In this edition:
- In Canada, new home construction rose while home sales came down in May
- Niagara’s most current real estate market update
- $1.75 million renewal for Niagara College’s Technology Access Centre
- Convenience stores can now apply for alcohol licences
- LCBO workers vote in favour of strike
- Focus on Finance and Economy
In Canada, new home construction rose while home sales came down in May
The annual rate of new home construction was up in May, while home sales were slightly down, according to data released separately on Monday by the Canada Mortgage and Housing Corporation and the Canadian Real Estate Association.
Referred to as housing starts, new home construction was up 10 per cent in May compared to the previous month on a seasonally adjusted basis, according to the CMHC.
There were 264,506 units built that month, up from 241,111 in April, the housing agency said. Most of the increase came from multi-unit starts (e.g. condos), which rose 13 per cent in the month. Single-unit starts rose two per cent during the same period.
Niagara’s most current real estate market update
In May, the Niagara Association of Realtors listed 1,568 residential properties compared to 1,318 in May 2023. During the same period, the average days it took to sell a home in May increased by 23 per cent.
Furthermore, the number of overall sales declined by 12 per cent whereas the number of new listings increased by 19 per cent.
$1.75 million renewal for Niagara College’s Technology Access Centre
Thanks to continued investment from the federal government, Niagara College’s Walker Advanced Manufacturing Innovation Centre (WAMIC) will further provide its state-of-the-art services to advanced manufacturing and technology companies wishing to innovate, grow and compete in the global marketplace.
The Natural Sciences and Engineering Research Council of Canada (NSERC) has awarded a $1.75 million renewal of Technology Access Centre (TAC) funding for WAMIC, part of the Research & Innovation division, for another five years, at $350,000 per year. The renewal grant is through NSERC’s College and Community Innovation (CCI) program.
Convenience stores can now apply for alcohol licences. Here’s how easy it is
Corner stores can now apply for a licence to sell alcohol as part of what the Ontario government has described as ”the largest expansion of consumer choice and convenience since the end of prohibition.”
With a self-service online application, a $500 annual fee and approval – which could take up to six weeks – convenience stores will be able to start selling beer, cider, wine and ready-to-drink options as of September 5.
Stores have to be under 4,000 square feet – about the size of a high school basketball court to be eligible, as well as meet basic requirements around selling food products and training of staff. Licences will be granted by the Alcohol and Gaming Commission of Ontario.
LCBO workers vote in favour of strike
Workers at Ontario’s primary liquor retailer are one step closer to a potential strike after union members voted overwhelmingly in favour of a mandate to walk off the job.
The Ontario Public Service Employees Union said Saturday that 97 per cent of participating LCBO workers voted in favour of a strike. It said 8,060 LCBO employees took part, marking a record 86-per-cent member turnout during the four-day vote.
Did you know?
U.S. surgeon general asks Congress to require warning labels for social media similar to those mandatory on cigarette boxes.
Focus on Finance and Economy
Vanguard says Fed’s caution will hold back Canada on rate cuts
Bloomberg News, Aimee Look
The Bank of Canada may hesitate to make aggressive rate cuts until policymakers feel assured the U.S. Federal Reserve is ready to start lowering borrowing costs, Vanguard Group economist Roger Aliaga-Diaz said.
Fed policymakers last week shifted their forecasts for the path of interest rates, signaling just one cut in 2024. The Bank of Canada has already started an easing cycle – this month it became the first Group of Seven central bank to cut rates – but it may be reluctant to get too far ahead of the Fed, he said.
EU to put tariffs of up to 38 per cent on Chinese electric vehicles as trade war looms
The Guardian, Lisa O’Carroll
The EU has notified Beijing that it intends to impose tariffs of up to 38 per cent on imports of Chinese electric vehicles, triggering duties of more than €2bn a year and a likely trade war with China.
The tariffs will be applied provisionally from next month in line with World Trade Organization rules, which give China four weeks to challenge any evidence the EU provides to justify the levies on imported EVs.
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.
