investment profile, english
DESCRIPTION
Business and Investment Profile, 2011 editionTRANSCRIPT
business and investment Profile
Vaughan.Open for Business.
Contents
2 members of the Council
3 How does vaughan measure up?
4 a Growth Centre
5 Connected
6 leader in Construction activity
7 robust & diverse economy
8 Well-trained & multi-linguistic labour force
9 low Cost business location
10 Cost Competitive Position
11 infrastructure investments
12 large and Competitive employment lands
13 strategic location: vaughan enterprise Zone
14 strong & stable real estate
15-18 the future downtown: vaughan metropolitan Centre
19 accelerating innovation
20 destination of Choice
1
2
Vaughan is the Magnet for Business Growth and Prosperity
Members of the Council 2010-2014
the City of vaughan is a world-class City and as you will discover is the gateway for business, goods and services. We have a vibrant and prosperous business community because we understand what businesses need. We encourage innovation and opportunity with the knowledge that the world has changed and is truly a global marketplace. vaughan has the advantage of being the gateway for economic activity in the Greater toronto area.
With a strong economic foundation, vaughan is linked to the world by extensive road, rail, air, and telecommunications networks. the City’s strength is clearly demonstrated through all it has to offer – one of the lowest commercial and industrial tax rates in the Gta, close proximity to world class research institutions, safe neighbourhoods, mixed housing choices, parks and abundant green spaces – in short, a vibrant and progressive quality of life for our businesses and residents.
We have a thriving business community that includes small entrepreneurial enterprises and multinational corporations. our proudest achievements lie in our growing and diverse economy that will enable vaughan to make the most of its investment potential for years to come.
regional Councillor
Gino Rosati
regional Councillor
Michael Di Biase
regional Councillor
Deb Schulte
Councillor Ward 1
Marilyn Iafrate
Councillor Ward 2
Tony Carella
Councillor Ward 3
Rosanna DeFrancesca
Councillor Ward 5
Alan Shefman
Councillor Ward 4
Sandra Yeung Racco
mayor
Maurizio Bevilacqua
• located in the economic engine of Canada, the Greater toronto area (Gta), vaughan has access to a labour force of more than 3.2 million
• a business-friendly jurisdiction with the second lowest industrial property taxes in the Gta
• it’s Canada’s continental gateway and distribution hub: Cn’s largest classification yards and CP’s largest inter-modal terminal are located in vaughan
• World markets are easily accessible: Pearson international airport, Canada’s busiest airport is 20 minutes away and our road distribution networks provide access to 135 million us consumers and 20 million Canadian consumers within one-day’s drive
• vaughan led the country as the municipality with the largest job increase over the 2001-2006 period, 22.2% growth
• vaughan is located in a region with a strong research & development focus – nine universities and eight colleges are within commuting distance
How Does Vaughan Measure Up?
Vaughan’s economy ranks as one of Canada’s top three cities, according to the 2010 Conference Board of Canada’s “City Magnets II” study.
3
A Growth Centre
• Historically, vaughan has been one of the fastest growing municipalities in Canada
• Current 2011 population of 298,000 people is expected to grow to 416,600 by 2031
• employment growth is projected to grow from 158,000+ jobs (2009) to 266,100 jobs by 2031
• Population-driven employment (i.e. retail, business and personal services) have been rising in response to the population growth experienced over the last decade
A Growth Centre
PoPulATIon & eMPloYMenT GRowTh PRojeCTIonS
In 2008, Canadian Business Magazine ranked Vaughan as the 12th best city in Canada in which to do business. Among the GTA cities on the list, Vaughan held the highest ranking.
4
200,000
249,300
150,000
100,000
300,000
250,000
350,000
400,000
2010 2015 2020 20252006 2031
450,000
296,000
160,000
416,600
266,100
159,200
Popu
latio
n an
d em
ploy
men
t
Population
employment
• Canada’s busiest airport, Pearson international airport is located on the western boundary of vaughan, within a 20-minute drive
• Continental gateway location for rail
• Provincial highway systems provide direct access to the us interstate highway system in less than 1.5 hours drive
• Port of toronto located just 30 km south of vaughan
Connected
Access to 135 million uS and 20 million Canadian consumers within a one-day drive.
