Canada’s Best Places for Business 2016

Vaughan, Ont.

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Population: 322,525
Annualized population growth (%) 1.68
Avg. household income ($): 120,631
Total value of building permits issued, most recent year ($): 1,405,000,000
Avg. office lease rate ($ psf/yr): 26.26
Corporate income tax rate (%): 26.5
City website: www.vaughan.ca

Market

Pop. within 1 hr commuting distance: 7,117,409
Adults who have completed apprenticeship, trades certificate or diploma (%): 6.05
Adults who have completed university degree (%): 30.78
Adults who have completed bachelor''s degree (%): 61.29
Unemployment rate, most recent month (%): 5.75

Costs

Avg. home price ($): 780,587
Avg. retail lease rate ($ psf/yr): 34.11
Avg. industrial lease rate ($psf/yr): 9.13
Avg. general lease rate ($psf/yr): 18.33
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.1800
Peak electricity cost for mid-size industrial business ($/kWh): 0.1800

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): 1.730000
Industrial property tax rate (% of assessed value): 0.020300
Small business income tax rate, if different (%): 15.0
Sales tax (%): 13
Special regulations or zoning: Vaughan's Community Improvement Plan (CIP) encourages development of major office space in the Vaughan Metropolitan Centre (VMC) at Weston Road and Highway 7. The CIP offers financial incentives for companies to build office space that are valid until November 17, 2020, or when total projects equal 139,500 sq.m.

Other

Largest employers: Magna International Inc.; United Parcel Service (UPS) Canada Ltd.; Canadian National Railway Company
Leading industries: Manufacturing; Retail; Construction
Value of capital projects >$5 million planned or under construction ($ million): 294,967,296
Special amenities: Vaughan is home to Canada’s Wonderland, the McMichael Canadian Art Collection, and the Living City Campus at Kortright Centre, a sustainability technnology research facility.
Special economic development initiatives: Vaughan hosts SciNet, Canada’s largest supercomputing centre, location of Blue Gene Q, the country’s fastest supercomputer. The city is home to the Vaughan International Commercialization Centre, which assists importers and exporters.