In this edition:
- Niagara unemployment rate falls to 6.3% as Canada sheds 42,000 jobs
- Markets see nearly 90% chance of Bank of Canada rate hike in December
- Lincoln ends state of emergency as flood recovery continues
- St. Catharines ends state of emergency after August flooding
- Canada’s housing market showing early signs of recovery, RBC says
- Ottawa sets five expectations for new data centre projects
- Federal government creates Digital Transformation Canada with tech procurement mandate
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Niagara unemployment rate falls to 6.3% as Canada sheds 42,000 jobs
St. Catharines-Niagara’s unemployment rate fell to 6.3% in August from 6.5% in July on a three-month moving-average basis, while local employment edged up by 200. Nationally, employment fell by 42,000 as the unemployment rate held at 6.4%; manufacturing was the only sector to post a significant gain, adding 22,000 jobs.
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Markets see nearly 90% chance of Bank of Canada rate hike in December
Overnight swaps now imply nearly a 90% chance of a 25-basis-point Bank of Canada hike in December, up from about 60% before Wednesday’s hold. Scotiabank expects rates to reach 2.75% by year-end and 3% in 2027, although Desjardins economist Royce Mendes says current market pricing looks excessive.
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Lincoln ends state of emergency as flood recovery continues
Lincoln has terminated the state of emergency declared Aug. 3 after flooding overwhelmed roads, stormwater infrastructure, homes and businesses. The Town says recovery and emergency repairs will continue for months, including infrastructure work, damage assessments and support for affected residents, while it continues seeking provincial assistance.
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St. Catharines ends state of emergency after August flooding
St. Catharines has ended the state of emergency declared Aug. 3 after repeated storms dropped more than a foot of rain on parts of the city over 12 days. Recovery continues, including municipal infrastructure repairs, resident support and advocacy for provincial and federal funding for flood recovery and longer-term storm and sanitary infrastructure.
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Canada’s housing market showing early signs of recovery, RBC says
RBC Economics says Canadian housing is showing early signs of recovery as resales rise, inventory levels off and prices stabilize. But the bank still expects 2026 resales to fall 3.6% and benchmark prices 2.3%, with a more visible recovery next year; Ontario and B.C. may take longer to regain momentum.
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Ottawa sets five expectations for new data centre projects
The Government of Canada has set five non-binding expectations for data centre projects: lasting local benefits, no shifting electricity costs to Canadians, minimized water and environmental impacts, transparency and strategic value. The framework does not create a new federal approval process, leaving provinces, territories and municipalities responsible for approvals and local requirements.
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Federal government creates Digital Transformation Canada with tech procurement mandate
Ottawa is creating Digital Transformation Canada, combining Shared Services Canada, the Canadian Digital Service and selected federal functions under a new organization led by former Google CFO Patrick Pichette. Its mandate includes cutting duplication, expanding AI use and using federal procurement to help Canadian digital and AI companies test and scale new technologies.
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.
