In this edition:
- Bank of Canada maintains policy rate, continues quantitative tightening
- Beer sales fell to all-time low in 2022-23, wine loses market share: StatCan
- Niagara-on-the-Lake councillors reduce proposed tax increase to 6.75%
- Fort Erie development charges going up 35 per cent
- Majority of Niagara homes now cost more than a half-million dollars
- Consultant hired to complete public transit service study
- Alectra launches customer engagement survey on electricity grid future planning and growth
- Focus on Climate
Bank of Canada maintains policy rate, continues quantitative tightening
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.
The economy grew in the fourth quarter by more than expected, although the pace remained weak and below potential. Real GDP expanded by 1% after contracting 0.5% in the third quarter. Consumption was up a modest 1%, and final domestic demand contracted with a large decline in business investment. A strong increase in exports boosted growth. Employment continues to grow more slowly than the population, and there are now some signs that wage pressures may be easing. Overall, the Bank reports, the data point to an economy in modest excess supply.
Beer sales fell to all-time low in 2022-23, wine loses market share: StatCan
By volume, beer sales declined to 65.1 litres of beer per year per person of legal drinking age in 2022/2023, an all-time low since Statistics Canada began tracking alcohol sales in 1949. This is equivalent to 3.6 standard bottles of beer per week per person of legal drinking age.
In 2022/2023, wine sales decreased 3.0% to 500 million litres, the Canadian statistics agency reported today. Wine was the only beverage category that lost market share compared with 2021/2022.
Niagara-on-the-Lake councillors reduce proposed tax increase to 6.75%
Niagara-on-the-Lake residents will see another tax increase this year, but not as high as had been expected.
Councillors managed to whittle down a proposed tax increase of 9.4 per cent to 6.75 per cent during budget discussions Feb. 29. The town’s 2023 tax increase was 8.39 per cent. Councillors approved the $10-million capital budget in early February.
The Niagara Region approved a tax increase of 7.02 per cent on its portion of the municipal tax levy earlier this year.
Fort Erie development charges going up 35 per cent
The cost of building a home in Fort Erie is going up considerably as the town attempts to recover more from developers of the costs of servicing those new builds.
On March 4, council approved its new development charges (DC) bylaws, which combined will see charges on single-family homes and semis rise from $21,878 to $29,512, an increase of nearly 35 per cent.
However, once the new DCs are fully phased in after five years, the rate will be $36,890. Under Ontario’s Bill 23, DC increases must be phased in, with 80 per cent of the increase in the first year, going up five per cent a year after that.
Majority of Niagara homes now cost more than a half-million dollars, as scarce rental units become more costly
New reports show home ownership is getting further out of reach for many Niagarans, while at the same time rents continue to surge for units that are becoming harder to find.
A 2023 rental market report by Canada Mortgage and Housing Corp. (CMHC) showed vacancy rates remained unchanged from 2022 in the St. Catharines-Niagara area at 2.8 per cent, but with rents increasing almost 8.5 per cent.
Consultant hired to complete public transit service study
The Niagara Transit Commission (NTC) is proud to announce that it has hired consultant Left Turn Right Turn (LTRT) to complete a comprehensive study aimed at revolutionizing public transit service in Niagara.
The Facilities, Strategic Asset, and Service Network Master Plan is expected to take 18 months to complete and will set the course for optimizing transit services over the next decade, with a focus on improving accessibility, efficiency, and affordability for residents and visitors alike.
Alectra launches customer engagement survey on electricity grid future planning and growth
Alectra Utilities Corporation (Alectra) launched its customer engagement survey seeking feedback on future planning and operations, to fortify and modernize the electricity grid. This is in response to increasing customer demands caused by population growth and the expected electrification of transportation and home heating.
Did you know?
Growing a single California almond requires 12 litres of water.
Focus on Climate
China’s clean tech boom has lessons for Canada
When the world’s largest carbon emitter announced in 2020 that it would aim to have carbon emissions peak by the end of the decade and be carbon neutral by 2060, climate watchers were cautiously optimistic.
After all, “there is no plausible path to limiting the global temperature rise to 1.5 C without China,” says the International Energy Agency.
At the time of the announcement, Chinese President Xi Jinping didn’t specify the year in which he expected his country’s emissions to peak. But analysts from the Finnish think-tank Centre for Research on Energy and Clean Air projected in a report that 2024 could be the year emissions in China start to fall.
If that happens, it could be considered a huge win for the climate.
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.
