Tomas Romero is the co-founder of Romero Distilling Co. The largest rum producer in Canada making rum from scratch. Their product portfolio is comprised of international award-winning rums and pre-mixed cocktails. The rum is crafted in Calgary, AB with glacier fed water from the Canadian Rockies and Crosbys molasses.

Tomas along with his Dad, Diego Romero, started Romero Distilling Co. in 2018. Prior to starting the distillery, Tomas worked in both Construction and Oil and Gas. He has a B.Sc. from the University of Calgary and an MBA from Athabasca University. With products currently sold in Canada, the US and Europe, he looks forward to expanding their product portfolio with unique cask expressions and growing the company’s presence both domestically and abroad.

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Ontario-based Zameer Rizvi is the Founder & CEO of Odesso and has a great entrepreneurial story.

Zameer has two decades of institutional and professional experience with notable companies such as Amazon, VMware, Amgen, Citrix, and Blackberry.

Patient care has been deeply neglected as healthcare systems are overburdened and underfunded. Zameer recognized this in and realized he had to do something and so he launched Odesso in 2017. Odesso helps healthcare providers shift focus back to the patient by alleviating operational challenges. The company powers some of the most notable players in North America’s healthcare industry today. Odesso helps healthcare providers shift focus back to the patient by alleviating operational challenges. The company powers some of the most notable players in North America’s healthcare industry today.

He’d love to share his journey, why he started the company, where it’s at and how it’s helping solve one of North America’s biggest health challenges today.

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Welcome to FuturVille – Your Hub for Healthy Longevity and Sustainable Living

Who Are We? We are a for-profit company building a network of healthy longevity villages that plans to be in business for 100+ years where each of our stakeholders – residents, visitors, shareholders – will add minimum 10+ healthy years onto their life by actively up-leveling their quality of life, contribute and grow in a collective economy, and live, work and play in purpose-driven communities. 

Our Vision Everyone lives in vibrant villages, thriving with health and vitality, reaching age 100+ free from disease, embracing technology for good, and achieving remarkable environmental, social, and governance achievements, and measurable sustainable development goals.

Our Mission By 2035, develop, promote, and connect 1 million residents and 20 million visitors to healthy longevity experiences across 4,000 villages.

Website: https://futurville.com | Phone: 250-713-9409 | Email: alive@futurville.com https://www.youtube.com/ @futurville   https://www.instagram.com/futurville_ex/ https://x.com/FuturVille_eX https://www.facebook.com/FuturVille.Ex

DISCLAIMER This media is intended to inform Canada's Podcast audiences about development and engagement opportunities with VulcanVille, Canada's first Healthy Longevity Village in Alberta. Any interaction with Angela Faye, FuturVille, or affiliates is at the audience's discretion. The content is strictly promotional and does not represent an offer or solicitation.

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Aura Ziv is a fun loving fitness instructor nutritionist, health coach and founder of Eat Good Feel Good Fitness. She focuses on making her clients feel good and creating health food products that are good for you and taste amazing at the same time.

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Celebrated for her butchery skills and simple approach to food you will recognize Connie DeSousa from her appearances on Top Chef Canada, Top Chef All Stars and most recently a judge for Food Networks Fire Masters. She is one of Canada’s most celebrated female chefs with both an empathetic, yet fierce, approach to her work, life and fitness. Connie is driven to succeed. Once she sets her sights on a goal, she accomplishes it. An avid runner, Connie recently completed the NYC marathon and achieved her personal best as she sprinted across the finish line. Connie’s ambition stemmed from her humble roots, growing up in Erin Woods community in SE Calgary with her Irish mother and Portuguese father who worked hard to achieve success.

Cooking was infused into a young Connie as was her love for sausage making and large family get-togethers where food was what brought them around the table. Graduating from the top of her culinary class, she met her mentor, John Jackson, and instantly she knew they had a partnership for life. Connie has challenged herself to compete in many culinary competitions around the world, including the prestigious Chaîne De Rotîsseurs in South Africa, placing 4th in the world, and participated in the World Culinary Olympics in Germany.

Working internationally, staging at well-known restaurants around the world, mastering nose-to-tail butchery, cultivating relationships with farmers and artisan producers, and challenging the social norms of women in the professional kitchen Connie has dedicated countless hours to her craft. Now, a mother, co-owner of several successful restaurants and businesses, mentor to young chefs and women in the industry, as well as a fitness advocate, and community ambassador, Connie’s success relies on finding absolute balance. In every challenge Connie approaches she desires to fit more minutes in every day, but still manages to defy time and space.

An accomplished chef and co-owner of several award-winning restaurants and businesses, John Jackson has been a leader and a mentor to so many young chefs and entrepreneurs dedicating his time to changing lives and nourishing those around him. Growing up in Saskatchewan, he started cooking at the young age of 15, out of necessity, where he realized that, in a kitchen, social status did not matter and the way to get ahead was to focus, and work hard. He set out on a steady, ambitious career path, travelling and working in some of the world’s most well-known restaurants, attaining success with his many awards, nominations and notable achievements. John studied sausage-making in Italy’s Marche and later landed at the St. Regis in New York. At 29 years of age John was given the opportunity to open the prestigious Mobil 5-star St. Regis Hotel in San Fransisco, California. After the successful opening of the St. Regis, John continued to open multiple restaurants under the Starwood name including the Lagoon by Jean George in Bora Bora.

In 2009, it became clear that it was time to return to home to Calgary. Along with his wife, Carrie, and co-chef, co-owner Connie Desousa, they opened CHARCUT Roast House where they pride themselves in bringing an evolved, but simple approach to dining in the truest Canadian farm-to-table fashion. The restaurant was quickly named Canada’s Best Restaurant and continues to top the list. After CHARCUT, came the opening of charbar in 2015, an Argentine-inspired restaurant with Italian and Spanish influences where the parilla wood-fired grill warms in the heart of the restaurant. Located in the Historical building along the Bow River in the re-established East Village of Calgary, the Simmons quickly became the focal point for cyclists, runners and families exploring the Riverwalk community, and was named Calgary’s best new restaurant for 2015. The most resent adventure is just hatched CHIX Eggshop a "Fast-Fine Diner" which is a quirky, nostalgic, counter service–only breakfast and lunch spot with skillfully crafted and quickly served dishes alongside super hip craft beverages and cocktails.

John’s passion for food and business is strong, but his love for cycling is what drives him in the search for balance, with over 14,000km each year (never had a driver’s licence) John finds a way to ride everyday even in the -40c temperatures throughout the winter months. John is active not only cycling races and commuting but also riding for a cause. He formed a team of riders "The Canadians" that participate each year in the No Kid Hungry "Chefs Cycle" a 480km ride over three days crushing childhood hunger. His magnetic energy is contagious, sharing encouraging and passionate stories to fuel those around him shifting our culinary landscape into a positive and empowering one of balance.

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In this video interview, Samantha Villiard, Regional Vice President, RE/MAX Canada, discusses a new report indicating young Canadians are seeking alternative ways to buy homes in the country due to higher interest rates, the price of housing and the high cost of living.

PRESS RELEASE TORONTO, Feb. 27, 2024 /CNW/ — Economic factors, including the high cost of living, high interest rates and the price of housing, are prompting one-third of Canadians to explore alternative ways of entering the housing market (32 per cent), according to a Leger survey commissioned by RE/MAX Canada. When asked to consider the future, almost half of Canadians say they would keep non-traditional methods of buying a home in the mix (48 per cent).

A new RE/MAX report titled Alternative Home Ownership Models: Trends in the Canadian Housing Market examined 22 cities across Canada and assessed trends in non-traditional home-ownership models, including co-ownership with friends and family, rent-to-own scenarios, and purchasing homes with additional units or suites for income potential, as opposed to more traditional avenues.

“Canadians from coast to coast are grappling with affordability challenges, but at the same time, their desire to achieve home ownership remains strong. This is prompting many to seriously consider alternative ways to get their foot in the door, where it might not be feasible under the traditional ownership model of a single person or couple purchasing with between five and 20 per cent down,” says Christopher Alexander, President of RE/MAX Canada.

According to Leger research commissioned by RE/MAX in late 2023, the majority of Canadians believe home ownership is the best investment they can make (73 per cent). This sentiment has remained consistent with a 2022 survey, indicating that despite economic turbulence, Canadians still see value in home ownership.

“With high interest rates plateauing, and potentially lowering in the latter half of 2024, now may be a good time to consider getting into the market, especially for those who have been taking a ‘wait-and-see’ approach,” says Benjamin Tal, Deputy Chief Economist of CIBC World Markets Inc. “Despite some interest rate reprieve in 2024, Canada is still dealing with an affordability crisis due to a lack of inventory and increasing demand, which will persist until the country addresses the problem adequately. Considering this, creative solutions like co-ownership may be an option for many Canadian home-buyers looking to achieve the dream of home ownership.”

Non-traditional home ownership models are also emblematic of a new, modernized chapter in what it means to be a “homeowner,” an identifier more often associated with an individual or a couple. “But creativity in the home-buying process is a workaround, not a solution to Canada’s affordability crisis. Like modern, innovative home-buyers, our governments must be more strategic and visionary in how we can use existing lands and real estate to drive our housing supply to allow for a greater diversity of housing for all Canadians,” says Alexander. “Despite ongoing affordability and supply crises, Canadians still dream of home ownership, and as they wait for governments to come together to create a cohesive, national housing strategy, they’ve become innovative and resourceful in achieving this dream.”

According to a Leger survey commissioned on behalf of RE/MAX Canada, 48 per cent of Canadians would consider purchasing a home using an alternative model. Among Canadians, 22 per cent would purchase under a rent-to-own scenario; 21 per cent would consider co-ownership with a family member that isn’t a spouse or partner; and 17 per cent would consider purchasing a home intending to be the primary tenant and renting out a part of the home to someone else.

There’s also a cohort of Canadians that is open to the idea of non-traditional home ownership but is not sure what the process would entail (49 per cent). Of those who are open to this idea, the majority (59 per cent) believe working with a Realtor who could advise on how to navigate the non-traditional purchasing journey would be beneficial.

Additional Insights

According to the Leger survey, 13 per cent of current homeowners purchased a home in a non-traditional way. Demographically, young (aged 18-34) homeowners (25 per cent), and BIPoC Canadians (27 per cent) are significantly more likely to have purchased their home using an alternative method. Likewise, young (aged 18-34) Canadians (70 per cent), BIPoC Canadians (72 per cent), and Canadians with children under 18 (71 per cent) who would consider non-traditional home-ownership but are not sure what the process would entail, are more likely to agree that working with a licensed Realtor who specializes in non-traditional home ownership situations would be beneficial in their home-buying journey.

Regional Market Insights

RE/MAX Canada brokers and agents across the country provided insights into non-traditional home-buying trends in their local market. According to the network, 71 per cent of regions surveyed noted a slight uptick in non-traditional home-ownership situations.

Western Canada

RE/MAX brokers and agents in Vancouver, Victoria, Kelowna, Calgary, Edmonton and Winnipeg, have reported income/secondary suites, joint tenants, and tenants in common as the most common non-traditional home-ownership models1, however, secondary suites are the most popular choice among home-buyers in 2024. Kelowna is an outlier and listed reverse mortgages as its second most common alternative ownership model. Secondary suites are used to generate income by renting to a tenant, or for intergenerational housing. More affordable cities in Western Canada, such as Saskatoon, Regina, and Nanaimo are not observing the same trends.

In Edmonton and Winnipeg, increased immigration has sparked an uptick in home-buyers seeking properties with secondary suites and intergenerational accommodations. By comparison, in more expensive markets such as Vancouver, Kelowna and Victoria, brokers and agents are reporting a growing popularity of income suites for income potential or to mitigate mortgage costs. In Vancouver, many buyers who purchase a home with a secondary suite are doing so for additional income to help with mortgage costs. Victoria is also experiencing an increase in co-ownership with friends or family within the last two years due to high prices.

This trend is anticipated to continue in Western Canada markets, with areas experiencing the biggest influx of newcomers from out of province and internationally seeing the biggest shift toward non-traditional ownership models. For instance, Winnipeg is anticipating an increase of between 10 to 12 per cent of first-time home-buyers entering non-traditional home ownership setups, whereas Victoria is anticipating an increase of only two to five per cent.

Ontario

Ongoing affordability and supply issues, coupled with increased migration, have caused non-traditional home-ownership models to increase over the last year in markets such as London, Toronto, Brampton, Mississauga, Sudbury, Hamilton–Burlington and Oakville. According to RE/MAX brokers, the top three non-traditional home-ownership models are tenants in common, secondary suites and joint tenants.

In London, Brampton and Mississauga, home-buyers are increasingly searching for properties with secondary suites to accommodate intergenerational households. In London, parents commonly purchase homes with their children to operate as an intergenerational family unit and assist with childcare and household expenses. By contrast, in Mississauga and Brampton, which are experiencing an expanding immigrant population, secondary suites are intended to accommodate extended family members or to generate rental income to support the costs of growing extended families.

According to the RE/MAX broker in Hamilton–Burlington–Oakville, sales data in the region that looks at ownership composition has many agreements with multiple names on purchases, meaning there are likely a variety of instances of joint ownership. Multigenerational buyers have also increased in the region, anecdotally, by approximately 300 per cent over the last five years. This is especially prevalent among families, with co-ownership or shared equity among parents and/or even grandparents. Likewise, these regions are seeing an uptick in reverse mortgages, especially among older residents to either get the property they want or use the funds in another investment.

In Ontario cities such as Brampton, Mississauga and London, municipal governments have recognized the benefits of secondary income suites and have implemented supportive policies to encourage their development through streamlined approval processes and relaxed zoning restrictions.

Brokers reported the number of Canadians entering non-traditional home-buyer situations in markets like London, ON and Toronto, ON, is anticipated to increase between eight to 10 per cent, and in Mississauga and Brampton, it could be as high as 35 per cent with a five per cent year-over-year increase moving forward.

Like Western Canada, while multi-generational living is on the radar in more affordable Ontario cities, such as Ottawa, the number of buyers is minimal. Independent living is still affordable in Ottawa, and the region is attracting more young families than its more costly counterparts.

Montreal 

In Montreal, a lack of inventory paired with affordability issues, has caused an uptick in buyers looking towards non-traditional methods of home ownership. This trend is expected to continue. When home-buyers in Montreal do opt for non-traditional purchasing models, the most common forms are co-ownership/co-equity, tenants in common, and income/secondary suites. Secondary suites specifically, are becoming more popular, but according to the RE/MAX broker in Montreal, present legislation must be amended to make these suites more accessible to the general population. Due to ongoing affordability challenges in the area, it’s anticipated that Montreal could see a 10 to 15 per cent increase in home-buyers exploring creative solutions to engage with the housing market this year.

Atlantic Canada

In Atlantic Canada, some brokers reported an increase in joint tenants, co-ownership/co-equity and a rise in popularity of homes with in-law suites for additional income potential. In Moncton, NB and Halifax, NS, a lack of inventory is ongoing, resulting in buyers becoming more creative in how they purchase homes and the type of home they short-list. Similar to Ontario regions that are encouraging the development of secondary suites, in November 2023, the City of Moncton proposed a $10,000 grant for adding a basement apartment, garden suite, or second housing unit on a residential lot, which could further encourage residents to purchase homes with additional suites. Similarly, Halifax has seen greater flexibility from the municipal government to develop secondary suites.

In Charlottetown, P.E.I, there has also been an uptick in buyers in the region entering non-traditional forms of home-ownership, with income/secondary suites, followed by co-ownership/co-equity and rent-to-own being some of the most common forms in the region.

Affordability is another factor driving trends in alternative home ownership methods in Halifax. According to the RE/MAX broker in Halifax, families and friends purchasing homes together and living together has been a trend to mitigate costs for a while and it’s expected to continue – and even increase in 2024 due to current inflation and interest rate climates.

Brokers in Moncton, NB, and Halifax NS are anticipating seeing approximately five to 15 per cent of buyers enter non-traditional home ownership situations in 2024. While the RE/MAX broker in Charlottetown, P.E.I., is anticipating five to 10 per cent.

Due to the relative affordability of St. John’s, NF, compared to other Canadian regions, non-traditional home ownership is currently not a trend.

Advice to Buyers:

Research, research, research: Research Realtors, lenders, lawyers and mortgage brokers with experience in non-traditional home-ownership agreements. Get informed on the benefits and drawbacks of non-traditional home-ownership models before you start your buying journey.

Understand the tax implications: Non-traditional home-ownership models often include different tax impacts and benefits. Consult a tax professional and weigh the taxes you may or may not be subjected to prior to entering any non-traditional models of home ownership.

Learn about the different forms of home ownership and choose the one that’s right for you and your situation: For anyone looking at rent-to-own, structure the agreement and the monthly payments such that the lender will accept it to fund a mortgage utilizing that as your down payment in the future. This is the most common way that rental buyers lose their money, sometimes negligently by the seller or landlord, and sometimes intentionally setting them up to fail to keep their cash.

It’s not a one-size-fits-all solution: While demand for secondary suites has seen an increase in many Canadian regions, and does offer potential income benefits, RE/MAX brokers caution buyers that these suites do come with barriers to entry, specifically timing. It may take owners a while to break-even on the income potential of secondary suites. About the report: This report includes data and insights provided by RE/MAX brokerages. RE/MAX brokers and agents are surveyed on market activity, local developments and trends.

About Leger Leger is the largest Canadian-owned full-service market research firm. An online survey of 1,522 Canadians was completed between January 19 and January 22, 2024, using Leger’s online panel. Leger’s online panel has approximately 400,000 members nationally and has a retention rate of 90 per cent. A probability sample of the same size (1,522) would yield a margin of error of +/- 2.5 per cent, 19 times out of 20.

About the RE/MAX Network  As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in almost 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC and RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides.

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

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Moufeed Kaddoura has a diverse work experience spanning different industries and roles. In 2012, they worked as a Laboratory Assistant at the University of Waterloo, managing a project and gaining valuable skills in time management, planning, and project management. In 2013, they served as a Laboratory Analyst at SGS. In 2014, they were the CEO and Founder of Kenota Health, where they raised $16M and assembled a skilled management team. In the same year, they also worked as a Velocity Science Coach at the University of Waterloo, mentoring science startups and aspiring entrepreneurs. Additionally, they were a Residence Life Don, responsible for creating a safe and supportive environment for students. Overall, Moufeed Kaddoura has demonstrated their leadership, entrepreneurial, and scientific skills throughout their work experience.

