Daily Update: January 17, 2023

January 17, 2023 | Daily Update

2022 inflation reached 40-year high, Bank of Canada announces appointment of non-executive Deputy Governor, and more.

In this edition:

2022 inflation reached 40-year high

Statistics Canada’s annual inflation review showed an average annual inflationary rate of 6.8% in 2022, following gains of 3.4% in 2021 and of 0.7% in 2020. The increase in 2022 was a 40-year high, the largest increase since 1982 (+10.9%). Excluding energy, the annual average CPI rose 5.7% in 2022 compared with 2.4% in 2021.

The Consumer Price Index (CPI) rose 6.3% year over year in December, following a 6.8% increase in November.

Excluding food and energy, prices rose 5.3% on a yearly basis in December, following a gain of 5.4% in November.

The headline CPI grew at a slower pace largely due to slower growth in prices for gasoline. Additional deceleration came from homeowners’ replacement cost, fuel oil and other owned accommodation expenses, as well as from various durable goods. Slower price growth was offset by increases in mortgage interest cost, clothing and footwear and personal care supplies and equipment.

Consumers paid 13.1% less at the pump in December compared with November, the largest monthly decline since April 2020. This reflected lower prices for crude oil amid concerns of a slowing global economy, as well as reduced demand following an increase in COVID-19 cases in China.

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Bank of Canada announces appointment of non-executive Deputy Governor

The Board of Directors of the Bank of Canada today announced the appointment of Nicolas Vincent as the Bank’s new external, non-executive Deputy Governor for a term of two years, effective March 13, 2023. Mr. Vincent’s appointment, which is the result of an open external search process, fills the vacancy created by the departure of Timothy Lane in September 2022.

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St. Catharines city council approves 1.12% tax increase

St. Catharines residents will pay 1.12 per cent more in 2023 than 2022 on the city portion of their tax bills, despite council adding 24 new full-time employees, enhancing service levels and tackling other budget pressures, thanks to the uploading of city transit services to Niagara Region.

City council adopted the 2023 operating budget Monday night, which sees $13.5 million in transit service obligations removed from the city’s portion of the property tax bill due to the new amalgamated system run by the Region.

“The 2023 operating budget presents a one-time opportunity for the city to regain some of its financial sustainability,” said financial management services director Kristine Douglas, referring to the impacts of COVID-19, which included revenue hits, deferred projects, reduced contributions to capital and increased reliance on reserves.
Click here to read more.

Welland Economic Development partners with Niagara Catholic DSB to promote trades

Welland’s Economic Development Department is pleased to partner with the Niagara Catholic District School Board to promote apprenticeship pathways and re-education to the public about the value of skilled tradespeople.

Two events are scheduled in the first half of 2023 – January 19 and May 17, from 6:30 to 8:30 p.m. – and are open to students and their families. Stemming from discussions with industry leaders in the city, Welland’s Economic  Development team is well-versed in the needs of industries operating in Welland.

“We know there will be a shortage of skilled trades workers,” said Lina DeChellis, manager of economic development. “Partnering with the Niagara Catholic and offering a line into what industries are looking for will hopefully shine a light on this very needed, lucrative career path.”

Click here to read more (PDF link).

Focus on Finance & Economy

Deloitte calls for a Canadian recession in 2023

Deloitte is forecasting an economic contraction in Canada in the months ahead.

The firm’s 2023 Economic Outlook report released on Tuesday cited the Bank of Canada’s aggressive stance on monetary policy and an expected recession south of the border as the driving forces behind the cool down.

“Our forecast predicts the steady diversion of household income toward interest payments and a U.S. recession will push down Canadian economic growth for three consecutive quarters, resulting in an overall contraction of 0.9 per cent,” the report said.

While the report assumes the BoC’s rate-hiking cycle has come to end, it stated the full effects are yet to be reflected.

Click here to read more.

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.

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Daily Update: January 16, 2023

January 16, 2023 | Daily Update

In this edition:

Niagara homebuilders nominated for national awards

The Canadian Home Builders’ Association (CHBA) has announced the finalists for the 2023 CHBA National Awards for Housing Excellence, Canada’s premiere competition for new homes, home renovations, community development, and residential marketing.

Nearly 800 entries were submitted from across the country into 48 different categories designed to encompass the variety of homes built and renovated in Canada, at various sizes and price points, from single-family homes to mid/high-rises for both rental and ownership, and including specialty categories for Net Zero Homes and entry-level homes. This year, almost 150 industry experts reviewed entries, judging submissions by images, floor/site plans, and project descriptions.

Niagara’s nominees are:

  • DeSantis Homes: Best Brochure/Kit, Best Virtual Tour Experience and Best New Community awards for their “Century Condos” project
  • Mountainview Building Group: Best Bathroom and Best Bedroom/Suite for “The Beaches penthouse”
  • Lucchetta Homes: Best Detached Production Home Under 1,800 square feet for “The Newburg at Riverside at Hunters Pointe”

The awards will be presented on February 16th in Banff, Alberta during CHBA’s Home Building Week in Canada.

Click here to read more.

Ontario announces plan to reduce wait times with community surgery and diagnostic centres

The Ontario government has announced its new measures to further leverage community surgical and diagnostic centres to eliminate surgical backlogs and reduce wait times. As the government significantly expands the number of surgeries being done through community surgical and diagnostic centres, it will do so with measures in place to protect the stability of health human resources at public hospitals, including requiring new facilities to provide detailed staffing plans as part of their application and requiring a number of physicians at these centres to have active privileges at their local hospital.

There are currently 206,000 people estimated to be waiting for surgical procedures. For reference, last fall, there were approximately 209,000 patients waiting for a hospital operating room-based surgical procedure in Ontario, and about 200,000 before the pandemic. Further information on surgical wait times is available here.

