Voice of Business: A Snapshot of Where Our Economy Is Headed

After talking for two years about getting back to normal, normal continues to elude us.

It’s now the seventh wave of a gradually subsiding pandemic, inflation is at 7.7 per cent and the Bank of Canada just hiked its rates by a whopping 100 basis points.

Economists have been busy analyzing our current situation and putting together some forecasts for where we’re headed.

The Business Development Bank of Canada (BDC) is figuring inflation will peak soon, breaking new records over the summer, followed by a period of decline as it’s expected to fall below five per cent in early 2023 and return to the Bank of Canada’s target range of one per cent to three per cent in spring.

One factor BDC highlights that will keep prices higher for a while is that supply chain issues have prompted businesses to move from "just-in-time" inventory management to "just-in-case." Increasing inventory is also adding to current goods transportation challenges. On the plus side, it’s getting easier for customers to find the products they want.

Many Canadians are still spending, even with costs going up. A survey by BDC showed that 25 per cent of Canadians have not changed their spending habits because of inflation and the rest say they’re more likely to search for bargains than to restrict their purchases.

The Bank of Canada’s 100 basis point rate hike came in higher than predicted, citing that inflation has been higher and more persistent than it had expected. The overnight rate now sits at 2.5 per cent, well above the 0.25% that was with us for most of the pandemic.

BDC predicts that Bank of Canada rates should peak at three per cent to four per cent, likely hitting three per cent by the end of the year. They also note that in a historical context these rates are still considered low, but we’ve become accustomed to low rates since the 2008 financial crisis.

Interest rate hikes, along with other factors, seem to be having some effect on cooling the housing market. According to Peterborough and the Kawarthas Association of Realtors, the average selling price of a home in Peterborough in June was $751,522, an increase of only 3.4 per cent over June of last year. This is well below the peak of $885,153 in February, dropping the year-to-date average home price to $830,193. Rather than rushing to buy before they’re priced out of the market, some home buyers are now holding off to see how much lower prices will fall.

One of the other big factors driving inflation is the price of oil. It’s not just the price at the pumps hitting consumers, but the whole supply chain is largely passing fuel costs on to consumers. This includes the large amounts of fuel consumed by farming, mining, shipping, and construction. It’s even hitting tax bills with City staff recently citing an expected $2 million increase in fuel cost next year as one of the reasons for hiking property taxes by three per cent to four per cent.

The U.S. Energy Information Administration is predicting a decline in the price of crude oil, though likely not to where it was a few months ago. The price of crude oil increased from $87/barrel in January to $123/barrel in June. They’re expecting that price to drop through the second half of this year, eventually

hitting $97/barrel by the fourth quarter of this year. That said, the rise and fall of crude oil prices influence but aren’t necessarily mirrored in the price at the pumps.

Another cause for concern is the possibility of an upcoming recession. Rising interest rates, soaring inflation, the pandemic and the ongoing war in Ukraine are all contributing factors that have economists warning that Canada could slip into a recession in 2023 and maybe into 2024. Statistics Canada reported that our Gross Domestic Product declined by 0.2% in May, however, BDC notes Statistics Canada’s preliminary estimates tend to underestimate the final results.

Of course, all of these predictions are based on a snapshot of the world as it is today. We’re only one geopolitical crisis, catastrophic weather event, or virus variant away from another game changer.

If nothing else, our business community has proven itself to be resilient and adaptable. There is a path emerging in terms of an economic “normal” and overall there’s a greater sense of certainty in what lies ahead.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

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Peterborough & The Kawarthas Award Grants And Mentorships To Promote New Tourism Ideas Through Spark Program

Peterborough & the Kawarthas Tourism and the Tourism Innovation Lab have announced six entrepreneurs awarded grants and mentorships to help spark new tourism ideas through the “Spark” program.

The Peterborough & the Kawarthas “Spark” Mentorships & Grants Program is a collaborative partnership initiative between the Tourism Innovation Lab, Peterborough & the Kawarthas Economic Development and Peterborough & the Kawarthas Tourism.

The program’s goal is to find, foster and support new tourism ideas, experiences and partnerships that will enhance current offerings, address gaps or challenges, motivate travel and longer stays, and increase year-round visits in the region.

This year sixteen applications were received from the city and county of Peterborough.

