In this edition:
- Economy grew 0.2% in November, driven by goods-producing sector
- GNCC makes key requests for 2024 Provincial Budget
- Niagara-on-the-Lake draft tourism strategy recommends creating tourism director post
- Thorold Council approves 2024 Budget with 2.99% net levy increase
- NotL Museum highlights Black community’s contributions to Niagara history
- Ford not willing to raise post-secondary tuition in Ontario
- Canada’s vacancy rate reaches new low as demand outpaces supply
- Stats Canada to host ‘Ask Me Anything’ on Reddit on current housing market
- Price increases returning to more ‘normal’ levels
- Focus on Climate
Economy grew 0.2% in November, driven by goods-producing sector
Real gross domestic product (GDP) grew 0.2% in November after remaining essentially unchanged for three consecutive months. The majority of the growth in November came from the goods-producing industries grouping (+0.6%), which saw its highest growth rate since January 2023, as increases in all but one sector drove the gain. Services-producing industries edged up 0.1% in November 2023 despite the impact of the strikes in the Quebec public sector that began in the month. Overall, 13 of 20 industrial sectors increased in November.
GNCC makes key requests for 2024 Provincial Budget
The GNCC was asked to participate in the Government of Ontario’s 2024 budget consultations. The GNCC focused on three top priorities, as requested by the government, and advocated for tourism promotion, infrastructure investment, and a municipal growth framework.
Niagara-on-the-Lake draft tourism strategy recommends creating tourism director post
Niagara-on-the-Lake’s draft tourism strategy recommends hiring an economic development and tourism director as part of 68 action items that could cost more than $550,000 in the first year.
Rebecca Godfrey, senior vice-president of CBRE Tourism Consulting, said during a Monday committee meeting of town council that a cost estimate to implement 12 immediate action items ranges from $458,000 to $551,000 in the first year. The consulting firm has been working on the strategy since it won its contract last year.
Thorold Council approves 2024 Budget with 2.99% net levy increase
After two Special Council meetings on January 23 and January 30, Council has approved the 2024 operating and capital budgets.
The budget reflects a 2.99% net levy increase to the overall residential bill. For the average home valued at $273,600 (MPAC 2016 valuation date) this will mean an increase of approximately $52.
The approved budget for major infrastructure projects include a new Mausoleum and Administration Building at Lakeview Cemetery. For further details on the 2024 budget, please visit the City’s website at this link.
Niagara-on-the-Lake Museum highlights Black community’s contributions to Niagara history
Niagara-on-the-Lake Museum is kicking off Black History Month by highlighting the often ignored contributions made by Black people to Canadian history.
First, the museum is presenting the award-winning documentary “Belonging,” following former U.S. first lady Michelle Obama on her 30-city book tour across the United States. It will be followed on Feb. 7 with a virtual lecture by Julian Sher, author of “The North Star: Canada and the Civil War Plots Again Lincoln.”
Ford not willing to raise post-secondary tuition in Ontario
Ontario Premier Doug Ford said Wednesday he does not want to raise tuition for post-secondary students, despite colleges and universities struggling financially and a panel that recommended otherwise.
Ford’s government cut tuition by 10 per cent in 2019 for Canadian students and froze it.
A government-commissioned blue-ribbon panel recommended the province unfreeze tuition, raise student aid and increase operating grants to the schools.
Canada’s vacancy rate reaches new low as demand outpaces supply
In most major markets across Canada, strong rental demand outpaced supply for the second year in a row, resulting in less available purpose-built rental apartments and lower affordability in Canada’s primary rental market, according to the latest Rental Market Report (RMR) released by Canada Mortgage and Housing Corporation (CMHC).
As a result, the national vacancy rate for Canada’s primary rental market reached a new low of 1.5% in 2023, the lowest recorded rate since 1988, when CMHC began recording a national vacancy rate.
Stats Canada to host ‘Ask Me Anything’ on Reddit on current housing market
Owning a home has become an impossible dream for many Canadians, and finding a decent place to rent is getting harder every day.
An upcoming event with data experts from Statistics Canada will delve into the housing crisis with Feb. 1 Q&A-style “Ask Me Anything” event on Reddit about the housing market in Canada.
Price increases returning to more ‘normal’ levels
Shoppers can expect to see cost increases from large CPGs reflected in retail prices next month, Metro Inc. president and CEO Eric La Flèche said.
“The good news is the number of increases is going back to more normal levels compared to what we saw in the last two years,” La Flèche said on the grocer’s first quarter earnings call Tuesday (Jan. 30). “There’s a substantial reduction in the number of requests. The size of the requests varies, but the general average is certainly lower than what we saw last year.”
Did you know?
Focus on Climate
Ripple effect: How public attitudes can shift governments toward sustainable, and resilient, water systems
With all the negative news coming out about climate change, its impacts and its possible trajectory in the not-so-distant future, it can be difficult to maintain hope for a brighter future.
The last few years have been challenging, even for optimists, with international climate meetings like the recent COP28 in Dubai emphasizing how far we are from where we need to be in terms of climate action. Meanwhile, reports like IPBES’ global biodiversity report provide strong evidence for the accelerating deterioration of nature and its benefits.
It can feel like there is not enough momentum to move quickly enough to slow climate change and stave off its worst impacts. However, our recent work provides a point of hope and evidence for optimism.
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.
