Canada’s Best Places for Business 2016

Vernon, B.C.

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Population: 61,069
Annualized population growth (%) 0.55
Avg. household income ($): 79,847
Total value of building permits issued, most recent year ($): 110,290,000
Avg. office lease rate ($ psf/yr): 15.00
Corporate income tax rate (%): 26.0
City website: www.vernon.ca

Market

Pop. within 1 hr commuting distance: 121,551
Adults who have completed apprenticeship, trades certificate or diploma (%): 12.76
Adults who have completed university degree (%): 17.77
Adults who have completed bachelor''s degree (%): 64.96
Unemployment rate, most recent month (%): 9.00

Costs

Avg. home price ($): 429,185
Avg. retail lease rate ($ psf/yr): 14.76
Avg. industrial lease rate ($psf/yr): 16.50
Avg. general lease rate ($psf/yr): 18.56
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.0860
Peak electricity cost for mid-size industrial business ($/kWh): 0.0860

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): 1.900000
Industrial property tax rate (% of assessed value): 2.300000
Small business income tax rate, if different (%): 13.0
Sales tax (%): 12
Special regulations or zoning: Vernon has created comprehensive zoning districts to accommodate unique development proposals. Multi-family zones are being reviewed to be based on FAR/FSI rather than units per acre in order to promote creative design and land efficiencies

Other

Largest employers: Interior Health; School District 22; Tolko Industries Ltd.
Leading industries: Service; Health Care; Tourism
Value of capital projects >$5 million planned or under construction ($ million): 19,200,000
Special amenities: Vernon provides access to Silver Star Mountain Resort, Predator Ridge Resort, The Rise Golf Course and more. It is home to Okanagan College.
Special economic development initiatives: Vernon is home to its own local airport and Kelowna International Airport is a 30-minute drive away. The city provides tax incentives for developments in the City Centre and Waterfront Plan areas.