Community surgical and diagnostic centres licensed under the Independent Health Facilities Act already perform approximately 26,000 OHIP-insured surgeries and procedures annually.

Click here to read more.

Construction declined in November, Ontario led gains in non-residential building

Investment in building construction declined 1.4% to $20.4 billion in November, with most of the drop coming from Alberta (-5.6%). The residential sector decreased 2.0% to $14.9 billion, while the non-residential sector edged up 0.2% to $5.5 billion.

Investment in non-residential construction was up 0.2% to $5.5 billion in November. Ontario (+1.3%) accounted for most of the growth as they led the gains in each component.

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Ontario motor vehicle industry posts 14% growth

Following three consecutive monthly decreases, national sales in the motor vehicle industry rose 12.7% to $3.9 billion in November, as production in several assembly plants in Canada ramped up, which in turn led to higher capacity utilization rates amid supply constraints. In Ontario, sales in the motor vehicle industry increased 14.0% to $3.7 billion in November, following three consecutive monthly declines.

Overall, manufacturing sales were flat at $72.3 billion in November, as higher sales of durable goods (+1.8%), led by motor vehicles (+12.7%) and fabricated metal products (+2.7%), were offset by lower sales of non-durable goods (-1.7%), led by the chemical (-4.4%) and petroleum and coal product (-2.1%) industries.

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Canadian home sales edge up to end 2022

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were up on a month-over-month basis in December 2022. Home sales recorded over Canadian MLS® Systems edged up by 1.3% between November and December 2022. Gains were led by Ottawa and Edmonton.

The number of newly listed homes dropped 6.4% on a month-over-month basis in December, led by declines in British Columbia and Quebec. It was among the lowest December new supply levels on record.

With new listings down by quite a bit more than sales on a month-over-month basis, the sales-to-new listings ratio tightened to 54.4% compared to 50.2% posted in November. The long-term average for this measure is 55.1%.

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Bank of Canada: business optimism weakens as consumers tighten belts

Results from the Bank of Canada’s fourth-quarter 2022 Business Outlook Survey and the Business Leaders’ Pulse surveys from October 2022 through January 2023 show that business sentiment has continued to weaken. As a result of rising interest rates, firms’ sales expectations and investment plans are softening. Capacity pressures have moderated from elevated levels. In this context, firms expect a slower pace of price increases.

In response to high inflation and rising interest rates, consumers have reduced their purchases of a broad range of goods and services, the Bank’s fourth-quarter 2022 Canadian Survey of Consumer Expectations revealed. High food prices are a particular source of frustration for households.

Access to credit has worsened, and real wages have continued to decline. As a result, a growing share of Canadians plan to further cut or postpone purchases in the coming months.

Most consumers expect a mild to moderate recession in Canada within the next 12 months.

Click here to read more.

Applications open for St. Catharines airport and library board appointments

Individuals looking to lend their knowledge to the Niagara District Airport Commission, or the St. Catharines Public Library Board (SCPL), are encouraged to apply for positions.

The City is looking for three individuals who will represent the municipality on the airport commission, and seven citizens for the SCPL. Those successfully appointed will serve a four-year term.

The Niagara District Airport Commission manages the Niagara District Airport on behalf of the City of St. Catharines, the City of Niagara Falls and the Town of Niagara-on-the- Lake. The commission establishes the airport’s strategic direction and operating policies, develops and oversees annual operating budgets, and appoints the CEO. Visit their website to learn more at niagaradistrictairport.com.

The St. Catharines Public Library Board manages and governs the operations of the St. Catharines Public Library, and establishes policies related to the provision and development of public library services to the citizens of St. Catharines. Visit their website to learn more at myscpl.ca/about-us/library-board.

Click here to read more.

Focus on Small Business

Home (vs.) office: is it really a return to business as usual?

Stay-at-home orders across the country pushed businesses to realize that many of their employees could easily work from home. With over a quarter of Canadian employees doing just that at the start of 2021, a shift in company protocol helped with the changes. Online video conferences, shared online drives, cloud storage and emails quickly replaced face-to-face talks and in-person meetings.

As far as productivity goes, 90 per cent of employees reported completing at least as much work per hour at home as in the workplace, according to Stat Canada’s Labour Force Surveys. With most COVID-19 restrictions lifted or lifting, there’s a call for a return to “normalcy” from many companies and employers. But not everyone agrees with that call, especially after nearly three years of work-from-home scenarios that yielded the same, if not better, results. Seeing how much effort has been put into the home office in recent years, is it really time to erase all progress, or is there another solution?

Click here to read more.

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.

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Daily Update: January 11, 2023

January 11, 2023 | Daily Update

Government of Canada invests $22.7 million in Welland Canal, Ontario launches public consultations on budget, and more.

In this edition:

Government of Canada invests $22.7 million in Welland Canal

Today, the Minister of Transport, the Honourable Omar Alghabra, Parliamentary Secretary to the Minister of Indigenous Services and Member of Parliament for Niagara Centre, Vance Badawey, and Parliamentary Secretary to the Minister of Canadian Heritage and Member of Parliament for St. Catharines, Chris Bittle, announced an investment of up to $22.7 million to support improvements for the Welland Canal under the National Trade Corridors Fund. This investment will have important benefits for the region, such as relieving supply chain congestion and facilitating the movement of goods at the port.

The $45.3 million project will support the St. Lawrence Seaway Management Corporation in the reconstruction and rehabilitation of three wharves located at the Welland Canal in Port Colborne, Ontario. The project aims to revive these wharves, which are currently out-of-service, to support operations and increase capacity of the trade corridor.

