Canada’s Best Places for Business 2016

Hamilton, Ont.

scroll down
Population: 555,841
Annualized population growth (%) 0.74
Avg. household income ($): 83,179
Total value of building permits issued, most recent year ($): 1,122,126,284
Avg. office lease rate ($ psf/yr): 23.24
Corporate income tax rate (%): 26.5
City website: www.hamilton.ca

Market

Pop. within 1 hr commuting distance: 4,538,967
Adults who have completed apprenticeship, trades certificate or diploma (%): 8.25
Adults who have completed university degree (%): 21.10
Adults who have completed bachelor''s degree (%): 59.81
Unemployment rate, most recent month (%): 7.36

Costs

Avg. home price ($): 365,724
Avg. retail lease rate ($ psf/yr): 24.64
Avg. industrial lease rate ($psf/yr): 9.58
Avg. general lease rate ($psf/yr): 21.75
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): N/A
Peak electricity cost for mid-size industrial business ($/kWh): N/A

Taxes & Regulation

Business license cost ($): $50 to $199
Avg. processing time for building permit, most recent calendar year: Less than 3 weeks
Non-residential property tax rate (% of assessed value): N/A
Commercial property tax rate (% of assessed value): 3.572948
Industrial property tax rate (% of assessed value): 4.923962
Small business income tax rate, if different (%): 15.0
Sales tax (%): 13
Special regulations or zoning: N/A

Other

Largest employers: Hamilton Health Sciences; City of Hamilton; McMaster University
Leading industries: Education; Health Care; Government
Value of capital projects >$5 million planned or under construction ($ million): N/A
Special amenities: Hamilton is close to the Niagara Escarpment and provides waterfront access to Lake Ontario with Hamilton Harbour.
Special economic development initiatives: Hamilton runs the Corporate Calling program, in which business development officials meet with businessowners to gauge their needs and provide guidance on city services.