Your browser is not supported

Your browser is too old. To use this website, please use Chrome or Firefox.

Greater Niagara Chamber of Commerce

Daily Update: January 10, 2023

Canada will see weakest level of homes sales since 2001 this year, Parliamentary committee wants to hear from passengers, and more.

In this edition:

Canada will see weakest level of homes sales since 2001 this year: TD report

A new report from TD Economics predicts Canada will see the weakest level of home sales since 2001 this year.

The housing market outlook from economist Rishi Sondhi attributes the prediction to the poorest affordability level since the late 80s and early 90s.

Sondhi is forecasting that home sales will reach their bottom sometime in early 2023, after declining 20 per cent from peak to trough.

He says steep annual average price declines are expected in most of the Atlantic provinces, Ontario and B.C. in 2023, while lesser drops will materialize across the Prairies and in Newfoundland and Labrador.

Click here to read more.

Parliamentary committee wants to hear from passengers affected by holiday travel chaos

A parliamentary committee wants to hear from passengers who found their holiday travel plans sidelined by delays and cancellations.

Members of the federal transport committee voted in favour of a motion to study the widespread disruptions that affected thousands of people who travelled by air and rail in recent weeks.

Representatives from Air Canada and WestJet are among the witnesses MPs want to hear from, along with leaders from Via Rail and the vacation airline Sunwing.

Click here to read more.

Canadian Manufacturers and Exporters call for increased cooperation between Canada, USA, Mexico

Canadian Manufacturers & Exporters (CME) is calling on Prime Minister Justin Trudeau to push for more cooperation and coordination between governments and businesses in Canada, the United States, and Mexico at this week’s trilateral North American Leaders’ Summit (NALS).

The threat to Canada’s ability to successfully compete is at risk with increasing government protectionism and manufacturing incentives, part of the US Inflation Reduction Act, that hurt CUSMA partners.

“Manufacturers have been clear. There are more and more roadblocks to doing business in North America” says Dennis Darby, President and CEO, CME. “On top of that, continuing competition from jurisdictions like China only reinforce our need to work together. The North American Leaders Summit is the perfect opportunity for our three countries to reaffirm our commitment to North American free trade and to start using the tools at our disposal to develop our critical mineral supply chains, enhance environmental sustainability, and create prosperity for all,” said Darby.

Click here to read more.

Tips on shady finances ‘may not get investigated’ amid police constraints: RCMP note

The RCMP says many tips from Canada’s financial intelligence agency about possible crimes “may not get investigated” due to a lack of policing resources and conflicting priorities.

The Mounties make the candid admission in a briefing note prepared for Public Safety Minister Marco Mendicino on the working relationship between the national police force and the Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac.

The Canadian Press used the Access to Information Act to obtain the briefing memo, which was approved by RCMP Commissioner Brenda Lucki last Sept. 1.
Click here to read more.

Village of Hope ready to move thrift store location

The Village of Hope is set to close the Thrift Shop at their old facility at the former Jordan Public School at the end of the month. The foodbank and other services left the building back in 2021, and are ready to move the thrift store as well.

Following a number of renovations at the facility, the Village of Hope Niagara’s Food Services and Programs of Assistance have resumed.

Click here to read more.

St. Catharines appoints new city solicitor

St. Catharines has appointed a new city solicitor from within its legal ranks.

Sandor Csanyi has been hired as director of legal and clerk services after serving the role in an acting capacity since April. The position was formerly held by Heather Salter, who retired that month after 30 years of working in municipal law.

The director oversees the city’s legal services department and the city clerk’s office. The director advises city council and all city departments on matters of law, including legislation, regulation and procedural requirements.
Click here to read more.

Government of Canada and Seaway to make announcement in Port Colborne

The Minister of Transport, the Honourable Omar Alghabra, Parliamentary Secretary to the Minister of Indigenous Services and Member of Parliament for Niagara Centre, Vance Badawey, Parliamentary Secretary to the Minister of Canadian Heritage and Member of Parliament for St. Catharines, Chris Bittle, and the President and Chief Executive Officer of the St. Lawrence Seaway Management Corporation, Terence F. Bowles, will make an important funding announcement at the St. Lawrence Seaway Management Corporation wharves.

Click here to read more.

Focus on Finance & Economy

Geopolitical uncertainty will continue to fuel energy price volatility in 2023, report says

Energy prices will likely be volatile in the first quarter of 2023 as geopolitical uncertainty continues, says a new forecast from Deloitte.

Global factors including the war in Ukraine and China’s rocky COVID-19 reopening will continue to contribute to tension between supply and demand, according to the firm’s energy, oil and gas price forecast released Monday.

“We fully expect volatility to continue,” said report author Andrew Botterill.

Click here to read more.

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.

Share this: