In this edition:
- Trudeau says government will not intervene in Air Canada dispute with pilots
- Airbus celebrates 40 years in Niagara with celebration attended by Doug Ford
- Niagara Falls open for resident, business input in Budget 2025
- Applications open for Niagara Prosperity Initiative Grant to support poverty reduction
- NotL Councillor Nick Ruller steps down to take position as Brampton fire chief
- Welland invites Indigenous artists to paint memorial at Truth & Reconciliation crosswalk
- Focus on Technology
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Canada expands 30-year mortgage eligibility to all first-time buyers, increases insured price cap
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced that the Government of Canada would increase the $1 million price cap for insured mortgages to $1.5 million and expand eligibility for 30 year mortgage amortizations to all first-time homebuyers and to all buyers of new builds. Both measures will take effect on December 15, 2024. This was part of the government’s plan to make mortgages more affordable and put homeownership back within reach for Canadians, a media release stated.
Bloomberg called the move a strategy to “win back the approval of young Canadians,” adding that the announcement raised questions about whether the moves would juice the housing market and saddle younger Canadians with more debt. The country’s households are the most indebted in the Group of Seven and over-investment in real estate has been blamed as a source of a persistent productivity crisis. Desjardins economist Marc Desormeaux concluded that while the policy change would immediately help those in a position to buy, the medium-term outcome would be an increase in home prices.
The Canadian Homebuilders’ Association was bullish on the move, however, calling it “exactly what the market needs.”
Photo credit: Lukas Wunderlich / Adobe Stock
Air Canada work stoppage averted after tentative deal with pilots
Passengers with plans to fly on Canada’s largest airline can breathe a sigh of relief after Air Canada said Sunday it has reached a tentative agreement with the union representing more than 5,400 of its pilots.
A ratification vote by the membership is expected to be conducted over the next month, and Air Canada’s board of directors would sign off on any deal.
Photo credit: Ontario Power Generation / CC BY 2.0
Province and Hydro One announce completion of Beck #2 refurbishment
The Ontario government along with Hydro One announced the completion of refurbishments at the Beck #2 Transformer Station in Niagara Falls. This $135 million infrastructure program will extend the life of the existing station by another forty years and ensure a reliable supply of affordable and clean energy that will enable new homes, new investments, and new jobs in southwestern Ontario.
Photo credit: Andy Dean / Adobe Stock
National home sales increased in June following the Bank of Canada’s first interest rate cut since 2020, and activity posted another small gain in August on the heels of the second rate cut in late July, but the bigger picture appears to be a market mostly stuck in a holding pattern, the Canadian Real Estate Association reported today.
Local data from the Niagara Association of Realtors indicated a slight decline in both listings and sales compared with last year, but with inventory holding, the association said that busier than normal end of year for Niagara was possible.
Photo credit: Serhii / Adobe Stock
Canada and Ontario invest $9M in agricultural sustainability
The governments of Canada and Ontario are investing an additional $9 million in the Ontario Agricultural Sustainability Initiative through the Sustainable Canadian Agricultural Partnership to help farmers enhance the sustainability and competitiveness of their farms. Funding will be used to help with the adoption of new technologies and best management practices to support soil health, water quality, and energy efficiency while increasing on-farm productivity.
Photo credit: bodnarphoto / Adobe Stock
A week in: What’s happening with liquor sales in Ontario convenience stores?
It’s now been more than a week since Ontario expanded the availability of liquor, allowing beer, wine, cider and coolers to be sold in convenience stores. The province allowed for alcoholic beverages to hit convenience store shelves on Sept. 5. Patrons can purchase alcohol between 7 a.m. to 11 p.m. daily.
And while there haven’t been any announcements about convenience stores losing their licences for infractions to Canada’s Liquor Licence and Control Act, the Alcohol and Gaming Commission of Ontario (AGCO) has shared some news.
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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.
