In this edition:
- Inflation rate slowest since February 2021, banks expecting big interest rate cut
- Federal government to make manufacturing support announcement at Niagara College
- Welland receives $20.4M in provincial funding for water/wastewater project
- Canadian home sales edge up again but realtors downgrade forecast for rest of 2024
- Queen’s Park introduces legislation on bike lanes, speed limits, and driving test fees
- Niagara Parks plans road closures ahead of Niagara Falls Marathon
- Focus on Finance & Economy
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Photo credit: Yingyaipumi / Adobe Stock
September inflation rate slowest since February 2021, banks expecting big interest rate cut
The Consumer Price Index (CPI) rose 1.6% on a year-over-year basis in September, down from a 2.0% gain in August – the smallest yearly increase since February 2021 (+1.1%). The main contributor to headline deceleration was lower year-over-year prices for gasoline in September (-10.7%) compared with August (-5.1%). The all-items CPI excluding gasoline rose 2.2% in September, matching the increase in August.
After this larger-than-expected rate slowdown, all but one of Canada’s six biggest lenders now expect the central bank to cut borrowing costs by half a percentage point.
Photo credit: Niagara College
Government of Canada to make manufacturing support announcement at Niagara College
Photo credit: Harold Stiver / Adobe Stock
Welland receives $20.4M in provincial funding for water/wastewater project
The City of Welland has announced that it has secured $20.4 million for the Ontario Road Wastewater Trunk Sewer Expansion and Water Infrastructure Improvements project. This significant investment from the Government of Ontario is from the Ministry of Infrastructure’s Housing-Enabling Water Systems Fund (HEWSF).
With this funding, the City will expand the wastewater trunk sewer along Ontario Road and replace aging watermains.
Photo credit: Andy Dean / Adobe Stock
Canadian home sales edge up again but realtors downgrade market forecast for rest of 2024
Photo credit: Markus Mainka / Adobe Stock
Queen’s Park introduces legislation on bike lanes, speed limits, and driving test fees
The Ontario government is introducing legislation that would, if passed, require municipalities to receive approval from the province before installing new bike lanes that would result in the removal of lanes for traffic.
“Cities in Ontario have seen an explosion of bike lanes, including many that were installed during the pandemic when fewer vehicles were on the road and their impacts on traffic were unclear,” said Prabmeet Sarkaria, Minister of Transportation.
Ontario is also moving forward with plans to increase the speed limit to 110 km/h on all 400-series highways, and to enshrine in the legislation the current freeze on knowledge and road test fees.
Photo credit: Niagara Parks Commission
Niagara Parks plans road closures ahead of Niagara Falls Marathon
Niagara Parks will host the Niagara Falls Marathon on Sunday, October 27, 2024. Voted one of the most scenic marathons in Canada, the Niagara Parkway will serve as a key route for more than 4,000 marathon participants with the start and finish lines at Upper Rapids Boulevard and Rapidsview Park.
To help facilitate the race, Niagara Parks wishes to notify residents and businesses of road closures scheduled along sections of the Niagara Parkway and Upper Rapids Boulevard from 5 a.m. until 5 p.m. on Sunday, October 27.
Did you know?
Focus on Finance & Economy
America is fighting the wrong trade war
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.