The National Trade Corridors Fund is a competitive, merit-based program designed to help infrastructure owners and users invest in the transportation assets that support economic activity in Canada. A total of $4.7 billion over 11 years (2017-2028) has been allocated to the program.

Click here to read more.

Ontario launches public consultations on budget, focused on transportation, jobs

Ontario is asking residents for their input on the upcoming budget, and questions in a survey posted today indicate major themes will be health-care staffing, transportation, jobs and the cost of living.

The provincial government plans to table its budget by March 31, and is now starting the process of public consultations, with a legislative committee travelling the province and an online survey launching today.

Click here to read more.

Ontario innovation takes centre stage during U.S. trade mission

The Ontario government has concluded a successful trade mission to the United States to promote the province’s flourishing automotive, technology and life sciences sectors and attract new investment opportunities. Two delegations of more than 29 Ontario companies, led by Vic Fedeli, Minister of Economic Development, Job Creation and Trade, represented the province at two of the world’s largest technology and innovation conferences – the Consumer Electronics Show and the JP Morgan Healthcare Conference and Biotech Showcase.

“Ontario is the second largest IT cluster in North America, making it a hub for global innovation,” said Minister Fedeli. “We’re building a stronger Ontario and are proud to be leading major advancements across the technology, automotive and life sciences sectors. By connecting Ontario innovators with global leaders in these key sectors, we’re able to create new opportunities for families and businesses here in Ontario.”

Click here to read more.

Realtors report surge in homebuyers desperate to get out of deals as interest rates continue to rise

There are worrying headwinds for Toronto’s front-end real estate market as buyers are increasingly worried they won’t be able to close their sales deals due to significantly higher interest rates.

Calls from concerned buyers have doubled in recent months for Simeon Papailias, managing partner of Royal LePages REC Canada, as many wonder if they can walk out of a deal with the developer.

“We’re seeing a huge spike in requests from people due to fear and instability in the market,” he said. “We’re getting inquiries from clients as to whether they should walk out of a deal or just keep the property and close.”
Click here to read more.

Goldman Sachs laying off thousands as Wall Street braces for slowdown

Staff at Goldman Sachs are bracing for news on whether they will keep their jobs on Wednesday, as the U.S. investment bank begins a sweeping cost-cutting drive that could see its 49,000-strong global workforce shrink by thousands.

The long-anticipated jobs cull at the Wall Street titan, expected to represent the biggest contraction in headcount since the financial crisis, is likely to affect most of the bank’s major divisions, with its under-fire investment banking arm facing the deepest cuts, a source told Reuters this month.

Just over 3,000 employees will be let go, the source, who could not be named, said on Jan. 9.

Click here to read more.

U.S. air travel outage hits Canadian transborder flights

Some transborder flights with Canadian airlines were impacted Wednesday when the U.S. Federal Aviation Administration (FAA) temporarily grounded all domestic routes due to a major computer outage.

The number of affected Canadian airline flights wasn’t immediately known after routes resumed mid-morning. The FAA lifted the ground stop shortly before 9 a.m. EST as it probed the source of the issue, though service impacts continued to ripple through airports across the U.S.

Air Canada said in a statement that transborder operations would be affected by the outage “but it is not possible to determine the extent at this point as we do not know the full impact and duration.”

Click here to read more.

Featured Content

3 low-cost strategies to make your business more sustainable

Small and medium-sized enterprises (SMEs) are the heart of Canada’s economy, representing 99.8% of all businesses in this country and employing 88.3% of Canadian workers in the private labour force. There are 1.22 million SMEs in Canada, and Ontario is home to about 440,0003 of them.

That’s a massive responsibility, as SMEs — companies that employ from one to 500 people — can have a huge impact on this country’s efforts to reduce carbon emissions and increase sustainable business practices. This gives business owners and their employees an important role in helping to make Ontario a leader in sustainability.

At Meridian, we know it’s not always easy to find the time or money to explore cleaner, greener ways to work. That’s why we pulled together three simple strategies you can follow to quickly implement changes big and small, no matter what kind of business you run.

Click here to read more.

Focus on Climate

Funding electric public transit can reduce emissions and address economic inequality

Electric vehicles have the potential to address climate change by producing significantly less greenhouse gas (GHG) emissions and other air pollutants than conventional gasoline-powered vehicles.

To promote their use, the Canadian government incentivized the purchase of electric vehicles in 2019, making it easier for Canadians to buy zero-emission vehicles.

Yet, high prices continue to be a major barrier. Electric vehicles of all types, even after a decade of being on the market, remain too expensive for most Canadians — even after government incentives.

Click here to read more.

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.

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Daily Update: December 20, 2022

December 20, 2022 | Daily Update

StatsCan reports retail sales up 1.4 per cent in October, expert says plastics ban will have ‘sizable effect’ on our ecosystems, and more.

In this edition:

Statistics Canada indicates that retail sales up 1.4 per cent at $62.0 billion in October

Retail sales increased 1.4 per cent to $62.0 billion in October, posting its largest increase in five months. Sales were up in 6 out of 11 subsectors, representing 84.4 per cent of retail trade. The increase was led by higher sales at gasoline stations (+6.8 per cent) and food and beverage stores (+2.2 per cent).

Core retail sales—which exclude gasoline stations and motor vehicle and parts dealers—increased 0.9 per cent. In volume terms, retail sales were unchanged in October.

Click here for more details.

Plastics ban will have ‘sizable effect’ on Canada’s ecosystems, expert says

Effective today, plastic straws, bags, cutlery, stir sticks and takeout containers are being phased out in Canada. The federal government’s regulation bans the manufacturing and import for sale of plastic items. It is phase 1 of a plan to eliminate plastic waste by 2030.