DISTANCE TO SELECTED CITIES
City Kilometres miles drivinG time (Hrs)
Kitchener-Waterloo 107 66 1.25
niagara falls 146 91 1.75
buffalo 176 109 2.5
detroit 374 232 4.75
ottawa 460 286 5
Cleveland 486 302 5.75
Pittsburgh 528 328 6.2
montreal 552 343 6.2
new york City 808 502 9.25
Philadelphia 819 509 9.1
Washington dC 823 511 10.2
Chicago 842 523 9.25
boston 903 561 10
Charlotte 1,239 770 13.2
atlanta 1,536 954 16.3
memphis 1,569 975 16.5
Source: Mapquest400 km
(250
m)
800 k
m (5
00 m
)
1200 k
m (7
50 m
)
AtlanticOcean
Lake Ontario
Lake Erie
Lake Huron
Lake Michigan
Lake Superior
NY
PA
MI
OH
Cleveland
Toronto
Nashville
LouisvilleSt. Louis
Indianapolis
Charlotte
Raleigh
Washington DC
Buffalo
New York City
Philadelphia
Columbus
Detroit
Pittsburgh
Sault Ste. Marie
Thunder Bay
Ottawa
Milwaukee
Minneapolis
Des Moines
Duluth
Boston
Sudbury
Quebec
Montreal
Fredericton
DEMD
KY
ME
VT NH
MA
RICT
VA
WVIN
IL
NCTN
MO
IA
WI
NJ
Sept lles
Vaughan
ON
QC
5
• vaughan is one of the leading municipalities in Canada in terms of value of building permits on a per capita basis
• despite the economic softening, vaughan consistently places among the top ten Canadian municipalities for construction activity
2010 ToP CAnADIAn CITIeS BY BuIlDInG PeRMIT VAlue
value (’000s) # Permits
toronto $6,596,328 12,386
Calgary $2,868,306 14,902
edmonton $2,700,666 9,016
montréal $2,047,925 12,483
ottawa $1,860,645 6,469
vancouver $1,475,485 4,393
brampton $1,463,442 5,694
Wood buffalo $1,453,164 2,480
Vaughan $1,337,998 4,062
surrey $1,201,663 4,016
Source: Statistics Canada, Publication 64-001-XWF, March 2011
ConSTRuCTIon ACTIVITY In VAuGhAn 2000-2010
residential
Commerical
industrial
institutional
miscellaneous
valu
e of
bui
ldin
g Pe
rmit
s (m
illio
ns $
)
year
6
Leader in Construction Activity
• vaughan’s business base is comprised of 9,000 enterprises
• diverse economic base has allowed the City to successfully weather the national and international economic challenges
• vaughan’s economic base includes manufacturing, wholesale trade, transportation & logistics and construc-tion trades
• an innovative technology sector is emerging, with products ranging from communications, space laser instrumentation, green automotive technologies and building technologies
Robust & Diverse Economy
ToP 10 SeCToRS BY eMPloYMenT, 2010
manufacturing 24%retail trade 12%Construction 12%Wholesale trade 9%transportation & Warehousing 7%accommodation & food services 6%Professional, scientific services 5%arts, entertainment & recreation 5%educational services 3%other services 3%all others 14%
SELECTEd CORPORATE HEAdQUARTERS IN VAUGHAN
ComPany name # of emPloyees
ab sciex 490adidas Canada 120alfield industries / martinrea 305arla foods 30assa abloy Canada inc. 62bfi Canada 70bausch & lomb 107Cara operations 260Cardinal Health Canada 150Conair Consumer Products inc. 140Concord Confections inc. 450digital security Controls 320fred deeley imports ltd. 97Ganz 1,000Jones apparel Group of Canada inc. 85longos brothers 350miele ltd. 148optech 250Priszm brandz 350ruggedCom 215st. Joseph Communications 300sanyo Canada inc. 53smart!Centres 300toro aluminum 345vision Group of Companies 1,000
Source: City of Vaughan, Economic Development Department, YRES 2010Source: City of Vaughan, Economic Development Department, YRES 20107
• a diverse population with multi-linguistic capabilities, high educational attainment and skills training offers a competitive edge in business
• 80% are under the age 55; the median age is 35.9 years
• 30% have a university education compared with the provincial figure of 24%
