In this edition:
- Payroll employment losses in construction lead first national decline since 2021
- Ontario Speech from the Throne to be delivered August 9
- Federal/provincial funding for agri-food employers now open
- $2M donation made towards new south Niagara hospital
- Financial Accountability Office of Ontario releases 2021-22 annual report
- Canada issues first CFP for net-zero homes and communities program
- Canada welcomes U.S. bill to expand North American EV tax credits
- Provincial COVID-19 vaccination booking for young children now open
Payroll employment losses in construction lead first national decline since 2021
The number of employees receiving pay or benefits from their employer—measured by the Survey of Employment, Payrolls and Hours (SEPH) as payroll employment—decreased by 26,100 (-0.1%) in May, the first decline since May 2021. Ontario (-30,000; -0.4%) and Manitoba (-2,500; -0.4%) recorded the largest payroll employment losses, while British Columbia (+7,000; +0.3%) was the lone province to record an increase.
Payroll employment in the goods-producing sector decreased by 20,600 (-0.7%) in May, led by losses in construction (-17,500; -1.5%). Ontario (-12,000; -3.0%) accounted for more than two-thirds of the monthly payroll employment decrease in construction in May, likely due, in part, to strikes which resulted in numerous delays in construction projects across the province.
Ontario Speech from the Throne to be delivered August 9
Ontario Premier Doug Ford confirmed today that the legislature convenes August 8, 2022, at which point a speaker will be elected. The Honourable Elizabeth Dowdeswell, Lieutenant Governor of Ontario, will then deliver the Speech from the Throne on August 9, 2022.
Federal/provincial funding for agri-food employers now open
The second round of the Ontario Agri-Careers Support Initiative, which opens today and closes on September 8, 2022, provides funding for innovative pilot projects that are tailor-made to address employee needs at a local level.
Eligible food processing businesses with 50 or more employees can apply for up to $80,000 in funding, or up to $200,000 for collaborations between two or more businesses, to cover up to 70 per cent of eligible project costs. Selected projects will aim to help the sector attract, support and retain the workers it needs to continue producing the safe and high-quality food made in Ontario, strengthen the local supply chain and promote greater food security.
Click here to read more and apply.
$2M donation made towards new south Niagara hospital
Domenic DiLalla of Centennial Construction and Contracting has made a $2M donation towards building a new hospital in south Niagara.
DiLalla’s personal experience and family history of heart disease inspired the donation after he underwent quadruple bypass surgery earlier this year.
The Cardio-Respiratory Diagnostics Unit will be named The DiLalla Family Cardio-Respiratory Diagnostics Unit.
Financial Accountability Office of Ontario releases 2021-22 annual report
Established by the Financial Accountability Officer Act, 2013, the Financial Accountability Office (FAO) provides independent analysis on the state of the Province’s finances, trends in the provincial economy and related matters important to the Legislative Assembly of Ontario.
The FAO released 21 reports in 2021-22 on a broad range of topics in line with the mandate of the organization.
Click here to read the report.
Canada issues first CFP for net-zero homes and communities program
Today, the Honourable Jonathan Wilkinson, Minister of Natural Resources, announced the first call for proposals for the Toward Net-Zero Homes and Communities program. This program offers funding for projects that explore and implement innovative technologies and practices that seek to improve the energy efficiency of homes and reduce greenhouse gas emissions in our communities and neighbourhoods.
This program is open to for-profit and not-for-profit organizations that are developing projects that target one of three streams:
- Addressing barriers to the adoption of energy-efficient technologies;
- Capacity building in support of net-zero-energy–ready building codes;
- Facilitating home energy labeling and disclosure to encourage deep energy retrofits.
The Toward Net-Zero Homes and Communities program will help Canadians make their homes more energy-efficient now and for the future. The program will invest up to $14.6 million over the next four years. Applications for this first call for proposals will be accepted until August 31, 2022, at 11:59 p.m. PST.
More information can be found on the program’s website.
Canada welcomes U.S. bill to expand North American EV tax credits
Canada on Thursday welcomed a deal reached by Democratic U.S. senators to back a bill that includes an expansion of tax credits for electric vehicles produced in North America that does not discriminate against those manufactured in Canada.
A previous version of the bill presented by Democratic President Joe Biden’s administration included tax credits that would have favored American-based manufacturers, sparking furious Canadian lobbying in Washington to get it changed.
Provincial COVID-19 vaccination booking for young children now open
With Health Canada’s recent approval of COVID-19 vaccine for children 6 months to 4 years old, the provincial booking system opened this morning (July 28) for appointments for this age group. Starting today (July 28), appointments can be booked either online through the provincial booking system at Ontario.ca/bookvaccine or by calling the provincial booking line at 1-833-943-3900.
Focus on Real Estate
‘Historic’ housing correction is underway in Ontario, RBC says
CTV News
A “historic” housing correction is now underway in Canada and costlier markets in Ontario and British Columbia are likely to be the “epicentre” of the downturn, a new report from RBC suggests.
Greater Toronto Area housing prices soared during the pandemic and were up nearly 36 per cent year-over-year as recently as February.
Housing investors are heading for the exits as rates rise
BNN Bloomberg
At the tail end of a historic bull run in Canada’s housing market last year, investors came to comprise a fifth of the country’s homebuyers. Now, they are some of the first scrambling to unload properties in what some are already saying could be the most severe housing market downturn in the country’s recent history.
In early July, Toronto-based mortgage broker Ron Butler’s client called him with exactly that dilemma: The financials on the suburban condo he purchased as an investment property just four months earlier no longer made sense. Rents could no longer cover interest payments on the mortgage after a six-fold jump in the central bank rate.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
