Canada’s Best Places for Business 2016

Kitchener, Ont.

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Population: 242,009
Annualized population growth (%) 1.33
Avg. household income ($): 81,680
Total value of building permits issued, most recent year ($): 565,080,516
Avg. office lease rate ($ psf/yr): 42.09
Corporate income tax rate (%): 26.5
City website: www.kitchener.ca

Market

Pop. within 1 hr commuting distance: 2,916,619
Adults who have completed apprenticeship, trades certificate or diploma (%): 7.46
Adults who have completed university degree (%): 21.97
Adults who have completed bachelor''s degree (%): 63.64
Unemployment rate, most recent month (%): 5.14

Costs

Avg. home price ($): 343,839
Avg. retail lease rate ($ psf/yr): 26.12
Avg. industrial lease rate ($psf/yr): 9.20
Avg. general lease rate ($psf/yr): 31.59
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.4047
Peak electricity cost for mid-size industrial business ($/kWh): 0.4047

Taxes & Regulation

Business license cost ($): More than $500
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): 3.312973
Industrial property tax rate (% of assessed value): 3.412973
Small business income tax rate, if different (%): 15.0
Sales tax (%): 13
Special regulations or zoning: N/A

Other

Largest employers: Manulife Financial; Christie Digital; Desire2Learn
Leading industries: Manufacturing; Finance; Technology
Value of capital projects >$5 million planned or under construction ($ million): 500,000,000
Special amenities: Kitchener hosts an annual Oktoberfest celebration, and is home to the Centre in the Square performing arts centre. Recreational facilities include the Kitchener Auditorium and Chicopee Ski Hill.
Special economic development initiatives: Kitchener hosts the Communitech Hub incubator, along with the University of Waterloo’s Velocity Garage and Velocity Foundry. It is home ot he University of Waterloo School of Pharmacy and a satellite campus of Wilfrid Laurier University.