In the course of the interview, the conversation delved into the entrepreneurial insights of Moufeed Kaddoura. The emphasis was on a crucial element of entrepreneurial success – an unyielding passion for one's chosen venture. Throughout the discussion, Moufeed underscored the importance of finding a passion that consumes one's thoughts and actions, highlighting the pivotal role that genuine love for the chosen path plays in sustaining long-term commitment.

Moufeed Kaddoura has a diverse education history. In 2016, they attended Y Combinator and pursued Entrepreneurship/Entrepreneurial Studies, completing the S16 program. Before that, they studied at the University of Waterloo from 2010 to 2015, obtaining a Bachelor of Science (B.S.) degree. Unfortunately, their field of study during their undergraduate years is not specified. Additionally, in November 2012, Moufeed Kaddoura obtained a certification in CPR Level A + AED. Further details about the institution providing this certification are not available.

Moufeed articulately expressed a deep connection between personal passion and its broader societal impact, contending that the true brilliance of scientific achievements lies in their tangible benefits to people. As Moufeed's entrepreneurial journey unfolded, they shared insights into their pivotal role in establishing a health company, emphasizing the mission to bridge the gap between scientific innovation and practical application in healthcare settings.

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Calgary entrepreneur Tammy Phan is the Founder and owner of luxury consignment platform Luxe Du Jour. Since 2016, Luxe Du Jour has cultivated a vibrant community of over 40,000 ‘bag addicts’ engaging in the buying, selling, renting and restoration of luxury bags and accessories. Luxe Du Jour has two corporate offices in Calgary, Alberta and Irving, California, along with additional subsidiary international locations in Malaysia, Hong Kong, and Thailand. Luxe Du Jour started in 2016 with the intent to bring sustainability to the luxury market. Luxe Du Jour promotes a shop, rent, revive approach to circular fashion, extending the life of luxury items while striving to offer the lowest consignment rates in North America. Luxe Du Jour has expanded its services through Luxe Bag Spa, Luxe Bag Rental and the new app, providing a one-stop shop for clients.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

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Smile Organic Co. est le fruit d’une idée originale de la naturopathe Delphine Boillot, avocate corporative et mère de trois enfants qui a créé cette entreprise il y a 6 ans lorsqu’elle ne trouvait pas d’alternative saine et nutritive au lait pour ses enfants. Si « la nécessité est mère de l’invention », alors Delphine est une mère dont la mission consiste à mettre sur le marché une gamme variée de produits alimentaires, de suppléments et de collations à base de plantes pour les enfants. Chemin faisant, deux femmes sensibles aux questions de santé ont rejoint Boillot, en l’occurrence, la dentiste et chirurgienne Sophie Godbout, mère d’un fils et d’une fille et Katia Pacioretty, mère de cinq enfants (ensemble, elles ont 10 enfants!).

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In this video interview, Andrew Carros, Chief Operating Officer of Engel & Völkers, Vancouver, discusses how rising costs are driving mom-and-pop house flippers out of the real estate market.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list.

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneurs #entrepreneurs #entrepreneurship #Homes #Housing #Investment #Real Estate

In this video interview, Grady Semmens, a communications specialist in Calgary, discusses his passion for cold water therapy and a world record attempt upcoming in Calgary for a man spending time in ice.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

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In this video interview, Bradlee Whidden, Western Policy analyst, Canadian Federation of Independent Business, discusses the latest Alberta’s 2024 Property Tax Report and its impact on small businesses in the province.

FULL PRESS RELEASE 

Calgary, February 13, 2024 – According to the Canadian Federation of Independent Business’ (CFIB) Alberta’s 2024 Property Tax Report, municipal property taxes have continually increased for businesses over the last five years. The report shows that without municipal action property tax fairness is expected to get worse for businesses owners, who already bear the burden of property taxes.

In the report, CFIB defines the property tax rate ratio as the difference between the tax rate paid by businesses and residents. The tax fairness ratio is defined as the difference between the share of property taxes paid by businesses and their share of property assessment.

“Small businesses across the province have seen property taxes steadily increase over the past few years, representing the most direct cost from municipal governments and must be paid regardless of revenue,” said Andrew Sennyah, Alberta senior policy analyst. “Municipal governments continue to raise property taxes to make up for increased spending. Compared to residents the impact of increasing property taxes affects business owners more, which is why we are calling on municipalities to commit to property tax fairness.”

Over half (53%) of Alberta small business owners identified property taxes as the most harmful tax or cost for their business, more than any other province in Canada. Additionally, almost three quarters (74%) say their municipal government is not paying attention to small business issues. CFIB is calling on all municipal governments to reduce spending and commit to property tax fairness.

Key findings from the report include:

Property taxes are expected to grow at a faster rate than municipal spending in most of Alberta’s largest municipalities. Businesses pay a property tax rate ratio three times higher than residents in Alberta’s four largest cities. Leduc had the best property tax fairness ratio at 1.18 while Calgary had the worst tax fairness ratio at 2.68. In Calgary the tax rate ratio is expected to increase to 5.07 by 2027, triggering provincial intervention by violating the Municipal Government Act. In Calgary and Edmonton, a 2% tax shift over four years (8% total) would save the average business property $28,415 compared to a cost increase of $1,031 for the average residence. “Alberta small businesses continue to shoulder a significant portion of municipal property taxes while using less municipal services,” concluded Sennyah. “Alberta small businesses are facing the same economic hardships felt across the province and real leadership is needed from municipal governments to ensure the survival and growth of our local economies.”

Read the full report here.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneurs #CFIB #entrepreneurs #entrepreneurship #smallbusiness #Taxes

With a 10x growth from 40-400 franchises in the past decade Cathy Thorpe CEO of NurseNextDoor is a classic example of a founder bringing in a driven entrepreneur to build a business. Cathy Thorpe brings over two decades of leadership experience in the retail industry to Nurse Next Door. Cathy joined the company in 2014 with the mission of growing the business across North America. Cathy has achieved her goal by pushing boundaries to deliver measurable results and by disrupting the home care space. Cathy has been recognized for delivering strong results in the business community across North America. Nurse Next Door was awarded Canada's most admired corporate culture by Waterstone in 2018 and was ranked #50 on Entrepreneur’s Franchise 500 list for 2018.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

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At the award ceremony hosted at The Royal Conservatory of Music, four National Award winners were also recognized, along with three National honouree recipients. Next up, Harris will represent Canada on the global stage, competing against winners from more than 50 other countries for the title of EY World Entrepreneur Of The Year™ in Monaco in June 2025. Phil Bliss, Founder of Canada’s Podcast interviews Ken Harris after receiving the Award November 26, 2024.

Ken Harris, CEO and founder of Plusgrade — an ancillary revenue solution for the global travel industry — is Canada’s EY Entrepreneur Of The Year® 2024.

After initially receiving the provincial title on October 9, Harris was honoured at the awards show in Toronto on Wednesday night. He was selected by an independent panel of judges for his business being rooted in global transformation and innovation and his dedication to enhancing customer experiences, said EY in a news release.

“Ken’s journey is a testament to the power of innovation and perseverance. His leadership at Plusgrade has revolutionized the way travel companies approach ancillary revenue, creating new opportunities for growth and enhancing the overall travel experience for millions of passengers,” says Rachel Rodrigues, EY Entrepreneur Of The Year® Canada Program Director. “His proactive approach to addressing industry challenges and dedication to inclusivity have set a new standard for entrepreneurial excellence in Canada.”

EY said Harris’ journey began with a simple observation during his travels: the potential to monetize empty premium seats. Now partnering with over 200 companies across airlines, hotels, cruises and railways in 60 countries, Plusgrade’s innovative solutions have changed how travel operators generate additional revenue while enhancing customer experiences. The company’s strategic growth includes the acquisition of Points, a global leader in loyalty commerce, and UpStay, a provider of upgrade and ancillary revenue solutions for the hospitality industry.

At the award ceremony hosted at The Royal Conservatory of Music, four National Award winners were also recognized, along with three National honouree recipients. Next up, Harris will represent Canada on the global stage, competing against winners from more than 50 other countries for the title of EY World Entrepreneur Of The Year™ in Monaco in June 2025.

EY Entrepreneur Of The Year National Award winners:

Tobyn Sowden | Redbrick (Pacific)

Denis Jones | Deveraux Group of Companies (Prairies)

Clive Kinross | Propel Holdings (Ontario)

Hakan Uluer | The Bertossi Group (Atlantic)

Ken Harris | Plusgrade (Québec)

National Honouree Citations:

Jeff Dirks | KBL Environmental Ltd.

Terry Raymond | Fire & Flood Emergency Services Ltd. 

Mina Mekhail | Freshr Sustainable Technologies Inc.

The Canadian entrepreneurs in the EY Entrepreneurial Winning Women™ North America Class of 2024 and the EY Entrepreneurs Access Network Canadian Class of 2024 were also honoured at the awards show. These programs support high-potential women entrepreneurs and Black and Indigenous leaders by providing access to networks, advisors, learning and resources to help scale their businesses. All three entrepreneur programs are part of EY’s 30-year commitment to fostering entrepreneurship in Canada at every stage of the growth journey.

The 2024 National independent judging panel comprised Tania Clarke, Corporate Director; Andreea Crisan, President and CEO, ANDY Transport; Arlene Dickinson, General Partner, District Ventures Capital; Joanna Griffiths, Founder and President, Knix and Kt by Knix; Ashif Mawji, Managing Director, ScaleGood Fund LP; Kristi Miller, Managing Partner, Krystal Growth Partners; Imran Siddiqui, Managing Director, Ontario Teachers’ Pension Plan.

This year’s program national sponsors are TSX Inc., Air Canada, The Printing House, The Globe and Mail and Hillberg & Berk.

The 2024 National independent judging panel comprised Tania Clarke, Corporate Director; Andreea Crisan, President and CEO, ANDY Transport; Arlene Dickinson, General Partner, District Ventures Capital; Joanna Griffiths, Founder and President, Knix and Kt by Knix; Ashif Mawji, Managing Director, ScaleGood Fund LP; Kristi Miller, Managing Partner, Krystal Growth Partners; Imran Siddiqui, Managing Director, Ontario Teachers’ Pension Plan.

This year’s program national sponsors are TSX Inc., Air Canada, The Printing House, The Globe and Mail and Hillberg & Berk.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #smallbusiness #EntrepreneurOfTheYear2024 #CanadasNumber1PodcastforEntreprenuers

Nancy Nasr is the Founder of Think Stunning, a boutique located in Southcentre Mall that offers Women, Baby, and home accessories made and designed by women. In 2017 with a vision of helping women feel great about themselves with fun and stylish accessories, Think Stunning became a brick-and-mortar store. Each accessory is carefully curated and crafted, and it tells a story written by the incredible women she has had the privilege to collaborate with, each bringing a unique touch to its collections. Think Stunning has overcome many challenges, and has moved with resilience to adapt to different markets. In essence, Nasr is creating a movement by giving women a platform to shine and offering exceptional products.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

Want to stay up-to-date on the latest #entrepreneur podcasts and news? Subscribe to our bi-weekly newsletter

In this video interview, Karen Yolevski, COO of Royal LePage, talks about the impact the extension of the foreign homebuyer ban will have on the real estate market in Canada.

The federal government has announced a two-year extension on the ban of foreign nationals buying homes in Canada, as housing affordability concerns continue to trouble Canadians across the country.

In 2022, the federal government passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act, which bans foreign investors from buying non-recreational residential property in Canada. The Act was previously set to expire on January 1st, 2025, and has been extended to January 1st, 2027.

Given that housing affordability has not greatly improved since the Act’s implementation, Royal LePage believes that an extension to the foreign buyer ban will not make a material difference on bettering access to housing for Canadians.

“We do not foresee an extension to the foreign buyer ban resulting in a drastic improvement to housing affordability. Non-Canadian property ownership makes up a small percentage of the overall housing market, therefore a ban on such ownership is not likely to improve access to housing in a material way,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. “Given the imbalance between available inventory and buyer demand, the best way to solve Canada’s housing crisis is to significantly increase supply.”

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneurs #entrepreneurs #entrepreneurship #Homeownership #Homes #Housing #RealEstate #small business

In this video interview, Chris Alexander, President of RE/MAX Canada, discusses the real estate company’s latest 2024 Tax Report and the impact of taxes and other rising costs on housing affordability in the country.

FULL PRESS RELEASE 

TORONTO, Feb. 6, 2024 /CNW/ — While land transfer taxes and new property assessments in key markets appear to have little effect on the surface, eroding affordability levels are slowly shifting migration patterns and changing the landscape in major Canadian centres, according to a new report released today by RE/MAX Canada.

RE/MAX Canada’s 2024 Tax Report examined key markets in six Canadian provinces, including Vancouver, Calgary, Winnipeg, Toronto, Montreal and Halifax, and found governments at all levels are collecting billions from Canadian homebuyers through levies and development fees on new construction, as well as land transfer and property taxes on residential properties. Tax rate increases, in tandem with record-high housing values and mortgage rates, have sparked a post-pandemic exodus from the country’s most expensive markets, contributing to a significant uptick in interprovincial migration numbers in Alberta and Atlantic Canada in 2023. While some homebuyers were content to move outside of core markets within their province, close to 60,000 Canadians found their answer to the current housing crisis in Alberta and, to a lesser extent, Nova Scotia, New Brunswick and Prince Edward Island.

According to Statistics Canada’s Quarterly Demographic Estimates, Provinces and Territories Interactive Map, interprovincial migration doubled over already-strong year-ago levels in the first three quarters of 2023 in Alberta, with the province welcoming 45,194 people, compared to 22,278 during the same period in 2022. Alberta gained the most interprovincial migrants in the third quarter of 2023, with the highest influx coming from Ontario (6,262), followed by BC (5,269), Saskatchewan (1,579) and Manitoba (1,316). Nova Scotia also saw more than 5,000 new residents in the first three quarters of 2023, following an influx of close to 10,000 interprovincial migrants during the same period in 2022. New Brunswick’s net interprovincial total was almost 4,500 in the first three quarters of 2023, while Prince Edward Island posted a net interprovincial increase of just over 1,000. All other provinces noted negative net interprovincial numbers, with more people leaving than arriving.

Source: Real Estate Board of Greater Vancouver (REBGV), Calgary Real Estate Board (CREB), Toronto Regional Real Estate Board (TRREB), Quebec Professional 

Association of Real Estate Brokers (QPAREB). Local boards provided  by RE/MAX brokers.  *Benchmark Price for all properties in December 

**Non-residents pay five per cent deed transfer tax in Nova Scotia ***First-time Home Buyer exemption/rebate applied to Vancouver and Toronto/GTA

“Given today’s housing market realities, it comes as no surprise that buyers are willing to travel across the country to achieve home ownership,” says RE/MAX Canada President Christopher Alexander. “In addition to affordable housing values and extensive job opportunities, Alberta is well known for its position on taxation, with no provincial sales tax and zero land transfer tax on residential real estate. Cash-rich buyers from provinces such as Ontario and British Columbia are aware that the sale of their property in Toronto or Vancouver will stretch that much further in Alberta or Atlantic Canada’s major centres. And for first-time buyers, it’s an opportunity to get into the market at an affordable price point and gain equity, as opposed to paying down someone else’s mortgage by renting.”

According to the Fraser Institute’s 24 Facts for 2024 Report, the average Canadian family pays 45.3 per cent of its income to taxes – more than the 35.6 per cent spent on necessities of life. Regressive tax policies are also to blame for the changing migration patterns. Land transfer taxes were introduced across Canada in the 1970s as a method of generating revenue for municipalities, regardless of income. The highest land transfer taxes are found in Toronto, where buyers pay a municipal land transfer tax as well as a provincial tax. On January 1, 2024, Toronto upped the ante, introducing a luxury tax on home sales over $3 million. While the existing municipal land transfer tax (MLTT) essentially remains the same under $3 million, homebuyers that cross the threshold will find a sliding scale of taxes that range from 3.5 per cent on sales over $3 million to 7.5 per cent on sales over $20 million. On an average-priced home in the city, buyers can expect to pay close to $40,000 in taxes.

“When you think about what a $40,000 tax bill payable upon closing could do if it was applied to a down payment, it’s clearly time to incentivize the first domino,” says Alexander. “The first order of business should be revisiting the first-time buyer rebate/exemption in Toronto and Vancouver, because at $400,000 and $500,000–$525,000 respectively, they’re woefully inadequate given the average or benchmark price of properties in those cities.”

A survey conducted by Leger on behalf of RE/MAX in mid-2023 found that more than one in four Canadians (28 per cent) agreed the land transfer tax has impacted their decision to participate in the housing market. The home-buying decisions of young Canadians were particularly impacted, with 40 per cent of Gen Z and 35 per cent of Millennials agreeing that the land transfer tax has played a role in their pursuit of home ownership, compared to 26 per cent of Gen X and 21 per cent of Baby Boomers.* As a result, there is a growing wave of younger people who are choosing to leave major centres and provinces to attain home ownership. Not surprisingly, some of the fastest-growing municipalities are inside or close to urban areas, according to Statistics Canada 2021 Census. For example, East Gwillimbury in the Greater Toronto Area experienced the greatest increase in population between 2016 and 2021 with a 44.4-per-cent uptick; Langford, outside of Victoria, BC, and Southern Gulf Islands just outside Vancouver, were up 31.8 and 28.9 per cent respectively; Niverville, on the outskirts of Winnipeg was up 29 per cent; Carignan just outside Montreal was up 24.1 per cent; while Wolfville, Nova Scotia was up 20.5 per cent.

New and proposed property tax reassessments are also creating confusion in markets across the country, including Toronto, Montreal and Halifax, with some properties assessed above recent sale prices. The Province of Ontario has yet again postponed its reassessment. With the Municipal Property Assessment Corporation (MPAC) still operating at levels assessed in 2016, new assessments in the province for the years 2023 and 2024 will likely be significantly higher when distributed.

The burden is even higher on new home construction within Canada’s most expensive markets. In Toronto, for example, taxes, levies and development fees on new condominiums – the first step to home ownership for many Canadians – is estimated to account for approximately 25 to 30 per cent of the overall purchase price. On a unit priced at $717,000, the average price for a condominium in Toronto at year-end, that accounts for roughly $180,000 to $215,000 paid by the purchaser. New low-rise housing is no exception. Based on a study by Altus Group, the Building Industry and Land Development Association (BILD) found that government fees, taxes and charges added $222,000 to the cost of an average, new single-family home in the Greater Toronto Area (GTA) in 2019 – three times higher than in major U.S. markets such as San Francisco, Miami, Boston, New York City, Chicago, and Houston.

