Andy Taylor, Chief Administrative Officer, addressed the Committee to provide opening remarks and indicated that this is the second of three General Committee meetings to discuss the City's Strategic Plan, Building Markham's Future Together. Mr. Taylor further indicated that this is an opportunity to refresh the current strategic plan and prioritize initiatives through feedback from Members of Council, and the community through engagement activities to position the City for the future and to manage change. It was noted that today's meeting will be facilitated by Bryan Frois, Senior Manager Executive Operations & Strategic Initiatives and Meg West, former City staff member and consultant.
Mr. Taylor welcomed Rishi Sondhi, Economist, TD Bank Financial Group, whose responsibilities include analyzing and forecasting provincial economies and regional housing markets
Mr. Sondhi, addressed the Committee to present Ontario's Outlook, which provided an Ontario centric economic outlook that highlighted, real GDP growth; mortgage payments relative to maximum affordability; the Bank of Canada and interest rate decisions; population growth and migration; information regarding the housing market supply, prices, and affordability; workforce pressures; as well as the cost of commodities.
The Committee made inquiries in relation to the following:
- Current layoffs at Canadian banks and the overall employment rate;
- The impact Artificial Intelligence will have on the job market;
- Ontario's ranking with respect to GDP across the country;
- The current geo-political impact on markets;
- The factors used to forecast a potential decrease in interest rates in Q2 2024;
- Canadian productivity and ability to meet current demands;
- The realization of the impact that the recent interest rate increases on mortgage payment and renewals; and,
- The effect of baby boomers leaving the workforce and downsizing their homes.
Mr. Sondhi provided insights in response to the inquiries and noted that the economy is expected to undergo modest growth in 2024.
On behalf of Markham City Council, Mr. Taylor thanked Mr. Sondhi for attending today's session and for the enlightening information.