In this edition:
- Polls close in Niagara, voter turnout declines again
- Ontario introduces More Homes Built Faster Act to address housing crisis
- CME: labour shortages are destroying the economy
- Canopy Growth looks to grow U.S. business with new holding company structure
Polls close in Niagara, voter turnout declines again
Voter turnout in Niagara was down again for the municipal election. While final numbers for the entire region are not yet available, St. Catharines, Welland, and Niagara Falls all saw substantial declines in voter turnout.
Among the key results for Niagara are:
- Brian Grant becomes the new Mayor of Wainfleet
- Bill Steele re-elected as Mayor of Port Colborne
- Jeff Jordan re-elected as Mayor of Grimsby
- Cheryl Ganann becomes the new Mayor of West Lincoln
- Gary Zalepa becomes the new Lord Mayor of Niagara-on-the-Lake
- Marvin Junkin re-elected as Mayor of Pelham
- Wayne Redekop re-elected as Mayor of Fort Erie
- Terry Ugulini re-elected as Mayor of Thorold
- Frank Campion re-elected as Mayor of Welland
- Mat Siscoe becomes the new Mayor of St. Catharines
- Jim Diodati re-elected Mayor of Niagara Falls
- Sandra Easton is acclaimed and returns as Mayor of Lincoln
The Regional Chair is elected by that council and not directly by the public. The incumbent Regional Chair, Jim Bradley, was re-elected to council by St. Catharines.
Results are not official until certified by the clerk. Click here for a portal to local results in all Niagara municipalities.
Ontario introduces More Homes Built Faster Act to address housing crisis
Today, the Ontario government introduced the More Homes Built Faster Act, which introduces new measures designed to promote faster homebuilding in the province. Among them are:
- permitting up to three residential units “as of right” on most land zoned for one home in residential areas without needing a municipal by-law amendment
- reducing approval timelines in order to meet planned minimum density targets near major transit stations
- changing regulations to provide certainty regarding inclusionary zoning rules, with a maximum 25-year affordability period, a five per cent cap on the number of inclusionary zoning units, and a standardized approach to determining the price or rent of an affordable unit under an inclusionary zoning program
- exempting affordable, and inclusionary zoning units, select attainable housing units, and non-profit housing developments from municipal development charges, parkland dedication levies, and community benefits charges
- removing site plan control requirements for most projects with fewer than 10 residential units (with limited exceptions)
- making changes to the Ontario Land Tribunal Act to help speed up proceedings, resolve cases more efficiently and streamline processes
- doubling maximum fines for unethical builders and vendors of new homes who unfairly cancel projects or terminate purchase agreements
- seeking input on integrating A Place to Grow: Growth Plan for the Greater Golden Horseshoe and the Provincial Policy Statement into a single, provincewide planning policy document
- calling on the federal government to come to the table and work with us on potential GST/HST incentives, including rebates, exemptions and deferrals, to support new ownership and rental housing development
CME: labour shortages are destroying the economy
On Oct. 25, Canadian Manufacturers & Exporters (CME) released its annual labour survey showing that labour and skills shortages are harming the Canadian economy. In the last year alone, CME says these shortages have resulted in economic losses totalling nearly $13 billion, a figure calculated from the responses of 563 manufacturers from across 17 industries in Canada.
According to their data, over the past year, 62 per cent of manufacturers have lost or turned down contracts and faced production delays due to a lack of workers, resulting in $7.2 billion in lost sales and penalties for late delivery. At the same time, 43 per cent of companies have postponed or cancelled capital projects because of labour shortages, corresponding to $5.4 billion of lost investment.
Canopy Growth looks to grow U.S. business with new holding company structure
Canopy Growth Corp.’s share price surged more than 27 per cent as it announced it will fast track its plans for the U.S. market with the creation of a new U.S.-domiciled company meant to hold its cannabis investments made south of the border.
Smiths Falls, Ont.-based Canopy’s stock hit $4.02 in afternoon trading after it announced Tuesday that it was establishing Canopy USA LLC. The venture will help it exercise its rights to acquire U.S. cannabis companies Acreage, Wanna and Jetty, which it signed deals to take a stake in should the U.S. move toward national legalization.
In addition, Canopy USA will control a conditional ownership position in U.S. cannabis company TerrAscend Corp.
Niagara Economic Summit
Vivian Kinnaird to bring data-driven perspective on Niagara’s labour shortage
“Nobody wants to work anymore.” We’ve all heard it, and many of us have felt it – but is it actually true? The entire country faces a labour shortage that crosses sectoral and occupational boundaries, but, as always, it is not felt evenly across every industry and profession. Solving the labour question cannot be done until we know what the true problems are.
As Strategy Lead and CEO of Workforce Collective, formerly Niagara Workforce Planning Board, Vivian Kinnaird leads Niagara’s leading authority on workforce data and analysis. At the Summit, Vivian will bring a data-driven, evidence-based approach to the labour shortage, revealing where the problems are most acute, the factors that drive them, and what policymakers might do to solve them. Join us at the Summit to hear her insights.
Contact us to submit your questions for Vivian.
Click here for tickets to this year’s Niagara Economic Summit.
Focus on Finance & Economy
Recession or a coming financial crisis? Economists say the difference is vast
Interest rates are creeping higher, and the word “recession” is on everyone’s lips.
But so far, only a few financial commentators are warning of something much worse that could abruptly change the rules of the game: The threat of a financial crisis.
On Wednesday, the Bank of Canada is preparing to announce what’s expected to be another large hike in interest rates, continuing its battle against stubborn inflation.
The bank’s governor, Tiff Macklem, has repeatedly and confidently said that neither the risk of a recession nor falling house prices will stop him from getting inflation down to its target range, two per cent.
Heather Zordel resigns as chair of Ontario Securities Commission
The chair of the Ontario Securities Commission has stepped down less than a year after taking the job. A spokesperson for Ontario Finance Minister Peter Bethlenfalvy says the minister accepted Heather Zordel’s resignation on Oct. 21.
No reason was given for Zordel’s departure.
The OSC was recently reorganized in a move that split the roles of chair and chief executive into two distinct positions. Zordel was the first chair of the provincial securities regulator under the new structure. She had been appointed to a two-year term that was to run until April 2024.
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.
