In this edition:
- SBI Canada Bank assumes possession of Welland House property in St. Catharines
- Niagara resale housing market in a ‘correction phase’ as September sees record new listings
- Institutional construction ticks up as residential building falls
- St. Catharines and Lincoln win award for destination marketing partnership
- Niagara tech duo launch new platform to help local jobseekers
- KPMG survey reveals that business leaders need support and tax relief to pivot
- China’s exports of EVs doubled in September as competition heats up
- Housing minister won’t commit to Liberal election promise to cut development fees
- Focus on Retail
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Illustration credit: Wikimedia Commons: Trappy / Google Maps / Greater Niagara Chamber of Commerce
SBI Canada Bank assumes possession of Welland House property in St. Catharines
The former site of the historic Welland House hotel in St. Catharines has changed hands — not to a new buyer, but to the bank that held its mortgage.
SBI Canada Bank is now listed as the “mortgagee in possession” on the MLS price sheet, a legal term meaning the lender has taken control of the property due to a default on the mortgage.
Picture credit: Elena Berd / Adobe Stock
Niagara resale housing market in a ‘correction phase’ as September sees record new listings
September’s housing market brought its typical jump in new listings to Niagara — but a lack of buyer response is signalling greater hesitation.
Even with improved conditions and lower interest rates, buyers remain on the sidelines, widening the gap between supply and demand as the market heads deeper into fall.
Photo credit: Francesco Scatena / Adobe Stock
Institutional construction ticks up as residential building falls
In August, the value of institutional building permits rose $211.3 million in August, led by the increase in Ontario (+$235.3 million), which was propelled by hospital construction intentions in the Toronto CMA.
However, residential construction intentions decreased $173.8 million (-2.4%) to $7.0 billion in August. The decline was primarily attributable to Ontario (-$432.8 million) and Alberta (-$311.1 million).
Picture credit: Town of Lincoln
St. Catharines and Lincoln win award for destination marketing partnership
The Town of Lincoln and the City of St. Catharines have been jointly recognized with the Community Collaboration Award from the Economic Developers Association of Canada (EDAC) for the St. Catharines Lincoln Destination Partnership (STCLDP).
Launched in 2023 and formally endorsed by both councils in 2024, the joint Destination Marketing Organization brings together the two municipalities’ economic development teams.
Photo credit: Pixel-Shot / Adobe Stock
Niagara tech duo launch new platform to help local jobseekers
Niagara residents seeking employment now have a new online resource at their disposal with the launch of a new job board: Hire Niagara.
The website is the brainchild of Thomas Boccinfuso of Thorold and Vince Strazzella of St. Catharines, and caters exclusively to companies looking to fill positions anywhere throughout Niagara’s 12 municipalities.
Picture credit: manassanant / Adobe Stock
KPMG survey reveals that business leaders need support and tax relief to pivot
As next month’s federal budget approaches, Canadian business leaders want broader supports, wider access to capital and structural fixes to the tax system to sustain their businesses, finds a KPMG in Canada survey.
KPMG says its annual federal budget survey of 501 Canadian business leaders reveals that more than nine in 10 want the government to provide more broad-based and sectoral supports, including expanded financing and loan options for any company or sector impacted by tariffs.
Photo credit: RafMaster / Adobe Stock
China’s exports of EVs doubled in September as competition heats up
China’s exports of electric vehicles doubled in September from a year earlier as its automakers expanded their reach into overseas markets.
Domestic passenger car sales climbed 11.2% year-on-year in last month down from a 15% rise in August, the China Association of Automobile Manufacturers said on Oct. 14.
Photo credit: vadim yerofeyev / Adobe Stock
Housing minister won’t commit to Liberal election promise to cut development fees
The federal housing minister wouldn’t commit Tuesday to a Liberal election campaign promise to push cities to cut the fees that help fund local infrastructure.
In Toronto for an announcement, Housing Minister Gregor Robertson did not answer directly when asked whether the Liberals are still committed to their promise to cut municipal development charges in half to lower the cost of homebuilding.
Focus on Retail
Smarter supply chains, stronger partnerships
Chris Daniels, Convenience Store News
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.
