Canada’s Best Places for Business 2016

New Westminster, B.C.

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Population: 72,449
Annualized population growth (%) 1.36
Avg. household income ($): 76,343
Total value of building permits issued, most recent year ($): 249,036,000
Avg. office lease rate ($ psf/yr): 30.11
Corporate income tax rate (%): 26.0
City website: www.newwestcity.ca

Market

Pop. within 1 hr commuting distance: 2,711,632
Adults who have completed apprenticeship, trades certificate or diploma (%): 9.29
Adults who have completed university degree (%): 28.79
Adults who have completed bachelor''s degree (%): 64.41
Unemployment rate, most recent month (%): 6.16

Costs

Avg. home price ($): 426,518
Avg. retail lease rate ($ psf/yr): 39.06
Avg. industrial lease rate ($psf/yr): 15.16
Avg. general lease rate ($psf/yr): 29.18
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: More than 3 weeks
Non-residential property tax rate (% of assessed value): N/A
Commercial property tax rate (% of assessed value): 1.234260
Industrial property tax rate (% of assessed value): 1.675500
Small business income tax rate, if different (%): 13.0
Sales tax (%): 12
Special regulations or zoning: N/A

Other

Largest employers: Royal Columbian Hospital; Douglas College; TransLink
Leading industries: RetailHealth CareTechnology
Value of capital projects >$5 million planned or under construction ($ million): 150,000,000
Special amenities: New Westminster is home to the Lacrosse Hall of Fame and boasts a riverfront park system.
Special economic development initiatives: New Westminster has implemented BridgeNet, a city-wide fiber-optic network that will allow internet service providers and telecommunications providers to re-sell high-speed (1Gbps) Internet services.