Canada’s Best Places for Business 2016

Oakville, Ont.

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Population: 202,299
Annualized population growth (%) 1.46
Avg. household income ($): 147,646
Total value of building permits issued, most recent year ($): 132,000,000
Avg. office lease rate ($ psf/yr): 26.78
Corporate income tax rate (%): 26.5
City website: www.oakville.ca

Market

Pop. within 1 hr commuting distance: 7,300,652
Adults who have completed apprenticeship, trades certificate or diploma (%): 4.34
Adults who have completed university degree (%): 40.29
Adults who have completed bachelor''s degree (%): 62.57
Unemployment rate, most recent month (%): 6.00

Costs

Avg. home price ($): 739,490
Avg. retail lease rate ($ psf/yr): 34.85
Avg. industrial lease rate ($psf/yr): 13.04
Avg. general lease rate ($psf/yr): 27.67
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): 0.1800

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): 1.836000
Industrial property tax rate (% of assessed value): 3.019000
Small business income tax rate, if different (%): 15.0
Sales tax (%): 13
Special regulations or zoning: Oakville has provincially-mandated urban growth areas which allow higher-density development, as well as a special policy area around the new Oakville hospital

Other

Largest employers: Ford Motor Company of Canada; Siemens Canada; UTC Aerospace Systems
Leading industries: Manufacturing; Service; Finance
Value of capital projects >$5 million planned or under construction ($ million): 21,150,000
Special amenities: Oakville offers more than 200 kilometres of trails, as well as Glen Abbey Golf Course. It is home to the main campus of Sheridan College
Special economic development initiatives: Oakville is developing a new Life Sciences & Technology District adjacent to its new hospital.