The top five from the City of Peterborough and the top five from the County of Peterborough being invited to present their new tourism ideas at virtual Pitch Sessions held this week.

Judge panels of local partner representatives and tourism innovators from outside the region selected the six winning applicants.

Successful applicants were each awarded a $3,000 seed grant and mentorship to help them get started with their new tourism ideas.

The 2022 City of Peterborough “Spark” Program winners are:

• Kassy Scott, Rare Escape

• Polina Ratnichkina, Camp Rentique

• Luke Farley, Big Top Productions (Buskers Fest)

The 2022 County of Peterborough “Spark” Program winners are:

• Sarah Heydon, The Pearly Acre (Bunkie Resort)

• Jeremy Poulin, Red Mill Maple Syrup

• Robyn Ivory Pierson, Indigenously Infused

“It's a privilege to work with these six local tourism innovators and our team looks forward to assisting and promoting these businesses as they grow. We are excited by the prospect of supporting the development of new tourism products which will add more attractive options for visitors to our region,” said Joe Rees Director of Tourism, Peterborough & the Kawarthas Economic Development.

In addition to seed funds, mentorship and additional partner support, selected applicants gain access to a network of tourism innovators, entrepreneurs, and leaders across the province.

For more information visit www.tourisminnovation.ca/Peterborough.

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StoosNews Spotlight: Check Out The Business Beat This Week Featuring PKED, McMaster Window Cleaning, WDB and Rotary Club of Peterborough

PTBOCanada is delighted to be running StoosNews columns each week here, spotlighting new businesses and startups in Peterborough and the Kawarthas. Here is this week’s edition…

Congratulations to the seven local small businesses receiving grants through the Starter Company Plus Program.

Twelve small businesses successfully completed the five-week online business training course offered by the Peterborough & the Kawarthas Business Advisory Centre and based on the strength of their business plan and business pitch, $5000 grants were awarded to Voula Halliday of the Flavour Fix Company, Matt Anderson of Chemong City Greens, Jessica Blair of Follow Me Photography, Dave Bourgeois: Drumlin Cycle, Julie Drain of Your Furever Friend Professional Pet Services, Jenish Odigineyev of Odigski Media, and Lewis Park: East City Guitar Co.,

For details on the program contact Madeleine Hurrell at Peterborough and the Kawarthas Economic Development, or check out the companies at investptbo.ca/bac

Tyler McMaster recently struck out on his own with McMaster Window Cleaning.

McMaster brings over seven years of experience cleaning windows in the Peterborough area and is offering Interior and Exterior Window cleaning, Washing House Siding, and Eavestrough Cleaning. Tyler uses extendable equipment to access the high and hard-to-reach areas from the ground. Details are at mcmasterwindowcleaning.ca

The Workforce Development Board is developing its 2022-23 Local Labour Market Planning Report and is looking for input from employers in Peterborough City and County, Northumberland, City of Kawartha Lakes and Haliburton.

The report provides timely and relevant information, such as demographics, gaps in the workforce, barriers, and more. Businesses of all sectors and sizes are invited to fill out the survey at wdb.ca

And congratulations to Kelly Grady of Grady’s Feet Essentials on being named the 2022 Rotarian of the Year for her leading role on the communications committee.

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Local Candy Shop is Donated Mall Storefront To Help Cancer Fundraiser

A sweet deal for Lisa Couture and her candygram store ‘Couture Candy PTBO’ as they were donated storefront space in Lansdowne Place to aid in their ‘Cancer Care is Sweet’ fundraiser announced Thursday.

Photo by Luke Best.

The new storefront is located in Lansdowne Place between Journeys and Claire’s at the bottom of the escalator. Couture Candy PTBO is occupying the space until the end of the year.

The mall contacted Couture via e-mail about being given the storefront space which came as an unexpected yet pleasant surprise. The mall recognized the candygram store’s community efforts which resulted in the offer Couture could not refuse.

“They were figuring out how to work with us and admired our business because it’s so community-driven,” explained Couture. “It’s expensive to be in the mall and he thought our campaign was a perfect opportunity and they have an empty space.”

The fundraising proceeds go towards the Peterborough Regional Health Center Foundation for cancer care with a goal of $10,000. The campaign started on June 21 and runs until Oct. 3. However, if the campaign is running strong and donations continue near the end date, it will continue according to Couture.

