Canada’s Best Places for Business 2016

Sherbrooke, Que.

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Population: 215,632
Annualized population growth (%) 1.06
Avg. household income ($): 65,074
Total value of building permits issued, most recent year ($): 311,456,031
Avg. office lease rate ($ psf/yr): 21.27
Corporate income tax rate (%): 26.9
City website: www.ville.sherbrooke.qc.ca

Market

Pop. within 1 hr commuting distance: 461,776
Adults who have completed apprenticeship, trades certificate or diploma (%): 16.87
Adults who have completed university degree (%): 22.07
Adults who have completed bachelor''s degree (%): 58.8
Unemployment rate, most recent month (%): 5.96

Costs

Avg. home price ($): 240,952
Avg. retail lease rate ($ psf/yr): N/A
Avg. industrial lease rate ($psf/yr): N/A
Avg. general lease rate ($psf/yr): N/A
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.0493
Peak electricity cost for mid-size industrial business ($/kWh): 0.0493

Taxes & Regulation

Business license cost ($): No fee
Avg. processing time for building permit, most recent calendar year: Less than 2 weeks
Non-residential property tax rate (% of assessed value): N/A
Commercial property tax rate (% of assessed value): 2.068800
Industrial property tax rate (% of assessed value): 2.573400
Small business income tax rate, if different (%): 18.5
Sales tax (%): 14.975
Special regulations or zoning: Sherbrooke has six industrial and technological parks, and three science parks that provide industrial or scientific serviced land at a flat rate of $1/sq.ft.

Other

Largest employers: Regional Integrated Health and Social Care Center; University of Sherbrooke; Sherbrooke's School Board
Leading industries: Manufacturing; Retail; Health Care
Value of capital projects >$5 million planned or under construction ($ million): 70,000,000
Special amenities: Sherbrooke is home to many recreational and cultural facilities, having hosted the 2013 Canada Games. It boasts a completely bilingual education system and is home ot two universities, four colleges and a teaching hospital.
Special economic development initiatives: Sherbrooke appeared on KPMG’s 2016 ranking of communities with the lowest business costs in North America. It emphasizes five high-tech clusters: life sciences; cleantech; micro- and nanotechnologies; advanced manufacturing; and information and communications technology. Sherbrooke promotes a “Soft Landing Program” to attract international businesses.