
- CTV News
All in on ETFs? Experts share how to diversify your portfolio — without overdoing it
TORONTO — Exchange-traded funds have exploded in popularity, and so have investment strategies based only on ETFs, but some investors might be wondering whether that could lead to their portfolio being too diversified. Financial experts say allocating an entire portfolio to ETFs can be a viable strategy, but it's important for investors to know what holdings are in the funds they're buying. When looking at portfolio diversification for ETF-focused investors, Jonathan Rivard, general principal at Edward Jones, said it's important to consider the individual's time horizon and risk appetite. 'You could absolutely be 100 per cent invested in ETFs. But you want to know what's in the ETF and what the allocation looks like. Some ETFs will be balanced; they'll have a mix of stocks and bonds in them. Some will be sector products,' Rivard said. 'The important thing comes down to understanding what does this basket hold? And if I own multiple ETFs, what does it look like across multiple ETFs in terms of asset allocation?' Prerna Mathews, Mackenzie Investments' vice-president of ETF product strategy, said there are a few key points to keep in mind regarding diversification, notably, it is important to think beyond just diversifying by geography. 'So (if) you're starting with the core Canadian, U.S., international exposure, don't stop there. Think about how fixed income plays a role in your portfolio, real assets, there are thematic products, and there are alternative ETFs. There are a lot of different drivers of return that can be added to a portfolio available in ETF form,' she said. Another consideration is buying ETFs with different investment styles, she said, which may include combining traditional index ETFs with others that are actively managed or have low volatility. Time horizon is also an important consideration, where those with a longer investment horizon may want to focus on growth, she said, taking on more risk with higher equity exposure. Regarding fixed income, Mathews said to be aware of the differences between short- and longer-term yields, adding that most investors will likely not have exposure to every duration of fixed income and should know the relevant trade-offs. 'In some cases, you can get a very attractive yield at the short end of the curve without taking on significant risk as you would on the long end,' she said. 'Really understanding the trade-off there and likely having some short-term fixed income in the portfolio would be viable. But aggregate bonds over a 30-year time period are generally a good place to be.' Mathews said there is also a growing number of investors opting for an asset allocation ETF. She said this type of ETF is essentially eight to 12 ETFs 'all packaged up in one,' and has served as a core holding for those looking for a 'set it and forget it' investment. Despite the benefits of diversification, Mathews said there are dangers to being overly diversified. This might occur for someone investing in Canadian equities through an ETF but also buying into an asset allocation ETF, Mathews said. In that case, the investor may end up with more Canadian equity exposure than anticipated. Similarly, with the TSX financials sector representing around 30 per cent of the overall index, an investor with a TSX-focused ETF and a Canadian banks-focused ETF could end up with too much exposure to Canadian bank stocks. 'There is a risk of having too much product in your portfolio. Sometimes that can creep up on us when we're not doing a full look through to what each ETF might be investing in,' she said. This report by The Canadian Press was first published July 24, 2025. Daniel Johnson, The Canadian Press
CBC
an hour ago
- CBC
Fundy National Park turns 75
On July 29, 1950, Parks Canada opened the first national park in New Brunswick, a version much different from today's.
CBC
an hour ago
- CBC
Digby affordable housing project on hold as federal funding dries up
A plan by a Digby, N.S., non-profit to build affordable housing on the site of a former downtown motel is at a standstill as the group awaits word on federal funding. The Digby & Area Housing Coalition Society purchased the former Siesta Motel in 2022 with an aim to turn the existing building into affordable housing, coalition chair Nancy Robinson said. Subsequently, it was decided that it would be more cost efficient to demolish the motel and build 34 units on the site. The units would serve seniors and other vulnerable people facing Digby's severe housing shortage. Robinson said the units would be genuinely affordable, with tenants spending no more than 30 per cent of their income on rent, including utilities. She said they already have many applicants for the units. After securing $300,000 in funding including provincial grants for design work and municipal approvals, the $11.2-million project was construction-ready this spring and awaiting the release of federal funds. After waiting for the outcome of the federal election, Robinson said the group was told the Canada Mortgage and Housing Corporation's affordable housing fund, their expected funding source, had been depleted. 'That's a lot of money' CMHC said in an email to CBC that it's affordable housing fund "has attracted significant interest and success, resulting in numerous high-quality applications," but did not indicate if and when it will be replenished. Robinson said the devastating news has left the project in limbo. "That's a lot of money and it's very difficult to make that up," she said. "It's nerve-racking, not just because of the number of people that are waiting for housing, desperately waiting for housing, and Digby where there's really basically nothing available and certainly nothing affordable." Robinson said the delay leaves the volunteer organization having to cover significant costs, including the $2,600-monthly mortgage payment on the vacant property. The delay couldn't come at worse time for Digby, she said. The community's housing shortage has reached emergency levels. She said the funding issue appears linked to broader changes in federal housing policy. While Ottawa works to implement its new housing plan, she said existing programs like the affordable housing fund have been allowed to lapse. Robinson said she understands the need for systemic reform, but immediate action is needed to help people in desperate need of appropriate housing. The coalition has launched a local fundraising campaign and is exploring alternative financing options. Chris D'Entremont, the Conservative MP for Acadie-Annapolis, which includes Digby, said it was strange the program was still taking applications even though it said its funds have been depleted. He said billions of dollars have gone into the fund, which has existed since 2018. "We're hoping that as the fall rolls around, of course, there's going to be a budget coming," he told CBC Radio's Information Morning Nova Scotia. Finance Minister François-Philippe Champagne "has said that there will be a program coming, that there should be funding. So we're hoping it will be topping this off." With demolition delayed from its planned May 2025 start, Robinson said completion could now slip to late 2026. Meanwhile, for the applicants the wait continues with no clear resolution in sight. "They are desperate. It's palpable. It's tragic, really," Robinson said.
