Canada’s Best Places for Business 2016

Penticton, B.C.

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Population: 41,946
Annualized population growth (%) -0.45
Avg. household income ($): 73,338
Total value of building permits issued, most recent year ($): 65,627,761
Avg. office lease rate ($ psf/yr): 12.00
Corporate income tax rate (%): 26.0
City website: www.penticton.ca

Market

Pop. within 1 hr commuting distance: 111,360
Adults who have completed apprenticeship, trades certificate or diploma (%): 13.18
Adults who have completed university degree (%): 13.73
Adults who have completed bachelor''s degree (%): 65.26
Unemployment rate, most recent month (%): 8.32

Costs

Avg. home price ($): 458,738
Avg. retail lease rate ($ psf/yr): 12.00
Avg. industrial lease rate ($psf/yr): 22.65
Avg. general lease rate ($psf/yr): 23.82
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.1409
Peak electricity cost for mid-size industrial business ($/kWh): 0.1409

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): 7.245300
Industrial property tax rate (% of assessed value): 6.913500
Small business income tax rate, if different (%): 13.0
Sales tax (%): 12
Special regulations or zoning: Pentincton's economic improvement zones offer revitalization tax exemptions supporting development, façade improvements and key business investments in its downtown and industrial areas

Other

Largest employers: Canada Revenue Agency; Valley First Credit Union Head Office; Structurlam Products
Leading industries: Manufacturing; Health Care; Tourism
Value of capital projects >$5 million planned or under construction ($ million): 480,629,285
Special amenities: Penticton is home to 160 wineries, distilleries and breweries. It hosts such annual events as Peach Fest, the Elvis Festival, Adventure Addiction Festival and the Challenge Family Triathlon.
Special economic development initiatives: Penticton provides tax exemptions of up to 10 years with its Economic Improvement Zones, in addition to reduced development fees for sustainable building. The city runs a Virtual Workers Resident Recruitment program aimed at appealing to telecommuters.