Canada’s Best Places for Business 2016

Parksville, B.C.

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Population: 28,870
Annualized population growth (%) 0.63
Avg. household income ($): 72,317
Total value of building permits issued, most recent year ($): 21,036,830
Avg. office lease rate ($ psf/yr): 25.68
Corporate income tax rate (%): 26.0
City website: www.parksville.ca

Market

Pop. within 1 hr commuting distance: 244,751
Adults who have completed apprenticeship, trades certificate or diploma (%): 12.36
Adults who have completed university degree (%): 20.42
Adults who have completed bachelor''s degree (%): 59.45
Unemployment rate, most recent month (%): 8.03

Costs

Avg. home price ($): 416,830
Avg. retail lease rate ($ psf/yr): 21.02
Avg. industrial lease rate ($psf/yr): 11.28
Avg. general lease rate ($psf/yr): 42.65
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.1114
Peak electricity cost for mid-size industrial business ($/kWh): 0.1114

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): 2.200000
Industrial property tax rate (% of assessed value): 1.700000
Small business income tax rate, if different (%): 13.0
Sales tax (%): 12
Special regulations or zoning: Parksville's comprehensive development zone allows developers to propose zoning to the municipal council based on their projects

Other

Largest employers: School District 69; Quality Foods; Tigh Na Mara Seaside Resort & Spa
Leading industries: Education; Health Care; Tourism; Construction
Value of capital projects >$5 million planned or under construction ($ million): 8,700,000
Special amenities: Parksville provides access to skiing within a 45 minute drive and surfing within 2 hours. It is home to the Deep Bay Marine Field Station, a Vancouver Island University research facility. The city hosts 150 events and festivals each year.
Special economic development initiatives: Parksville runs a Regional Business Walk, in which local politicians and business leaders meet with hundreds of business owners over a three-day blitz to solicit feedback and promote business development programs and services.