Under this timeline, businesses are allowed to sell plastic items, but will need to replace them with compostable or sustainable alternatives. The sale of these items will be prohibited on Dec. 23, 2023.

Miriam Diamond, a University of Toronto earth sciences professor, indicates that the legislative change will have a “sizable effect” on the environment. “Plastic garbage, 47 per cent of that, is mostly single-use plastic,” Diamond said. “So, what this ban will do, it’s intended to remove from the waste stream, about 30,000 tonnes of plastic, of which about 29,000 tonnes make their way into the environment.”

Click here for more details.

Number of job vacancies down in the third quarter

Statistics Canada says the number of job vacancies fell in the third quarter after reaching a record high in the second quarter.

The agency says employers in Canada were actively seeking to fill 959,600 vacant positions in the third quarter, down 3.3 per cent from 992,200 in the April-to-June period.

However, job vacancies in the third quarter remained elevated compared with before the pandemic.

The job vacancy rate – which corresponds to the number of vacant positions as a proportion of total labour demand – was 5.4 per cent in the third quarter, down from 5.7 per cent in the second quarter, but up from 3.3 per cent in the first quarter of 2020 at the onset of the COVID-19 pandemic.

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Public invited to talk dollars and sense for Welland’s 2023 operating budget

The City of Welland’s Budget Review Committee (BRC) is underway for the deliberations of the 2023 operation, capital, and water and wastewater budgets.

Council provided staff directions for preparing the 2023 budget, which included, but were not limited to, such tasks as maintaining 2022 service levels while targeting a minimal impact on the tax rate after assessment and growth, preparing a capital budget and forecast for 2023-2032, and that all 10 years of the capital forecast be fully funded.

To engage the public, the City created a Your Budget Talks 2023 page on the City’s Engage Welland page for idea sharing, the opportunity to learn about the impacts of a municipal budget, and to view the timeline for various budget deliberations.

In addition to the online engagement, two public meetings are scheduled for Tuesday, January 24, 2023 (tax-supported and capital budgets), and Thursday, January 26, 2023 (water and wastewater operating and capital), both at 5 p.m.

Click here for more details.

21 small businesses receive grant to accelerate their digital transformation

The small business community in Port Colborne is accelerating its digital transformation thanks to the support of Digital Main Street. The Digital Transformation Grant (DTG) provides up to $2,500 to qualifying small businesses to help cover the cost of adopting digital tools and technologies.

“Near the end of the first quarter this year, the city received a $50,000 Digital Service Squad Grant to fund a part-time team member over two years,” said Gary Long, manager of strategic initiatives. “Our squad’s commitment to customer service excellence has once again paid off as 21 small businesses are the recipients of this latest round of grant funding.”

Click here for more details.

Focus on Finance and Economy

Charitable donations in Ontario fall with economy

With the holidays approaching, communities across GTA are feeling the harsh reality of today’s economic climate. The rising cost of living and steep interest rate hikes following the enormous financial strain of the pandemic are affecting our ability to donate.

According to a survey conducted by Ignite Lab on behalf of Imagine Canada, just over half of Toronto residents say they will donate to a charity or non-profit this season – the lowest rate in a long time. And of those who do, two-fifths say they will give less. Only 14 per cent plan to do voluntary work.

At the same time, inflation is deeply damaging to personal finances, as more than one in ten Torontonians engage the services of a charity or non-profit organization. That rate was even higher among our youngest, with 18 per cent of those under 25 requiring such services across the country.

Click here to read more.

Bank of Canada missed the mark on rising inflation, Tiff Macklem says, but a turnaround is near

Canadians have good reason to be upset with Tiff Macklem. Even Tiff Macklem says so.

At the start of the year, the Bank of Canada expected inflation would be close to 2 per cent by the end of 2022. It’s roughly 7 per cent.

“That’s a very big forecast error,” the central bank Governor said in a year-end interview with The Globe and Mail. “So, yes, we have some explaining to do.”

When the year began, the bank maintained a record-low policy interest rate of 0.25 per cent, and an explicit pledge to keep it there until the pandemic-battered Canadian economy had returned to full speed. It ends the year with a policy rate of 4.25 per cent, a 15-year high.

Click here to read more.

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.

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Daily Update: December 15, 2022

December 15, 2022 | Daily Update

Ontario won’t make staycation tax credit permanent despite calls from industry, OCC Network identifies critical growth strategies, and more.

In this edition:

Ontario won’t make staycation tax credit permanent despite calls from industry 

Ontario’s tourism minister says the province won’t be extending the staycation tax credit for another year, despite the hard-hit industry recommending the move as a way to help it recover from the pandemic.

Neil Lumsden, the minister of tourism, culture and sport, says in a statement that the province temporarily introduced it for the 2022 tax year to spur pandemic recovery for the tourism, hospitality and culture sectors.

That will end this year, but Lumsden says the province is supporting the sector in other ways, including $48.1 million for festivals and events and $19.1 million in support for Regional Tourism Organizations in 2022-23.

Click here for more details.

Ontario Chamber of Commerce Network identifies critical growth strategies

Against the backdrop of rising interest rates, inflation, constrained supply chains, labour shortages and fears of a recession, it is critical for governments to focus on creating the right conditions to support competitiveness, productivity, and long-term economic growth.

The Ontario Chamber of Commerce (OCC), along with Chambers from across the province, identified critical areas that must inform growth strategy outlined in today’s release: Supporting Economic Growth in Uncertain Times.  

