Canada’s Best Places for Business 2016

Okotoks, Alta.

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Population: 30,267
Annualized population growth (%) 3.63
Avg. household income ($): 119,243
Total value of building permits issued, most recent year ($): 82,048,402
Avg. office lease rate ($ psf/yr): N/A
Corporate income tax rate (%): 27.0
City website: www.okotoks.ca

Market

Pop. within 1 hr commuting distance: 1,538,971
Adults who have completed apprenticeship, trades certificate or diploma (%): 11.24
Adults who have completed university degree (%): 19.65
Adults who have completed bachelor''s degree (%): 76.1
Unemployment rate, most recent month (%): 7.72

Costs

Avg. home price ($): 488,432
Avg. retail lease rate ($ psf/yr): 32.72
Avg. industrial lease rate ($psf/yr): 23.95
Avg. general lease rate ($psf/yr): 29.91
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): 1.063000
Industrial property tax rate (% of assessed value): 1.063000
Small business income tax rate, if different (%): 13.5
Sales tax (%): 5
Special regulations or zoning: Oktoks’s Heritage Mixed Use District on Elma Street allows home-based and storefront businesses to operate together on a character street with century old homes, mature trees and pedestrians. The municipality also holds preliminary development permit meetings free of charge to help businesses overcome major hurdles upfront

Other

Largest employers: Foothills School Division; Christ the Redeemer Catholic Schools; Walmart Canada
Leading industries: Retail; Service; Construction
Value of capital projects >$5 million planned or under construction ($ million): 32,154,717
Special amenities: Okotoks has 79 kilometres of trails through the Sheep River Valley, in addition to Crescent Point Regional Indoor Fieldhouse and Seaman Stadium Complex, home to the Okotoks Dawks baseball team. The city is home to a campus of Bow Valley College and Drake Landing Solar Community, a master-planned community focused on renewable energy.
Special economic development initiatives: Okotoks is part of the Calgary Region Foreign Trade Zone, which provides services and fee reductions for foreign exporters. It hosts the Foothills Business Incubator, which has graduated 22 companies since 2009.