Canada’s Best Places for Business 2016

Charlottetown, P.E.I.

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Population: 69,561
Annualized population growth (%) 0.90
Avg. household income ($): 74,281
Total value of building permits issued, most recent year ($): 67,119,000
Avg. office lease rate ($ psf/yr): N/A
Corporate income tax rate (%): 31.0
City website: www.city.charlottetown.pe.ca

Market

Pop. within 1 hr commuting distance: 123,076
Adults who have completed apprenticeship, trades certificate or diploma (%): 7.78
Adults who have completed university degree (%): 29.91
Adults who have completed bachelor''s degree (%): 67.14
Unemployment rate, most recent month (%): 8.87

Costs

Avg. home price ($): 197,752
Avg. retail lease rate ($ psf/yr): 18.00
Avg. industrial lease rate ($psf/yr): N/A
Avg. general lease rate ($psf/yr): 18.00
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.1664
Peak electricity cost for mid-size industrial business ($/kWh): 0.1630

Taxes & Regulation

Business license cost ($): No fee
Avg. processing time for building permit, most recent calendar year: Less than 3 weeks
Non-residential property tax rate (% of assessed value): 2.360000
Commercial property tax rate (% of assessed value): N/A
Industrial property tax rate (% of assessed value): N/A
Small business income tax rate, if different (%): 15.0
Sales tax (%): 14
Special regulations or zoning: N/A

Other

Largest employers: Invesco; University of Prince Edward Island; Delta Hotel & Convention Centre
Leading industries: Tourism; Finance; Technology
Value of capital projects >$5 million planned or under construction ($ million): 29,500,000
Special amenities: Charlottetown is home to te Confederation Centre of the Arts, the National Research Council Institute, the Atlantic Technology Centre and the Atlantic Veterinary College. The University of P.E.I. is located in Chartlottetown.
Special economic development initiatives: Charlottetown provides tax incentives for knowledge economy businesses and redevelopment of buildings in the downtown core. The city is home to several business incubators, including the Start Up Zone and the Emergence bio-incubator initiative.