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Greater Niagara Chamber of Commerce

Daily Update: December 19

In this edition:

  • Rate of inflation holds steady in November
  • Statistics Canada reports record population growth
  • Welland condo project gets rebuild permit from city
  • Canada to require all new cars to be zero-emission by 2035
  • Focus on Finance & Economy

Rate of inflation holds steady in November

The Consumer Price Index (CPI) rose 3.1% on a year-over-year basis in November, Statistics Canada reported today, matching the 3.1% increase in October. In November, higher prices for travel tours put upward pressure on the CPI. Offsetting the upward pressure was slower price growth, on a year-over-year basis, for food alongside lower prices for cellular services and fuel oil. Excluding food and energy, the CPI increased 3.5% in November, following a 3.4% gain in October.

Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), fell 0.4% month over month in November and were 2.3% lower than in November 2022. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), decreased 4.2% on a monthly basis in November and fell 4.6% year over year.

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Statistics Canada reports record population growth, more than 430,000 in Q3

Canada’s population grew by more than 430,000 during the third quarter, marking the fastest pace of population growth in any quarter since 1957. Statistics Canada released its Oct. 1 population estimates on Tuesday, putting the number at more than 40.5 million.

The agency says the population growth over the first nine months of 2023 has already surpassed the total growth in any other full year, including the record set in 2022.

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Welland condo project gets rebuild permit from city

The company that owns a controversial condo project in Welland says they have received a full rebuild permit from the city.

Evertrust Developments says it has received an official Building Permit that will see the current structure deconstructed, and replaced.

The Upper Vista Welland condo project at 350 Prince Charles Drive gained attention after two partial collapses earlier this year that sent debris into the nearby Welland Canal.

Canada to require all new cars to be zero-emission by 2035

Canada will require all new automobiles to be zero-emission by 2035 as the country looks to curb its fossil fuel output.

Environment minister Steven Guilbeault outlined the federal government’s plan on Tuesday requiring auto manufacturers to increase the share of fully electric or plug-in hybrids sold in the coming years.

“We are at a tipping point,” he said, adding that demand for EV vehicles in Canada has previously outstripped the available supply.

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Did you know?

About a million bathtubs full of water go over Niagara Falls every minute.

Focus on Finance & Economy

Canada’s agricultural policies need to better serve local farmers and communities

Canada’s current agricultural production model is unsustainable and in desperate need of reform. A range of issues plague the current system, including corporate consolidation, farmland concentration in the hands of non-farmers and foreign buyers, pollution and animal welfare issues, as well as soil erosion and the poor treatment of migrant workers.

The loss of farmers in Canada is exacerbating these problems, with the farming population shrinking and aging significantly. In the last two decades alone, Canada has lost nearly 150,000 farmers with the current population standing at just 260,000. Of those remaining, only 8.5 per cent are under the age of 35 years.

This trend reveals that few young people from farming families are choosing to stay in farming, and those from non-farming backgrounds face obstacles like high costs and a lack of training.

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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.

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