“$10,000 is a lot for a small business so every little bit helps,” said Couture.

The new Lansdowne location will require more staff as Couture is hiring. Photo courtesy of Lisa Couture.

The shop is selling select bags of candy where $1 of each product sold goes towards the foundations. Several charity candy bags feature freeze-dried brand candy and assorted mixes.

Donations can also be made at the store or online.

Their downtown location will remain in its original location with no plans to move said Couture. No dates have been announced for its grand opening but will have the same operating hours as the mall.

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Voice of Business: Investing In the Future By Preserving the Past

Downtown is the heart of our city. It’s a mix of history and progress. It’s a destination and a bustling hub of business.

As our City deals with an influx of growth, it’s important that we plan for what we want our city to look like in the future. The City recently adopted a new Official Plan. Now, the City is looking into creating a Downtown Heritage Conservation District to guide the future of what our downtown core will look and feel like.

For now, City staff are just looking for support to make sure council is on the same page in terms of doing more research on what will be involved in a heritage conservation district designation for the downtown. It’s still in the early stages, with research and consultations likely to be conducted in 2023.

What a heritage district will mean is far from decided.

All too often the historic building preservation process is triggered by applications from developers to renovate, expand, or demolish buildings. A heritage district should lay out the rules ahead of time. Taking out some of the uncertainty and risk should lead to increased investment.

A big part of the charm of doing business downtown is the historic architecture. It’s not something that can be replicated in other areas. It’s also not something that can be replaced when it’s gone.

It’s hard to imagine the downtown without icons like Market Hall, the Hunter Street Café District, and The Commerce Building at the corner of Water and Hunter streets. There’s something quaint about shopping and dining at a literal bricks-and-mortar building. There’s no question this atmosphere is an important cultural element for the community and local businesses.

A heritage district shouldn’t mean anything changes. We’ve seen some amazing redevelopments of historic anchor buildings like the Y Lofts (former YMCA) and Venture North (former Promenade building) as well as up-scale offices like Lett Architects, Outpost 379, and Unicity. With the right vision and ambition, the development of historic buildings can enhance our community.

The plan should also lay out the rules for what it takes for a new building to fit into the downtown vibe. Not every building downtown needs to be preserved as it currently sits. Ideally, the district will lay out the design elements ahead of time so developers know what they can build. Many are eagerly awaiting the replacement of the eyesore at 385 George Street North with a new building that will host local businesses and create needed housing.

There are a lot of challenges when it comes to renovating old buildings, but it’s important that any plan for the downtown include modern accessibility needs in its design criteria. Many of the buildings downtown were built at a time when accessibility wasn’t a consideration. Some buildings are easier to bring up to modern standards than others, but sometimes making buildings more accessible creates conflict with preserving history.

Similarly, fire codes add additional challenges to the development of historic buildings.

At a time when our community is desperate for housing, we have a significant stock of apartments downtown that are currently unoccupied due to challenges in meeting all the historic, accessibility, and fire code legislation. As a Chamber, we currently have a resolution on the books of the Ontario Chamber of Commerce called Maximizing Growth in Built Areas which essentially calls for all parties to work together to find solutions to making these residential units safe, accessible, and economically feasible — making them livable again.

A downtown plan must be careful not to price out current tenants through increased rents, insurance costs, and other factors. We need continued investment, but not at the expense of losing the character and charm of the current businesses downtown.

There are concerns that too many rules regarding heritage preservation will drive away investment. Hopefully, the business community is actively engaged in the process of defining these rules to help minimize this impact.

Similarly, the status quo has driven away investment. Some developers are intimidated to invest downtown because the rules aren’t straightforward. They often have a fair bit of money invested before finding out the details of what they can and cannot do with their property.

It’s important that the community, developers, business owners, and building officials are all engaged as part of the process to ensure that our plan for the downtown has the intended effect of both preserving what we cherish and spurring redevelopment. Done right, a Downtown Heritage Conservation District is an opportunity to create new investments and build a stronger downtown core.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

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StoosNews Spotlight: Check Out The Business Beat This Week Featuring Reclaimed Garden Co., The Cheesy Fromage, The MomBod Project and Revelstoke Bake House

PTBOCanada is delighted to be running StoosNews columns each week here, spotlighting new businesses and startups in Peterborough and the Kawarthas. Here is this week’s edition…

Jackie Briggs recently opened Reclaimed Garden Co. in Young’s Point.

