Canada’s Best Places for Business 2016

St. John's, N.L.

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Population: 209,555
Annualized population growth (%) 0.73
Avg. household income ($): 88,185
Total value of building permits issued, most recent year ($): 237,000,000
Avg. office lease rate ($ psf/yr): 33.40
Corporate income tax rate (%): 30.0
City website: www.stjohns.ca

Market

Pop. within 1 hr commuting distance: 228,437
Adults who have completed apprenticeship, trades certificate or diploma (%): 10.47
Adults who have completed university degree (%): 24.76
Adults who have completed bachelor''s degree (%): 64.29
Unemployment rate, most recent month (%): 8.86

Costs

Avg. home price ($): 396,755
Avg. retail lease rate ($ psf/yr): 33.00
Avg. industrial lease rate ($psf/yr): N/A
Avg. general lease rate ($psf/yr): 33.40
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.1053
Peak electricity cost for mid-size industrial business ($/kWh): 0.1053

Taxes & Regulation

Business license cost ($): $0 to $49
Avg. processing time for building permit, most recent calendar year: Less than 2 weeks
Non-residential property tax rate (% of assessed value): 2.520000
Commercial property tax rate (% of assessed value): N/A
Industrial property tax rate (% of assessed value): N/A
Small business income tax rate, if different (%): 13.5
Sales tax (%): 13
Special regulations or zoning: St. John's downtown heritage zones require approval for any changes to the outside visual appearance of a property prior to the release of development permits

Other

Largest employers: Eastern Health; Government of Newfoundland and Labrador; Memorial University
Leading industries: Service; Health Care; Government
Value of capital projects >$5 million planned or under construction ($ million): 506,500,000
Special amenities: St. John’s was recognized by National Geographic as one of the world’s “best adventure destinations.” The city is connected by 120 kilometres of the Grand Concourse trail and boasts two national historic sites: Signal Hill, and Cape Spear, Canada’s easternmost point.
Special economic development initiatives: St. John’s redeveloped a former fishing village, Quidi Vidi Village, into an arts and crafts business incubator.