In this edition:
- Ontario Chamber releases new procurement report
- Projected housing gap narrower in Ontario but wider in other provinces than in 2022: CMHC
- Governance review pause expected, Niagara leaders say
- Niagara West disappointed by regional facilitator delay
- PenFinancial Credit Union pledges $25,000 to support Gillian’s Place
- Hunger Action Month requires more action to battle food insecurity
- FirstOntario Credit Union launches First Home Savings Account (FHSA)
- Household net worth on the rise with gains in both non-financial and financial assets: Statistics Canada
- Reading Recommendations: Climate
Ontario Chamber releases new procurement report
Today, Canada Mortgage and Housing Corporation (CMHC) released an update to its Supply Gaps Estimate (SGE) report from June 2022, which estimated how much additional housing supply is required to restore affordability to 2004 levels by 2030. This new estimate shows the overall national supply gap remains at approximately 3.5 million more housing units by 2030, over and above what is already projected to be built by that time. Changing economic and demographic projections have caused supply gaps to change across provinces.
Among the highlights, the projected housing gap is now lower in Ontario but higher in other provinces like Alberta, Quebec, and British Columbia.
Projected housing gap narrower in Ontario but wider in other provinces than in 2022: CMHC
Today, the Honourable Filomena Tassi, Minister responsible for FedDev Ontario, announced the launch of a new, easy-to-use application process. It makes applying for funding easier, and more predictable for clients and will help ensure investments are available to those who need them to continue growing. Applications for funding will now be accepted three times per year (fall, winter and spring). The fall intake is open until November 7.
As one of seven regional economic development agencies across Canada, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) works with industry and community leaders, business owners, entrepreneurs, and organizations to help them reach their potential and create new possibilities across the region. FedDev Ontario’s strategic investments have made a significant difference for the competitiveness, innovation, and diversity of southern Ontario’s economy.
Governance review pause expected, Niagara leaders say
The provincial government is pausing to appoint a facilitator to review the municipal government structure in Ontario to ensure Niagara and five other two-tiered regions are equipped to meet the demands of the housing crisis.
Newly appointed Municipal Affairs and Housing Minister Paul Calandra, MPP for Stouffville, said Monday he is taking a step back to review the decision.
Niagara Region Chair Jim Bradley said Tuesday there is no more significant challenge than building more homes.
“As such, I support Minister Calandra’s decision to take the time he needs to review and evaluate their approach on this vital issue,” he said. “It is important to get this right, and I trust that the minister and his staff are considering all options to ensure that more homes are being built across the province.
Niagara West disappointed by regional facilitator delay
On the day a regional facilitator was supposed to be appointed to assess regional governments, it was announced the move would be delayed.
While officials in Grimsby, Lincoln, and West Lincoln are disappointed to hear they will be waiting even longer, CAOs in the three municipalities said it doesn’t change much.
Michael Kirkopoulos, CAO for the town of Lincoln, said they’ve been working on numerous shared services for most of this term and part of last term, as they awaited the facilitator.
PenFinancial Credit Union pledges $25,000 to support Gillian’s Place
PenFinancial Credit Union has announced a $25,000 pledge to support Gillian’s Place Build a Safer Future campaign. This donation is part of PenFinancial’s Truly Local Commitment which aims to help improve lives and strengthen communities.
As one of Ontario’s first shelters for women and children, Gillian’s Place has been providing safe refuge and non-residential programs that enable women, non-binary individuals, and their children to break the cycle of violence for over 40 years. With demands for services rapidly increasing, this pledge to the Build a Safer Future campaign will help support critical activities including the creation of the Centre for Violence Prevention and Outreach Support, and expansion of their facilities.
Hunger Action Month requires more action to battle food insecurity
September is Hunger Action Month and food banks across the region are seeing an ever-increasing lineup at their doors of people trying to provide even a few days of support for their families.
“That’s typical whenever there’s an economic downturn, it depends on what our economy does in the spring,” said John Braithwaite, chief executive officer of The Hope Centre in Welland.
“But, typically, when there’s an economic downturn the vulnerable folks are the last ones to recover and they’re usually two or three years behind everybody else.”
FirstOntario Credit Union launches First Home Savings Account (FHSA)
The First Home Savings Account (FHSA), a new registered plan introduced by the federal government designed to help qualifying first-time home buyers save for a down payment towards purchasing a home – on a tax-free basis – is now available to FirstOntario members.
“FirstOntario is committed to supporting our members in achieving their home ownership goals and that’s why we focused on expediting development and delivery of the FHSA, said Lloyd Smith, CEO, FirstOntario Credit Union. “We know saving for the purchase of a first home is a financial challenge and an important priority for our members. The FHSA is designed to help make the most of each member’s contributions and grow their savings.”
Household net worth on the rise with gains in both non-financial and financial assets: Statistics Canada
Household sector net worth—the value of all assets minus all liabilities—rose $256.4 billion or 1.6% to reach $15,970.1 billion in the second quarter. The value of real estate continued its recovery from the sharp declines that began in the second quarter of 2022, while foreign equity markets outpaced domestic markets, as an 8.3% rise in the Standard and Poor’s (S&P) 500 Index dwarfed a 0.3% uptick in the S&P/TSX Composite Index in the second quarter of 2023.
Did you know?
Focus on Climate
How recycling could solve the shortage of minerals essential to clean energy
What do silver, silicon and gallium have in common? These expensive raw materials are essential components of our various solar energy technologies. What about neodymium, praseodymium and dysprosium? These rare earth metals are used to build the powerful magnets in wind turbines.
But a more ambitious clean energy transition requires more of the metals and minerals used to build clean energy technologies. As the global energy sector shifts from fossil fuels to clean energy, the demand of precious metals — known as critical minerals — is increasing.
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.