[1], [2] Government of Canada interest rates. In 2018, both City Council and the Government of Ontario approved the creation of a new creative co-location facilities property tax subclass, providing considerable tax relief to creative hubs and helping to ensure their long-term viability. Trends which challenge Toronto’s economic development include: City Council approved Collaborating for Competitiveness in 2013, to guide the City’s economic development initiatives. The expansion has been broad-based, with all sectors of the economy contributing. In response to strong economic growth and associated capacity constraints raising the prospects of increased inflationary pressure, the Bank of Canada has hiked short-term rates three times since July 2017, raising the overnight rate from 0.50 per cent to 1.25 per cent, matching increases by the U.S. Federal Reserve last year. During this transition, there is a risk that faster-than-expected interest rate increases could lead to a more significant moderation in consumer spending growth and housing activity. Ontarians—today and in the future—will pay the price for Ottawa’s debt. Real GDP growth in the United States and Canada is expected to remain supportive. Condo resales were up 23.9 per cent year-over-year. While growth of the Canadian economy will slow to about 2.2% in 2018, this is still decent growth. But signs of weakness have raised a key question: How long before the good times end? Real GDP advanced at an average annual pace of 2.7 per cent over the 2014–17 period, stronger than the 2.0 per cent average annual growth between 2010–13.

The average price for detached homes reached $1,214,422, representing a 33.4 per cent year-over-year increase. In 2017, Economic Development and Culture (EDC) undertook consultations to produce a plan that builds on Collaborating for Competitiveness and to guide the division’s programs and services over five years (2018-22). Household spending on interest-rate-sensitive items is expected to moderate along with housing market activity. But because of the rather lopsided relationship, that is, Canada depends on trade with the U.S. more than the other way around, the loonie could depreciate against the dollar, by as much as 5%. Canada’s real GDP growth is forecast to moderate from 3.0 per cent in 2017 to 2.2 per cent in 2018, as growth returns to a moderate pace in most provinces following a strong performance last year. This infographic describes the evolution of Greater Toronto Area’s (GTA) resale housing market for detached homes and condo apartments since the beginning of 2017. Increased economic activity has been positive for oil prices.

Read the 2019 Ontario Budget. [1], [2], [3] Government of Canada interest rates (per cent). Business investment includes investment in plant, equipment and intellectual property products.

Provincial economic forecasts and trend tracking for each of the Canadian provinces.

CETA: What does the Canada-EU trade deal mean for your business? Longstanding trends towards more income inequality continue.

Since the global recession, the unemployment rate has steadily declined from a high of 9.6 per cent in June 2009 to 5.5 per cent in February 2018. With interest rates still low, now it’s the right time for business owners to make the necessary investments to grow, be more productive and more competitive. Investment, development, and employment growth outside the downtown core is uneven, and unemployment is disproportionately higher among youth and newcomer populations. How to prepare your business for international expansion, From our blog: The Trump administration: A time for concern but also optimism. Toronto’s economy has performed well since the global financial crisis of 2008 however, growth has been uneven across the city, which has contributed to increased inequality and economic disparities.

The currencies of other countries against which Ontario exporters compete have also risen against the U.S. dollar, helping the province’s relative competitiveness. [1] The three experts are from the Policy and Economic Analysis Program at the Rotman Institute for International Business, Rotman School of Management, University of Toronto; The Centre for Spatial Economics; and The Conference Board of Canada. Looking ahead, to achieve results that benefit all Torontonians it will be essential to take an inclusive, City-wide approach to economic development to achieve result that benefit all Torontonians. ECONOMIC ANALYSIS. In step with stronger business and consumer confidence, global trade and investment growth have finally picked up from the recent lows.

Sources: Toronto Real Estate Board, Canadian Real Estate Association and Ontario Ministry of Finance.

Toronto continues to attract immigrants from all over the world – Toronto’s economic success is based in large part on a diverse and highly-educated labour force. As an open economy, Canada’s performance has been and will continue to be synchronised with the rest of the global economy.

In fact, the contribution of European imports to global trade growth equalled that of the U.S. and China combined. A couple of uncertainties confront Canada in this rosy picture. Support for businesses impacted by COVID-19. Cultural facilities have similarly experienced significant tax increases.

Oil prices are expected to range between US $50 and $65 per barrel over the course of the year, and will likely stay within this band in 2018. Key changes since the 2017 Budget include: Sources: Statistics Canada, Canada Mortgage and Housing Corporation, Bank of Canada, U.S. Energy Information Administration, U.S. Bureau of Economic Analysis, Blue Chip Economic Indicators (October 2017 and February 2018) and Ontario Ministry of Finance. In the process of preparing the 2018 Budget, the Minister of Finance met with private-sector economists to discuss their views. Interprovincial exports have picked up alongside stronger economic conditions in the rest of Canada. The IMIT Program provides grants (equivalent to 60%-77% of property taxes over 10-12 years) to support the construction or major renovation of buildings in targeted employment sectors and uses. Following the strong gains in resale activity at the beginning of the year, sales and prices softened through the summer and then stabilized in the fall. The U.S. economy has been expanding at a robust pace and is expected to continue growing this year, with real GDP projected to increase by 2.8 per cent in 2018. This document was published under a previous government and is available for archival and research purposes. The bar chart shows the annual level of Ontario employment from 2009 to 2021. Employment is forecast to remain strong in 2018, increasing by 1.7 per cent or 121,000 net new jobs. Canada had solid economic growth of 3.1% in 2017, having weathered the oil price shock of the past two years. Now it’s the right time for business owners to make the necessary investments to be more productive and more competitive. A United Way analysis of census data found that inequality between Toronto’s neighbourhoods increased by 96 percent from 1980 to 2010. Steady employment gains of 0.9 per cent annually, on average, are expected over the 2019–21 period. of household debt.

This is projected to gradually lower Ontario’s unemployment rate to 5.4 per cent by 2021. While growth of the Canadian economy will slow to about 2.2% in 2018, this is still decent growth.

In the same month, Toronto Real Estate Board (TREB) data shows the average price for condo apartments reached $518,879, representing a 33.1 per cent year-over-year increase. In 2016, Toronto, at 8 percent of the country’s population, was home to 18 percent of all recent immigrants to Canada. Although rates have risen, global financial conditions remain supportive with interest rates still well below longer term averages. The second concern is the NAFTA renegotiation. Toronto’s Gross Domestic Product (GDP) growth is significantly outpacing the national average – The Toronto region’s GDP has grown by an average of 2.4 percent annually since 2009 compared to a national rate of 1.8 percent.

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