Located within the same historic building as the Young’s Point General Store, Briggs loves to create unique new garden décor items using reclaimed material. The store is full of clever repurposed products as well as lots of new décor and gift ideas. Open seven days a week, stop in at Young’s Point or check out the Instagram page.

The Cheesy Fromage in Lakefield had a soft opening last week.

Owner Tanya Bailey describes the business as one part dine-in for cheese, charcuterie, wine and beer and one part market with a variety of cheeses, charcuterie and gourmet food.

Located at 25 Queen St., Lakefield, across from the town clock, Tania is planning to host regular events such as wine and French classes, wine and painting and special holiday events. Stop in and check out thecheesyfromage.com or follow The Cheesy Fromage on Instagram.

Photographer Heather Doughty strikes again with The MomBod Project.

Describes as “A feel good, positive body image, celebration of all those who identify as a Mom,” the project tackles the negative stereotypes through upbeat, powerful images and stories.

You can visit the portraits in person at the Venture North Building, at the corner of George and King Street in Downtown Peterborough or online at inspirethewomensportraitproject.com. You can also check out Heathe4rs other projects including She Inspires Me, Day of the Girl and Women in Farming.

The Revelstoke Bake House is a new fully vegan bakery, that recently opened at 372 Water Street, in the former Food Shop location, which recently expanded next door to take over The Planet Bakery.

Revelstoke offers plant-based baked goods including pastries, cookies and muffins. They use fresh and locally sourced ingredients, along with hot and cold drinks. Co-owned by husband and wife duo Con and Tasha Clarkins, the bake shop is a sister to their Revelstoke Cafe vegan restaurant at 641 George St. Stop in or find Revelstoke Bake House on Instagram.

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Community Rallies Around Kit Coffee After Trying Two Years

Kit Coffee, a locally owned coffee shop on Hunter Street, is reaching out to the community with a GoFundMe in hopes to keep the café open.

Kit Coffee is located at 144 Hunter Street. Photo by Luke Best.

Helen McCarthy started Kit Coffee in 2018 with a business partner. Initially, they operated out of the Peterborough Regional Farmers Market, and did pop-up shops at Hello Baby on Charlotte Street.

As the business grew the two were faced with the decision of opening a brick and mortar shop. After contemplating, it was decided that McCarthy would carry on with Kit Coffee alone, and she opened up shop on Hunter Street in July 2019.

“This had been something I wanted to do since I was 15,” said McCarthy. “This spot came available and it was already a coffee shop so it really was serendipitous that it was available then and I dove in.”

Since opening, Kit Coffee has faced many hurdles, while still providing downtown Peterborough with fresh coffee and handmade, baked goods.

In January 2020 McCarthy broke her ankle, which prohibited them from working in the shop, meaning she had to pay more employees.

Shortly after that the COVID-19 pandemic shut down Kit Coffee and the local business world took a great hit.

In July 2020 McCarthy broke both of her ankles, sidelining them from her own business yet again.

“It’s a combination of COVID and the fact that I was off work for the better part of two years. 2020 was a terrible year.”

@ptbo_canada hanging out at the lovely @KitCoffeePtbo today! Check out the gofundme in the comments to help the coffee shop with 🤌🏻 vibes out #localbusiness #CoffeeShop #LocalCafe #GoFundMe ♬ As It Was - Harry Styles

Facing lockdown after lockdown, then loosing product after the Derecho that caused power outages all over Peterborough, McCarthy says Kit Coffee is now struggling to stay afloat.

“With the price of things right now everyone is feeling scrunched and I totally get that.” she said. “That being said I have such amazing regulars.”

She launched a GoFundMe on Monday in hopes to gather support from the community.

“It’s so hard to ask for help and to ask for money to support your dream,” she said. “I don’t feel entitled for people to donate, I don’t expect people to donate but people have told me they would like the opportunity to help.”

Since its launch, the GoFundMe has raised over $3,000. McCarthy says the money will go to paying off debt that accumulated over the last two years, and to completing some much needed repairs.

