Voice of Business: A Snapshot of Our Economy and Where It’s Headed

After a surge in the first half of the year, Canada’s economy is slowing.

For the first half of the year, the economy grew at a rate of 3.3 per cent, but slowed to 0.1 per cent between June and July. A big part of this has been the Bank of Canada’s plan to tackle huge increases in the price of homes and overall inflation by hiking overnight interest rates from 0.25 per cent to 3.25 per cent.

While the overall purchase price of a home locally may still be out of reach for many first-time buyers, there’s no question the market has cooled. The Peterborough and the Kawarthas Association of Realtors reported the average home price in August dropped to $689,437, down from its peak of $885,153 back in February.

According to the Business Development Bank of Canada (BDC), the job market has cooled off as well with Canada losing 113,500 jobs over the last three months. This is partly due to the imbalance between the supply and demand of workers. Unemployment increased from a record low 4.9 per cent to a still historically low 5.4 per cent. But it’s still estimated that there are more than 1 million job vacancies right now.

While there are fewer jobs out there for workers, so far it hasn’t eased hiring woes by any significant degree. With that, the trend toward higher wages is expected to continue along with inflation.

As noted by BDC, “The scale that wage increases have taken in 2022 is significant. Hourly wages have increased on average by 4.0% year-to-date, compared to the historical pre-pandemic average of 2.7% growth. Moreover, in August 2022, wage growth was 5.4% year-over-year. This is the largest annual change in the last 20 years outside of the pandemic period.”

According to Statistics Canada, 64 per cent of businesses have boosted wages for current staff and 46 per cent say they have increased salary offers for new hires.

While a slowing economy is expected to eventually bring wage increases back down, BDC notes the demands of an aging workforce will add further pressure as we struggle to replace retirements.

Another key driver of inflation has been the price of fuel. Oil prices have been dropping since July to the point that the price at the pump is back to the level it was before the war in Ukraine. A few months ago we were paying more than $2 per litre, but now that has dropped to under $1.40.

It’s not just easing the cost of life for people, but it’s having an effect on supply chains. From trucks to mining to agriculture — the drop in fuel prices should filter down through lower input and transportation costs to lower prices of goods.

According to BDC, the main factors still causing uncertainty for fuel prices are further fallout from the war in Ukraine and the prospect that OPEC and its allies are looking to cut oil production to keep prices up.

Cooling off inflation will hold back the overall economy. The big question is whether we can manage what the Bank of Canada calls a ‘soft landing’ or whether the economy will begin to decline and enter a recession. If we enter a recession, it will likely be part of a global event as governments around the world have implemented similar strategies.

Making it easier for people to afford the cost of living and for businesses to be able to hire will have other economic consequences. What’s critical for the success of businesses is planning for the storms ahead as we continue dealing with unprecedented challenges.

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

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Peterborough Petes Trade Defenseman To Niagara Icedogs For 15th Round Conditional Pick

The Peterborough Petes have acquired a 2024 conditional 15th round OHL Priority Selection pick (2024) from the Niagara Icedogs in exchange for the rights to Petes prospect, Gabe Runco announced on Wednesday.

Photo courtesy of the Peterborough Petes.

Runco was drafted in the eighth round, 154th overall by the Petes in the 2021 OHL Priority Selection. He spent last season playing for the Brantford Bandits of the Greater Ontario Junior Hockey League (GOJHL).

If Runco plays 30 OHL games between the 2022-23 and 2023-24 seasons, the 15th-round pick becomes the Oshawa Generals eighth-round pick in 2024.

This is the team’s third trade in the last two months.

The Petes acquired Vancouver Canucks prospect Connor Lockhart in exchange for Sam Alfano and two picks on Aug. 8. Three days prior, they traded defenceman Josh Kavanagh to the Barrie Colts for a conditional sixth-round pick.

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Peterborough Public Health Reports First Influenza Case of the Season; Flu Shots Available This Fall

Peterborough Public Health (PPH) has reported the first confirmed case of influenza in our region announced on Wednesday.

File Photo.

This year’s case comes significantly earlier than those identified prior to the pandemic according to PPH. They reported the first confirmed case of the 2018-19 flu season on Dec. 3 and Nov. 1 in the following year.

“We are seeing a very early start to the season and want to caution our community that a confirmed case typically indicates that influenza is already transmitting,” said Dr. Thomas Piggott, medical officer of health. “Following trends from the southern hemisphere, we anticipate that influenza will make a strong resurgence this season. We strongly encourage residents to follow guidance to prevent the transmission of respiratory infections such as influenza and COVID-19. This includes getting vaccinated with the flu shot when it becomes available this fall and checking the COVID-19 risk index and guidance regularly.”

The flu shot will be available later this fall and is free to all eligible residents. Residents over the age of six months are eligible for the flu shot when available.