The brief identifies critical areas that must inform the strategy for economic growth. These include:

  • Foster an inclusive workforce. Ontario needs a more resilient workforce that includes everyone, supported by nimble and coordinated training options that are accessible to all job seekers.
  • Invest in growth-enabling infrastructure. From roads to housing, Ontario’s built environment needs to be climate resilient, energy efficient, and informed by smart planning principles to ensure population and economic growth can be supported for decades to come.
  • Make innovation a priority. Innovation is key to higher productivity. Ontario can achieve this through advancing opportunities in public procurement, technology adoption and commercialization efforts.

Click here for more details.

Canadian Real Estate Association reports home sales down in November

The Canadian Real Estate Association (CREA) says home sales recorded over Canadian MLS Systems fell by 3.3 per cent between October and November 2022, more than erasing October’s small gain and rejoining the moderating sales trend that began back in February.

About 60 per cent of all local markets saw lower sales in November, led by Greater Vancouver and the Fraser Valley, Edmonton, the Greater Toronto Area (GTA) and Montreal.

The actual (not seasonally adjusted) number of transactions in November 2022 came in 38.9 per cent below a near-record for that month last year and stood about 13 per cent below the pre-COVID-19 10-year average for November sales.

Click here for more details.

Mortgage stress tests unchanged amid housing headwinds

Canada’s banking regulator and the federal government maintained requirements that homebuyers are able to qualify for their mortgages at rates higher than what banks are offering them, prioritizing financial stability over helping the country’s declining housing market.

Borrowers seeking uninsured mortgages will still have to qualify for their loans at a rate two percentage points higher than the bank’s offered rate or 5.25 per cent, whichever rate is higher at the time, the Office of the Superintendent of Financial Institutions said today. That means homebuyers will have to show they can afford loans at interest rates of more than 7 per cent, with mortgage rates at major commercial banks exceeding 5 per cent.

Click here for more details.

Manufacturing sales rose 2.8 per cent in October 

Manufacturing sales rose 2.8 per cent to $72.6 billion in October. Sales increased in 12 of 21 industries, led by the petroleum and coal, food, chemical and miscellaneous manufacturing industries. Meanwhile, motor vehicles and machinery posted the largest monthly declines. Compared with the same month last year, total sales were up 16.5 per cent.

Sales in constant dollars were unchanged in October, indicating that the entire increase in current dollar sales was driven by higher prices as the Industrial Product Price Index rose 2.4 per cent in October.

Click here for more details.

Niagara College leads the way in palliative care training for Paramedic students

Niagara College’s Paramedic program has taken a leap forward when it comes to offering students critical training in palliative care.

Thanks to a new partnership with Pallium Canada, Niagara College is leading the way as the first college in Canada to adopt Pallium’s award-winning Learning Essential Approaches to Palliative Care (LEAP) Paramedic course into their Paramedic program curriculum.

Click here for more details.

Niagara Health signs agreement with Oracle Cerner to build a modern hospital information system

Niagara Health has signed a 10-year agreement with Oracle Cerner to build a modern hospital information system.

The new system, named Project Monarch, will serve all five Niagara Health sites and Hotel Dieu Shaver Health and Rehabilitation Centre and include digital solutions to manage information for inpatient and outpatient services including acute care, surgical care, emergency and urgent care, complex care, mental health, cancer care and rehab.

Click here for more details.

Focus on Real Estate

Average rent in Canada hit over $2K last month – and there’s no signs of slowing

New data shows that the average monthly cost to rent a home in Canada rose to a record $2,024 in November, and experts say the trend does not show signs of stopping soon.

The National Rental Report published Tuesday shows average rent across the country was at an all-time high in November, up 2.5 per cent from October. The average monthly rent was also up $224 compared with a year ago, for gain of 12.4 per cent.

Click here to read more.

How big of a home can you get for $300K?

A recent study conducted by Point2 Homes looks at how much residential space Canadians can get for about $300,000, or half the national average price of a home. The study is based on data from 43 of Canada’s largest cities.

According to the online real estate search portal, those living in parts of Quebec and Atlantic Canada, such as St. John’s, N.L., are seeing the most value for their money. In these regions, $300,000 is enough to purchase more than 139 square metres (1,500 sq. ft.) of residential space, on average. Homes in Quebec’s Trois-Rivières and Saguenay in particular offer the most room for the least amount of money.

Click here to read more.

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.

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Daily Update: December 9, 2022

December 9, 2022 | Daily Update

Ontario invests in collaboration between industry and postsecondary, Welland approves transfer agreement for regionalized transit, and more.

In this edition:

Ontario invests $4 million in collaboration between industry and postsecondary sector

The Ontario government is investing $4 million to support greater collaboration between industry and the postsecondary education and research sectors to create well-paying jobs in local communities and help build a resilient economy. The investment will support the Ontario Collaborative Innovation Platform, a new online portal to match industry professionals with equipment, facilities and experts at postsecondary institutions. These partnerships will help businesses and innovators engage in world-class research, development and commercialization and provide Ontario postsecondary students with real-world, hands-on experience.

Click here to read more.

Welland approves Municipal Transfer Agreement for regionalized transit

At a special council meeting on December 8, 2022, Welland City Council approved the signing of the Municipal Transfer Agreement (MTA), effectively completing the upload of all City transit services to the Niagara Region.

Throughout discussions, Council consistently referred to keeping the best interests of Wellanders at the forefront of their decision and ensuring that there would be no disruptions in services resulting from Council’s decision.

“We have always supported the regional transit model, but it was incumbent on this Council to make sure we left no stone unturned in exploring the best possible outcome for our residents,” said Mayor Frank Campion. “At the end of the day, ensuring transit is here on time and ready for January 1 as part of the regional system is very important.”

Click here to read more (PDF link).

Canadian net foreign asset position hits lowest level since Q1 2020

Canada’s net foreign asset position, the difference between Canada’s international financial assets and international liabilities, was down by $44.9 billion to $571.5 billion at the end of the third quarter, its lowest level since the first quarter of 2020. This marked the third consecutive quarterly decline, as global equity markets continued a downward trend. In comparison, Canada’s net foreign asset position stood at $1,307.4 billion at the end of 2021.

