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The 1930 headquarters of the Canada Life Assurance Company is the only Beaux-Arts style building on University Avenue, despite an ultimately unfulfilled 1929 development plan to line the street with buildings of this style. The onset of the depression resulted in a scaling back even of the one Beaux-Arts construction that went forward, causing builders to reduce the number and size of the Canada Life Building's upper floors, which resulted in the building's signature predominant base and relatively short, skinny tower.
The beacon on top of the building is a light-coded weather beacon: white flashes indicate snow, red flashes indicate rain, a steady red means clouds, and a constant green means fair weather.
(Research and text by Alessandro Tersigni.)