Canada’s Best Places for Business 2016

Richmond Hill, Ont.

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Population: 207,709
Annualized population growth (%) 1.63
Avg. household income ($): 108,025
Total value of building permits issued, most recent year ($): 284,096,751
Avg. office lease rate ($ psf/yr): 26.79
Corporate income tax rate (%): 26.5
City website: www.richmondhill.ca

Market

Pop. within 1 hr commuting distance: 6,829,952
Adults who have completed apprenticeship, trades certificate or diploma (%): 4.62
Adults who have completed university degree (%): 41.42
Adults who have completed bachelor''s degree (%): 62.32
Unemployment rate, most recent month (%): 5.92

Costs

Avg. home price ($): 820,709
Avg. retail lease rate ($ psf/yr): 32.21
Avg. industrial lease rate ($psf/yr): 12.84
Avg. general lease rate ($psf/yr): 28.40
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.3464
Peak electricity cost for mid-size industrial business ($/kWh): 0.0143

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): 1.729569
Industrial property tax rate (% of assessed value): 2.024554
Small business income tax rate, if different (%): 15.0
Sales tax (%): 13
Special regulations or zoning: N/A

Other

Largest employers: Mackenzie Health Hospital; Staples Canada; BMW
Leading industries: Health Care; Finance; Technology; Business Administration
Value of capital projects >$5 million planned or under construction ($ million): 246,022,674
Special amenities: N/A
Special economic development initiatives: Richmond Hill hosts two major business development events each year: the MedEdge Summit, focused on life sciences; and the Creative Symposium, aimed at the creative arts sector.