• 20% of new residents in vaughan are immigrants
Well-Trained & Multi-Linguistic Labour Force
eDuCATIonAl ATTAInMenT lABouR FoRCe BY oCCuPATIon
8
apprenticeship, trades Certificate 7.2%
College diploma 16.5%
university diploma below 5.3% bachelor level
university degree 24.3%
no Certificate, diploma or degree 22.3%
High school Certificate 24.4% or equivalent
Source: Statistics Canada, Census 2006
Primary industry 0.7%Processing, manufacturing, utilities 6.0%management 13.2%business and finance 22.2%natural and applied science 7.8%Health 3.8%social services, education 8.6%art and Culture 2.7%sales and services 21.8%trades, transport 13.2%
Source: Statistics Canada, Census 2006
Vaughan has one of the lowest industrial and commercial taxes in the GTA:
Industrial rate: 2.457994% Commercial rate: 2.157674%
Low Cost Business Location
SELECTEd GTA INdUSTRIAL & COmmERCIAL TAx RATES
muniCiPality industrial CommerCial
Vaughan 2.457994% 2.157674%
richmond Hill 2.461500% 2.160722%
mississauga 2.749791% 2.384381%
brampton 2.998738% 2.586404%
milton 3.258323% 2.093411%
toronto 3.694019% 3.598304%
NON-RESIdENTIAL dEVELOPmENT CHARGES
City services $19.14/sq.m.
region (industrial / office) $124.66/sq.m.
region (retail) $246.17/sq.m.
education $5.60/sq.m.
Source: City of Vaughan, Finance Department Study, August 2010
Source: City of Vaughan, Finance Department, January 2011
9
• the City of vaughan continues to attract investors by making substantial investments in infrastructure and power utilities, offering competitive pricing on services to keep operating costs low and maintaining one of the lowest commercial and industrial tax rate in the Gta
• Canada is a source for some of the world’s most generous r&d tax credits with significantly more eligible costs than the us
• With the lowest health expenditures as a percentage of GdP than all G7 countries, Canada remains a desirable location for business investment
Cost Competitive Position
KPMG’s2010 Competitive Alternatives study of international business costs has confirmed that Canadian business costs are among the most competitive of the G7 countries. Business costs were five percent lower in Canada than the united States.
CoRPoRATe TAx RATeS FoR MAnuFACTuRInG – 2010
0
500
1,000
1,500
2,000
98 99 00 01 02 03 04 05 06 07 08
Pennsylvania
Ontario
Ohio
New York
Michigan
Illinois
California
Alberta
0 5 10 15 20 25 30 35 40 45
PerCentSource: Ministry of Finance,2010
10
• integrated public transit systems create accessibility to all extents of the Greater toronto area
• vaughan is well positioned with excellent highway accessibility including Highways 407, 400 and 427
• extensive transportation infrastructure investments are currently being planned, including the Highway 427 extension, two subways and bus rapidways
• excluding rapid transit improvements, york region has $1.2 billion of infrastructure to go into the ground within the next two years
• the yonge street subway extension project, extending the subway along the eastern boundary of vaughan is also in the planning stages
Infrastructure Investments
City ofVaughan
TRi
Concord
Maple
Thornhill
OakKing City
Kleinburg
Woodbridge
Nobleton
n
Kirby Road
Highw
ay 400
15th Sideroad8th Concessi
ion
King Road
Highw
ay 27
Weston R
oad
Langstaff Road
Kipling Avenue
Rutherford Road
Concession
Highway 7
Albion
Pine Valley Drive
Teston Road
Bathurst Street
Keele Street
Dufferin S
treet
Highw
ay 50
Major Mackenzie Drive West Yonge Street
Steeles Avenue West
Albion Vaughan Road
Thornhill
Bathurst Street
2 0 21 Km
.