Overall, changes in market prices led to a $159.5 billion decrease in Canada’s net foreign asset position. Canada’s international assets and liabilities are highly exposed to equity market performance, as 62.5% of Canada’s international assets and 41.3% of its liabilities were held in the form of equities at the end of the third quarter. Over the quarter, the US stock market declined 5.3%, while the Canadian stock market decreased 2.2%.

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Niagara College team wins second overall at provincial marketing competition

Niagara College Business and Management students put their marketing skills to the test and rose to the challenge of a pressure-cooker provincial marketing competition, with a second-place trophy.

More than 18 NC students were part of the winning NC team at the Ontario Colleges’ Marketing Competition 2022. The annual case-based competition draws the best and brightest business students from colleges across the province to compete in case-based business challenges, a quiz bowl tournament and more.

Click here for more information and to register.

Quebec economic update: A lot of uncertainty in 2023, Girard says

Quebec Finance Minister Eric Girard said Thursday the province’s economy is facing a lot of uncertainty going into 2023 as he presented his economic update, one that included help for low-income seniors in the face of stubborn inflation.

Girard said the risk of a recession is more apparent than ever, and he anticipates an economic slowdown for the province in 2023.

“Quebec is not in isolation. We are a small, open economy. We are part of the world economy … and the world economy is slowing,” Girard said.

“What I’m saying today is Quebec will not be spared. It’s undeniable that 2023 is a year that’s going to be more difficult than 2022.”

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St. Catharines city council urged to support IceDogs’ Memorial Cup bid

St. Catharines city council is being urged to waive nearly $360,000 in fees and capital upgrades in support of a bid by the Niagara IceDogs to host the Memorial Cup major-junior hockey championship in 2024.

Councillors are expected to receive a report at a council meeting Monday night.

In the report, staff point out that based on previous tournaments, the economic impact on host communities has been in the $10-million to $15-million range. Also noted in the report is the nationally televised tournament’s potential to raise the profile of St. Catharines and the Niagara region, as well as the potential to support the ongoing recovery of business impact.

If approved by council, $357,336.15 will be added to the 2024 operating and capital budgets, including $314,000 to offset lost revenue and capital improvements to Meridian Centre and $14,736.15 to cover off-site practices at Seymour-Hannah Sports and Entertainment Centre.
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Focus on Technology

What are the biggest manufacturing cybersecurity risks?

Keeping a company secure from cyberattacks is an ongoing effort. However, a 2022 KPMG survey of the Canadian market found that 20% of respondents felt underprepared for attacks. That’s concerning, particularly since only 7% gave that answer in the previous year’s survey.

Another 24% said they still needed to create plans for dealing with ransomware attacks. Only 5% said that in the 2021 survey.

Those takeaways suggest things are moving in the wrong direction. Manufacturers must take cybersecurity seriously by tightening their defences, especially since they’re more at risk than those in many other industries.

Click here to read more.

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.

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Daily Update: December 8, 2022

December 8, 2022 | Daily Update

Ontario to hold consultations on Budget 2023, Ontario pharmacists to prescribe Paxlovid from December 12, and more.

In this edition:

Ontario to hold consultations on Budget 2023

The Government of Ontario is seeking ideas from workers, families, business owners and communities on what they need and what they want to see in the next phase of the government’s plan as part of Ontario’s 2023 Budget.

“As we visit communities across the province, we want to hear from the people and businesses of Ontario on how our government can continue to build the province,” said Minister Bethlenfalvy. “Together we have made great progress on our plan to build and by continuing together we can create a prosperous Ontario for today and tomorrow.”

Minister Bethlenfalvy, President of the Treasury Board Prabmeet Sarkaria, and Parliamentary Assistants Stephen Crawford and Rick Byers will hold in-person consultations across the province from January 11 to February 10, beginning in Brampton.

People and organizations are also welcome to submit their ideas by email or mail to the Ministry of Finance. In January, the government will also launch an online survey.

Visit Ontario.ca/budgetconsultations for more information about how to participate.

Click here to read more.

Ontario pharmacists to prescribe Paxlovid from December 12

The Ontario government is giving people more convenient access to care by allowing pharmacists to prescribe Paxlovid, an antiviral treatment option used to reduce severe outcomes from COVID-19. All Ontarians are strongly encouraged to keep up to date with vaccinations, which remains the best way for people to stay healthy this flu and respiratory illness season and prevent unnecessary visits to the hospital.

Starting December 12, 2022, pharmacists will be able to prescribe Paxlovid to eligible individuals in-person or virtually (such as by telephone) at no cost. Eligible individuals should contact their local pharmacy to confirm if they prescribe Paxlovid and how to get a prescription for Paxlovid.

Click here to read more.

U.S. business executives’ confidence in the Canadian economy weakens: study

The American Chamber of Commerce in Canada (AMCHAM Canada) announced the results of the ‘AmCham-Nanos American Investment in Canada Index (ANAIC Index),’ conducted by Nanos and presented by PNC Bank. The semi-annual study suggests that U.S. business executives’ sentiment on the Canadian economy is at an all-time low.

The report notes red tape or regulatory uncertainty (65%), followed by monetary policy, costs, rising interest rates and inflation (50%) and labour shortages (35%) are their top concerns for conducting business in Canada. However, sentiment regarding Canada’s business investment environment continues to track upwards – in fact, it’s up 11 points since April 2021.

