In this edition:
- Canadian home sales ease again in September
- Bank of Canada designates additional prominent payment systems
- Ontario to open Trade and Investment Office in Singapore
- Fort Erie to host Mayor’s Forum on Diversity and Inclusion
- Candace Laing re-elected as Chair of Canadian Chamber of Commerce
- Canada launches consultation on the implications of generative artificial intelligence for copyright
- Supreme Court rules against federal environmental impact law
- Focus on Sustainability
Canadian home sales ease again in September
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were down on a month-over-month basis in September 2023.
Home sales recorded over Canadian MLS® Systems posted a 1.9% decline between August and September 2023. While this marked the third straight month in a row of decrease, September’s drop was only about half as large as the one recorded in August.
“The recent trend of slowing sales and rising new listings continued in September,” said Larry Cerqua, Chair of CREA. “This presents an opportunity for buyers, although many of them seem content to stick to the sidelines until there’s more evidence that interest rates are indeed finally at the top.”
Bank of Canada designates additional prominent payment systems
Bank of Canada Governor Tiff Macklem has designated Visa Inc.’s VisaNet, Mastercard International Inc.’s Global Clearing Management System and Single Message System, and Interac Corp.’s Inter-Member Network as prominent payment systems under the Payment Clearing and Settlement Act, effective October 16, 2023.
Designation brings these systems under formal Bank oversight and requires them to adhere to the Bank’s risk management standards. This includes having risk controls in place to ensure continued resilience so they remain safe, viable and effective methods of payment for Canadians.
Ontario to open Trade and Investment Office in Singapore
As part of the Government of Ontario’s trade mission to South Korea, Vietnam and Singapore, the government announced plans to open an Ontario Trade and Investment Office in Singapore in 2024. The office will be the province’s first office in the ASEAN, or Association of Southeast Asian Nations region, a union of 10 states in Southeast Asia with a population of over 600 million people.
“Singapore has one of the world’s strongest and most diversified economies and is an ideal location for Ontario to establish a presence in Southeast Asia,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Jurisdictions from around the world are looking to gain a foothold in the growing Southeast Asia market and establishing a Trade and Investment Office in Singapore will help unlock trade and investment opportunities for Ontario businesses.”
Fort Erie to host Mayor’s Forum on Diversity and Inclusion
In partnership with the Fort Erie Diversity and Inclusion Coalition, the “Mayor’s Forum on Diversity and Inclusion,” to be held Friday, November 10, brings together thought leaders, professionals, activists, and advocates from diverse backgrounds to engage in insightful discussions, share best practices, and forge meaningful connections.
The conference offers a dynamic platform for participating in panel discussions, keynote addresses, and networking opportunities. Attendees will leave with actionable insights, a broader network of colleagues and a renewed commitment to encouraging positive change in their respective businesses, organizations and communities.
Candace Laing re-elected as Chair of Canadian Chamber of Commerce
Today, the Canadian Chamber of Commerce announced the re-election of Candace Laing for a second term as Chair of its board of directors. Candace is an executive leader with deep expertise in organizational development, with a career that has spanned both private and public-sector organizations and academia, with a focus on strategic business initiatives that create long-term value and high-performance cultures.
Candace first joined the Canadian Chamber’s board of directors in 2019 and served as Vice Chair from 2021-2022. She was an integral part of the team that gave the Canadian Chamber its Chamber 2025 Strategic Plan — a transformational mandate to create a reimagined and renewed Canadian Chamber.
Canada launches consultation on the implications of generative artificial intelligence for copyright
The Government of Canada proposed the Artificial Intelligence and Data Act, as part of Bill C-27, and continues to consider how other legislative frameworks may need to be updated to address the changing technological landscape, including the rapid advancement of artificial intelligence (AI) technologies.
François-Philippe Champagne, Minister of Innovation, Science and Industry, and the Honourable Pascale St-Onge, Minister of Canadian Heritage, launched a consultation to gather Canadians’ thoughts on generative AI tools and the implications for copyright holders to give consent and receive credit and compensation for the use of their works.
Supreme Court rules against federal environmental impact law
The Supreme Court of Canada ruled on Oct. 13 against federal legislation on the environmental effects of major developments, with five out of seven judges finding most of it unconstitutional because it seeks to regulate activities within provincial jurisdiction.
Chief Justice Richard Wagner, writing for the majority, said the law as written could regulate activities that are provincial business, instead of restricting itself to environmental effects that are within Ottawa’s power to oversee.
“Even if this court were to accept Canada’s submission that the defined ‘effects within federal jurisdiction’ are within federal jurisdiction, these effects do not drive the scheme’s decision-making powers,” he wrote in the 204-page opinion released Friday.
Did you know?
Focus on Sustainability
Mass timber ‘part of a collective solution’ to the housing crisis
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.