Multi-Lane Provincial Highway
Municipal BoundaryRegional Boundary
Town or Village
Urban Area
Lake *
River *
Railway
Produced by:Roads - Capital DeliveryTransportation Services Department© Copyright, The Regional Municipality of York, December, 2007
*Includes © Queen's Printer for Ontario 2003-2008
RoadProvincial Highway
Intersection / Interchange Improvement
Roads Project Year
Under Construction2010201120122013201420152016201720182019
2 0 21 Km
.
Multi-Lane Provincial Highway
Municipal BoundaryRegional Boundary
Town or Village
Urban Area
Lake *
River *
Railway
Produced by:Roads - Capital DeliveryTransportation Services Department© Copyright, The Regional Municipality of York, December, 2007
*Includes © Queen's Printer for Ontario 2003-2008
RoadProvincial Highway
Intersection / Interchange Improvement
Roads Project Year
Under Construction2010201120122013201420152016201720182019
2 0 21 Km
.
Multi-Lane Provincial Highway
Municipal BoundaryRegional Boundary
Town or Village
Urban Area
Lake *
River *
Railway
Produced by:Roads - Capital DeliveryTransportation Services Department© Copyright, The Regional Municipality of York, December, 2007
*Includes © Queen's Printer for Ontario 2003-2008
RoadProvincial Highway
Intersection / Interchange Improvement
Roads Project Year
Under Construction2010201120122013201420152016201720182019
Source: York Region, Transportation Services Department, 2009
N
11
2010 - TEN YEAR ROADSCONSTRUCTION PROGRAM
City of VaughanAPPROVED BY COUNCIL DECEMBER 16, 2009
• one of the main reasons for vaughan’s strong employment growth is its long history of providing a large and competitive employment land supply
• the key employment areas are oriented to four transportation corridors: Highway 427 (vaughan enterprise Zone), Highway 407, Highway 400 and the Cn Concord rail yards
• vaughan will be home to 103,900 new jobs by 2031. of those, 36,400 will be office, retail or service commercial jobs
• 65% or 67,500 jobs are expected to be located on designated employment lands
CITY oF VAuGhAn eMPloYMenT AReAS
TOWNSHIP OF KING
25
02
25
2223 7
8
9
11
1015
16
1717
427
12
3
17
5STEELES AVE
NTS
Highway 427(Vaughan Enterprise Zone)
1. Highway 427 W2. Highway 427 E20. Nashville21. Elder Mills22. Huntington E23. Huntington W
Highway 407
3. West Woodbridge4. Pine Valley5. Emery Creek6. Steeles W13. Steeles E18. Steeles Campus
Highway 400
7. Weston 400 N8. Weston 4009. Vaughan 400 N11. Vaughan 40024. Weston Highlands25. Highway 400 N
Concord/CN Railway Lands
10. Jane N12. Jane S14. Keele15. Tudor W16. Tudor E17. Langsta�19. Maple
6 13 18
1214
19TESTON RD
MAJOR MACKENZIE DR
42
CNRAILYARDS
RUTHERFORD RD
LANGSTAFF RD
OOW DBRIDGE
CITY OF TORONTO
KLEINBURG
21
LANGSTAFF RD
HIGHWAY 7
4407
400
MAPLE
CONCORD
THORNHILL
Source: Hemson Consulting Ltd., Dec. 2008
12
Room to Grow: employment land Supply 2008 – 2031
occupied employment land: 6,152 net ac (2008)
Vacant employment land: 2,916 net ac (2008)
highway 400 north lands: 1,038 net ac
Total employment land: 10,106 net ac
Large and Competitive Employment Lands
• situated at the boundaries of toronto, brampton and vaughan with direct access to Highway 427 and 407
• the vaughan enterprise Zone encompasses 3,869 acres of employment land
• an environmental assessment for the extension of Highway 427 is expected to be completed by 2010, opening the enterprise Zone for further industrial and commercial developments
• Home to national head offices and international logistic centres, including for Conair/Cuisinart, Husky foods, sobeys and totalline transport. they are joined by manufacturers such as daco manufacturing, Jeld-Wen Windows and doors and Window seal
• Projected to accommodate employment for over 60,000 people
Strategic Location: Vaughan Enterprise Zone
13
• vaughan’s supply of available greenfield employment lands is the largest in the Gta
• vaughan enjoys one of the most dynamic industrial and commercial real estate environments in the Greater toronto area. demand for industrial space and land has remained strong and competitive
Strong & Stable Real Estate
The important factors attracting business to Vaughan include low taxes, an abundance of land, great quality of life and a pro-business attitude.
