In this edition:
- Ontario to modernize the province’s real estate sector
- Food bank need rises in Niagara as wages stagnate, says new report
- Government Spending in 2022: Decline in social protection and economic affairs; Surges across all other categories
- Transat and Porter Airlines launch joint venture
- Deputy Prime Minister to table big bill to implement fiscal update measures, but not AirBnB crack down
- Scotiabank profit falls as bank sets aside almost $1.3B to cover bad loans
- St. Catharines Council approved arts and culture funding
- Focus on Finance and Economy
Ontario to modernize the province’s real estate sector
The Ontario government is updating the rules governing the province’s real estate brokerages, brokers, and salespersons to strengthen consumer protection, educate home buyers and sellers, and enhance professionalism.
The new rules, effective December 1, 2023, will allow a brokerage to disclose the details of competing offers if the seller directs them to do so, excluding personal or identifying information. They also include an updated Code of Ethics to strengthen professional obligations related to integrity, conflict of interest and the prevention of fraud.
Food bank need rises in Niagara as wages stagnate, says new report
An ever-increasing wave of people are turning to food banks across the province as a result of rising rents, stagnating wages and a withering social safety net, according to a new report by Feed Ontario.
The network of 1,200 food banks on Monday released its report that looks at usage across the province and which cited the “largest single-year increase ever recorded by Ontario’s food bank network,” reflective of a 40 per cent increase of first-time visitors.
Feed Niagara, a consortium of 12 local food bank members, and part of Feed Ontario, has seen similar increases as food reserves dwindle.
Government Spending in 2022: Decline in social protection and economic affairs; Surges across all other categories
Spending by all levels of government in Canada, excluding consumption of fixed capital, totalled $962.7 billion in 2022, a decline of 0.7 per cent or $7.1 billion from 2021. This was the second consecutive year government spending decreased since reaching an all-time high of $1,049.3 billion in 2020 due to spending in response to the COVID-19 pandemic.
Social protection and economic affairs were the drivers of the spending decrease in 2022 as governments concluded the remaining pandemic response measures. While spending decreased significantly in these two categories, spending in every other category increased, most notably in general public services (+$18.5 billion or +14.2 per cent).
Transat and Porter Airlines launch joint venture
Porter Airlines and Transat A.T. Inc. are forming a joint venture aimed at boosting seat sales by using each other’s networks as feeder lines. The agreement, announced today, builds on a cross-selling arrangement the two carriers began last year as the industry struggled to emerge from the pandemic.
Top executives at the airlines said in a joint interview that the arrangement, to be phased in next year, will allow the carriers to better co-ordinate schedules, offer more competitive fares and share revenues at a time of intense competition. Jobs and fleet sizes are expected to increase as the partnership drives growth, they said. The marketing alliance does not include any change in ownership nor any investment between the partners.
Deputy Prime Minister to table big bill to implement fiscal update measures, but not AirBnB crack down
Deputy Prime Minister and Finance Minister Chrystia Freeland will be tabling an omnibus bill to pass measures she promised in last week’s fall economic statement, framing the incoming legislation to advance “the government’s economic plan.”
Missing from the package are the government’s promised plans to crack down on short-term rentals, while Prime Minister Justin Trudeau’s promise to double the carbon tax rural rebate top-up, is included.
Scotiabank profit falls as bank sets aside almost $1.3B to cover bad loans
The Bank of Nova Scotia said its profit slumped in the fourth quarter for a variety of reasons, including doubling the amount of money the bank sets aside to potentially write off loans that are in danger of not being paid back.
The bank reported its net income was $1.39 billion for the three-month period up until the end of October. That’s down by more than a third from the $2.09 billion it earned the same time last year. Revenue came in at $8.31 billion, up from nearly $7.63 billion last year. But the bank was making less money because its costs rose by even more.
The bank’s expenses rose to $5.5 billion during the quarter, an increase of 22 per cent. The bank attributed its surging costs to “higher personnel costs, technology-related costs, performance-based compensation, business and capital taxes, share-based compensation, advertising and the unfavourable impact of foreign currency translation.”
St. Catharines Council approved arts and culture funding
At their meeting Nov. 27, City Council approved the final rounds of St. Catharines Cultural Investment Program (SCCIP) funding for this year. Successful applicants for rounds three and four of funding include:
- Sustaining – Festival Program: Bravo Niagara! Festival of the Arts – $14,500; Cicada Music and Arts – $18,000; Norm Foster Theatre Festival – $22,000; and TD Niagara Jazz Festival – $9,500.
- Arts Development Program: Bart Gazzola / Niagara Creatives Network – $2,000; and Matter of Black Community Services – $8,715.
- Culture Builds Community Program: Willow Arts Community – $7,500.
Did you know?
There are 163 commercial greenhouses in Niagara.
Focus on Finance and Economy
Analysts react to Shopify’s record-breaking Black Friday sales
Jordan Fleguel; BNN Bloomberg
Shopify Inc. says its merchants raked in US$4.1 billion in worldwide sales on Black Friday, numbers that analysts say demonstrate the company’s increasing share of the online retail market as more consumers shift to digital holiday shopping.
The figures set a Black Friday record for the Canadian e-commerce giant and represent a 22 per cent increase in global sales compared to last year, according to the company.
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.