“The goal should be to make home ownership more accessible, not less,” says Alexander. “Taxation is contributing to the demise of the Canadian dream, with home ownership across the country falling from peak levels reported in 2011, and it will continue to decline unless there is some intervention. A greater supply of affordable housing in major centres will have a sizeable impact on keeping the dream alive. However, if we don’t heed the call, we risk continued out-migration of our youth.”

Rising tax levels and quality of life have become a growing concern in cities throughout North America as well. Driven by domestic out-migration, more than 600,000 people left New York State for Florida, Texas, and other low-tax states in 2020 and 2023, according to US Census Data. Internal Revenue Services (IRS) data show the state lost an estimated $45 billion in taxable income between 2020 and 2023. Florida, on the other hand, welcomed more than 700,000 people during the same period, as the state’s favourable tax structure proved irresistible to buyers.

“Clearly, public policy is contributing to a myriad of issues – with affordability front and centre – and there’s no relief in sight,” says Alexander. “Shelter is a basic human need, yet accessibility is becoming increasingly problematic as government reliance on the housing sector as a means of funding creates a greater divide. Affordability and opportunity are key to healthy and sustainable real estate market activity and a vibrant economy. As such, the potential economic impact of ongoing out-migration on the future of individual provinces should raise alarm bells.”

Market by Market Overview**

Greater Vancouver

The tax burden weighs most heavily on buyers in markets such as the Greater Vancouver Area where housing values are amongst the highest in the country. Yet first time, move up, and downsizing buyers remain determined to move forward, regardless of tax implications. In fact, home-buying activity in the Greater Vancouver Area is off to a strong start in 2024, as buyers who’ve sat on the sidelines throughout 2023 re-enter the market en masse. The imbalance between supply and demand has prompted a flurry of multiple offers on properties at affordable price points.

While land transfer taxes are the cost of doing business in Vancouver and purchasers have come to begrudgingly accept that reality, property taxes are amongst the lowest in the country. High interest rates were the greatest impediment to home-buying activity in Vancouver throughout 2023, with the threat of ever-rising mortgage rates creating havoc in the market. With the expectation of an end to quantitative tightening, homebuyers are hoping to get into the market before values climb once again. Evidence of the trending has been apparent over the past two months, as fixed rates have now come down about one half of a per cent. Inflation appears to be heading in the right direction, although slower than originally anticipated.

The first-time buyer’s rebate has proven inadequate in a market that had an average benchmark price of $1,168,700. Few first-time buyers qualify at the current $525,000 threshold. Properties up to $499,999 are eligible for a full tax exemption while properties priced from $500,000 to $524,999 are eligible for partial repayment. There are currently 43 properties listed for sale under $525,000 in the City of Vancouver. The full land transfer tax is obligatory on property priced at more than $525,000. Surprisingly, the first-time buyer’s exemption on new construction is considerably higher, with exemption available on homes priced up to $750,000. While buyers are faced with the additional cost of a government sales tax (GST) on their new home, there’s really no reason the threshold of $750,000 shouldn’t be applied equitably.

Unfortunately, the higher cost of living in the province is driving movement out of the province, with many young families and retirees heading for neighbouring Alberta where BC dollars go a lot further.  Data compiled for the first nine months of 2023 by the Statistics Canada Quarterly Demographic Estimates: Provinces and Territories Interactive Map showed a decline in net interprovincial migration numbers, with British Columbia registering close to 6,000 people leaving BC. Years ago, the trend had been to move to the Okanagan to take advantage of lower prices, but in recent years, strong migration levels have accelerated housing values in cities such as Kelowna, Kamloops and Penticton. Net international migration numbers for the same period show more than 150,000 immigrants, net emigration and net non-permanent residents entering the province in the first three-quarters of 2023.

Methodology for Residential Property Transfer Tax

First $200,000 – taxed at 1 per cent $200,000 – $2,000,000 – taxed at 2 per cent $2 million to $3 million – taxed at 3 per cent Over $3 million – taxed at 5 per cent

Calgary

Home-buying activity continues at a frenzied pace in the Calgary area as affordable housing values and lower tax rates incentivize an increasing number of out-of-province buyers to move to Alberta. In the first three quarters of 2023, the province welcomed just over 45,000 interprovincial residents, according to the Statistics Canada Quarterly Demographic Estimates: Provinces and Territories Interactive Dashboard. During the same period, net international migration rose by almost 100,000 people, including new immigrants, net emigration, and net non-permanent residents.

Buyers from Ontario and BC remain most active in the province, with the vast majority settling in the City of Calgary where the average price at year end 2023 hovered at $539,313, according to the Calgary Real Estate Board. Home ownership in the city can be attained for as low as $350,000, with the condominium apartment category seeing the highest year-over-year increase in sales in 2023. Younger buyers as well as retirees and investors are behind the push for housing. Tight market conditions persist throughout the city, however, with local buyers vying for prime properties with cash-rich purchasers from Ontario and British Columbia.

As a result, many seasoned local buyers have moved to the sidelines in the latter half of 2023, choosing not to participate in the frothy market. Entry-level buyers, representing approximately 20 to 30 per cent of the market, are driving activity between $350,000 to $650,000. Those first-time buyers that have scrimped and saved for a down payment are largely targeting two-bedroom, one bath condominium apartment properties priced between $350,000 to $400,000. First-time buyers are fortunate enough to have some help from the bank of mom and dad are typically seeking single detached starter homes in the $500,000 to $650,000 price range.

Land transfer taxes are non-existent in Alberta, although most buyers pay a registration fee around $300. There are no provincial sales taxes. The combination of lower taxes, affordable housing, and greater job opportunities are expected to continue to draw purchasers from out-of-province, many of whom have been priced out by rapidly rising housing values and taxes in their own provinces.

Zero Residential Property Transfer Tax – All properties, all price points

Winnipeg

A significant uptick in housing sales and values in the last six weeks of 2023 has set the stage for home-buying activity in Winnipeg in 2024. Listings that had lingered on the market were quickly snapped up, some in multiple-offer situations, between mid-November and mid-December. The same momentum has been noted in the first two weeks of January as the potential for an end to the Bank of Canada’s stance on quantitative tightening grows increasingly likely after four rate pauses in a row.

There has been a considerable increase in the number of renters getting into the market, in large part due to rental rates that look more like mortgage payments at present. First time buyers, many of whom are new to the country, would rather own their homes than paying off someone else’s mortgage. As such, the land transfer and property taxes are just part of the process, despite property rate taxes that are amongst the highest in the country. The vast majority of first-time purchasers are coming to the table with at least two percent of the property’s value set aside for land transfer taxes and closing costs.

For move up buyers, they’ve generally factored the land transfer tax into the equation. However, at higher price points, from $750,000 to $1 million, buyers may put their decision to move on pause, opting to renovate instead. Seniors, particularly those who have lost partners and live alone, may choose to age in place rather than undertaking the additional costs, not to mention the stress of a move.

The greatest activity remains at lower price points, where inventory levels are particularly low. Winnipeg is one of the most affordable housing markets in the country with an average price in 2023 hovering at just over $400,000 (approximately $5,700 in land transfer tax). Most first-time buyers are looking at properties priced between $350,000 and $450,000. Trade-up buyers are typically active between $500,000 and $750,000.

Like other parts of the country, overall housing stock in the city remains low. Yet, net international migration, comprised of immigrants, net emigration, and net non-permanent residents, added an estimated 36,000 to Manitoba’s population in the first three quarters of 2023, according to Statistics Canada Quarterly Demographic Estimates: Provinces and Territories Interactive Dashboard. Population growth is expected to contribute to housing market activity in Winnipeg in the year ahead, bolstered by an anticipated fall in interest rates in the second or third quarters.

Methodology for Residential Land Transfer Tax

0 – $30,000 – No Tax $30,001 to $90,000 – 0.5 per cent $90,001 to $150,000 – 1 per cent $150,001 to $200,000 – 1.5 per cent $200,000 and above – 2 per cent

Greater Toronto Area

After a flurry of home-buying activity at luxury price points in the final quarter of 2023 in Toronto Proper due to upcoming changes to the city’s 2024 land transfer taxes, the housing market has slowed in the Greater Toronto Area. Sales are currently trending on par or slightly ahead of year-ago levels, with economic concerns and high interest rates leaving many buyers sitting on the sidelines. While the Bank of Canada (BOC) held firm on rates in January for the fourth consecutive time since its July 2023 rate hike, inflation remains high, placing the BOC in a challenging position. That said, there are signs that quantitative tightening is drawing to a close and some economists predict rates will start coming down by mid-year. With the promise of lower rates on the horizon, the spring market is expected to be active, with trade-up buyers leading the charge, cashing in on equity gains realized over the past decade. Unlike years prior, this spring market will be characterized by a greater selection of homes available for sale and less competition in the marketplace.

Sales in the spring will ideally position seasoned buyers with a three-month closing to potentially dovetail with interest rate cuts. First-time buyers, however, will continue to struggle to achieve home ownership, given a continuation of tight inventory levels at entry-level price points from $500,000 to $1,000,000.  That, combined with the government stress test that adds an additional two percentage points to existing rates is hurting those who’ve been able to accumulate a down payment and transfer taxes but are unable to qualify at today’s rates plus two per cent. The unfortunate fact is that many potential homebuyers are already paying rates similar to a mortgage on their rental units while inflation continues to eat away at their savings.

The 416 area-code remains popular with younger buyers who want to be close to shops, restaurants and transportation. The additional municipal land transfer tax fails to deter this segment of the market. However, for those starting a family, the 905 area-code generally offers greater affordability and one less transfer tax. Hybrid workplaces have also made moving north, east, and west of the city an easier transition, requiring only one or two days a week travelling on the GTA’s busy highways.

For existing homeowners located in the city core, the expense of a move with its associated municipal and provincial land transfer taxes and closing costs have prompted some to consider renovation. By upgrading their home, making cosmetic changes to kitchen, bathrooms and flooring, homeowners are adding value to their properties down the road. While renovation can have its own challenges, it is an option that many are taking given the high cost of moving.

Ongoing conversations regarding a 10 to 16 per cent increase in property taxes are another issue that stems from a city that is burdened by rising costs and a stagnating downtown core. Fundamentally regressive taxing punishes the city’s most vulnerable homeowners – its seniors – many who are on fixed incomes. Taxes are based on the value of the property but have nothing to do with income.

While the only certainties in life are death and taxes, there needs to be better solution to the current structure. Taxation is not actually deterring most buyers from getting into the market, but it is somewhat hampering, especially at entry-level price points. The current structure allows for a full rebate of municipal and provincial land transfer taxes of up to $400,000 for first-time buyers. There are currently close to 250 “properties” listed for sale under the $400,000 price point, the vast majority of which are parking spaces, lockers and vacant land.

Although buyers are still active in the Toronto market, there are those that are moving to areas outside of the GTA where housing values are lower.  And, in the first three quarter of 2023, there were more people leaving the province than arriving, with net interprovincial migration numbers down by just over 32,500, according to Statistics Canada Quarterly Demographic Estimates: Provinces and Territories Interactive Dashboard. While interprovincial migration has been offset by close to half a million immigrants, net emigration, and net non-permanent residents, it’s clear the cost of living in Ontario – with its high housing values and tax base – is resulting in migration to other areas of the country.

Methodology for Municipal Land Transfer Tax on Residential Properties

Up to $55,000: 0.5 per cent Up to $250,000: 1 per cent Up to $400,000: 1.5 per cent Up to $2 million: 2 per cent $2 million Up to $2.999 million: 2.5 per cent $3 million to $3.999 million: 3.5 per cent $4 million to $4.999 million: 4.5 per cent $5 million to $9.999 million: 5.5 per cent $10 million to $19.999 million: 6.5 per cent $20 million plus: 7.5 per cent

Methodology for Provincial Land Transfer Tax on Residential Properties

Up to $55,000: 0.5 per cent Up to $250,000: 1 per cent Up to $400,000: 1.5 per cent Up to $2 million: 2 per cent More than $2 million: 2.5 per cent

Montreal

While higher interest rates and the threat of a possible recession seriously hampered home-buying activity in Montreal over the past year, housing taxes –in the form of a welcome tax and property tax—proved to be a negligible part of the equation in 2023.

The sentiment is largely due to Montreal’s affordable housing market, where average price at year-end 2023 ($574,845) remains well below other large Canadian markets such as Toronto and Vancouver. Buyers can expect to pay a welcome tax of close to $8,000, payable upon closing, based on the 2023 year-end average. First-time buyers, defined as those who have never owned a home, are not eligible for a rebate but can receive the Quebec Home Buyers Tax Credit on their tax return.

Set by the city, property tax rates currently run at approximately 0.63000 per cent in Montreal, adding another $3,183 to the annual cost of home ownership, based the average price. A recent update to property assessments have made headlines in Quebec as the province moves to bring assessments in line with today’s housing values. The new assessments have, however, caused confusion in the market, particularly given that some homes have been assessed above recent sale prices.

After a dismal 2023, renewed momentum is expected to characterize home-buying activity in Montreal in 2024. Properties appear to be moving at a faster pace than year-ago levels while showings and open houses are growing busier. First-time buyers are cautiously optimistic, entering the market at price points ranging between $450,000 and $750,000. While condominiums are the first step to home ownership at lower price points in the city, first-time buyers willing to move farther afield may find small, detached homes priced around $750,000. The trade-up market has been impacted by an abundance of offers conditional on the sale of the buyers’ home within 30 days in recent months. Many of these offers are falling through as buyers fail to sell their homes and new buyers lie waiting in the wings. As a result, existing homeowners are choosing to sit tight, hesitant to sell first for fear that they won’t find another suitable home. Yet, they are also hesitant to buy first and go through the motions, only for the deal to die after 30-days. As a result, some buyers will choose to renovate their property, instead of embarking on a move.

The promise of lower interest rates down the road is bringing some comfort to buyers and sellers. Once rates start to decline, which could potentially happen as early as April, home buying activity is expected to gain traction. The market at present, however, remains tenuous, with any unexpected development having the potential to disrupt the whole market.

Methodology for residential land transfer tax in Montreal

0.5 per cent on the first $58,000 1.0 percent between $58,900 and $294,600 1.5 per cent between $294,600 to $552,300 2.0 per cent between $552,300 to $1,104,700 2.5 per cent between $1,104,700 to $2,136,500 3.5 per cent between $2,136,500 to $3,113,000 4.0 per cent on homes priced over $4,113,000

Halifax Regional Municipality (HRM)

With housing market uncertainty seeping into January 2024, homebuyers in Halifax are banking of the prospect of lower interest rates down the road to revitalize home-buying activity. Demand remains relatively healthy in hot pocket areas, where well-priced properties are selling in short order, but in areas where greater selection exists, turnover is slow. Given the current high interest rate environment, many buyers are choosing to stay in place until the first interest rate cut is announced. Once that occurs, it’s expected that buyers will enter the market in full force, hoping to get in before prices increase.

Immigration and in-migration have factored into the housing equation, with both ramping up significantly since 2020. According to Statistics Canada, Nova Scotia’s population rose five per cent between 2016 to 2021, settling in at just under 970,000, with the provincial government committed to doubling the population to two million by 2060. In 2023, more than 5,300 interprovincial migrants and over 20,000 immigrants moved to Nova Scotia in the first three quarters of the year – the vast majority settling in Halifax – according to Statistics Canada Quarterly Demographic Estimates, Provinces and Territories Interactive Dashboard. The increase came as a surprise, driving upward momentum in housing values, as buyers from other provinces and countries arrive flush with cash, outspending the average Halifax buyer in large part due to stronger buying power.

Inventory levels have improved significantly over one year ago, but less than 1,000 homes are currently listed for sale. First-time buyers in the Halifax housing market are finding it particularly stressful as of late to compete for homes in the sweet spot – priced from $350,000 to $500,000. Some are moving between one and two hours outside of Halifax to take advantage lower house prices. With remote work increasingly accepted, the necessity to be located in Halifax has waned. Halifax urbanization and development in recent years is also a factor, with traffic, construction, and increased congestion prompting buyers to look at areas outside the Halifax Regional Municipality.

Taxation has played a greater role in the market this year, as new reassessments mailed out in January reflected strong growth in housing values over the Covid years. Residential assessments are up about 20 per cent over last year, one of the largest increases in the history of the province. Numbers vary by community or municipality, with Halifax up 21.1 per cent. In addition, the new reassessments will not be capped after the sale of a home, which could see property taxes increase further for the next buyer.

Deed transfer tax at 1.5 per cent on the purchase of a home in Halifax is an on-going hardship for first—time buyers, although there has been a first-time buyer plan in place that allows first-time buyers to repay the debt over a longer period. This is woefully inadequate at a time when it’s important to incentivize the first domino. However, unlike other major areas of the country, housing values are still relatively affordable here. First-time buyers are laser focused on home ownership as rental rates rise. Many spend years saving 10 to 20 per cent down payments, only to be told they owe another 1.5 per cent upon closing, in addition to all other closing costs. The combination of reassessment and the deed transfer tax have also prompted some buyers to stay in place, especially at higher price points. Many are choosing to renovate rather than move. For non-residents, Nova Scotia charges a five per cent Provincial Deed Transfer Tax.

Prices were up over 2022 at year-end 2023, sitting at $552,700 (up from $536,700 one year prior). Supply issues, like other parts of the country, exist and while development fees and approvals are slow and far between, there are more condominiums and freehold properties being added the city’s housing stock. However, its estimated that the Halifax market is still 30,000 to 35,000 units short of what the city needs, given the governments vision for growth. Under the present conditions, there’s no question that prices will continue to rise in the year ahead, with sales rising in tandem with falling interest rates.

Methodology for Deed Transfer Tax in Nova Scotia

Deed Transfer Tax in the Halifax Regional Municipality for residents is 1.5 per cent on purchase price. Deed Transfer Tax in Nova Scotia for out of province/country buyers is 5 per cent on purchase price.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneurs #entrepreneurs #entrepreneurship #Homes #Housing #RealEstate #smallbusiness #Taxes

In this video interview, Cal Jungwirth, Director of Permanent Placement Services with Robert Half, discusses some new research indicating more than four in 10 professionals today are looking for a new job. He talks about the reasons for that and what companies need to do to attract and retain people.

PRESS RELEASE 

Despite an uncertain economy leading to less turnover in the labour market recently, the demand for skilled talent remains high, which is good news for the Canadian professionals looking for new opportunities. According to new Robert Half research, 42 per cent of workers have already started looking or plan to look for a new job in the first half of 2024, up slightly from 41 per cent in July 2023, but down from 50 per cent in December 2022.