“Like COVID-19, the influenza vaccine is very important for preventing severe symptoms related to the viral infection,” said Dr. Piggott. “We are strongly encouraging those with weaker immune systems, those who are pregnant, older adults, young children and caregivers of these individuals to receive their flu shot this fall.”

Residents over five years are reminded by PPH that the influenza vaccine and the COVID-19 vaccines can be co-administered. There is no specific time interval that is required to wait between doses.

Dr. Piggott says residents that COVID-19 prevention measures are also effective at preventing an influenza infection. PPH encourages residents to,

• Get the flu shot when it becomes available

• Stay up-to-date with COVID-19 and other routine vaccines

• Follow risk guidance measures recommended in the Local COVID-19 Risk Index

• Wear a tightly fitting N95/KN95 mask to prevent transmission in higher risk and indoor settings, when the risk index advises

• Be mindful of indoor air ventilation, and open windows, run HVAC regularly and otherwise improve indoor air ventilation

• Stay home if you are feeling unwell

• Wash your hands frequently

• Clean and sanitize commonly-used surfaces frequently

• Cough or sneeze into your sleeve or tissue and washing hands afterwards

Peterborough’s Local COVID-19 Risk Index is moderate.

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Otonabee Conservation To Plant Over 30,000 Trees For National Forest Week

Otonabee Conservation is celebrating National Forest Week by planting over 30,000 trees and shrubs this fall season.

Photo courtesy of Otonabee Conservation.

National Forest Week from Sept. 18-24 encourages Canadians to learn more about forest heritage and increases awareness about the value of forests as a fundamental part of our culture, traditions, economy and history.

Each year, Otonabee Conservation celebrates with tree plantings across the watershed. Plantings will take place through the fall season, not just during National Forest Week.

The Otonabee Conservation will plant over 30,000 trees and shrubs with the help of a number of community partners, including including City of Peterborough, Township of Douro-Dummer, Selwyn Township, Siemens Canada, NEFAB, Skyline Developments, LCBO, Peterborough Humane Society and students from Kawartha Pine Ridge District School Board and Peterborough Victoria Northumberland and Clarington Catholic District School Board secondary schools.

These plantings are supported financially through Tree Canada, TD Canada Trust and One Tree Planted.

“We are looking forward to coming together with hundreds of community members and students to plant trees across the watershed this fall,” said Otonabee Conservation CAO Janette Loveys Smith. “Trees provide many benefits to us each day, and as they grow, they provide us with a natural climate change solution.”

Planting trees helps regulate temperatures and provides shelter to wildlife.

Trees filter the air we breathe, capture carbon dioxide mitigating climate change and stabilize the ground preventing erosion and reducing stormwater runoff/ flooding.

For more information visit the Otonabee Conservation website.

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Fall for Dance North Sparks Magic with Return of Stunning Outdoor Performance Series: Heirloom

Fall for Dance North is back at the end of September to the Peterborough Square Courtyard with their performance series Heirloom.

Photo by Bruce Zinger.

In partnership with Public Energy Performing Arts, Fall for Dance North (FFDN) brings Toronto’s premier international dance festival to Peterborough.

Featuring performances from Montreal artists Zack Martel and Santiago Rivera, the show is set to include dance, juggling and musical performances from The Royal Conservatory musicians.

“What was born out of creative necessity in 2021, due to indoor gathering restrictions dictated by the global pandemic, grew into an inspirational and acclaimed outdoor performance series that we are all incredibly proud to be a part of,” said Fall for Dance North artistic director Ilter Ibrahimof. “We are overjoyed to return with a new highly imaginative, full-length performance that promises to delight the senses in a beautiful new outdoor space in downtown Peterborough.”

Attendees can experience this pay-what-you-can contemporary art experience at the Peterborough Square Courtyard at 340 George St. N. on Sept. 25 at 4 p.m.

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New Public Art Installation To Be Viewed and Celebrated at Jackson Park

The public art installation Handwritten Moon will be displayed at Jackson Park on Sept. 22 at 7:30 p.m.

Photo courtesy of The County of Peterborough.

Handwritten Moon is a collaboration between the sculptor Garrett “Owen” Gilbart who fabricated the artwork, and poet Justin Million who wrote the text.

The piece was commissioned as an artist-initiated project through the City of Peterborough’s Public Art Program.

In daylight the reflective text piece takes on hues found in the nearby landscape. On a clear night it reflects the moon. Handwritten Moon also responds to flash photography or a flashlight, and the public is encouraged to bring flashlights or headlamps to experience the piece.

The event will be held rain or shine at Jackson Pond near the Pagoda bridge in Jackson Park.

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Cirque-Style Performers 'Holiday Dreams' Coming to the Peterborough Memorial Centre

Acrobats, daredevils and performers are taking the stage in a cirque-style show as Las Vegas’s Holiday Dreams are scheduled to perform at the Peterborough Memorial Centre (PMC) on Dec. 14 announced on Tuesday.

Photo courtesy of Holiday Dreams.

