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Greater Niagara Chamber of Commerce

Daily Update: January 29, 2025

In this edition:

  • Bank of Canada cuts interest rate to 3%, announces end of quantitative tightening
  • 3 properties passed on to St. Catharines’ new land development corporation
  • Nominations open for candidates interested in becoming Port Dalhousie councillor
  • Construction industry stakeholders ask for carveout from retaliatory tariffs
  • Poll shows most Canadian business leaders support retaliatory tariffs
  • Focus on Markets

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A hand places a wooden cube with a percentage sign printed on it on top of two cubes with the same sign

Picture credit: kamon_saejueng / Adobe Stock

Bank of Canada cuts interest rate to 3%, announces end of quantitative tightening

The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%. The Bank is also announcing its plan to complete the normalization of its balance sheet, ending quantitative tightening.

Inflation rates for most major components of the consumer price index are below their historical averages, the Bank reported, although inflation in shelter prices remains elevated but is easing slowly. Inflation expectations have largely normalized, although inflation is projected to be volatile through March, reflecting the effects of the GST/HST holiday on some goods and services.

Click here to read more.


A tape measure, a pen, and a model house lie on an architectural drawing

Picture credit: adrian_ilie825/ Adobe Stock

3 properties passed on to St. Catharines’ new land development corporation

A trio of St. Catharines-owned properties are being transferred to the city’s new municipal development corporation to determine how best to use them.

The properties — former arena lands, a parking lot and a downtown building — are the first to be put in the hands of the new body tasked with handling, buying and selling land for the city .

Click here to read more.


St. Catharines City Hall

Photo credit: City of St. Catharines

Nominations open for candidates interested in becoming Port Dalhousie councillor

Residents in the Port Dalhousie Ward will head to the polls Monday, April 14th, to vote for a new ward 6 councillor. The by-election was called following the passing of Councillor Carlos Garcia.

Nominations are open starting today and close at 2 p.m. on Friday, Feb. 28.

Click here to read more.


The U.S. and Canadian flags juxtaposed

Picture credit: Pixel-Shot / Adobe Stock

Construction industry stakeholders ask for carveout from retaliatory tariffs

Key construction stakeholders are urging the federal government to exclude construction-related products and materials from any retaliatory tariffs imposed on U.S. imports into Canada if the Donald Trump administration goes ahead with its threatened tariffs on Feb. 1.


A stylized image of stacked shipping containers against a map of the world

Picture credit: nespix / Adobe Stock

Poll shows most Canadian business leaders support dollar-for-dollar retaliatory tariffs

The vast majority of Canadian business leaders want a targeted, dollar-for-dollar retaliatory response if the United States delivers on its tariff threats this week, a new KPMG in Canada survey found.

The survey, which polled 250 Canadian business leaders, found eight in 10 are bracing for a recession but are still prepared to endure “short-term pain” to negotiate a fair deal that protects Canadian interests.

Click here to read more.


Did you know?

Microsoft has made Chinese startup DeepSeek’s R1 artificial intelligence model available on its Azure cloud computing platform.


Focus on Markets

Canada’s premiers have wanted to scrap internal trade barriers for years. Why is it hard to do?

Canada’s premiers and federal officials are pitching cutting interprovincial trade barriers to guard against a looming trade war with the United States, arguing it could boost the Canadian economy by billions of dollars.

The idea gained steam on Wednesday after Prime Minister Justin Trudeau hosted a virtual meeting with the premiers. Trudeau said in a statement there was agreement that “more work is to be done to facilitate internal trade.”

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.

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