Professionals Most Likely to Make a Move

Workers’ Main Motivators

With inflation and cost of living top of many people’s minds, it’s no surprise that salary is the largest motivating factor. When asked what would lead them to look for a new position, workers cited:

A higher salary (47%) More advancement opportunities (32%) Better perks and benefits (31%) A job with more flexibility (31%) What’s Making People Stay? 

Though slightly more professionals are seeking new roles compared to 6 months ago, the number is down from where it was a year ago. Some of the reasons behind this are:

Their current job offers a level of flexibility that they aren’t willing to lose (38%) They feel fulfilled in their current role (36%) They feel well compensated for their work (30%) Demand is High for Skilled Workers

Our research shows that over half (54 per cent) of hiring managers are actively seeking talent for new roles, mostly to support company growth, and organizations are primed to move ahead with strategic initiatives. However, competition for professionals with in-demand skills remains high. Most managers (64 per cent) say it takes longer to hire now than a year ago, and they risk losing skilled people to competitors if they don’t speed things up.

For more information about The Demand for Skilled Talent, visit our report here.

About the Research The online survey was developed by Robert Half and conducted by an independent research firm from October 27-November 17, 2023. It includes responses from more than 765 workers 18 and older in finance and accounting, technology, marketing and creative, legal, administrative and customer support, human resources, and other areas at companies with 20 or more employees in Canada.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneurs #Employment #entrepreneurs #entrepreneurship #Jobs #Labour #smallbusiness

In this video interview, Dan Kelly, President of the Canadian Federation of Independent Business, discusses the money the federal government has not returned to small businesses from the carbon tax.

PRESS RELEASE

Toronto, February 8, 2024 – The federal government has been sitting on $2.5 billion in carbon tax revenue collected since 2019 despite repeated promises to return it to small businesses in Ontario, Manitoba, Saskatchewan and Alberta, says the Canadian Federation of Independent Business (CFIB).

The federal government pledged to return 10% of carbon tax revenue back to small businesses, farmers and Indigenous people but has returned almost zero since the tax began. On top of that, the carbon tax is increasing to $80 per tonne on April 1.

“This is particularly troubling as the tax was expanded to all four Atlantic provinces in July of last year. There is no mechanism in place to return a dime to small businesses paying the federal carbon tax in eight provinces,” said CFIB president Dan Kelly. “No wonder some Indigenous organizations are taking the federal government to court.”

Making matters worse, CFIB estimates small businesses actually pay 40% of the costs of the carbon tax, yet they are only supposed to receive up to 10% of the revenue once Ottawa gets around to figuring out a way to return the dollars as promised.

“While the federal government charges carbon taxes to all small businesses, they plan to rebate only a select few in emissions-intensive and trade-exposed sectors, whatever that means,” Kelly added.

Finally, CFIB is very concerned that the federal government may have already decided to lower the allocation for small businesses in order to pay for the changes made last fall to double the rural consumer rebate.

“The Deputy Prime Minister’s office confirmed the changes will be funded through an ‘excess allocation in future years,’ which we interpret as the 10% that is supposed to be returned to small business,” Kelly said. “Canada’s carbon tax system is a mess and is deeply unfair to Canada’s small businesses who are the second largest payer of the levy after consumers. It’s not surprising that a strong majority of small firms are now opposed to the federal carbon tax regime.”

While Canada considers the future of the carbon tax system, CFIB is urging the federal government to:

Immediately return the $2.5 billion owed to all small businesses in Ontario, Alberta, Manitoba and Saskatchewan. Immediately develop a simple rebate formula to return 10% of ongoing carbon tax revenue to small businesses across all eight provinces on a quarterly basis, with a plan to raise it to 40%. Reject the Senate amendments and expedite the passing of Bill C-234 to exempt natural gas and propane used for on-farm activities, as originally drafted. Freeze the carbon tax at its current level. Exempt all heating fuels, including natural gas.

“With the new year bringing new costs, we’re calling on Ottawa to take some concrete action and do more to help small businesses facing financial hardships. The government can show small firms that it’s listening to them by freezing the carbon tax while fixing the broken carbon backstop system,” said Corinne Pohlmann, Executive Vice-President of Advocacy at CFIB.

CFIB has launched a petition to ensure the voice of Canada’s small businesses is heard in Ottawa. Small businesses can sign CFIB’s petition calling for carbon tax fairness.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube - 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

businessCanada's Number Onecarbon taxCFIBentrepreneursentrepreneurshipsmall businessTax

Karen Richard is a recovering pediatric Speech-Language Pathologist, kid-lit lover with a nerdy heart, and the CEO and co-founder of Made Live. Based out of Vernon, BC, Made Live is an AI-assisted end-to-end children's book publishing platform dedicated to simplifying the publishing process for aspiring authors. Transitioning from a career in speech-language pathology, where books were pivotal tools for developing language skills, Karen ventured into writing and self-publishing her own work. Confronted with the complexities, inefficiencies, and gatekeeping prevalent in the industry, she was inspired to forge a new path and the creation of Made Live.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

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James Szojka started Yard Dawgs Lawn Care in 2014 as a tuition pay-off plan. Being allergic to grass, it was supposed to be a couple of years and summer only job.

But after graduating from university, he decided to give the business a full year of his attention to see what would happen as he did love the industry and building a team. He went all in on the company's niche: making lawns green, weed free and healthy. Fast forward to 2024, the company is operating with 17 trucks, and it is planning to take care of over 6,000 clients this upcoming season. He's become obsessed with being the best lawn care company in the city, and now has the goal of being Canada’s largest lawn care company. During the winter months and now throughout the year he also runs "The Dirt Life" channel on YouTube, which focuses on coaching others to in starting their own lawn care companies.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

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Gary Lamphier, Principal of Lamphier Communications, was a business journalist for 34 years at various major international, national and regional newspapers. He covered virtually all major industries and key companies in Canada. He's been a corporate communications consultant for more than 10 years. He explains the importance of storytelling in both these industries and discusses the Alberta economy.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

Want to stay up-to-date on the latest #entrepreneur podcasts and news? Subscribe to our bi-weekly newsletter

In this video interview, Paul Cataford, Executive Director, Business Link, discusses the new pilot Mentor Program which aims to support grassroots small businesses.

PRESS RELEASE

CALGARY (January 15, 2024) – Business Link, a provincial support organization for entrepreneurs, has officially launched its pilot Mentor Program. This free mentorship initiative is designed to support grassroots small businesses, including retailers, mom-and-pop shops, consultants, and sole proprietors in Alberta. It’s especially well-suited for Indigenous and newcomer entrepreneurs in Alberta, providing a welcoming space for diverse business ideas and cultures. The program connects aspiring business owners with experienced entrepreneurs, facilitating a dynamic and non-judgmental exchange of expertise and insights.

Uniquely, this program operates like “speed dating for entrepreneurs,” offering flexible mentor-mentee matching. This process ensures that each mentee is paired with a mentor whose expertise and experience align closely with the mentee’s business needs and goals. There is also the option to switch mentors if desired, ensuring the most beneficial and comfortable partnership for both parties.

The program kicks off with an initial 30-minute intake meeting, allowing mentors and mentees to establish their objectives and discuss potential challenges. This is followed by a focused 90-minute session, aimed at developing strategies to tackle these challenges and set the path for future success. From there mentees and mentors have three distinct paths to choose from: formalizing their relationship through regular meetings, opting for a more flexible approach with informal interactions, or continuing to access Business Link’s resources and events if immediate challenges are resolved.

“Starting a business can be overwhelming. Our Mentor Program ensures that budding entrepreneurs don’t have to navigate this path alone,” says executive director, Paul Cataford. “Our goal is to create a supportive environment where new business owners can develop and grow with the guidance of those who have experience and valuable advice.”

To be eligible for this pilot program, businesses must be Alberta-based and in operation for less than a year or in the initial stages of developing a business plan. Business Link is also calling on experienced entrepreneurs to join as mentors. This role offers a chance for established business owners to share their knowledge, guide new entrepreneurs, and to help strengthen Alberta’s small business community.

In addition to the mentorship sessions, Business Link provides an array of resource materials and educational content to enhance the experience for both mentors and mentees. The program also lays a foundation for ongoing professional relationships, encouraging participants to maintain their connections beyond the program’s duration.

As a pilot initiative, the Business Link Mentor Program is dedicated to testing and refining effective support strategies for new entrepreneurs. This approach ensures that the program is responsive to the evolving needs of Alberta’s small business community.

For more information on the Mentor Program or to register, please visit https://businesslink.ca/programs/mentor-program/.

About Business Link

Business Link, a non-profit organization established in 1996, is dedicated to nurturing the growth and success of Alberta’s small businesses. As a cornerstone in the entrepreneurial community, Business Link offers comprehensive support services to early-stage and small business entrepreneurs including personalized coaching, market research, educational programs, online resources, networking opportunities, and targeted referrals. Notably, Business Link’s commitment extends to tailored assistance for Indigenous and immigrant entrepreneurs. In recent years, the organization has broadened services to encompass digital support programs, catering to the evolving needs of modern businesses.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story. #Alberta #business #CanadasNumberOnePodcastforEntrepreneurs #entrepreneurs #entrepreneurship #small business

As the Founder of b, halfmoon —— Andrea McKay’s mission is simple: to inspire and support people everywhere in living their truths and supporting their wellness journeys.

Andrea’s passion for yoga began in Sydney, Australia, while she was completing a Master's Degree in International Business. She knew she would someday make yoga her career, but she wasn’t sure what that would look like. Fast-forward 13 years and Morris found herself employed at The Stewart Group, her family’s fifth-generation manufacturing and technology company. She was working with an innovative type of rubber and quickly realized that the material’s distinctive qualities—durability, sustainability, and a grippy surface— could make the perfect yoga mat.

After endlessly prototyping and fine-tuning The B MAT, B Yoga was born in 2014. Sparked by The B MAT’s success, B Yoga continued to grow beyond just mats, creating elevated, performance-driven essentials for all kinds of movement and meditation.

In spring 2018, Andrea and B Yoga acquired Halfmoon Yoga Products, another female-founded, Canadian yoga and meditation brand. Where B Yoga speaks to the contemporary wellness enthusiast, Halfmoon is rooted in tradition, making each brand a perfect complement to the other.

In fall of 2023, B Yoga and Halfmoon came together as one, under the refreshed b, halfmoon brand. This beautiful union marks a new chapter in the brand and company’s story, which she is thrilled to share with their global community.

Andrea currently resides in her hometown of Toronto, ON, with her husband, Fraser, and two daughters, Madison and Everly. As she helps B Yoga and Halfmoon grow internationally, she knows she’s fulfilling her vision of inspiring all people to live their truth.

"I live my yoga in moments with movement, nature, loved ones, and creative ideation and expression. These moments come and go—they’re rarely scheduled, but always fulfilling." —Andrea Morris, Founder & CEO of Mindful Collective Co.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

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Holly Singer is the founder and CEO of Milk Jar, an inclusive candle company that creates job opportunities for people with and without disabilities. Milk Jar also supports inclusive spaces by donating $1 from the sale of every product to organizations that support people with disabilities to learn and grow and initiatives that create inviting spaces. In 8 years, Milk Jar has raised over $350,000 for programs worldwide, from Alberta to Ontario to the U.S. and the U.K! All areas where Milk Jar purchases come from so we can support our customer's communities to be more inviting. Holly says her employees give Milk Jar a greater purpose and a positive work culture that she will be sharing with you today.

Holly plans to expand inclusive hiring in Calgary by starting a conversation around the benefits of an inclusive workplace and by connecting businesses to service providers and employees to support their inclusive hiring practices and create more inviting spaces.

Join Our Community of Canadian Entrepreneurs!

Entrepreneurs are the driving force behind Canada’s economy, and we’re here to support them every step of the way. For exclusive insights, tips, and success stories from Canada's top business leaders, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn, and Twitter.

Want to stay ahead with the latest #entrepreneur podcasts, business strategies, and news? Don’t miss out—subscribe to our bi-weekly newsletter for updates delivered straight to your inbox! Join thousands of Canadian entrepreneurs who rely on us for the resources they need to succeed.

Filomena May, a native Calgarian, Senior Wealth Advisor and Chartered Investment Manager, international speaker, entrepreneur, mother and founder of Filo Financial Solutions of Raymond James Ltd. Filomena operates across Canada, helping clients turn investments into successful portfolios. Her secret? Filomena is not only passionate about building wealth, but also educates on how to strategically protect it. Using a customized approach with attention to detail, she creates a unique financial roadmap for her clients based on their values and goals, while providing ease of mind and balance along the way.

Filomena began her career in 2002 at age 24 and beat the odds in an industry where only 5% of women were advisors at the time. Filomena is a trailblazer and sought out financial professional in her industry. She’s a contributing author of two amazon best sellers, podcast speaker, has appeared on BNN, CTV and "The Wealthy Life" show, and is in The KNOW Calgary volume three and Best of The KNOW Global. She is also President of her Italian Cultural Society "Calgary Calabrese Cultural Society" and enjoys the community work that she does in the city.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

Want to stay up-to-date on the latest #entrepreneur podcasts and news? Subscribe to our bi-weekly newsletter

Denise Bebenek is the Founder, President and driving force behind Meagan Bebenek Foundation: Creating a Circle of Hope.

A Toronto resident and graduate of the University of Western Ontario, Honours in Psychology and the University of Toronto Faculty of Education, Denise, a former schoolteacher, is a tireless advocate for families who are touched by brain tumours, and for the empowerment of all children to help one another. Meagan Bebenek Foundation promotes ground-breaking research, providing much-needed funds to Toronto’s Brain Tumour Research Centre (BTRC), fostering a culture of discovery and care that is improving the care, quality of life, and survival rates for young brain tumour patients.

The spirit of Meagan Bebenek Foundation is a combination of Denise’s personal experiences and mission, as well as her professional background.

In late 2000, Denise’s youngest child, Meagan, was diagnosed with an inoperable and malignant brain tumour. She died six months later, in June 2001, two weeks past her fifth birthday. As Denise left the hospital, she envisioned a hug encompassing the building, which inspired her to organize a five-kilometre walk and "hug" event.

Asking friends and family to help, Denise started planning for the first Meagan’s Walk event which took place on Mother’s Day 2002. The annual event, now known as Meagan’s HUG, culminates with participants joining hands and forming a human hug, a "circle of hope" around the Hospital for Sick Children (SickKids) in Toronto, sending a clear and simple message to all within – you are not alone.

Denise turned the tragic loss of her youngest daughter into a journey of hope and inspiration. With a deep-rooted belief that when we come together as a community we can make a collective difference, Denise has successfully harnessed that power for over two decades with a team of over 60 volunteers who work year-round to further the organization’s mission.

Today, Meagan Bebenek Foundation has grown into a thriving organization with multiple events, corporate sponsors, a robust school program, ‘Kids Helping Kids’ and an annual Crane Ceremony in which students present hand-made origami cranes to MBF Heroes. The foundation has raised more than $6 million dollars in support of paediatric brain tumour research, which includes funding for seed grants, purchasing cutting-edge equipment, funding for the Toronto Brain Tumour Network tissue bank and a Neuro-oncology fellowship program. This Fellowship is available to eligible candidates around the world and offers them the opportunity to further their clinical and research training in sub-specialties of paediatric oncology.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

Want to stay up-to-date on the latest #entrepreneur podcasts and news? Subscribe to our bi-weekly newsletter

In this video interview, well-known Canadian entrepreneur Vince Guzzo, who is also a dragon on the popular CBC television show Dragons’ Den, discusses the challenges of being an entrepreneur today and what it takes to survive.

Guzzo talks about the Canada Emergency Business Account loan repayment deadline, some of the other challenges entrepreneurs are facing today, the importance of passion in being an entrepreneur.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

In this video interview, Emily Gardner,  Vice President, Consumer Products, Spring Financial, discusses the trend in 'loud budgeting."

Less than half of Canadians currently keep up a budget, but TikTok’s latest personal finance trend, “loud budgeting,” could change that. The trend is reshaping the narrative around money conversations by encouraging people to be more vocal about their finances and prioritize smart financial decision-making.

Gardner believes the “loud budgeting” trend is a step in the right direction for social media finance tips.

According to RBC data, 40% of Canadian Gen Z report learning about money tips from at least one social media platform. As a result, viral trends can have a huge impact on young people's finances. 

#business #money #finances #budgeting #smallbusiness #entrepreneurs #entrepreneurship 

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

Alex Wylie has a proven track record of building high-growth businesses and is now President and CEO of Volt Lithium Corp. Alex is leading a game-changing technological shift in the oil and gas industry aiming to be North America’s first commercial producer of lithium from oilfield brine.

The vision is to secure a supply of lithium for Canada and other markets including the USA and global destinations currently involved in oil and gas extraction. Leveraging existing infrastructure, building a permanent testing facility, and collaborative partners in R&D and implementation Volt Lithium is undertaking what others thought was impossible.

On today’s podcast we’ll hear about:

• How to find solutions ‘right under your nose’ that might not yet seem obvious
• Oil & gas industry partnerships on lithium production
• Strategic advantages to scale in Canada and Alberta
• Why lithium is important for a better future

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

Want to stay up-to-date on the latest #entrepreneur podcasts and news? Subscribe to our bi-weekly newsletter

In this interview, Mark von Schellwitz, VP Western, Restaurants Canada, discusses how many restaurants in Canada are on the brink of closing because they can’t meet the repayment deadline of January 18 for the Canada Emergency Bank Account loan.

PRESS RELEASE

With just days remaining until the Federal Government enforces the Canada Emergency Business Account (CEBA) loan repayment, Restaurants Canada is urgently calling for a last-minute extension to prevent the devastating consequences facing the food service industry.

Despite the best efforts made by Restaurants Canada, the Federal Government has declined to extend the CEBA loan repayment deadline of January 18th, 2024. This decision leaves our members, representing thousands of restaurants across the country, with limited options to avoid bankruptcy and recover from the ongoing financial challenges that arose during the pandemic.

A startling survey of the industry reveals that 1 in 5 restaurants with a CEBA loan are now on the brink of closing one or more of their locations.

The food service sector has been disproportionately affected by the pandemic lockdowns, enduring the longest lockdown period in North America, which has led to a significant accumulation of debt. Additionally, the foodservice industry operates on traditionally low profit margins, rendering it further vulnerable to external pressures.

