After a whirlwind year for the economy of Canada, the only thing that is certain is that fundamental changes are afoot. Over the course of the past year or so, GDP growth has fallen to news lows and highs, while entire industries have shuttered and new ones have spawned in their wake.
Traditional heavyweights on the Toronto Stock Exchange are giving way to upstart new companies, as the entire composition of Canada’s economy changes. But what are some of the emerging industries that are spearheading Canada’s long-term growth? Read on to find out.
Clean Energy
It’s no secret that Canada is a global energy sector titan. The biggest contributors to Canada’s economy have often been oil and mining giants such as Enbridge, Suncor, and Teck. However, it seems that the dominance of the fossil fuel sector is slipping and may even be on track to be overtaken by Canada’s booming renewable energy sector, which has grown by a staggering 61% over the decade according to cbc.ca and now employs 218,000 more people than it did in 2010.
Online Gambling
Canada’s entertainment industry has never been a heavyweight to the national economy. However, new tech trends mean that the online gambling sector, which encompasses online games such as poker, slots, and blackjack, is fast becoming a highly profitable industry. According to the experts at thecasinoguide.ca, gambling now generates $13 billion a year in Canada, making it one of the most lucrative parts of the entire entertainment sector. As online gambling continues to grow, thanks in part to the rise in secure mobile gaming apps, expect these numbers to reach new heights.
Healthcare
Canada has always received admiration for its high-quality, universal healthcare, but did you know that Canadian health is also becoming a big global business? The Canadian health and bioscience sector is on track to export $17 billion worth of products and services per year, with the size of the sector almost doubling in a decade. Much of the growth is now being driven by dynamic Canadian tech companies such as Bausch and Advanz Pharma, which are producing billions of dollars worth of nanotechnology, medical devices, and life-saving drugs for a global market.
Cannabis
It should come as no surprise that the Canadian cannabis industry has absolutely exploded since legalization. Sales of cannabis products grew by more than 60% in 2020 alone and Forbes.com estimates that this represents around $2.6 billion in annual revenues. In addition, more than 10,000 people now work in the Canadian cannabis industry, a figure that has quadrupled just since 2018. The epicenters of the Canadian cannabis industry are Ontario and British Columbia, which are home to some of the country’s (and the world’s) major marijuana vendors, including Aphria, OrganiGram, and Canopy Growth, which collectively produce over one billion dollars in revenues.
These are the Canadian industries that are currently experienced breakneck levels of growth and contributing to a boom in job creation and tax revenues. If you want to see what the future of the Canadian economy truly looks like, then these are the sectors to keep an eye on.
FREDERICTON – New Brunswick‘s finance minister says the province recorded a surplus of $500.8 million for the fiscal year that ended in March.
Ernie Steeves says the amount — more than 10 times higher than the province’s original $40.3-million budget projection for the 2023-24 fiscal year — was largely the result of a strong economy and population growth.
The report of a big surplus comes as the province prepares for an election campaign, which will officially start on Thursday and end with a vote on Oct. 21.
Steeves says growth of the surplus was fed by revenue from the Harmonized Sales Tax and federal money, especially for health-care funding.
Progressive Conservative Premier Blaine Higgs has promised to reduce the HST by two percentage points to 13 per cent if the party is elected to govern next month.
Meanwhile, the province’s net debt, according to the audited consolidated financial statements, has dropped from $12.3 billion in 2022-23 to $11.8 billion in the most recent fiscal year.
Liberal critic René Legacy says having a stronger balance sheet does not eliminate issues in health care, housing and education.
This report by The Canadian Press was first published Sept. 16, 2024.
OTTAWA – Finance Minister Chrystia Freeland says the government is making some changes to mortgage rules to help more Canadians to purchase their first home.
She says the changes will come into force in December and better reflect the housing market.
The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
On Aug. 1 eligibility for the 30-year amortization was changed to include first-time buyers purchasing a newly-built home.
Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised five months ago.
Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.
The government touts today’s announced measures as the “boldest mortgage reforms in decades,” and it comes after a year of criticism over high housing costs.
The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.
This report by The Canadian Press was first published Sept. 16, 2024.
OTTAWA – Statistics Canada says manufacturing sales rose 1.4 per cent to $71 billion in July, helped by higher sales in the petroleum and coal and chemical product subsectors.
The increase followed a 1.7 per cent decrease in June.
The agency says sales in the petroleum and coal product subsector gained 6.7 per cent to total $8.6 billion in July as most refineries sold more, helped by higher prices and demand.
Chemical product sales rose 5.3 per cent to $5.6 billion in July, boosted by increased sales of pharmaceutical and medicine products.
Sales of wood products fell 4.8 per cent for the month to $2.9 billion, the lowest level since May 2023.
In constant dollar terms, overall manufacturing sales rose 0.9 per cent in July.
This report by The Canadian Press was first published Sept. 16, 2024.
