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A COST-EFFECTIVE LOCATION IN THE TORONTO AREA

York Region is Toronto area’s cost-effective location for business. More than 51,000 businesses are taking advantage of the operational cost-savings made possible by having their GTA offices here in the Region.

As Ontario’s fastest growing large municipality, the cost-savings are just one of many business advantages to locating your business here. It’s also the place where talent and opportunity intersect.

TORONTO AREA’S YORK REGION COST ADVANTAGES INCLUDE:

  • Greater Toronto Area’s lowest commercial property taxes
  • 40% lower lease costs for Class A/B office versus downtown Toronto
  • Central Toronto area location means improved retention of top professionals
  • Range of location and cost alternatives across 9 local cities and towns
  • Significant cost advantage versus the United States (taxes, employment, R&D)
  • Free office parking versus average of $315/month per spot in Toronto’s downtown core
  • Eligibility for Federal Government and Provincial Government incentives (case specific)
Aerial of Markham, York Region

TAX AND LEASE RATES IN THE GTA

2017 Business Property Tax Rates in Greater Toronto
Municipality Commercial Industrial
Markham (York Region) 1.65% 1.93%
Richmond Hill (York Region) 1.68% 1.97%
Vaughan (York Region) 1.68% 1.98%
Aurora (York Region) 1.80% 2.12%
Oakville 1.80% 2.80%
Burlington 1.83% 2.91%
Newmarket (York Region) 1.84% 2.17%
Mississauga 2.02% 2.30%
Brampton 2.20% 2.54%
City of Toronto 2.52% 2.59%
Pickering 2.61% 3.72%
Oshawa 3.01% 4.34%
% of Taxable Assessment | Source: NRU | Aug 17
Office Buildings in York Region
Office Space Lease Cost Comparison
Sub-Market / Building Class Class A Class B
Gross $ / sq. ft 5 Year Cost 20,000 sq.ft Gross $ / sq. ft. 5 Year Cost 20,000 sq.ft
York Region, Greater Toronto
HWY 7/404 Markham – Richmond Hill $31.46 $3,146,000 $27.46 $2,746,000
City of Toronto
Downtown Financial Core $56.17 $5,617,000 $46.71 $4,671,000
Source: Colliers International Q4-14
Industrial Space Lease Cost Comparison
York Region, Greater Toronto
Sub-Market Gross $ per / sq. ft. 5 Year Cost 30,000 sq. ft.
Aurora $9.03 $1,354,500
Vaughan $8.49 $1,273,500
Markham $9.17 $1,375,500
Source: Cushman & Wakefield Q4-14

YORK REGION: A COST ADVANTAGE OVER THE USA

COST ADVANTAGES INCLUDE:

  • 50% lower employer healthcare costs
  • 40-60% R&D cost reduction via Scientific Research and Experimental Development (SR&ED) Tax Incentive Program
  • Lower salary costs (up to 45% in tech-related roles)
  • Lower employee attrition in Tech / Management roles than in the United States
GM Canada Employees in Markham, York Region
Metro Toronto Business Cost Advantage Versus Select U.S. Metro Areas
Metro Area Software Development
/ Digital Media
Electronic Systems
Development & Testing
Financial Services
vs. New York City 21% 19% 20%
vs. Los Angeles 17% 15% 10%
vs. San Francisco 21% 21% 18%
vs. Denver 12% 7% 2%
vs. Chicago 16% 11% 9%
vs. Boston 18% 13% 14%
vs. Raleigh 11% 14% -1%
vs. Austin 11% 7% 1%
vs. U.S. Average 16% 13% 10%
Source: KPMG Competitive Alternatives 2014

Federal & Provincial Business Incentive Programs

The Government of Canada and the Government of Ontario offer a range of business incentive programs that can assist in reducing corporate taxes and help businesses save on labour, R&D, and expansion costs. Incentive programs can involve grants, tax credits, or low-interest repayable loans upon meeting the necessary requirements for qualification. A full list of government incentive programs can be found here with a few highlighted below:

LOCATIONS

The Regional Municipality of York
Economic Strategy Office
17250 Yonge Street
Newmarket, Ontario, Canada
L3Y 6Z1

York Link
169 Enterprise Boulevard
Markham, Ontario, Canada
L6G 1B3

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