Recovery in the food service industry has been painfully slow because of several factors beyond the control of restauranteurs, including record-high inflation, the rising cost of food, and labour shortages. We are not asking for a hand-out; we are asking for more time.

Currently, a staggering 53% of restaurants are operating at a loss or barely breaking even compared to 10% pre-pandemic, underscoring the obvious connection to this unique and devastating period in our industry and the urgent need for further support and assistance.

Kelly Higginson, President, and CEO of Restaurants Canada stated, “People understand that restaurants are part of our social fabric, they are gathering spots to celebrate life’s milestones and achievements and the place where friends come to reconnect.” Higginson continued, “Your favourite mom and pop restaurant and local gathering place is at risk. If what the industry is telling us comes to fruition, Canadian communities will lose something very special, simply because of an arbitrary deadline.”

Restaurants Canada strongly urges the Federal Government to reconsider their decision and provide an extension to the CEBA loan repayment deadline. Immediate action is essential to prevent further closures and ensure the long-term survival of this critical sector, which contributes significantly to the nation’s economy.

In the face of these challenges, Restaurants Canada stands firmly with our members and encourages them to visit our website at restaurantscanada.org for guidance on how to navigate this difficult period and learn about available resources.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

In this video interview, Phil Soper, President and CEO of Royal LePage, discusses the current housing market in Canada and what to expect in 2024.

#business #homes #housing #realestate #royallepage #MLS #entrepreneurs #entrepreneurship 

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

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In this interview, Alicia Planincic, Economist & Manager of Policy, Business Council of Alberta, discusses a new report that shows the success of immigrants is vital to Canada's prosperity but their potential is too often unrealized due to common barriers. PRESS RELEASE

New report shows the success of immigrants is vital to Canada’s prosperity, yet their potential is too often unrealized due to common barriers CALGARY, ALBERTA; Economic immigration can do many amazing things for the Canadian economy, but only if we do it right. That means planning our systems to bring in people with the right skills our economy needs and providing newcomers with the supports they need to succeed. Today, the Business Council of Alberta released its latest research paper;The Struggle for Success which identifies five common barriers that many newcomers to Canada face after arriving; developed through consultation with newcomer serving agencies, businesses, and newcomers themselves. The paper also provides preliminary policy considerations to begin addressing these issues.

The paper highlights two fundamental barriers to newcomers’ success:

    Official language proficiency—this is one of the biggest barriers for newcomers. Language learning services are not always accessible or able to keep up with growing demand.     Connection to available settlement services—while Canada has a comprehensive network of services, many do not know about them. Less than 40% of newcomers access settlement services within their first year of receiving their Permanent Residency. While not all require them, others do.

And three that more specifically interfere with their success in the labour market:

    Access to a personal and professional support system—newcomers often have limited support systems in Canada, which makes navigating a new city and country such as finding a job, a place to live, or even a school for their children more difficult.     Discrimination in the labour market—newcomers often face negative bias when entering the job market. These might include having foreign experience; “second-language accents”; or even “foreign-sounding names.”     Recognition of foreign education, experience, and credentials—newcomers in regulated professions can often find that they require additional education or training to be able to practice their profession in Canada, and often the door can be nearly shut altogether.

“Supporting newcomers learning an official language should be job number one—nothing supercharges social and economic integration like language skills, and conversely our research showed that a lack of those skills can often be the most significant roadblock to newcomer success,” says Adam Legge, President of the Business Council of Alberta. “Right now, we are not matching language training funding to the number of immigrants, and that is not optimal for the country or newcomers themselves.”

Preliminary policy considerations to address these barriers include:

    Adequately funding language training to the scale of newcomers: As Canada is set to welcome more newcomers than ever before over the next few years, the capacity of language programs will need to respond to this expected increase in demand.     Improving connections to and awareness of the available services: As few as 8% of newcomers may learn about available services at a government office upon landing. The Calgary Gateway program offers a positive model for potential improvement.     Better, faster, and more predictable credential recognition: Learning from the success of policies like the Alberta Labour Mobility Act, as well as encouraging regulatory bodies to identify specific training gaps, and standardized competency testing.

This is the fifth paper in the Council’s series on Canadian immigration. The next paper, which explores the potential unintended consequences of rapid population growth, will be released later this month. The Council has also stuck an expert task force to develop actionable policy recommendations to address the opportunities and barriers identified throughout this work.

The full paper is attached to this release and can be found at BusinessCouncilAB.com.

About the Business Council of Alberta. The Business Council of Alberta is a non-partisan, for-purpose organization dedicated to building a better Alberta within a more dynamic Canada. Composed of the chief executives and leading entrepreneurs of the province’s largest enterprises, Council members are proud to represent the majority of Alberta’s private sector investment, job creation, exports, and research and development. The Council is committed to working with leaders and stakeholders across Alberta and Canada in proposing bold and innovative public policy solutions and initiatives that will make life better for Albertans.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

Help support the channel by connecting with #canadaspodcast

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"Just listen to people, no matter what consider it, you may not actually apply it, but make sure you're actually listening."

Seif El-Sahly is a P. Eng., Director of Newfore Inc. but he is also a Dreamer, Renovator and Crushing Expectations! He turns drawings into reality with a dose of humour and a Top 40 Under 40 ranking. He is the force behind Tiny Homes - Garage Edition. A self-pronounced workaholic, when not at the office, he's on the hunt for abandoned real estate that can be turned into luxurious rentals in great neighbourhoods. https://www.instagram.com/newforeinc/

Connect with us: YouTube: https://www.youtube.com/c/canadaspodcast Website: https://canadaspodcast.com Instagram: https://www.instagram.com/canadaspodcast Facebook: https://www.facebook.com/canadaspodcast

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Gail Taylor is a Canadian songwriter, keynote speaker, entrepreneur, and passionate advocate for the power of music to inspire change. Her catalog of 13 published songs draws from her life experiences and imparts invaluable messages, taking centre stage in her speaking engagements.

For the past 35 years, Gail has stood on stage and spoken about finance and socially responsible investing. Her journey began in the business world, where she honed her skills and expertise.

Gail attained her CIMA designation (Certified Investment Manager Analyst) from Wharton University, acquired her MBA at Queen's University, and underwent executive training at Harvard Business School, all while building a successful Investment Advisory practice.

In the late 70's, she embarked on a parallel journey, one dedicated to personal betterment and the art of setting and achieving goals. She is currently penning her second book – Curve Balls – personal stories and tools to inspire folks to take action in designing their own lives.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

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Colette Hamon grew up as a farm girl in an all-French-speaking town. Those days, her world revolved around wheat farming and the Catholic Church. Entrepreneurship, business growth, love, intimacy, gender roles, psychology – none of them were topics orbiting in her universe. After moving to the "big city" and earning her MBA, Hamon worked her way up the corporate ladder and saw success. But none of it fueled her fire. She founded BraTopia after recognizing a gap: the "big players" who dominated the lingerie industry were creating spaces that were not fit for the modern woman. They created discomfort, whereas Hamon wanted to promote self-acceptance and self-love. None of the brands served the woman she was or the woman she wanted her daughter to be. She has three children, two dogs, and no lack of interesting stories with regards to her life's adventures.

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In this interview, Dan Kelly, President of the Canadian Federation of Independent Business, discusses the growing opposition to the federal carbon tax and how it is impacting small business across the country.

PRESS RELEASE

Toronto, November 8, 2023 – A strong majority of businesses (85%) now oppose the federal carbon tax (the fuel charge) and want it to be scrapped, according to new data from the Canadian Federation of Independent Business (CFIB). The recent announcement by the federal government that it will exempt only one type of heating fuel—heating oil—from the carbon tax is just the latest example of how unfair the tax has been to small businesses. Opposition to the carbon tax among small firms is up from an earlier reading of 52% taken only one year ago.

“Small businesses have been raising their concerns with the carbon tax for years. They pay about 40% of the costs of the carbon tax, but the federal government has promised to return only 10% to small businesses,” said Dan Kelly, CFIB President. “Making matters worse, it appears most small firms will be ineligible for the Federal Fuel Charge Proceeds Return Program, if the federal government ever gets around to creating the program that was promised to deliver $2.5 billion collected since 2019 to small businesses and Indigenous groups.”

“Now the government is choosing to help some Canadians with their heating costs by exempting them from the carbon tax, while leaving the majority out. CFIB is concerned that the recently announced enhancement to the rural top-up to Climate Action Incentive payments will be funded by reducing the small sliver of carbon tax revenue that is current earmarked to be returned to small business. The entire federal carbon tax structure is beginning to look like a shell game,” Kelly added.

“With rising costs on everything from supplies to fuel to taxes and the Canada Emergency Business Account (CEBA) loan repayment deadline fast approaching, small businesses are in a precarious financial position. The government could alleviate some of the pressure by releasing the carbon tax revenues it has already collected from businesses and committing to several important changes,” Kelly added.

CFIB is asking the federal government to overhaul the carbon tax system by:

Expanding the carbon tax exemption to all forms of heating fuels, including natural gas and other sources used by small business. Halting future carbon tax increases, including the hike planned on April 1, 2024. Immediately returning all promised funds to all small businesses that paid into the tax. Ensuring businesses are eligible for rebates or refunds equivalent to the full share of the fuel charge costs they incur (CFIB estimates 40%). Supporting the passing of Bill C-234 at third reading in the Senate rapidly without any amendments. “Small businesses have been waiting for a meaningful effort from government to return the carbon tax revenues it promised them since the tax was introduced. They have seen consumers and big businesses benefit from rebates and grants, while they were left in the cold,” Kelly concluded. “If the government can’t fix the carbon backstop system now, it’s time to scrap it and look for other ways to address climate change.”

About CFIB

The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 97,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

businessCanadasNumberOnePodcast for Entrepreneurscarbon taxCFIBentrepreneursentrepreneurshipsmall business

In this interview, Simon Worsfold, Head of Data Communications, for Intuit QuickBooks, discusses a new report that indicates small business credit card spending is up 18 per cent. He talks about the reasons for the huge increase, the challenges faced by small businesses today, the impact on hiring, the rise of solopreneurs, the importance of access to capital and the impact small business has on the overall Canadian economy.

PRESS RELEASE

TORONTO–(BUSINESS WIRE)–Intuit (NASDAQ: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, has released the 2023 Intuit QuickBooks Small Business Index Annual Report. Developed in collaboration with leading global economist Professor Ufuk Akcigit and his co-authors, the report reveals how macroeconomic pressures like inflation and higher interest rates are affecting small businesses’ ability to create jobs and get the funding they need to grow.

THE STATE OF SMALL BUSINESS

The report finds that in 2023, while overall employment levels have trended upward in Canada, the US, and UK, small business employment has been less resilient. Using anonymized data from more than 3.4 million Intuit QuickBooks customers and surveys of more than 5,000 small businesses in Canada, the US and the UK, the report looks at how small businesses are responding to these challenges, and examines the relationships between small business growth, access to capital, and use of digital technology. Key findings include:

With elevated inflation and high-interest rates, small businesses have increasingly depended on their credit cards, with the current spending being 20% higher, on average, than they were before the pandemic. At the same time, their monthly credit card payments, which include interest charges, are up by 26% on average. These pressures are affecting jobs: small business employment rates declined in seven of the first eight months of 2023 in Canada, and in the first five months of 2023 in the US. Similarly, in the UK, small business job vacancy growth rates declined in all of the first eight months of 2023. The rise of the solopreneur (non-employer businesses) shows entrepreneurship is stronger than ever; however, in Canada and the US, fewer new businesses are creating jobs, a concerning trend because in the US, more than a third of all jobs are with small businesses while in Canada and the UK it’s more than two in five. Access to funding is essential for small business growth, but roughly half of small businesses in Canada, the US and the UK are self-funded by the owner. New businesses and businesses owned by women or members of underrepresented racial groups often face greater funding challenges. Despite inflation declining over the past year, small businesses in Canada, the US and the UK say rising costs are still the number one challenge they face. FRESH INSIGHTS ON CANADIAN SMALL BUSINESSES

Small business employment and hiring: In January 2023, Canadian small businesses with 1-19 employees employed 5.2 million people, rebounding to a similar level in August 2023 after several months of declines, before declining again in September (source: Intuit QuickBooks Small Business Index). Small businesses contribute to the economy: In Canada, 99% of all Canadian businesses are small businesses; 47% of all Canadian workers are employed by small businesses. Rise of the solopreneur (non-employer businesses): In 2015, self-employment made up just under 68% of all Canadian businesses. By 2022, this had risen to more than 69%. This rise is significant because it is part of a longer-term trend, similar to the US, where fewer new businesses are creating jobs. The report connects this to the rise of gig work and digital technology. Small business finances: Monthly small business credit card expenditure is currently 18% higher, on average, than before the pandemic, equivalent to $2,700 CAD per business while monthly repayments against credit card account balances are up by 22% on average, again equivalent to $2,700 CAD per business. Small business access to funding: While 51% of Canadian small business owners surveyed have used their own savings to fund their business, only 27% report ever getting funding from a commercial lender. New small businesses (0-5 years old) are more than twice as likely to say “getting funding” is their number one challenge compared to older small businesses (21+ years). Adoption of digital tools and technology: Higher use of digital tools and technology (such as software, apps, social media, and e-commerce) correlates with higher growth among small businesses surveyed. Among Canadian small businesses using digital tools to manage 8 or more different areas of their business, 63% report revenue growth and 22% report workforce growth but, among those only managing up to 2 areas with digital tools, this drops to 31% and 5%, respectively. Leading global economist and Arnold C. Harberger Professor of Economics at the University of Chicago, Ufuk Akcigit said: “We know that small businesses play a significant role in empowering the Canadian economy, in fact, they provide almost half (47%) of jobs in the Canadian economy. In spite of their importance, their size and the challenges accessing capital makes them particularly vulnerable to economic shifts because of inflation and rising interest rates. Despite these challenges, there are reasons for optimism. Using insights from our research, we have developed recommendations that small businesses can take to help ensure their resilience and growth, including staying on top of their cash flow, making smart banking decisions and leveraging the power of digital technology. All of these actions can help small businesses in the face of economic challenges, and the future health of our economy depends on their success today.”

Sasan Goodarzi, CEO of Intuit said: “Becoming an entrepreneur is a bold decision. Given the significant impact new and growing small businesses have on job creation, innovation, and the economy, policymakers and industry leaders should be equally bold in creating an environment where small businesses can grow and thrive. We remain focused on working across the industry to create new and innovative ways to serve our customers and help solve their most pressing challenges.”

Based on the research and insights from the report, Intuit has developed a set of recommendations for policymakers, accountants advising their small business clients, and entrepreneurs starting and running small businesses. These concrete, actionable recommendations can help policymakers foster an environment conducive to small business growth and resilience; accountants provide guidance to their clients in responding to the challenges and trends identified in the report; and small business owners set their businesses up for success.

For more insights, check out the Intuit QuickBooks Small Business Index Annual Report here. To stay up to date on the latest monthly Index releases, visit the Intuit QuickBooks Small Business Index interactive hub.

ABOUT THE REPORT

RIGOROUS METHODOLOGY

The report’s findings are based on a new analysis by Ufuk Akcigit, Raman Singh Chhina, Seyit M. Cilasun, Javier Miranda, Eren Ocakverdi, and Nicolas Serrano-Velarde of four data sources, in partnership with Intuit QuickBooks data analysts:

Intuit QuickBooks Small Business Index: recent employment and hiring trends among small businesses in the US, Canada, and the UK. Methodology details available here. Intuit QuickBooks customer data: anonymised, aggregated and reweighted/adjusted to reflect the wider population of small businesses in the US, Canada, and UK, not Intuit’s business, to provide new insight into small business access to credit, credit card expenditure, and payments against credit card balances during the recent inflationary period. Sample: 3.4 million small businesses; 2,795,000 in US; 305,000 in Canada; 313,000 in UK. Intuit QuickBooks Small Business Insights: regular online surveys of small businesses with up to 100 employees, commissioned by Intuit QuickBooks in the US, Canada, and UK every three to four months. Total sample size for April 2023 wave of surveys: 5,175 (comprising 2,805 small businesses in the US; 1,210 small businesses in Canada; and 1,160 small businesses in the UK). Official statistics and other external sources, including publicly available data from: the U.S. Census Bureau; Federal Financial Institutions Examination Council, Bank Holding Company (US); National Federation of Independent Businesses (US); Statistics Canada; Office for National Statistics (UK), Department for Business, Energy & Industrial Strategy (UK); New insights from the analysis of this data comprise four major topic areas in the Intuit QuickBooks Small Business Index Annual Report:

Long-term small business employment trends and the critical role small businesses play in the US, Canadian, and UK economies, including: job creation, the rise in self-employment, and the COVID-19 pandemic’s contribution to new business growth. Source: official statistics. Recent trends in small business employment since the COVID-19 pandemic, in four phases: initial downturn due to the spread of the virus; recovery period as small businesses adapted and new businesses were created; second downturn coinciding with higher inflation and interest rates; and, lately, early signs of a second rebound, particularly in the US. Source: Intuit QuickBooks Small Business Index. Small business access to funding: why small businesses need funding, where they get it, how they use it, and which businesses face the greatest challenges obtaining it — with a close examination of the impact of inflation on small business finances, using anonymised data from QuickBooks customers in the US, Canada, and UK. Source: Intuit QuickBooks customer data and Intuit QuickBooks Small Business Insights survey (see sample details above). The state of small business in the US, Canada, and UK today: combining a new analysis of official statistics with survey data from more than 5,000 small businesses, including 2,325 QuickBooks customers. Source: Intuit QuickBooks Small Business Insights survey (see sample details above). The full methodology is provided in the appendix of the Intuit QuickBooks Small Business Index Annual Report.

ABOUT PROFESSOR UFUK AKCIGIT

Ufuk Akcigit is the Arnold C. Harberger Professor of Economics at the University of Chicago. He is an elected Research Associate at the National Bureau of Economic Research, Center for Economic Policy Research, and the Center for Economic Studies, and a Distinguished Research Fellow at Koc University. He has received a BA in economics at Koc University, 2003, and Ph.D. in economics at Massachusetts Institute of Technology in 2009.