“In addition to growing concerns around regulatory uncertainty, monetary policy and labour, nearly 50% of participating U.S. business executives predict the Canadian economy is moving in the wrong direction,” said David Olsen, regional president for PNC Bank in Canada and chair of AmCham Canada. “In the current environment, it has never been more critical to provide companies that operate within the U.S. and Canada with the insights and advice they need to make smart business and financial decisions.”

Click here to read more.

CRTC rejects Telus’ request to charge credit card processing fee for home phones

Today, the CRTC refused Telus’s request to introduce a processing fee in Alberta and British Columbia on payments made by credit card. The request only applied to services that are regulated by the CRTC, which are generally home telephone services in certain smaller communities.

On October 17, 2022, Telus began to charge a 1.5% fee to clients paying by credit card in areas where services are not regulated by the CRTC, which includes its wireless and Internet customers outside of Quebec.

While Telus didn’t need the CRTC’s approval to add the surcharge to its unregulated services, the CRTC is very concerned about this practice as it goes against affordability and consumer interest. In addition, this practice impacts the most vulnerable consumers who rely on credit cards to pay their everyday bills, especially when prices for essential goods and services are rising due to inflation.

Click here for more information and to register.

Government of Canada introduces bill to enshrine early learning and child care into law

Today, the Minister of Families, Children and Social Development, Karina Gould, introduced an Act to respecting early learning and child care in Canada in parliament.  If passed, the bill would enshrine the principles of a Canada-wide early learning and child care system into federal law. This bill marks an historic milestone in the Government’s commitment to ensuring families in Canada have enduring access to affordable, inclusive and high-quality early learning and child care. This includes a commitment to maintain long-term federal funding for provinces, territories and Indigenous peoples to support the provision of early learning and child care under a Canada-wide system.

Bill C-35 builds upon the vision and principles of the federal/provincial/territorial Multilateral Early Learning and Child Care Framework, as well as the Indigenous Early Learning and Child Care Framework that was co‑developed and endorsed by Indigenous leadership and the Government of Canada. If passed, the bill would respect provincial and territorial jurisdiction and Indigenous rights, including the right to self‑determination.

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Focus on Equity, Diversity and Inclusion

Study: women still underrepresented in leadership positions

Despite decades of gains in the workplace, women continue to be underrepresented in leadership and decision-making positions, a new Statistics Canada study released today has found.

The study, titled “Immigrant women among board directors and officers: From admission in Canada to executive roles,” provides the first socioeconomic profile of immigrant women at admission who have reached management positions in their careers once employed in Canada. From an intersectional lens, exploratory estimates on disparities by gender and immigrant status for family, work and income characteristics are presented. The types of businesses where immigrant women executives contribute to corporate governance and strategic decision making were also examined.

Click here to read more.

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.

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Daily Update: December 6, 2022

December 6, 2022 | Daily Update

FedDev Ontario invests $3 million in Smithville manufacturer, residential sector building permits cool off for second month, and more.

In this edition:

FedDev Ontario invests $3 million in Smithville manufacturer

Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced an investment of $3 million for Niagara Pallet and Recyclers Ltd. (Niagara Pallet) to adopt new technologies that will allow the company to respond to wood pallet shortages across Canada and support the transition to a more sustainable and circular economy. This investment will also create 30 skilled jobs across the Niagara Region.

Located in Smithville, Niagara Pallet is a rural, family-run company that manufactures and repairs wood-related shipping materials, including wood pallets, for suppliers and distribution centres. With this investment, through the Jobs and Growth Fund (JGF), the company will implement new, first-in-Canada, custom automated systems to measure, sort and cut used wood pallets—allowing them to process more recycled pallets and identify a higher proportion for repair.

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Residential sector building permits cool off for second month

The value of residential permits declined 6.4% to $6.5 billion nationally in October. Similarly, the number of new residential units decreased 4.6%, mainly due to single-family dwellings (-9.3%) which fell for the fifth consecutive month.

The value of building permits in the multi-family component decreased 6.9%, with Ontario posting its second consecutive decline after reaching its peak in August.

The total permit value of the non-residential sector increased 9.5% to $3.5 billion in October.

Construction intentions in the commercial component sharply increased by 18.0% in October. Ontario posted the largest gain, with multiple projects valuing over $20 million, while in September, one permit was reported above this level.

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Canada’s trade surplus doubles in October

In October, Canada’s merchandise exports rose 1.5%, while imports increased 0.6%. As a result, Canada’s merchandise trade surplus with the world widened from $607 million in September to $1.2 billion in October.

A large proportion of import and export transactions are completed in US dollars and must be converted to Canadian dollars to compile monthly trade statistics. When the Canadian dollar depreciates against the US dollar, converted monthly trade values in Canadian dollars are higher.

Total exports rose 1.5% to $67.0 billion in October. Gains were observed in 8 of the 11 product sections. In real (or volume) terms, total exports edged up 0.1% in October, while export prices rose for the first time in five months.

Exports of consumer goods (+9.7%) were the largest contributor to the overall increase in exports in October. Pharmaceutical products (+20.7%) contributed the most to the gain, led by higher exports of medicinal products to the United States. After falling 36.7% from June to September, exports of miscellaneous goods and supplies rebounded in October (+ 30.7%), mainly on higher exports of gold bars and coins to the United States.

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Towns of Lincoln and Fort Erie comment on Bill 23

The Town of Lincoln and Fort Erie Mayor Wayne Redekop (PDF link) today issued statements on how Bill 23, the More Homes Built Faster Act, 2022, will affect their communities.

“Changes to the Development Charges Act and the Planning Act will inevitably result in loss of revenues that will need to be recovered,” said Lincoln CAO Mike Kirkopoulos, “and will very likely result in construction delays to support growth and pay for community amenities. It is my hope that if the Provincial changes result in municipalities forgoing revenue that they might otherwise receive, there should be a compensatory investment in municipal projects to make them whole.”