“It hasn’t even just been money. People have offered their time, people have made a point to come in and buy a coffee, they’ve offered kind words, it’s been great.”

To donate to the GoFundMe click here.

Kit Coffee is a safe space for the queer and BIPOC communities of Peterborough. They host music during Peterborough’s ‘First Friday Art Crawl’. McCarthy says in the future they hope to be able to host more events to showcase local talent.

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Voice of Business: Let's Get Digital

Despite the pandemic and its restrictions on personal interactions largely behind us, there’s no sign that people’s habits are going to revert right back to 2019.

This is especially true when we talk about our online habits. The expectation to find what you want, book an appointment, order a product, or communicate with businesses online is expected to increase.

Additionally, businesses eager to move out of the pandemic are finding it tricky to hire enough staff to meet their goals. Digital automation is key to making do with less, including integrated inventory systems, team management software, and automatic lead generation. Any tool that cuts down on workload has become a valuable asset to maximize the effectiveness of the people they have.

To help local businesses make effective digital investments, the Peterborough and the Kawarthas Chamber of Commerce has re-launched our Digital Main Street program.

The Chamber has received a grant from the Digital Main Street program for a two-year Digital Service Squad (DSS) program, which provides small business owners with the tools, personalized technical support and access to funding needed to digitally transform their businesses. The role of the DSS is to empower small businesses across the region to navigate new tools to remain competitive.

The DSS is the cornerstone of Digital Main Street, with trained specialists who meet with brick-and-mortar small businesses, at no cost, to help them complete an online assessment and to introduce them to online training modules designed to build their digital knowledge and skills.

This one-on-one DSS assistance includes support for basic website setup, Google Business Profiles, 360⁰ photos, social media presence and much more. Squad members are also trained to help qualified small businesses with the development of their Digital Transformation Plan and then with the application process for a $2,500 Digital Transformation Grant.

To qualify for the Digital Transformation Grant, business owners must:

• Have a permanent brick-and-mortar location in Ontario

• Employ one to 50 employees

• Pay commercial property tax either directly or through commercial rent

• Be a registered business in Ontario and/or incorporated

Applications for the Digital Transformation Grant opened on June 21, with eligible brick-and-mortar small businesses able to apply for a $2,500 grant to adopt digital tools and techniques. The current intake period for applications will remain open until Oct. 31, 2022 (or until funds have been exhausted). For more information about how to apply to the DTG or to access digital tools and training to improve your business, visit https://digitalmainstreet.ca/ to register on Digital Main Street and begin your journey.

Additionally, the federal government is launching the Canada Digital Adoption Program though the Ontario Chamber of Commerce, offering a grant of up to $2,400 toward adopting e-commerce solutions. The program also comes with a network of e-commerce advisors and our DSS can assist businesses in their e-commerce plan. For more details, visit https://www.peterboroughchamber.ca/canadian-digital-adoption-plan.html

To book a free consultation with a Digital Service Squad Team Member, contact Jacie Condon-Houghton at 705-201-1663 or Jacie@acorn30.com.

Investing in digital is key for all local businesses. We have experts available and grants to help make it happen. There’s no better time for local businesses to step up their digital game.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

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Grand Opening of Pet Spa For Local Couple In Downtown Peterborough

Local couple and co-owners Janeine Sali and Ryan Brown had their grand opening of Peterborough’s newest animal paradise, Roman & Co. Pet Spa on Tuesday.

Co-owner Janeine Sali, grooming cockapoo Ellie, the business’s first-ever client in their grand opening on Tuesday. Photo by David Tuan Bui.

The pet spa offers grooming (nail trimming, de-shedding, etc.), cleaning and bathing for dogs only. Cat services are available in the future at an undisclosed date according to the couple.

Roman and Co. highlighted the importance of supporting local as they collaborated with several small businesses.

They sell products from Pip & Penny Co., a small business that makes pet bandanas. Pip also sells bowties and scrunchies for dogs and quilts and catnip pouches for cats online.

The spa sells gourmet dog cookies from Douro-based business HappyNess Cookies.

Sali had the business idea during the height of the pandemic but put plans into motion roughly two months ago.

The new entrepreneur said she could have made a career in several different paths with her love of animals but decided a pet spa was the best option.