The show, ‘Holiday Dreams, A Spectacular Holiday Show!"‘ features projection mapping and interactive lasers along with their performances. They have been seen on America's Got Talent and Outrageous Acts of Science.

"I also wanted to create a show that celebrated the spirit of the Holidays and would serve as a bridge for families from different generations to come together and experience something together,” said Fernando Quevedo, creator and producer. “We are all absorbed in our little technological worlds. Theatre allows a communal experience."

Holiday Dreams tells a story that connects all of the performers featuring a mischievous Elf that thinks he has mailed himself to a tropical island but instead finds himself delivered to the wrong address in the PMC.

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International Week of Deaf People Addresses Inclusion Through American Sign Language

DeafBlind Ontario Services is celebrating International Week of Deaf People from Sept. 19-25.

Sara Quick and her American Sign Language book. Photo courtesy of DeafBlind Ontario Services.

This year’s International Week of Deaf People (IWDP) theme is ‘Building Inclusive Communities for All’ which addresses the need to eliminate barriers to inclusion for deaf people.

DeafBlind Ontario Services provides customized services to deaf, hard of hearing, non-verbal and deaf-blind individuals which accommodate their various methods of communication, unique needs and goals to enrich their lives.

Peterborough’s Sara Quick teaches American Sign Language (ASL) through the book of signs she’s created.

ASL is a visual language with the same linguistic properties as spoken languages but different grammar than English. It is one of 200 different sign languages used around the world.

Being born profoundly deaf, 34-year-old Quick strives to eliminate the barriers deaf people face through teaching and advocating for the use of ASL.

Though ASL is her first language, Quick communicates with hearing individuals through written English.

“Learning sign is really fun. You use facial expressions, body posture and gestures,” she said. “A great place to start is with your ASL alphabet. Taking steps to learn ASL is an important way to connect hearing and deaf people.”

Quick teaches her Direct Support Professionals (DSP) and friends American Sign Language.

“She is amazing at teaching sign, I’ve learned so much from her,” said DSP with DeafBlind Ontario Services April Ferguson. “We started with the ABCs and built on them with a new sign everyday.

For more information on DeafBlind Ontario Services and IWDP contact senior coordinator of communications Samantha Marren at s.marren@deafblindontario.com or 1-855-340-3267 ext. 224.

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10th Annual Purple Onion Festival Cancelled Due to "Ongoing Logistic Issues"

The 2022 Purple Onion Festival scheduled for Saturday in Millennium Park has been cancelled according to Transition Town Peterborough due to ‘ongoing logistic issues with the City of Peterborough’ announced Sunday afternoon.

The Purple Onion Festival marched during the return of the Canada Day Parade in Peterborough through George Street. Photo by David Tuan Bui.

The Purple Onion Festival celebrates the security of life essentials such as local food, water, energy, culture and wellness.

Transition Town Peterborough’s Facebook page issued a statement regarding the cancellation:

It is with saddened hearts, Transition Town Peterborough has decided to cancel this year's Purple Onion Festival due to ongoing logistic issues with the City of Peterborough. The last minute demands made by the city have made it impossible to continue this year's festival. We look forward to working with council and staff to eradicate and streamline the process for next year. Further, it is our position that, unrealistic hurdles put forth by the city, along with their lack of co-operation or any attempt to help resolve, rather than hinder the process, are also deterrents for others to attempt to stage similar community events. Community involvement is at the heart of every healthy city.

It also came to our attention that, as much of the infrastructure is left in the Millennium Park overnight, the presence of the homeless in the park at night has created a heightened risk of vandalism and forced a major supplier to rethink and ultimately withdraw from the event due to their concern with working with the City. This situation evolved despite the good intentions of the festival planning team to highlight the homeless issue through the showing of the PATH Tiny Home, and to tie homelessness to the local food security issue identifying both as serious outcomes of the Climate Crisis Emergency that now engulfs us all.

Our apologies to the many volunteers, sponsors and vendors who have shown their support this year and in years past.

We hope to see everyone in 2023.

The event was to include live music, a craft beer garden, local farmers, an eat local challenge, the healthy kids’ corner and more. Guenther Schubert was the returning host chef of the Taste of the Kawarthas food tent.

The Purple Onion Festival was last run in 2019, prior to the pandemic.

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Workplace Training Programs Open For Registration at Fleming College

Fall courses are open for registration as Fleming College offers programs in everything from executive leadership training to business and management workshops.

File Photo.

The Continuing Education and Corporate Training Office offers courses from executive leadership training to business and management workshops to turn students into highly skilled, ready-to-work employees according to Fleming.

This semester’s established certificate and specialized training modules include coaching and conflict resolution skills, team leadership and a high in-demand PEAK Leadership training program. 

Customizable training options are available for groups, key team members or individuals. 

For more information on available workplace training programs and how to enroll email corporatetraining@flemingcollege.ca.

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