Canada’s Best Places for Business 2016

London, Ont.

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Population: 509,605
Annualized population growth (%) 0.81
Avg. household income ($): 83,042
Total value of building permits issued, most recent year ($): 711,630,000
Avg. office lease rate ($ psf/yr): 22.56
Corporate income tax rate (%): 26.5
City website: www.london.ca

Market

Pop. within 1 hr commuting distance: 705,711
Adults who have completed apprenticeship, trades certificate or diploma (%): 7.13
Adults who have completed university degree (%): 23.51
Adults who have completed bachelor''s degree (%): 59.41
Unemployment rate, most recent month (%): 6.17

Costs

Avg. home price ($): 298,215
Avg. retail lease rate ($ psf/yr): 22.11
Avg. industrial lease rate ($psf/yr): 7.32
Avg. general lease rate ($psf/yr): 19.19
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.1800
Peak electricity cost for mid-size industrial business ($/kWh): 0.6100

Taxes & Regulation

Business license cost ($): $200 to $499
Avg. processing time for building permit, most recent calendar year: Less than 3 weeks
Non-residential property tax rate (% of assessed value): 2.290490
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 (%): 13
Special regulations or zoning: N/A

Other

Largest employers: London Health Sciences Centre; Thames Valley District School Board; St. Joseph’s Health Care London
Leading industries: Manufacturing; Service; Health Care
Value of capital projects >$5 million planned or under construction ($ million): 121,920,000
Special amenities: London has 40 parks and more than 100 kilometres of trails. The city hosts TD Canada Sunfest, the country’s second-largest outdoor festival, annual at central Victoria Park.
Special economic development initiatives: London has introduced a two-year pilot project providing grants of up to $20,000 per building to drive fiber optic data connections for startups and medium-sized companies.