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Greater Niagara Chamber of Commerce

Daily Update: January 21, 2025

In this edition:

  • Inflation rate slows to 1.8% for December as price growth eases
  • Former scrapyard site could give rise to 360 apartments in St. Catharines
  • Hamilton company acquires Good Earth Food and Wine Co. in Niagara
  • Poll says 63% express recession concerns, 48% believe economy will weaken
  • Tariff threat remains a wake-up call for governments, business: Ontario Chamber
  • Canada should focus on larger vision in talks with Trump: ambassador
  • ‘I don’t see 25% sticking’: BMO chief investment officer on Trump’s tariff plan
  • Sweeping tariffs could be 3% hit to Canadian economy, even with carve-outs
  • Focus on Climate

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A row of stacks of coins in increasing height from let to right with a red arrow pointing to a percentage sign above

Photo credit: Monster Ztudio / Adobe Stock

Inflation rate slows to 1.8% for December as price growth eases

The Consumer Price Index (CPI) rose 1.8% on a year-over-year basis in December, down from a 1.9% increase in November.

On an annual average basis, the Consumer Price Index (CPI) rose 2.4% in 2024, down from 3.9% in 2023. Though the average in 2024 was the lowest it had been since 2020, excluding the unusual years of the COVID-19 pandemic, the 2024 annual average represented the highest increase since 2011 (+2.9%).

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An artist's impression of a proposed development at 583 Welland Ave in St. Catharines

Picture credit: Jonathan Weizel Architect via City of St. Catharines

Former scrapyard site vacant for decades could give rise to 360 apartments in St. Catharines

A former scrapyard in St. Catharines that’s been targeted for residential development for the past 18 years has a new proposal.

The city has received an application for 583 Welland Ave. which calls for two eight-storey apartment buildings with a total of 360 units.

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A row of wine bottles on a shelf

Photo credit: Pixel-Shot / Adobe Stock

Hamilton company acquires Good Earth Food and Wine Co. in Niagara

The Carmens Group, a Hamilton-based hospitality, food-production and development company, said today that they have acquired Beamsville’s Good Earth Food and Wine Company.

The acquisition marks the company’s second expansion outside of the Greater Hamilton Area, following its November 2022 acquisition of the Arlington Hotel in Paris, Ontario.

Click here to read more.


A stylized image of economic data

Photo credit: Hand Robot / Adobe Stock

BMO poll says 63% express recession concerns, 48% believe economy will weaken

As tariff threats loom, a new Bank of Montreal survey finds 63 per cent of Canadians expressed concerns about the potential for a recession in the next 12 months.

The online poll also found 48 per cent of those surveyed believed the economy will weaken over the next year, while 19 per cent expect it to improve.

An older poll by the Bank of Canada found more consumer confidence in the fall of 2024, indicating that tariff threats may already be impacting consumer spending plans.


Did you know?

Donald and Melania Trump both launched cryptocurrencies, named $TRUMP and $MELANIA, on the eve of the presidential inauguration.


Canada-U.S. Business

Tariff threat remains a wake-up call for governments, business: Ontario Chamber

“While tariffs remain only a threat, Canada remains a target – making today a wake-up call for governments and a call to action for business,” said Daniel Tisch, President and CEO of the Ontario Chamber of Commerce, in a statement following today’s U.S. presidential inauguration. “It’s a call we must answer.”

Canada should focus on larger vision in talks with Trump administration: ambassador

Canada’s Ambassador to the U.S. Kirsten Hillman says it’s now time for Canada to shift its strategy in its conversations with the new administration, away from a transactional approach and toward a larger vision.

‘I don’t see 25% sticking’: BMO chief investment officer on Trump’s tariff plan

U.S. President Donald Trump’s plan to hit Canada with an up to 25 per cent trade tariff on Feb. 1 boils down to a classic dealmaking tactic, according to the chief investment officer of one of Canada’s largest lenders. Bank of Montreal’s Sadiq Adatia predicts tariffs at that level are unlikely to last long, if they’re imposed at all.

Sweeping tariffs could be 3% hit to Canadian economy, even with carve-outs: CIBC report

A CIBC report says sweeping tariffs imposed by the U.S. could cost the Canadian economy as much as 3.25 per cent, even factoring in possible exemptions for the oil and gas sector.


Focus on Climate

Canada’s EV industry has a bumpy road ahead

In September of 2020, Ford announced plans to spend $1.8 billion to transform its Oakville plant into an electric-vehicle production hub. The federal and provincial governments committed $295 million each to the effort. Similar announcements came a month later from GM and Stellantis, and soon the good news was pouring in: in March of 2022, LG and Stellantis earmarked $5 billion for Canada’s first EV battery plant in Windsor, Ontario. In March of 2023, Volkswagen announced a $7-billion battery plant in St. Thomas, Ontario. That September, Sweden’s Northvolt pledged to build another battery plant near Montreal. In April of 2024, Honda promised $15 billion for an EV assembly and battery manufacturing complex in Ontario’s Simcoe County—the largest manufacturing investment in Canada, ever.

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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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