As a macroeconomist, Akcigit’s research centers on economic growth, technological creativity, innovation, entrepreneurship, productivity, and firm dynamics. His research has been repeatedly published in the top economics journals, cited by numerous policy reports, and the popular media. The contributions of Akcigit’s research has been recognised by the National Science Foundation with the CAREER Grant (NSF’s most prestigious awards in support of early-career faculty), Kaufmann Foundation’s Junior Faculty Grant, and Kiel Institute Excellence Award, among many other institutions. In 2019, Akcigit was named the winner of the Max Plank-Humboldt Research Award (endowed with 1.5 million euros and aimed at scientists with outstanding future potential). In 2021, Akcigit was awarded the prestigious Guggenheim Fellowship and was named a Fellow of the Econometric Society. In 2022, he received the Sakip Sabanci International Research Award and Kiel Institute’s Global Economy Prize.

ABOUT INTUIT

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.ca and find us on social for the latest information about Intuit and our products and services.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneurs #entrepreneurs #entrepreneurship #small business

Well-known Canadian entrepreneur Arlene Dickinson, who is also a Dragon on CBC’s Dragons’ Den TV show, discusses how entrepreneurs can survive and thrive in these difficult economic times.

In this video interview, Dickinson talks about common mistakes entrepreneurs make, how you can grow a business even in this environment, if the economy is discouraging people from becoming entrepreneurs, why would people start a company today and the role of social media for an entrepreneur.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneursentrepreneurs #entrepreneurship #smallbusiness

Aslan Renewables, a PEI-based company founded by successful tech entrepreneur Andrew Murray, is revolutionizing renewable energy with its scalable modular dams designed to bring Canada’s 50,000 historical hydro sites back to life with modern technology.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

Want to stay up-to-date on the latest #entrepreneur podcasts and news? Subscribe to our bi-weekly newsletter

In this interview, Carmin Di Fiore, Executive Vice President of CBRE’s Debt and Structured Finance team, discusses the real estate company’s latest Canadian Real Estate Lenders’ Report.

Di Fiore talks about how lenders are feeling about the market right now, what cities in Canada are seeing investment, what assets are attractive today, how the office market is still struggling and what to expect with the economy in 2024.

PRESS RELEASE 

Toronto, ON – November 27, 2023 – Lenders are signaling optimism in real estate as interest rate hikes appear to plateau. The amount of debt capital available to facilitate Canadian real estate transactions is expected to grow modestly in 2024. According to CBRE’s new Canadian Real Estate Lenders’ Report, lenders plan to add 16% of net new capital into the real estate market in the coming year, and 79% of lenders say they plan to expand their outstanding real estate loan books in 2024.

Despite this focused growth in lending for real estate, for the first time in four years a small group of lenders have reported intentions to modestly trim their amount of capital available next year. Lenders unanimously see elevated interest rates as the top challenge facing the Canadian lending market in 2024. The impact of interest rates on property cash flows and pricing has created uncertainty around property valuations, which ranks as the second greatest challenge expected by lenders next year.

Recession fears have faded and are currently not a top concern for lenders in 2024. Expectations appear to have shifted towards a “soft landing” for the economy, with only potentially moderate or minor impacts on underwriting. In fact, 12% of lenders do not plan to factor any recession into their property underwriting for 2024. It should also be noted that less than one-third of lenders expressed concern with real estate market fundamentals.

CBRE’s Canadian Real Estate Lenders’ Report surveys domestic and foreign lenders to gauge commercial real estate lending sentiment and offers borrowers insights on what to expect as they look to access real estate financing.

Toronto, Vancouver, Montreal, and Ottawa are the markets generating the strongest lender appetite. In terms of asset classes, Purpose-Built Rental (Conventional), Purpose-Built Rental (CMHC-Insured), and Industrial were cited as the most favourable property types for lenders and with the most available financing.

“The challenging conditions in real estate are no longer news and the lending community is starting to look ahead to what comes next,” notes Carmin Di Fiore, Executive Vice President of CBRE’s Debt and Structured Finance team. “The continual escalation in cost of capital, valuation uncertainty and tightening credit have impinged on the industry’s performance and reduced real estate transactions. That said, the general tone in the market has improved slightly looking ahead to 2024.”

Here are six additional takeaways from CBRE’s new Lenders’ survey:

Office Sector Poses the Greatest Challenge Lender sentiment on office assets continues to deteriorate, as 67% intend to cut their exposures next year and none have plans to increase their budgets for office in 2024.

Class B office in the suburbs and downtown core caused the greatest concern, with 94% of lenders expressing concern for each property type. Class A office assets also recorded the largest declines in lender sentiment year-over-year, in both the suburban and downtown segments.

Through an open-ended survey question, more than half of the lenders cited work-from-home in some form as the greatest challenge facing the office lending market today. Uncertainty surrounding office valuations is another challenge given leasing demand and a lack of sale comparisons.

Property Types with Most Lender Concern

Office – Suburban, Class B Office – Core, Class B Retail – Regional Malls in Secondary Markets Purpose-Built Rental in Greatest Demand Purpose-built rental and industrial real estate remain the most desired asset classes among lenders, who have expressed strong intentions to increase budgets and expand exposures to both sectors in 2024.

Amid incentives offered by the federal government and some provincial governments for purpose-built rental development, lenders hope for increased multifamily development in Toronto, Vancouver, Montreal and Halifax.

Overall, lenders remain bullish on the industrial sector, with only a small minority expecting a market correction. But debt availability for industrial development is likely to be more nuanced next year as 55% of lenders reported low or no appetite to finance speculative industrial construction in 2024.

Among the alternative real estate sectors, self-storage and seniors housing recorded the greatest interest, with over a third of respondents that lend to those sectors looking to increase their 2024 budgets.

The hotels asset class recorded the biggest improvement in lender sentiment, marking the third consecutive year of improvement for the sector, with only 18% of lenders expressing concern.

Property Types Most Favoured by Lenders

Purpose-Built Rental (Conventional) Purpose-Built Rental (CMHC-Insured) Industrial Toronto and Vancouver Are Tops The top real estate markets for lender appetite remain Toronto, Vancouver, Montreal and Ottawa. Lender appetite for Hamilton and Waterloo Region increased, and Calgary also saw a notable improvement year-over-year in terms of the combined number of lenders with strong and moderate appetites for that market.

While Saskatoon and Winnipeg have the lowest level of lender appetite, the majority of lenders still operate and offer liquidity in those markets in some capacity.

Top Cities for Lending

Toronto Vancouver Montreal Inflation Expected to Stay Sticky More than half of lenders (51%) expect inflation to return to its current target of 2.0% by H1 2025, ahead of the Bank of Canada’s current projection for H2 2025. Lenders do not share a consensus on where the policy interest rate is expected to be by year-end 2024; 39% expect interest rate cuts of up to 75 bps from the current 5.00%.

A small group of lenders project even steeper cuts, bringing the rate to 3.75% or lower by year-end 2024.

In terms of bond yields, 57% of lenders expect the Canada 10-year bond yield to largely hold at around 4.00% over the next 12-months.

Condo Financing Tightens The slowdown in the housing market is having implications on the residential condominium sector and 78% of lenders active in the space have tightened lending conditions on development financing.

The most common adjustment by lenders continues to be requiring greater levels of up-front equity for condo construction projects. The next most common changes include 39% of active lenders requiring greater deposit requirements with shorter payment schedules and 22% requesting the sizes of projects be scaled back.

Financed Emissions a Growing Consideration Environmental, Social and Governance (ESG) and its impacts on real estate lending in Canada continues to evolve, with 68% of lenders saying they expect a property’s carbon footprint to materially impact its ability to secure a mortgage with competitive terms within the next 1 to 5 years; a further 11% of lenders report it is already happening and having an impact today.

Half the lenders surveyed currently expect ESG to either significantly or moderately influence both debt availability and mortgage pricing; 23% of lenders have indicated they declined to bid on a real estate loan in 2023 due to the underlying asset’s ESG profile.

Given the expectation for ESG’s greater influence over the availability of debt and mortgage pricing in the near future, 69% of lenders have already started incorporating, or plan to incorporate, ESG in their decision-making.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

In this interview, Peter Menzies, Senior Fellow with the Macdonald-Laurier Institute, former newspaper executive and past vice chair of the CRTC, discusses the state of the media in Canada.

Menzies talks about how the industry is at a point where it needs to adapt or die, how it got to this point, who is to blame, the federal government online legislation, the CBC, and the growth of alternative news publications.

Below is a column Menzies wrote for The Hub.

By Peter Menzies, November 22, 2023

Twenty years ago, it should have been obvious to all that the jig was up for newspapers and journalism was going to need a new ride.

Print had a good run—almost 600 years—but the invention by Tim Berners-Lee of the World Wide Web meant the era of massive presses and the power they bestowed on their owners was coming to an end. The only question, once Craigslist and Kijiji began boring holes in classified advertising, the economic foundation of newspapers, was whether there would even be time to save the furniture.

Since the turn of the century, there have only been two alternatives for legacy news organizations: adapt or die. While there has been some evidence of success in terms of the former, public policy support has ignored new ideas in favour of propping up the ones everyone knows won’t make it. The results have ranged from inconsequential to catastrophic.

In Canada, as author and academic Marc Edge has detailed in his most recent book, The Postmedia Effect, the possibilities for newspapers to adapt have been severely limited by the nation’s largest and dominant chain’s business and ownership structures. Thousands of jobs have been cut to ensure high-interest debt payments can be made to its U.S. hedge fund owners.

Easy to blame management, one supposes, but hedge funds gotta hedge and the primary fault for the mess that is Canada’s news industry belongs squarely at the door of the nation’s public policymakers. Sadly, outdated foreign ownership regulations restricted the supply of qualified buyers for media organizations, which depressed the cost of acquiring newspapers to a level that facilitated their acquisition en masse by Southam, then Hollinger, then Canwest, then Postmedia. With every step, competition was suppressed through increasingly consolidated ownership only to find the nation’s largest newspaper chain owned by Americans.

You can’t make that up.

Piling on, the Competition Bureau in 2015 inexplicably approved Postmedia’s acquisition of Quebecor (Sun) Media’s newspapers based on the “lack of close rivalry” between newspapers such as the Calgary Herald and the Calgary Sun and “the incentive for the merged entity to retain readership and maintain editorial quality in order to continue to attract advertisers.”

All said with a straight face.

Anyone who had actually worked in the business—I put in shifts at both the Calgary Sun and the Calgary Herald in their halcyon days—would know that this is sheer nonsense justified only by the extreme narrowness of the analysis the Bureau undertook. Today, the only distinguishable difference in content between the Herald and the Sun is that Don Braid writes a column for the Herald, and Rick Bell writes one for the Sun—a pretense of competition that appears to have allowed both to extend their careers well beyond those of thousands of their colleagues.

“No solutions can be found until the issue of the CBC is dealt with.”

Thirty years ago, Bell and Braid shared more than 250 newsroom colleagues covering events in a city of fewer than 800,000 people. Today, reflective of their business’s demise, a couple of dozen survivors cling to the Herald/Sun lifeboat in a city approaching 1.5 million. Their presses and even their buildings have been sold to feed the hedge fund.

Implementation of policies designed to sustain business models that produce results such as these in the hope of “saving journalism” is self-evidently unwise.

We live at a time when innovation and entrepreneurship—virtues that are fuelled by competition and suppressed by consolidation—are desperately needed.

While those are clearly lacking in the newspaper industry (laudable exceptions apply at the Globe and Mail, Le Devoir, and a plethora of digital startups) it’s just as unlikely journalism can find salvation in the arms of Canada’s heavily regulated broadcasting industry. For it, with exceptions acknowledged, the provision of news has always been primarily a regulatory obligation and not a core business proposition.

Broadcasters are in the business of entertaining people with music, drama, chat, and related programming and have long acknowledged there is little or no money in them for news. All too often, it’s just regulatory rent.

For those who may believe, though, the ponderous regulatory processes in place at the Canadian Radio-television and Telecommunications Commission (CRTC) make the entrepreneurship and innovation needed to adapt in an era of massive technological change almost impossible.

But all that is now as may be. Rear view mirrors may help protect from encroaching harms but they are not at all useful in terms of actually going places. And journalism clearly needs a new car and new drivers if it is to thrive as a public good.

Any doubt that societies require trustworthy and shared sources of information to maintain a peaceful social compact should have been erased by the events of the past few weeks.

It is clear from the protests and virulent antisemitism that erupted in the wake of the Hamas attack on Israel that large numbers of Canadians are forming their opinions based not on differing interpretations of the facts but on very incompatible understandings of current reality.

In these circumstances, and in this instance at least, the common ground necessary to establish a healthy public square of ideas simply doesn’t exist. Without such a venue, societies collapse into warring tribes.

But before we can even begin to explore the complexity of THAT problem, there needs to be a sustainable path forward for fair, balanced, and accurate news gathering and delivery.

The federal government’s best efforts to make that happen have been disastrous. The Online News Act has done more harm than good, with news providers losing access to audiences through Facebook and Instagram while an even more disastrous Google news boycott hovers menacingly over the industry. The five-year-old journalism labour tax credit hasn’t stopped newsrooms from continuing to shrink. And while the Local Journalism Initiative has created temporary employment opportunities in news “deserts”, it didn’t stop the Alaska Highway News, as just one example, from folding last month.

Worse, there is increasing evidence to suggest that the more the public becomes aware of direct government funding to journalism organizations, the less likely it is to trust those organizations and label reporters as toadies with labels such as “#JustinJournos.” Should the government change, they would no doubt be #Pierre’sPravda.

None of this ends well.

What Canada desperately needs instead is a multi-pronged, coordinated national strategy based on current economic and market realities that will allow journalism to flourish again. A few months ago, Konrad von Finckenstein and I tried to get the ideas rolling with our policy paper for the Macdonald Laurier Institute, “And Now, The News”.

Its two flashiest recommendations called for the establishment of a truly independent journalism sustainability fund supported by contributions from web giants such as Meta, Google, and others and, vitally, the de-commercialization of the CBC.

The CBC, already government-funded, would not be eligible to draw from this fund, which we proposed should be supported by reasonable levies on tech companies and would only be available to companies whose primary business is the production of news.

I have some sympathy for those who would argue that such a fund would best be used to support entrepreneurship as opposed to simply propping up what commentator Jen Gerson has labelled “zombie” newspapers that refuse to either adapt or die.

But our proposal would nevertheless eschew such distinctions and make the fund accessible to all industry-verified news organizations solely on a per capita/journalist basis. News providers would still be free to make deals with social media to build readership and make other commercial deals with digital platforms as both parties see fit.

But that, on its own, doesn’t solve the problem.

In fact, no solutions can be found until the issue of the CBC is dealt with.

It is one thing to have a public broadcaster. But today’s CBC is not that. It has evolved into a publicly funded commercial broadcaster and online content provider. Even its radio content, while broadcast free of advertising over the air, is repurposed to build online audiences and revenue in direct competition with news startups and legacy media attempting to transition into vibrant digital platforms.

No industry can survive, let alone prosper, when the government subsidizes one commercial entity—in this case with $1.2 billion annually—to the detriment of all others.

There certainly can be an important role for a national, truly public news provider. But CBC must be de-commercialized everywhere it operates, its mandate sharply re-focused, and its content made available at no charge through a Creative Commons license to other domestic news organizations.

The removal of the CBC’s ability to sell advertising would immediately free up $400 million in revenue for which news organizations could compete. As an added benefit, Canada would get a re-focused public broadcaster, and free access to its news content would allow all journalism providers to benefit from, instead of being punished by, government funding of the CBC.

Our other proposals include making subscriptions to news organizations 100 percent tax deductible—a move that would subsidize the consumption of credible news with a market-based incentive for those providing it.

We also proposed that:

All expenditures by Eligible News Businesses that involve investment in digital transformation technology are eligible to be claimed in their first year as capital cost allowances. Phasing out of the current labour tax credit over a period of five years, declining in value by 20 percent annually in order to wean news organizations from it gradually while they adapt to a more permanent policy framework. Phasing out of the Local Journalism Initiative over a period of five years, declining in value by $4 million per year and with adjustments that would make it available only to news organizations serving market areas of less than 100,000 people and limited to easily defined core coverage beats such as public safety, courts, school boards, and municipal councils. Phasing out of the Canada Periodical Fund, which is no longer relevant in the digital age, over the course of three years. Ensure that the CRTC is engaged in the development of national news policies so that it considers the entire scope of the news industry when contemplating conditions of license for broadcasters. To those, I would add maximizing the value of tax credits for contributions to news organizations structured as not-for-profit businesses.

Neither I nor my policy paper co-author, who these days is occupied as interim federal ethics commissioner, pretended to have all the solutions.

As we wrote when our paper was published, building a national news industry policy is a tricky business.

What we believed was that the pattern of ad hoc subsidies, willful ignorance of the impact of a commercial CBC, fear of failure, and the ill-conceived Online News Act were nothing but trouble and that a thoughtful, multi-pronged national news industry policy was called for.

It still is.

When it’s done—when all the ideas are out there and the best of them are implemented—news organizations will still only survive through the quality of their work.

Not all companies will, or should, survive and, frankly, some need to get on with their dying and get out of the way of those building a future for journalism.

Fretting over and attempting to preserve the past and its icons is emotionally tempting. But it will not give news organizations the fighting chance they need to transition from unstable business models to those capable of sustaining quality journalism in the years ahead.

We are at the end of the end of an era. It’s time to embrace a new genesis.

Peter Menzies is a Senior Fellow with the Macdonald-Laurier Institute, a former newspaper executive, and past vice chair of the CRTC.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneurs   #entrepreneurs #entrepreneurship #Media #news #Newspapers #smallbusiness

In this interview, Elliot Morris, Grocery and Consumer Packaged Goods Leader with EY Canada, discusses a new survey on how climate change concerns are disrupting Canadian consumption habits.

Morris talks about the habits of different demographics and trends in the retail industry.

PRESS RELEASE

(Toronto, November 14, 2023) The EY Future Consumer Index Survey reveals deepening concerns around inflation (96%) and climate change (84%) are pushing Canadians to change how they live and what they buy.

“Over the last few years, there has been a gap between intention and action for both companies and consumers in their efforts to address sustainability, but the real effects of environmental change on people’s lives is narrowing that gap and sparking a new wave of change,” says Monica Chadha, EY Canada Retail Leader. “As we head into the holiday season and beyond, we’ll see more shoppers take control and do their research to optimize for both economic and environmental benefits.”

Consumers are taking action by buying less

For the more than half of consumers who indicate they’re planning to buy less, 38% say this due to an effort to help the environment. Fashion accessories (60%) topped the list of product categories consumers plan to spend less on followed by toys and gadgets (52%) and clothing, footwear, beauty and cosmetics (48%).