“In Fort Erie alone, about 2,800 housing units have been approved or draft approved. This represents the equivalent an over 8 year supply of housing at the current rate of issuance of building permits,” commented Mayor Redekop. “re the Premier and Minister [of Municipal Affairs and Housing] not aware that one-third of their housing target has already been met if the government simply required developers to build what has already been approved?”

Mayor Redekop joined Kirkopoulos in raising concerns over changes to the Development Charges Act, adding that “the elimination or reduction of development charges will significantly benefit developers with no guarantee that it will result in reduced housing prices. It will also shift the financial burden of growth from new development to existing residents/taxpayers.”

As a result of Council direction, the Town of Lincoln is preparing a letter to the Provincial government to be sent in December 2022, expressing concerns specific to how Bill 23 affects the Lincoln community. Mayor Redekop has personally corresponded with the Minister of Municipal Affairs and Housing about the Town of Fort Erie’s concerns and what they perceive to be unintended consequences of Bill 23.

St. Catharines launches filmSTC to promote city as destination for film, TV, and streaming industries

The launch of the filmSTC campaign through a dedicated website, filmSTC.ca, comes as St. Catharines gains interest as a choice filming location. According to Ontario Creates, the film and TV industry contributed a record-breaking $2.88 billion to the province’s economy in 2021, creating 48,135 high-value full-time equivalent direct and spin-off jobs.

FilmSTC.ca showcases the diverse amenities that make St. Catharines the picture-perfect setting for any film production. Residents and property owners can also use the website to find out how to register to promote their homes, buildings and properties as an ideal backdrop for upcoming film opportunities.

The City received more than 40 inquiries for filming in 2021.

To learn more about filming opportunities and support available in St. Catharines, how you can register your property, or how you can support the industry visit filmstc.ca.

Click here to read more.

Port Colborne bistro receives $10,000 through My Main Street

Port Colborne-based Bambi’s Bistro has received a non-repayable contribution of $10,000 through the My Main Street, Local Business Accelerator program.

This contribution will allow the business to support findings from the market research provided by My Main Street to drive economic growth and attract new customers to the business and the entire Port Colborne community.

Bambi’s Bistro is an eclectically decorated café, serving fresh home-made food. Owner Jacquie Vezeau is happy she chose Main Street as home for her bistro, as this area of Port Colborne boasts an impressive array of restaurants with several more opening in the next few months. Vezeau was even happier after receiving the results of her custom market report that indicated the average spend on food from restaurants in her area is $3,080, or 12 percent higher than the rest of Port Colborne, with a whopping $813 being spent at bakeries.

Click here to read more.

Government quickly delivered COVID-19 benefits to Canadians, but post-payment verification work is falling short: AG

A report from Auditor General Karen Hogan tabled today in the House of Commons concludes that the Canada Revenue Agency and Employment and Social Development Canada effectively delivered COVID‑19 emergency programs to provide relief to individuals and employers affected by the pandemic and help the economy rebound. However, the agency and department have not followed through on the need to undertake comprehensive post-payment verification work.

The audit found that the Canada Revenue Agency and Employment and Social Development Canada’s post-payment verification plans did not include verifying payments made to all identified recipients at risk of being ineligible for COVID‑19 benefit programs. As the COVID‑19 pandemic evolved, the department and agency delayed their plans for post‑payment verifications. This means that the government may be running out of time to identify and recover amounts owing because of legislated time frames to verify recipients’ eligibility.

Click here to read more.

PCB levels remain high at former GM property in St. Catharines

The level of PCBs around the former GM property in St. Catharines remains high, the Ministry of the Environment, Conservation, and Parks remarked in an update provided to St. Catharines City Council last night.

The ministry says testing done in the first half of 2022 shows that PCB levels in some locations around the property are still significantly higher than the Provincial Water Quality Objectives (PWQO).

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Ministry of Economic Development, Job Creation and Trade offers free webinar on Accessing International Markets

Are you a technology company looking to scale internationally? The Ministry of Economic Development, Job Creation and Trade is hosting a webinar with key experts in Canada’s export ecosystem.

Key insights will be offered into:

  • International market entry strategies
  • Financing and insurance solutions
  • Export planning programs and resources
  • An Ontario tech company success story

Click here to register.

Focus on Finance and Economy

Costco CEO weighs in on the great recession debate

Costco (COST) has had an awesome year in a challenging economic climate. But even the CEO of Yahoo Finance’s Company of the Year is seeing a few storm clouds taking shape going into 2023.

“You know, a little bit,” longtime Costco CEO Craig Jelinek told Yahoo Finance (video above) when asked if he sees signs of a recession forming in the U.S. “Our jewelry business has slowed down. If you look at the really high-end television sets, they’ve slowed down. I think right now people are very, very value-conscious. They’re always value-conscious, but I think more so now than ever.”

Costco didn’t have a perfect sales record in November (though sales were still relatively impressive) as shoppers spent more cautiously amid news of increasing layoffs and stubbornly high inflation.

Click here to read more.

Consumer debt tops $2.36 trillion in third quarter, up 7.3% from last year

Equifax Canada says an increase in borrowers helped push total consumer debt to $2.36 trillion in the third quarter for a 7.3 per cent rise from last year, even as mortgage volumes decline.

It says average non-mortgage debt rose to $21,183 for the highest level since the second quarter of 2020, with early signs of strain starting to show in auto loans and credit cards.

Overall non-mortgage debt came in at $599.9 billion for a 5.3 per cent climb from last year, and up 1.9 per cent from the third quarter of 2019, as the number of borrowers rose by 3.1 per cent.

Click here to read more.

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.

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