“I really love the satisfying feeling of making a dog look good but making them feel comfortable," said Sali. “You really get to know them as an individual when they keep coming back. They become like one of your own.”

@ptbo_canada Meet Peterborough’s newest pet spa, @RomanCoPetSpa! Locally owned by couple Janeine Sali and Ryan Brown! Bring in your dog or cat for some grooming and/or a wash! #ptbo #ptbocanada #pet #pets #petlover #petsoftiktok #dog #dogsoftiktok #cat #catsoftiktok #smallbusiness #petspa #downtown #peterborough #supportlocal ♬ Hound Dog - Elvis Presley

The business took over the previous Mr. Brock Barber Shop located on 221 Brock St. The building has been a barbershop since the 1820s according to Sali. The spa is honouring the building’s history since its transformation such as keeping several relics and trademark items on display.

“I really want to keep a lot of the history alive,” said Sali. “We wanted to keep a lot of the things the same, keep all the antique stuff that was left here and a tribute month for all the people who were in here in past. It's an honour to be in this building.”

Sali had named the business after her German Shepard, Roman. The spa is open five days a week by appointment only and is closed on Sundays and Mondays.

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Seven Local Businesses Receive Starter Company Plus Grants

Peterborough & the Kawarthas Economic Development (PKED) awarded seven local small businesses $5000 each in funding to further support sustainable business growth.

Spring 2022 Starter Company Plus Grant Recipients holding large cheque in the lobby of VentureNorth From left to right: Voula Halliday (The Flavour Fix Co.), Matt Anderson (Chemong City Greens), Julie Drain (Your Furever Friend Professional Pet Services), Lewis Park (East City Guitar Co.), Jessica Blair (Follow Me Photography), Jenish Odigineyev (Odigski Media). Missing: Dave Bourgeois (Drumlin Cycle) Photo by Luke Best.

Twelve small businesses successfully completed the five-week online business training course offered by the Peterborough & the Kawarthas Business Advisory Centre (BAC). Based on the strength of their business plan and business pitch, the following businesses were each awarded a micro-grant:

·       Voula Halliday: The Flavour Fix Co., Peterborough, ON – Flavourful additions, including sprinkles, smears, slathers, dollops and spreads to transform your meals.

·       Matt Anderson: Chemong City Greens, Peterborough, ON – Organic micro-green grower and harvester; selling to restaurants and home consumers.

·       Jessica Blair: Follow Me Photography, Cavan-Monaghan, ON – Therapeutic photography service to capture and commemorate loved ones during the end phase of their lives.

·       Dave Bourgeois: Drumlin Cycle, Cavan-Monaghan, ON – Mobile bicycle repair and maintenance service for cyclists and commuter bicycles in Cavan-Monaghan township.

·       Julie Drain: Your Furever Friend Professional Pet Services, Douro-Dummer, ON – A registered veterinary technician offering dog training, behaviour programming and health support for the life of the pet.

·       Jenish Odigineyev: Odigski Media, Peterborough, ON – Videography services offering media shoots, full productions and editing services for program content, educational, and recruitment videos for businesses.

·       Lewis Park: East City Guitar Co., Peterborough, ON – Guitar manufacturing, repair and workshops located in East City.

“This intake of the Starter Company Plus program saw twelve businesses who launched and grew in the midst of the COVID-19 Pandemic. As a result of a constantly changing economic and public health landscape, these new businesses have grown to be resilient and adaptive.,” said Entrepreneurship Officer Madeleine Hurrell, who oversees the program for PKED.

Since its launch in 2017, the Starter Company Plus program through the BAC has assisted over 203 local entrepreneurs and over 162 small businesses. These small businesses have created over 190 jobs in our local economy.

“In Peterborough & the Kawarthas, we are lucky to have thriving and growing small businesses. We have seen our communities rally around entrepreneurs and small businesses. The Starter Company Plus program is an opportunity for new start-ups and expanding businesses to access workshop training and one-on-one consultations with BAC Business Advisors and local guest speakers.”

The Starter Company Plus program is designed to provide business training for entrepreneurs from aspiring to experienced, aged 18 and over in the City and County of Peterborough who are launching a business or expanding an existing business (operating for five years or less). To stay up to date on programs and workshops offered by the BAC, visit www.investptbo.ca/bac.

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