“Extreme weather events, rising energy costs and continued changes to harvests and crops have meaningfully impacted prices and affordability — some consumers have already made switches out of necessity and more are likely to follow,” explains Elliot Morris, EY Canada Grocery and Consumer Packaged Goods Leader. “Consumer products companies can’t ignore the large percentages of Canadians who are changing their lifestyles and consumption habits in response to climate change and affordability concerns.”

Consumers are adapting to climate change-related needs

Nearly one-third of Canadians have had to change the food they eat because climate change has pushed up prices or limited the availability of products. This is pushing consumers to think differently, with 32% starting to consider buying products that can mitigate the effects of climate change.

Seeking ways to stretch their budgets, 41% of respondents plan to cook and entertain more often at home. This also means sacrificing takeout food, with 48% now planning to order less — a 15% jump from just over a year ago.

Generations act and spend differently on sustainability

Two-thirds (64%) of Canadians attribute their efforts to drive change to a personal concern for the fragility of the planet (up 8% from October 2022), there’s a clear generational divide when it comes to behaviours like using less plastic, recycling more or conserving water. Globally, 65% of baby boomers bring reusable bags to the store compared with just 43% of Gen Z, and 63% of baby boomers recycle or reuse packaging after use, compared with 48% of millennials.

On the flipside, younger generations in Canada are speaking with their wallets and double-checking company claims. One-quarter of Gen Z indicated that they are willing to pay for more sustainable goods and services compared with 6% of baby boomers. And 32% of Gen Z will check an organization’s sustainability policies online compared with 7% of baby boomers.

“People are more informed now about what sustainability means and have better access to information to assess whether a brand is living up to its promises,” adds Morris. “Companies need to get ahead and respond now by creating new products or reformulating existing ones to make them healthier and more sustainable, so they can protect their profitability and the brand experience.”

Learn more about the EY Future Consumer Index here.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneurs #Consumers #entrepreneurs #entrepreneurship #retail #Shopping #smallbusiness

In this interview, Franco Terrazzano, Federal Director of the Canadian Taxpayers Federation, discusses some of the tax hikes that will hit Canadian consumers in 2024. PRESS RELEASE

Brace for impact: more federal tax hikes in 2024

OTTAWA, ON: The Canadian Taxpayers Federation released its annual New Year’s Tax Changes report today to highlight major tax changes in 2024.

“Tax hikes will give Canadians a hangover in the new year,” said Franco Terrazzano, Federal Director of the CTF. “Canadians need help with the rising cost of living, but the feds will be reaching deeper into our pockets with major tax hikes in 2024.”

Payroll taxes: The federal government is raising the mandatory Canada Pension Plan and Employment Insurance contributions in 2024. These payroll tax increases will cost a worker up to $347 next year.

For workers making $73,200 or more, federal payroll taxes (CPP and EI tax) will cost them $5,104 in 2024. Their employer will also be forced to pay $5,524.

Carbon tax: The federal carbon tax is increasing to more than 17 cents per litre of gas and 15 cents per cubic metre of natural gas on Apr. 1, 2024. The carbon tax will cost the average household between $377 and $911 in 2024-25, even after the rebates, according to the Parliamentary Budget Officer.

Alcohol escalator tax: Alcohol taxes will increase by 4.7 per cent on Apr. 1, 2024. Taxes already account for about half of the price of beer, 65 per cent of the price of wine and more than three quarters of the price of spirits. This tax hike will cost Canadians almost $100 million next year.

“Canadians pay too much tax because the government wastes too much money,” Terrazzano said. “Canadians need relief now, and that means Prime Minister Justin Trudeau must drop his plans to raises taxes in 2024.”

You can find the CTF’s New Year’s Tax Changes report here.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneurs #entrepreneurs #entrepreneurship #smallbusiness #Taxes

In this interview, Phil Soper, President and CEO of Royal LePage, discusses the real estate company’s latest housing report.

Soper talks about where home prices are headed in 2024, what to expect in sales, the impact of increased mortgage rates, the challenge of supply in Canada and affordability.

PRESS RELEASE

TORONTO, Dec. 14, 2023 /CNW/ – After years of unprecedented irregularity, Canadians may see the real estate market return closer to normal in 2024. According to the Royal LePage Market Survey Forecast, the aggregate1 price of a home in Canada is set to increase 5.5 per cent year over year to $843,684 in the fourth quarter of 2024, with the median price of a single-family detached property and condominium projected to increase 6.0 per cent and 5.0 to $879,164 and $616,140, respectively.2

“Looking ahead, we see 2024 as an important tipping point for the national economy as the majority of Canadians acknowledge that the ultra-low interest rate era is dead and gone,” said Phil Soper, President and CEO, Royal LePage. “We believe that the ‘great adjustment’ to tolerable, mid-single-digit borrowing costs will have a firm grip on our collective consciousness after only modest rate cuts by the Bank of Canada.”

Home prices are expected to rise next year in all major markets across the country, with Calgary forecast to see the greatest gains. Throughout the second half of 2023, while prices have been declining in other cities, the Calgary real estate market has bucked the trend continuing on an upward price trajectory.

Royal LePage’s forecast is based on the prediction that the Bank of Canada has concluded its interest rate hike campaign and that the key lending rate will hold steady at five per cent through the first half of 2024. The central bank is expected to start making modest cuts in late summer or fall of next year. Meanwhile, several major financial institutions have already begun offering discounts on fixed-rate mortgages.

“For the last year, many Canadians have been fixated on the idea of interest rates needing to come down significantly before they can afford to enter or re-enter the housing market. Acceptance that a mortgage rate of four to five per cent is the new normal should untether pent-up demand as first-time buyers, flush with savings collected during the extended down market in housing, regain the confidence to go home shopping. And, with the return of first-timer demand, we expect families who have put off upgrading their homes to begin to list their properties in much greater numbers,” continued Soper.

How we got here Over the last eighteen months, sales activity in most of Canada’s major real estate markets has been on the decline, while inventory levels have gradually increased. While transactions are down as much as 20 or 30 per cent in some regions, home prices have only declined modestly during this time, due to a simultaneous drop in demand as buyer hopefuls continue to hold out for lower interest rates. Still, prices remain above 2022 levels.

“Canada’s real estate market has been on a roller coaster ride for the last four years. A global pandemic briefly brought market activity to a grinding halt in early 2020, followed by a rapid, widespread spike in demand and price appreciation as Canadians sought safety and greater living space in their homes among a world of uncertainty. By the spring of 2022, home prices had reached unprecedented highs, but when interest rates started rising quickly and steeply to combat inflation, the extended market correction began,” said Soper. “Markets take time to adjust. We see a move toward typical home sale transaction levels in 2024, and as the year progresses, appreciating house prices.”

Quarterly forecast Nationally, home prices are forecast to see modest quarterly gains in the first two quarters of 2024, with more considerable increases expected in the second half of the year, following the anticipated start of interest rate cuts by the Bank of Canada. The aggregate price of a home in Canada is forecast to be 3.3 per cent higher in Q1 of 2024 compared to the same quarter in 2023, reflecting a 0.5 per cent increase over the fourth quarter of 2023. In the second quarter of next year, the national aggregate home price is forecast to be 0.2 per cent higher year over year and 0.9 per cent above the previous quarter. In the third quarter, home prices are expected to be 3.3 per cent higher year over year and 2.3 per cent higher on a quarterly basis. And, in the fourth quarter of 2024, the national aggregate price of a home is expected to land 5.5 per cent above the same quarter in 2023, an increase of 1.7 per cent quarter over quarter. Based on this forecast, by the end of next year, home prices will have essentially climbed back to their pandemic peak, reached in the first quarter of 2022.

Supply shortage and affordability challenges Canada continues to struggle with a chronic housing supply shortage. According to the Canada Mortgage and Housing Corporation, the country needs about 3.5 million additional housing units by 2030 to restore affordability, with the greatest need concentrated in the provinces of Ontario and British Columbia.3 At the current pace of housing construction and considering the rate of new household formation and immigration projections, inventory will remain out of step with projected demand for years to come.

“For many years, condominiums have offered an affordable opportunity for entry onto the real estate ladder, in addition to their ‘lock and leave’ lifestyle that is typically attractive to young people. Of late, however, this segment of the market has also become out of financial reach for many in major cities like Toronto and Vancouver, where new construction cannot keep pace with growing demand. And, the elevated cost of construction materials and labour are adding additional pressure on builders,” said Soper. “What’s more, with ultra-low vacancy rates, the rental market is not the escape route many would-be buyers hope it could be, with monthly lease rates on the rise from coast to coast.”

Competing public policy objectives In the federal government’s Fall Economic Statement released last month, billions of dollars were committed and reaffirmed towards increased levels of new housing construction. This includes favourable loan agreements and tax benefits for developers of purpose-built rental buildings and public housing projects, as well as financial assistance for municipalities to crack down on short-term rentals in an effort to push more supply onto the resale market in urban centres.4

“It is encouraging to see policy makers tackling Canada’s housing affordability issues and supply shortfall, yet there remains a large accessibility gap for first-time buyers and middle-income earners. Those that have salaries or wages that have not kept up with the cost of living find it difficult to achieve the dream of home ownership. Thankfully, many have received financial help from family or friends, yet this is not something Canadians should have to rely upon,” said Soper. “With competing policy objectives – record-high immigration to combat labour shortages, for example – I see little hope that housing construction will meet that need this decade. The demand/supply imbalance will put further upward pressure on home prices.

“While uncomfortably expensive housing in our major markets is inevitable, it is imperative that governments adopt quick and extraordinary measures to mitigate affordability challenges and address the housing supply crisis,” concluded Soper.

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

MARKET SUMMARIES Greater Toronto Area In the Greater Toronto Area, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 6.0 per cent year over year to $1,198,012. During the same period, the median price of a single-family detached property is expected to rise 7.0 per cent to $1,481,950, while the median price of a condominium is forecast to increase 5.0 per cent to $754,845.

“There is a lot of uncertainty surrounding Canada’s economy and the real estate market these days, and that is especially true in the major centres like Toronto. What is certain is that Canadians need housing, they value home ownership and most are willing to prioritize buying a home over just about anything else,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “We know there are still buyers on the sidelines waiting for interest rates to come down. What is unclear is how many can afford to jump back into the market at the first sign of a reduction, and how many truly cannot afford to transact in this environment.”

Yolevski added that a lot of future activity will be dependent not only on reduced interest rates, but the timing of mortgage renewals. Many would-be move-up buyers who have enjoyed ultra-low rates for the past few years will be willing to make a move as their current loan terms expire. No longer bound to their current property because of the interest rate, more of these owners will put their properties on the market and begin their search for a new home.

“The GTA is Canada’s most densely-populated region and continues to be the top destination for newcomers. Despite a temporary drop in sales, there remains a huge gap in the number of homes available and those needed to satisfy demand from middle-income earners. This continues to put significant pressure on the already-tight rental market.”

Yolevski also noted that investor-owned properties, namely condominiums, could add supply to the market over the next year or two, as mortgages come up for renewal and owners choose to sell rather than renew at a higher rate.

“If tenanted properties are not producing positive cash-flow, investors may choose to sell rather than renew their mortgages in this higher-cost borrowing environment. This, in addition to new legislation that incentivizes the development of purpose-built rental properties, could add some much-needed inventory to the entry-level market,” said Yolevski. “It will not be enough, however, to put downward pressure on prices.”

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

Greater Montreal Area In the Greater Montreal Area, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 5.0 per cent year over year to $610,260. During the same period, the median price of a single-family detached property is expected to rise 4.5 per cent to $684,998, while the median price of a condominium is forecast to increase 6.0 per cent to $471,912.

“The real estate crystal ball prediction will be made up of many factors in 2024, but the thing to remember is that the reduction in inflation closer to the target rate will not have been enough to curb the increase in real estate prices for very long, due to a chronic lack of supply,” said Dominic St-Pierre, vice-president and general manager, Royal LePage, Quebec region. “Housing is an essential need, and the still-critical shortage of units required to meet demand and population growth is destined to persist, as long as investments by all levels of government fail to materialize in the urban landscape. However, even if interest rates are expected to start dipping next year, consumers will have to adapt to a new reality, as the days of ultra-low rates are over. In the short term, this should keep property price increases in check while households adjust their purchasing behaviours.”

In its fall economic update, the Quebec government pledged $1.8 billion over five years to improve access to housing in the province.5 This investment will include actions to accelerate the construction of affordable housing, as well as assistance to municipalities in the form of increased flexibility in urban planning bylaws, measures to facilitate the construction of secondary suites, and support for the training of the construction workforce.

“We welcome any initiative aimed at reducing the gap between supply and demand, and applaud the creativity of the various levels of government in multiplying solutions,” said St-Pierre. “However, the challenge is massive, since Quebec requires the addition of more than 1.2 million units by the end of the decade in order to regain some semblance of affordability.”

What’s more, Montreal is the Canadian city where housing starts fell the most in the first six months of 2023, a 26-year record, and the prognosis for 2024 is not optimal.6 Rising borrowing costs have taken a heavy toll on builders’ and developers’ portfolios over the past year. For this reason, it is expected that when interest rates start to decline, the pent-up demand will unleash on the condominium segment in the Greater Montreal Area, which will see an appreciation rate slightly higher than that of single-family homes.

“In addition to condominiums, the market for single-family homes priced at $1 million and higher should also see an upturn as expectations of lower interest rates materialize,” said Marc Lefrançois, chartered real estate broker, Royal LePage Tendance in Montreal. “For this category of buyers, moving from one property to another is often not an immediate necessity. Many have therefore preferred to wait in order to take advantage of more favourable financing conditions, but could return to the market quickly when the central bank announces the start of a downward cycle in interest rates.”

Economic conditions in the province were heavily weighed down at the end of the year by the outbreak of strikes in the public sector, as well as numerous layoffs across a myriad of industries, which could influence consumer confidence regarding large purchases such as a property in 2024, despite a widely expected drop in interest rates.

“Savings accumulated by households during the pandemic have begun to run out, keeping pace with inflation and interest rate hikes over the past 21 months,” noted St-Pierre. “Quebec households have a high level of debt, and despite signs of relief in borrowing costs on the horizon, their purchasing power will remain limited. The downward adjustment of the Bank of Canada’s overnight rate, even by a quarter per cent, could send a strong message to consumers about future economic conditions. The pace at which interest rates rebalance will also play a big part in the equation,” he continued.

St-Pierre added, “The start of 2024 could see the Greater Montreal Area’s real estate market get off to a slow start, following a similar trend to the last quarter of 2023. But, we expect the recovery to get underway quickly once interest rates start to fall. Next year is likely to be more active than 2023 in terms of property sales,” he concluded.

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

Greater Vancouver In Greater Vancouver, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $1,281,732. During the same period, the median price of a single-family detached property is expected to rise 2.5 per cent to $1,778,785, while the median price of a condominium is forecast to increase 4.0 per cent to $795,808.

“Activity has slowed in recent months allowing some inventory to build, as buyers hold out for a deal or for interest rates to drop, and sellers continue to expect 2021 values for their homes. While this has resulted in a market slowdown, Greater Vancouver could see a brisk spring if interest rates remain steady or dip even a little,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty. “There is still plenty of demand waiting in the wings, and a glimmer of light at the end of the tunnel could easily heat up the market again. Some buyers will rush to transact before the competition gets too tight. Others will wait for multiple rate cuts.”

Ryalls noted that while many sidelined buyers are likely to jump back into the market next year if lending rates come down, competition will not be as aggressive as it was two years ago when borrowing costs sat at record lows.

“Purchasing power has been deflated. With the rising cost of living and interest rates five or six times higher than they were a few years ago, buyers have less capacity to outbid their competitors. This will keep a lid on price appreciation, even as activity picks up,” said Ryalls. “Some banks have already begun to offer discounts on fixed-rate mortgages, incentivizing some buyers back to the table. Eventually, everyone will have to adjust to the new realities of the market.”

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

Ottawa In Ottawa, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 4.5 per cent year over year to $771,942. During the same period, the median price of a single-family detached property is expected to rise 4.0 per cent to $884,000, while the median price of condominium is forecast to increase 5.0 per cent to $407,190.

“The Ottawa market is heavily influenced by interest rates. Even if we see only a modest decrease in rates by the Bank of Canada mid-way through 2024, this move could spark a flurry of buying activity leading into our late summer and early fall market,” said Jason Ralph, broker of record, Royal LePage Team Realty. “These days, only those homeowners who must move for personal reasons are listing their homes. In many cases, those with the luxury of time are staying on the sidelines, waiting for interest rates to come down. This is creating pent-up buyer demand, especially in the always desirable single-family detached segment.”

Ralph noted that many first-time homebuyers have been renting as they wait for lower interest rates and improved purchasing power. This is creating a competitive rental market, especially as newcomers relocate to Ottawa for opportunities in the city’s thriving public service job market, adding to the already high levels of renter demand.

“Though we have returned to a more normalized market post-pandemic, we are not quite in balanced territory yet as demand continues to outweigh supply. As a result, we are expecting a brisk spring market next year,” said Ralph. “Should we see a drop in interest rates, market activity will intensify, resulting in an incline in home prices in the later months of the year and into 2025.”

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

Calgary In Calgary, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 8.0 per cent year over year to $711,612, the highest of all forecast regions. During the same period, the median price of a single-family detached property is expected to rise 6.0 per cent to $803,692, while the median price of a condominium is forecast to increase 9.5 per cent to $286,562.

“Although activity has slowed in Calgary, home prices have not dipped like they have in other cities across Canada, due to a sustained shortage of supply,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “If rates start to come down in the second half of 2024 – as they are predicted to do – it will motivate buyers to jump into the market as their borrowing power improves. Many homeowners will see their mortgages come up for renewal next year, and will be forced to take a higher interest rate. This may push some more inventory onto the market, as overleveraged borrowers downsize in an effort to get some relief from higher monthly payments.”

Lyall noted that Calgary has seen a slowdown in the number of interprovincial buyers relocating to the city compared to the past few years. However, investors from other provinces continue to look for real estate opportunities in the Prairies, driving demand in the multi-family segment.

“We expect that home prices will rise over the next year, and will outperform other major cities as Calgary’s relative affordability continues to attract buyers to the city. A shortage of supply remains a challenge, which will keep prices on an upward trajectory for the foreseeable future as buyers compete for the few homes available,” said Lyall. “Heading into the new year, I predict that we will see a slow start to the market in January and February, a similar pattern to what we saw in early 2023. Once March arrives, buyers and sellers will move off of the sidelines as a brisk spring market begins and consumer confidence strengthens.”

