In this edition:
- Niagara EI claimants down 75% since last year
- Ontario doubles financial penalties for unfair cancellation of new home projects
- Government of Canada announces partnership to create new apprenticeships across Canada
- Manitoba eyes more tax cuts, offers subsidy for minimum wage employers
Niagara EI claimants down 75% since last year
In August, 485,000 Canadians received regular Employment Insurance (EI) benefits, down by 21,000 (-4.1%) from July.
According to the Labour Force Survey (LFS), the unemployment rate in August rose to 5.4%, following a record low of 4.9% observed in June and July. The largest decrease occurred in Quebec (-12,000; -9.5%), which accounted for more than half of the national decline.
Local numbers were little changed, with 50 more Niagara claimants in August than in July. Year-over-year, however, 16,000 fewer people in Niagara were claiming EI benefits, and the 2022 figures represent a 75% drop from the year before.
Ontario doubles financial penalties for unfair cancellation of new home projects
Proposed changes under the New Home Construction Licensing Act (NHCLA), would, if passed, increase existing maximum financial penalties from $25,000 to $50,000 per infraction, with no limit to additional monetary benefit penalties. Under these new changes, unscrupulous developers could now be on the hook for hundreds of thousands of dollars in fines for each unfairly cancelled contract. Unethical developers who engage in these practices could also face the risk of permanently losing their builder’s licence.
The proposed changes will also enable the Home Construction Regulatory Authority (HCRA) to use the money received from these penalties to make payments back directly to consumers who have been adversely affected by builders and vendors who break the law. This change would make Ontario the first jurisdiction in Canada to provide such compensation to consumers.
Government of Canada announces partnership to create new apprenticeships across Canada
Today, the Honourable Marc Miller, Minister of Crown-Indigenous Relations, on behalf of the Honourable Carla Qualtrough, Minister of Employment, Workforce Development and Disability Inclusion, announced more than $53 million to the Native Women’s Association of Canada for the Indigenous women, Two-Spirit, and Gender-Diverse Apprenticeships with small and medium-sized enterprises (SMEs) project. The project will provide financial incentives and a suite of online training and resources to SMEs across Canada to help them participate in the apprenticeship system and create a safe, inclusive and supportive environment for at least 4,000 apprentices.
Today’s announcement builds on the 16 Apprenticeship Service projects announced since May 2022. To date, the Government has invested over $393 million in 19 projects that will enable SMEs to create over 42,000 new apprenticeship positions across Canada.
Manitoba eyes more tax cuts, offers subsidy for minimum wage employers
The Manitoba government is starting a review of personal and business taxes with the aim of becoming more competitive with other provinces.
While Manitoba has been recording annual deficits almost every year since 2009 and is facing demands to spend more money on health care, the Progressive Conservative government said a more competitive tax regime would attract more businesses and boost provincial coffers.
“The way we will improve education and social services, health care, is by growing our economy,” Premier Heather Stefanson said Wednesday.
“If we are growing our economy, there is more tax dollars that are coming to the province to be able to afford the social services that Manitobans need.”
Niagara Economic Summit
John Peller, O.C. to deliver plenary address at Summit
John E. Peller, O.C., President and CEO of Andrew Peller Limited, will deliver a plenary address at this year’s Niagara Economic Summit. As the head of one of Canada’s leading producers and marketers of quality wines and craft beverage alcohol products, John has a unique insight into one of Niagara’s signature industries and one of its key economic drivers.
The Company’s award-winning premium and ultra-premium VQA brands include Peller Estates, Trius, Thirty Bench, Wayne Gretzky, Sandhill, Red Rooster, Black Hills Estate Winery, Tinhorn Creek Vineyards, Gray Monk Estate Winery, Raven Conspiracy, and Conviction. Complementing these premium brands are a number of popularly priced varietal offerings, wine-based liqueurs, craft ciders, beer and craft spirits.
John will also be interviewed at the Summit in fireside chat format. Contact us to submit your questions.
Click here for tickets to this year’s Niagara Economic Summit.
Focus on Real Estate
Canadian home prices post record monthly decline in September: Housing index
Home prices fell for a fifth consecutive month in September, breaking the previous record set in August, according to the Teranet–National Bank National Composite House Price Index.
In a report released Thursday, it found that home prices fell 3.1 per cent in September, compared to a month ago.
This marked the largest monthly decline since the index was first started in 1999, and shattered the previous record decline of 2.4 per cent in August.
Where home prices have increased the most in Canada
While average home prices across most provinces and territories have cooled considerably since reaching their peak in February, several markets are still seeing prices rise year-over-year.
According to the latest data released by the Canadian Real Estate Association (CREA), major markets such as the Greater Vancouver and Toronto areas, Montreal and Calgary all saw average home prices increase between September 2021 and September 2022. However, smaller real estate markets situated outside of these hubs saw higher annual growth rates by comparison.
This is because rising interest rates have a greater influence on home prices in larger, more expensive markets, said Shaun Cathcart, CREA’s senior economist and director of housing data and market analysis.
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.