INdUSTRIAL REAL ESTATE STATISTICS fOR SELECTEd CITIES – Q4 2010
muniCiPalitytotal
inventory (sf)
overall vaCanCy
rate
averaGe asKinG lease
rate ($/sf)
averaGe asKinG sale PriCe ($/sf)
realty taxes ($/sf)
Vaughan 93,368,178 6.5% $5.03 $83.26 $3.21
richmond Hill 15,634,517 5.6% $4.99 $46.71 $3.54
markham 35,484,680 5.2% $5.74 $106.18 $3.45
mississauga 178,852,184 6.9% $5.06 $83.24 $3.20
brampton 96,687,515 6.6% $4.54 $80.93 $2.89
oakville 28,121,462 4.5% $5.25 $78.48 $3.01
Pickering 8,367,632 13.7% $3.62 $64.94 $3.01
Source: Cushman Wakefield LePage, Greater Toronto Industrial Report 4Q 2010
14
• vaughan metropolitan Centre is the future downtown for the City of vaughan, a regional centre and an urban growth centre for the province
• the planned downtown development is the largest devel-opment project in the City’s history offering all amenities of urban lifestyle including business offices, residences, entertainment and cultural facilities, pedestrian shop-ping areas and urban squares
The Future Downtown:Vaughan Metropolitan Centre
Artist concept
VAUGHAN mETROPOLITAN CENTRE LOCATION
Steeles Avenue West
Highway 407
Hig
hw
ay 400
Jane S
treet
Westo
n R
oad
Regional Road 7
vaughan metropolitan Centre node
vaughan metropolitan Centre valley lands
vaughan metropolitan Centre district
Source: EDA Collaborative Inc.
15
by the year 2031, the vaughan metropolitan Centre larger boundary area (approximately 179 hectares) is intended to accommodate:
• a minimum of 11,500 jobs
• 5,000 new office
• 1,500 new retail and service jobs
• a minimum of 12,000 residential units
16
Major Land Ownership:Vaughan Metropolitan Centre
Source: Vaughan Metropolitan Centre Secondary Plan, May 2010. Subject to change
BENTALL
MIDVAIL
MIRCOM
HW
Y. #
400
HW
Y. #
400
2117969ONT. INC.
ROYAL 7DEVELOPMENTSMETRUS
BENTALL
FIRSTVAUGHAN
FIRST LIBERTY
HILTONGARDENVAUGHAN
JAN
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PORTAGE PARKWAYPORTAGE PARKWAY
DOUGHTON ROAD
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TOROMONTRESIDENCEINN
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SMALL INDIVIDUALOWNERSHIP
FUTURESUBWAY TERMINAL
SMART CENTRES
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BARNES CRT.
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TO
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2117969 ONT. INC. c/o Zzen Developments Ltd.
BENTALL LP
FIRST LIBERTY
FIRST VAUGHAN INVESTMENTS
HILTON GARDEN INNTORONTO/VAUGHAN
METRUS (TERRA) PROPERTIES INC.
MIDVAIL ESTATES LTD.
