In this edition:
- Planned multi-unit construction hits all-time high, but all investment is in Toronto
- Community involvement sought in selecting Indigenous art for Niagara Health
- Canada broadens allowances for sales of businesses, accelerates roll-out
- Road demolition complete on Gardiner expressway rehabilitation project
- Ontario invests $8.9M in career training for women
- Government of Canada begins consultations for Budget 2024
- Focus on Retail
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Photo credit: reme80 / Adobe Stock
Planned multi-unit construction in Ontario hits all-time high, but all investment is in Toronto
Construction intentions in the residential sector grew 6.9% to $22.2 billion in the second quarter, Statistics Canada reported today. The growth was driven by Ontario’s residential sector (+20.0%; +$1.5 billion), which posted significant gains in the multi-unit component (+35.0%; +$1.6 billion). This led to a national record of $14.4 billion in the second quarter, surpassing the previous all-time high of $13.2 billion recorded in the second quarter of 2023.
The growth in the multi-unit component in the second quarter of 2024 was driven by several significant multi-unit permits issued in the City of Toronto, the largest of which was issued in April and valued at approximately $900 million. Excluding the Toronto census metropolitan area, the total value of multi-unit residential building permits in Canada declined 2.2% in the second quarter.
Photo credit: Matthieu / Adobe Stock
Community involvement sought in selecting Indigenous art for Outpatient Mental Health Units
As part of Niagara Health’s ongoing commitment to promoting a culturally safe environment for patients, the organization recently completed an Indigenous art callout, inviting artists to apply for three commissions to create art pieces to be displayed in the Outpatient Mental Health Units in St. Catharines, Niagara Falls and Welland.
Community feedback and preferences will play a significant role in determining the final selection of art pieces for display. To view all the artwork proposals and submit your vote, please visit the Niagara Health website. Community selection will be open until Aug. 30, 2024.
Photo credit: Johnstocker / Adobe Stock
Government of Canada broadens allowances for sales of businesses, accelerates roll-out
To encourage Canadian innovators to turn their ideas into growing businesses that create good jobs, the government announced the creation of the Canadian Entrepreneurs’ Incentive in this year’s budget. When it comes time to sell a business, this incentive would reduce the inclusion rate to one-third on a lifetime maximum of $2 million in eligible capital gains.
The government is now proposing to reduce minimum ownership levels to 5 per cent and reduce minimum ownership time to any continuous 24-month period. Proposed legisation would also include more businesses, reduce the level of engagement requirement, and move the full roll-out forward to 2029 from 2034.
Photo credit: Jason Paris / CC BY 2.0
Road demolition complete on Gardiner expressway rehabilitation project
Photo credit: bernardbodo / Adobe Stock
Ontario invests $8.9M in career training for women
The Ontario government is investing up to $8.9 million through the Women’s Economic Security Program this year to support 25 local programs across the province that provide career training opportunities for women. The program helps women gain the skills, knowledge, and experience they need to find a job, start a business and achieve financial independence.
Women interested in the program can visit Ontario.ca/women.
Photo credit: Wangkun Jia / Adobe Stock
Government of Canada begins consultations for Budget 2024
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Focus on Retail
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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.
