In this edition:
- Canadian home prices see sudden end to declines in advance of spring market
- Raw material prices down almost 5% year-over-year: StatCan
- $228M decline in Ontario leads fall in January construction investment
- Brock research farm to grow future of sustainable agriculture in Canada with $3.5M CFI grant
- Chamber program helps Niagara charities
- Focus on Technology
Canadian home prices see sudden end to declines in advance of spring market
Canadian home prices as measured by the seasonally adjusted Aggregate Composite MLS® Home Price Index (HPI) were flat on a month-over-month basis in February 2024, ending a streak of five declines that began last fall, according to the latest data from the Canadian Real Estate Association (CREA).
Raw material prices down almost 5% year-over-year: StatCan
The prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 2.1% month over month in February 2024 and decreased 4.7% year over year, Statistics Canada reported today.
Higher prices for crude energy products (+5.7%) led the increase in the RMPI in February. Conventional crude oil prices were up 6.1% and synthetic crude oil rose 10.1%. Despite the six-week consecutive increase in US crude inventories, the sustained high crude prices this month were partly influenced by the ongoing tensions in the Middle East and the expectation of OPEC+ to extend production restrictions into March. Furthermore, greater-than-anticipated demand from Asia influenced the upward trajectory of oil prices.
$228M decline in Ontario leads fall in January construction investment
Investment in building construction declined 0.9% to $19.7 billion in January. The residential sector declined 1.4% to $13.6 billion, led by a $228 million decline in Ontario (-4.1% to $5.4 billion), the largest contributor to the net monthly change. This decline was partially offset by increases in five provinces, led by Quebec (+$53 million to $2.5 billion).
Investment in the non-residential sector edged up in January (+0.2%), increasing for the third consecutive month to reach a record high of $6.1 billion. Gains in institutional (+$32.3 million to $1.7 billion) and industrial (+$7.3 million to $1.3 billion) investments were largely offset by declines in commercial investment (-$26.2 million to $3.1 billion).
Brock research farm to grow future of sustainable agriculture in Canada with $3.5M CFI grant
Brock University’s cutting-edge research that advances Canada’s grape and wine industry is expanding from lab to field to other areas of agriculture thanks to a $3.5-million grant from the Canada Foundation for Innovation (CFI).
The funding supports the Clean Agriculture for Sustainable Production (CASP) Field Infrastructure project, which will include the establishment of a Brock-led research farm where scientists from Brock, other institutions and industry will develop agricultural innovations.
Chamber program helps Niagara charities
An initiative that grew out of the Canadian Chamber of Commerce’s group insurance benefits program to help small businesses offer benefits to their employees is now helping grassroots community organizations in Niagara.
The Johnston Group’s Higher Purpose Program contributes to community organizations by matching donations made by their local advisers to Niagara businesses. As part of the program, last week, the Garrett Insurance Group’s charitable Agape Fund presented cheques totalling $11,000 to Red Roof Retreat, Big Brothers Big Sisters Niagara and Youth Unlimited.
Did you know?
The first bricks were used for construction around 9,000 years ago.
Focus on Technology
KPMG’s Generative AI Adoption Index provides fresh insights to help your organization drive a strong AI strategy and capture business value.
Ever since ChatGPT launched publicly on November 30, 2022, generative AI has caught the attention of users around the world – including Canada. One year after its launch, KPMG in Canada conducted a survey about generative AI use in Canada’s workplaces and compared the results to those from a survey we conducted earlier in the year. In just six months, the number of Canadians using generative AI at work rose 16 per cent, representing a 32 per cent annual growth.
In KPMG’s latest Generative AI Adoption Index, we examine Canada’s progress in adopting generative AI, the benefits it unlocks, use cases and risks at work. Whether you’re exploring or fully entrenched in AI, the Index report will help you make informed decisions, manage risks, and develop an AI strategy that drives business value for the long term.
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.