MIRCOM TECHNOLOGIES LTD.
RESIDENCE INN BY MARRIOTT VAUGHAN
RIVIERA PARQUE DINING, BANQUET & CONVENTION CENTRE INC.ROYAL EMPRESS GARDENS LIMITED
SMARTCENTRES
TOROMONT INDUSTRIES LTD.
2117969 ONT. INC. c/o Zzen Developments Ltd.
BENTALL LP
FIRST LIBERTY
FIRST VAUGHAN INVESTMENT
HILTON GARDEN INNTORONTO/VAUGHAN
METRUS (TERRA) PROPERTIES INC.
MIDVAIL ESTATES LTD.
MIRCOM TECHNOLOGIES LTD.
RESIDENCE INN BY MARRIOTT VAUGHAN
RIVIERA PARQUE DINING, BANQUET & CONVENTION CENTRE INC.
ROYAL 7 DEVELOPMENTS
SMARTCENTRES
TOROMONT INDUSTRIES LTD.
17
artist’s rendering of the vaughan metropolitan Centre subway station exterior, scheduled to open in 2015.
• the planned subway terminal at Highway 7 and Jane street will link vaughan to downtown toronto and york university providing ease of movement for millions of residents, employees and visitors into vaughan
• the vaughan metropolitan Centre is supported by the $2.6 billion federal, provincial, and regional funded 8.6 km subway extension, which is scheduled for completion in 2015
• the $62 million provincially-funded rapid transit infra-structure plan along Highway 7 will connect vaughan to other regional centres in the Greater toronto area
Vaughan Metropolitan Centre,Well-Connected
SUbwAy LINES
18
• Creativity and innovation drives business growth. nine universities and eight colleges are within commuting distance of vaughan
• the toronto region has Canada’s largest concentration of world-class r&d centres
• modern medical services and healthcare are available in vaughan. in addition to the new vaughan Community Health Centre, the country’s leading medical researchers and world-class hospitals are within a 30-minute drive
• vaughan’s future hospital will be closely connected to the region’s strong medical devices sector, while providing specialized health services
Accelerating Innovation
optech: Manufacturer of world-class lidar solutions – Canada’s contribution to nASA’s Phoenix Mission to Mars.
POST-SECONdARy INSTITUTIONS CLOSE by
universities ColleGes
mcmaster university Centennial College
ontario College of art and design
Conestoga College
ryerson university durham College
university of Guelph George brown College
university of ontario institute of technology
Humber College
university of toronto mohawk College
university of Waterloo seneca College
Wilfrid laurier university sheridan institute of technology
york university
19
• vaughan offers an attractive lifestyle with safe and clean communities, a variety of housing choices, up-to-date recreational facilities, excellent schools, parks and extensive green space, as well as leisure and entertain-ment venues
• vaughan’s extensive green space includes 760 hectares of active parkland, 349 hectares of passive parkland and 300 acres of woodlots
• the City is home to some of Canada’s premier tourist attractions such as Canada’s Wonderland, the mcmichael Canadian art Collection and vaughan mills mall
Destination of Choice
COmPARATIVE HOUSING PRICES (SINGLE-fAmILy)
AVERAGE PRICES by TyPE ANd AREA
averaGe PriCe median PriCe
thornhill $787,932 $600,000
maple, Woodbridge, Kleinburg $622,216 $572,250
Greater toronto area average $454,423 $379,000
tyPe of HousemaPle,
WoodbridGe, KleinburG
tHornHill
detached house $622,216 $787,932
semi-detached house $442,216 $441,000
townhouse condos $336,200 $465,000
Condo apartments $311,814 $297,095
link house $346,475 $388,000
attached/row $408,260 $523,500
Source: Toronto Real Estate Board, February 2011
20
City of vauGHan eConomiC develoPment dePartment
2141 major mackenzie drive vaughan, ontario, Canada l6a 1t1 tel: 905-832-8585 email: [email protected]
Printed in Canada
© City of vaughan 201150%
Mixed Sources 50%FPO