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

Edmonton In Edmonton, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 4.0 per cent year over year to $443,248. During the same period, the median price of a single-family detached property is expected to rise 7.0 per cent to $493,805, while the median price of a condominium is forecast to increase 2.0 per cent to $192,678.

“Next year, we expect similar activity to this year, but home values will likely increase as price appreciation falls in line with historical trends. Edmonton continues to experience a shortage of homes relative to demand, which will keep home prices trending upward in 2024. This will only be intensified by the number of residents moving into the city, searching for affordability and work opportunities,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “We continue to see a gap between buyer expectations and the reality of how far their dollar will stretch. Until they feel that they’re getting their money’s worth, some buyers will continue to wait on the sidelines, building further pent-up demand.”

Shearer noted that Edmonton home prices are largely tied to the oil and gas sector, which continues to be a major driver of employment opportunities. Edmonton has seen a surge in newcomers over the past few years, in addition to Canadians moving to Alberta from other provinces – namely Ontario and British Columbia.

“The city’s fast-growing population has put upward pressure on home prices,” said Shearer. “In recent years, the province has seen a notable surge in activity and home prices in the city of Calgary, and we believe similar trends are on the horizon for Edmonton.”

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

Halifax In Halifax, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $521,592. During the same period, the median price of a single-family detached property is expected to rise 5.0 per cent to $602,490, while the median price of a condominium is forecast to increase 1.5 per cent to $431,375.

“Looking ahead to the 2024 housing market in Halifax, we are feeling quite positive. It is likely that interest rates will be reduced mid-year, which will cause some hesitant or sidelined buyers to jump back into the market,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “Those in the rental market – who are currently paying higher-than-normal prices due to tight competition in this segment – will be especially motivated to transition into home ownership. Many move-up buyers, who have patiently been biding their time until borrowing rates improve or their mortgages come up for renewal, are also expected to re-enter the market in the new year.”

Honsberger noted that investors from Ontario and Alberta are an active buyer group in Nova Scotia. This demand is not exclusive to the investor-friendly condominium segment, but is also present in the single-family and new construction markets as well, despite the non-resident tax applicable to all transactions by out-of-province buyers.

“Though we will experience the typical seasonal slowdown in the first weeks of the new year, I expect January will still be up in terms of prices and activity compared to the same time this year. Sales are likely to begin increasing in February and March, as more inventory comes online. And, if we see one or two rate cuts in the fall, a boost of activity will follow,” said Honsberger.

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

Winnipeg In Winnipeg, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $396,447. During the same period, the median price of a single-family detached property is expected to rise 4.0 per cent to $440,232, while the median price of a condominium is forecast to increase 2.0 per cent to $263,568.

“Every year, the Winnipeg real estate market follows a similar pattern – slow through the winter months with a rise in activity in the spring, followed by a quieter summer and then a slow decline for the remainder of the year. We expect 2024 will look much like a typical year, resulting in modest price increases as consumer confidence strengthens,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “Single-family detached homes will likely see the majority of next year’s price growth, especially in the highly-sought-after $300,000 to $400,000 price range.”

Froese added that he is not overly concerned that the expected wave of upcoming mortgage renewals will force many homeowners to have to list their homes due to higher monthly costs.

“As has always been the case, Canadians value home ownership. When faced with financial strain, most people will cut back on discretionary spending and make other concessions before resorting to selling their homes,” he added. “While it may not be as strong of a seller’s market as it was two years ago, prices are anticipated to remain buoyant as buyer demand is expected to continue outweighing available home supply, even in the slower months.”

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

Regina In Regina, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $381,306. During the same period, the median price of a single-family detached property is expected to rise 4.0 per cent to $417,456, while the median price of a condominium is forecast to increase 2.5 per cent to $228,063.

“Like many cities across Canada, higher interest rates have prompted buyers to hit pause as their borrowing capacity has diminished. As a result, demand is building on the sidelines as consumers wait anxiously for borrowing costs to come down,” said Shaheen Zareh, sales representative, Royal LePage Regina Realty. “Although it is highly unlikely we will see rates as low as one or two per cent again – at least not anytime soon – I do believe some of that sidelined demand will re-enter the market once rates are cut, even if only by a small amount.”

Zareh added that rental prices have climbed in Regina as higher mortgage rates have kept would-be buyers in leased properties for longer. This has constrained rental supply and pushed prices up, making the cost of monthly rent comparable to a mortgage payment in some cases.

“Overall, supply remains constrained. I expect prices will see a modest increase in 2024, not only in the detached segment but in the condo market as well. There has been a lot of activity in the condominium segment as of late, despite the property type not being particularly popular in the region, historically. We have seen an uptick in condo sales thanks to first-time buyers who are seeking a more affordable option that will allow them to get a foot on the property ladder sooner.” said Zareh. “Many young buyers would much prefer a new condo for $200,000 over a detached fixer-upper that costs $100,000 more.”

Zareh noted that many short-term pandemic-era mortgages are expected to come up for renewal next year, which could have an impact on supply as homeowners weigh the decision to renew or sell their homes and downsize into a more financially manageable property.

About the Royal LePage Market Survey Forecast The Royal LePage Market Survey Forecast provides year-over-year and quarter-over-quarter price expectations nationally and for Canada’s nine most prominent real estate markets. Housing values are based on the Royal LePage National House Price Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Additionally, commentary on housing market trends and data on price and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.

About Royal LePage Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 670 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, which has been dedicated to supporting women’s shelters and domestic violence prevention programs for 25 years. Royal LePage is a Bridgemarq Real Estate Services Inc. company, a TSX-listed corporation trading under the symbolTSX:BRE. For more information, please visit www.royallepage.ca.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforentrepreneurs #entrepreneurship #Homes #Housing #smallbusiness

In this interview, Jaimie Boyd, National Digital Government Leader for Deloitte Canada, discusses a new report highlighting the demand for digital skills today in the workplace.

Boyd talks about the difficulties in finding talent, why it’s important for companies to adopt new technologies, the challenges and the investment in cyber security.

PRESS RELEASE

TORONTO, Nov. 14, 2023 /CNW/ – As some organizations begin to reap the benefits of the digital revolution, the disparities that threaten progress have become more apparent for others. A new report by Deloitte’s Future of Canada Centre, Digital equity: Empowering all organizations to succeed in the digital era, finds that not all Canadian organizations are equipped to seize the opportunities created by digital technologies.

The third and final digital equity report from Deloitte’s Future of Canada Centre reveals that small and medium enterprises (SMEs), Indigenous-owned and -led organizations, public sector organizations, and not-for-profit organizations, face disproportionate barriers to digital equity. Existing and emerging digital technologies carry huge potential to benefit Canadian organizations and spur economic growth, but a lack of in-house specialized technology experience to shape digital strategies or guide digital investment decisions, digital skills shortages in the labour market, and a constantly evolving regulatory and cyberthreat environment, interfere with these organizations’ ability catch up, keep up or thrive in a digital era.

“Our people are the lifeblood of a resilient economy, and we must first identify, then work to eliminate barriers and ensure they have the skills needed for the future,” says Anthony Viel, CEO, Deloitte Canada. “Thriving organizations create the foundation for thriving people, communities, and societies. The current convergence of cutting-edge technologies underpins a future of possibilities, promising enhanced efficiency, growth, and innovation for all Canadians, and organizations of all sizes across the country. If we act now, Canada’s future can be bright, with outcomes for government, business, and people.”

Deloitte’s new report, which is based on original research including a survey of 804 Canadian senior business leaders, examines the ongoing challenges organizations face across three pillars—access, participation, and ecosystem. The report makes practical and actionable recommendations for leaders of organizations and policymakers on how to work together to ensure a more equitable future.

Some of the survey findings include: Two-thirds (67%) of survey respondents describe the cost of software licences and subscriptions as somewhat or very challenging, with one in four (25%) describing it as a great challenge. 56 per cent say choosing between competing software vendors or cloud service providers is somewhat or very challenging. A majority (58%) of survey respondents say uncertainty about which technologies would be most beneficial to the organization is somewhat or very challenging. 67 per cent of organizations with over 10 employees say hiring digitally skilled workers is somewhat or very challenging, which rises to 70 per cent for medium (100-499 employees) and large organizations (500 employees or more). 59 per cent of organizations permit employees to use personal mobile devices for work, while almost a third (32%) permit employees to use personal computers or laptops for work – increasing attack surface for cybercriminals. Meanwhile, 20 per cent of Canadian business leaders surveyed say their organization has not invested in any cybersecurity software or applications. “Organizations open to investing in new ways of working, upskilling, and training employees, will be a part of the movement toward an inclusive digital future” says Jaimie Boyd, National Digital Government Leader at Deloitte Canada. “We hope organizational leaders and policymakers can use our recommendations to address the barriers Canadian organizations are facing and pave the way to a more inclusive digital future for individuals and organizations alike—because we’re not there yet.”

Some of the recommendations from the report include: Connect every organization with the right digital tools By creating a digital investment strategy clearly linking digital investments to business objectives, employers can participate in the digital economy as they see fit. Attending conferences, trade shows, summits, and seminars will help employers address knowledge gaps around digital solutions and keep them on the pulse of what digital tools are available in the marketplace. Participating in peer networks and industry groups, are ways for leaders to learn from one another and share best practices. Ensure organizations have the skills to thrive in the digital economy Organizations, especially smaller ones and non-profits, that are facing challenges finding and retaining digital talent need to think strategically about their talent value proposition and how it can speak better to digital and tech talent – including by being purpose/mission-forward. Employers can leverage massive open online courses (MOOCs) for on-demand learning paired with informal learning experiences (e.g., lunch-and-learns, mentorships, work-shadowing arrangements) to round out a low-cost upskilling program. Participating in industry advisory groups and working with partners to create industry training hubs are ways organizations can catch up, keep up, or thrive in the digital era. Build a secure and inclusive digital ecosystem Government policy decisions that mandate tech-enablement (such as e-invoicing and open banking), can be real force multipliers for digital adoption, and specifically accelerate small business tech adoption. By designating data protection and privacy champions and educating the workforce on data protection and related vendor management practices, employers can ensure the organization is staying abreast of the latest in the regulatory environment. Click here to read the full report.

About Deloitte Canada Deloitte provides audit and assurance, consulting, financial advisory, risk advisory, tax, and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and service to address clients’ most complex business challenges. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Our global Purpose is making an impact that matters. At Deloitte Canada, that translates into building a better future by accelerating and expanding access to knowledge. We believe we can achieve this Purpose by living our shared values to lead the way, serve with integrity, take care of each other, foster inclusion, and collaborate for measurable impact.

To learn more about Deloitte’s approximately 330,000 professionals, over 11,000 of whom are part of the Canadian firm, please connect with us on LinkedIn, Twitter, Instagram, or Facebook.

About The Future of Canada Centre Deloitte Canada’s Future of Canada Centre facilitates an exploration of new ideas, viewpoints, and insights about our country’s most important national issues, with the aim of helping propel Canada into a new age of growth and competitiveness. It houses a team of Deloitte’s most innovative thinkers and experienced leaders, who conduct original research in their respective fields.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneurs #digital #entrepreneurs# entrepreneurship #smallbusiness

Traci Bateman's journey into wellness began at the age of 14, following the loss of her mother to breast cancer. This experience sparked a lifelong passion for living fully and helping others do the same. Traci pursued a degree in Economics from the University of Calgary, later studying Interior Architecture and Design at the Academy of Art University in San Francisco. She has since become a certified Health and Life Coach, as well as a certified menopause coach.

Traci’s approach to life is driven by the belief in living fully, loving deeply, and embracing change. She has rebranded herself multiple times, from owning businesses in marketing and interior design to founding Bliss MediSpa & Integrated Wellness in 2012, a resort-style spa that combines wellness with rejuvenation. Her career is marked by a commitment to helping others achieve their best selves through her extensive knowledge, personal experiences, and ability to connect deeply with those she supports.

Traci’s work is rooted in a lifelong pursuit of healing the mind, body, and soul. Her journey has equipped her with the tools and insights to guide others toward a life of balance, fulfillment, and well-being.

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In this interview, Corinne Pohlmann, Executive Vice-President of Advocacy of the Canadian Federation of Independent Business, discusses the big challenges small businesses continue to face in Canada.

Pohlmann talks about the looming repayment deadline for the Canada Emergency Business Account as well as the increases in employers’ payrolls with hikes for Canada Pension Plan and Employment Insurance.

NEWS RELEASE

No cost relief in sight for Canadians and small businesses as government hikes CPP and EI yet again

Toronto, January 4, 2024 – As of Jan. 1, Canadians will be seeing a drop in their take-home income, while employers will face another increase to their payroll budgets due to Employment Insurance (EI) hikes and adding a second earnings limit to Canada Pension Plan (CPP) thereby hiking CPP, says the Canadian Federation of Independent Business (CFIB).

These latest hikes increased payroll taxes for employers by up to $366 per employee, and up to $348 for workers. This year, total employer contributions for CPP and EI alone could amount to $5,524 per employee.

“That’s a significant increase in the cost of labour for employers and puts them in an even tougher position, especially when many employees will be looking for a salary increase at the beginning of the year. Business owners may be forced to rethink their wage and hiring plans for 2024. And that is over and above other cost pressures small businesses are dealing with right now, such as the looming Canada Emergency Business Account repayment deadline,” said Corinne Pohlmann, Executive Vice-President of Advocacy at CFIB.

Heading into 2024, most small businesses (77%) want governments to focus on addressing rising prices and the cost of doing business, while another 74% want governments to reduce the overall tax burden, according to a recent CFIB survey. If governments reduced the overall tax burden, over half (57%) of small businesses said they would increase employee compensation such as wages and benefits.

CFIB is calling on Ottawa to work with the provinces to offset the CPP hikes, implement a 50:50 split in EI premiums between employers and employees, or introduce a refundable credit, similar to the 2015-16 Small Business Job Credit, to offset the rate increases for small businesses.

With the carbon tax set to increase to $80 per tonne on April 1, the federal government should overhaul the entire carbon tax system by halting future carbon tax increases, immediately returning all promised funds to small businesses that paid into the tax and expanding the carbon tax exemption to all forms of heating fuels, including natural gas and other sources used by small business.

“Ottawa is sitting on $2.5 billion in carbon tax revenue that it promised to return to small businesses, at the same time it’s providing large subsidies to multinational corporations, while small businesses and Canadians are struggling with the increased costs of living. Is this where government priorities lie?” Pohlmann said. “Ottawa must wake up and realize the impacts its recent decisions on CEBA and rate hikes will have on small businesses’ ability to continue to operate, much less compete.”

Methodology:

Final results for the Your Voice – December 2023 survey, conducted from December 7-19, 2023, number of respondents = 2,966. For comparison purposes, a probability sample with the same number of respondents would have a margin of error of at most +/-1.8%, 19 times out of 20.

Final results for the Your Voice – November 2023 survey. The online survey was conducted November 2-20, 2023, number of respondents = 3,265. For comparison purposes, a probability samples with the same number of respondents would have a margin of error of +/-1.7%, 19 times out of 20.

About CFIB

The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 97,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.

Mario Toneguzzi

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.

#business #CanadasNumberOnePodcastforEntrepreneurs #CFIB #entrepreneurs #entrepreneurship #smallbusiness

In this interview, Tim Sanderson, Executive Vice President, Retail, for JLL Canada, discusses the real estate firm’s latest holiday shopping survey.

Sanderson talks about how 39% of Canadians are looking for ways to save money this year, what retailers will benefit from that, and the preference of in-store shopping.

PRESS RELEASE

TORONTO, November 22, 2023— JLL released today the Canada Holiday Shopping Survey Report 2023, highlighting the preferences and behaviours of holiday shoppers across Canada.

The report indicates that 39% of Canadian holiday shoppers prioritize saving money, while the remaining 61% expand their holiday budget to make the season more fulfilling for their loved ones. Despite inflation concerns, shoppers’ average holiday budgets increased by 16% from last year, with Canadians planning to spend an average of $1,049.00 on holiday related experiences, gifts, and merchandise combined in 2023.

Clothing, shoes, and gift cards are the top choices for holiday gifts, with shoppers planning to visit a total of five stores and purchase seven different gifts on average. Moreover, the report reveals that shopping centers, restaurants, food courts, and movie theaters are the most sought-after destinations for holiday experiences.

Shopping centres dominate as the preferred method of shopping, with 95% of holiday shoppers planning to visit them, an average of three times. Dining out at restaurants is also highly popular, with 93% of shoppers planning to eat out two or more times during the holiday season.

As more shoppers plan to eat and/or drink in shopping centres, average dwell time continues to increase, reaching an average of 65 minutes this year. In 2021, average dwell time was 50 minutes. With fewer shoppers concerned about health and safety, short trips have become less popular. Half of shoppers plan to stay at a shopping centre between 30 and 90 minutes.

The report indicates a preference for physical stores over online shopping, with big box and discount stores remaining highly popular among shoppers. However, deal-hunters tend to favor e-commerce platforms, with Amazon topping the list of preferred retailers in Canada.

In terms of social media use for shopping decisions, YouTube, Facebook, and Instagram are the most popular platforms among Canadian shoppers.

“A significant change in 2023 is the prioritization of emotional connection with loved ones through gifts and experiences,” said Tim Sanderson, Executive Vice President, Retail, JLL Canada. “Despite economic uncertainty, many will spend 30% of their budget on experience such as dining, recreation and travel.”

Methodology

The report surveyed 1,000 online respondents throughout Canada across gender, age, ethnicity, education, income, marital status, number of children, employment status, career, and province. The survey was conducted in English on October 24-25, 2023.

To access the full Canada Holiday Shopping Survey Report 2023 and learn more about the findings, please visit jll.ca.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Mario Toneguzzi

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list

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Emily Hosie has a track record of effecting industry-shifting growth and success in the retail space through her tenure at fashion powerhouses, TJ Maxx, Saks Fifth Avenue, Saks Off Fifth, and Holt Renfrew. A dynamic millennial mom, Emily recognized a huge void in the baby gear retail market that was ripe for innovation, within a legacy industry in need of an update. Her solution for the industry was Rebelstork – a certified B Corp and purpose-driven company dedicated to creating a marketplace that connects brands and retailers to parents across North America. Her innovative AI-powered ecosystem enables frictionless movement of overstock, open box (store returns), and quality used baby gear between buyers and sellers. In four short years, Emily has brought her vision of a re-commerce and circular economy to life across two countries. To date, Rebelstork has saved over 180,000 pieces of baby gear from ending up in landfills and instead into the homes of parents across North America at a fraction of the original retail price.

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