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HomeMy WebLinkAboutEDAC - 2025-10-22 KiTCHENER Economic Development Advisory Committee Committee Minutes October 22, 2025, 11:00 a.m. Conestoga Room City of Kitchener 200 King Street W, Kitchener, ON N2G 407 Present: Councillor D. Schnider, Member Councillor A. Owodunni, Member L. Rodriguez Reyes, Member M. Lam, Member M. Krushack, Member J. Curto, Chair A. Akbar, Member Tanner Bergsma, Member Pejman Salehi, Member Lucy Luo, Member Staff: Cory Bluhm Brian Bennett Andrew Sturgess Aura Hertzog Naudia Banton Lidia Feraco Amber Nguyen Jessie Park Navitha Nandakumar, Committee Administrator 1. Commencement The Economic Development Advisory Committee was held at 11 :04 a.m. on October 22, 2025. Chaired by Joe Curto. 2. Disclosure of Pecuniary Interest and the General Nature Thereof 3. Delegations 1 None 4. Information Items 4.1 Economic Update - Canada and Waterloo Region Presenters: • R. Both, Director– Global Strategy, TD Securities • Matthew Wong, VP – Foreign Exchange, TD Securities • R. Both and Matthew Wong provided an overview of current economic trends in Canada and the Waterloo Region. Their presentation covered inflation, interest rate projections, tariff implications, and Canada's growth outlook. • They noted that while inflation has eased over the past few quarters, service-related inflation, particularly in housing and insurance—remains elevated. • The Bank of Canada is expected to maintain a cautious stance with the potential for gradual rate cuts in 2025. • Ongoing global trade realignments, particularly between the U.S. and China, continue to influence Canada's export patterns. • TD projects a "soft landing" scenario with slower growth rather than a full recession. • The Waterloo Region continues to show resilience driven by strong post- secondary institutions, a diverse tech sector, and sustained investment in housing and infrastructure. • The commercial real estate sector remains in transition, particularly with the hybrid work trend affecting office occupancy. • Committee Members discussed the potential impact of future rate reductions on housing affordability. • R. Both emphasized the importance of municipal and regional infrastructure planning to maintain economic competitiveness. 2 5. Discussion Items 5.1 Make It Kitchener 2.0 Refresh - Review of the Five Core Areas of Focus Purpose: Committee members evaluated the ongoing relevance of the five focus areas established in 2019 and considered any new or emerging issues that may inform the next phase of the Make It Kitchener 2.0 strategy. Health Innovation • Members recognized that health innovation remains a key growth area for the region. • Committee members discussed the potential to leverage the digital health and med-tech ecosystem. • Committee agreed that additional investment in commercialization pathways could enhance local health-tech start-up retention. • New trends identified: growing integration of Al in health diagnostics and telemedicine adoption post-pandemic. Creative Industries • The committee affirmed continued importance of the creative sector in shaping Kitchener's identity and economy. • Members highlighted success stories in digital media, design, and music but noted that access to affordable workspaces remains a challenge. • Suggestions included expanding grant programs and creating shared creative hubs. • New trend: demand for hybrid cultural spaces combining art, community, and entrepreneurship. City-wide Startup Network • The region's startup ecosystem remains active, supported by innovation hubs such as Communitech and Catalyst Commons. • Committee members discussed the need to ensure inclusivity and support for underrepresented entrepreneurs and to identify collaboration gaps and emerging clusters. 3 Affordable and Attainable Housing • The committee recognized housing affordability as a critical issue affecting workforce attraction and retention. • Members discussed how the City could align with regional and provincial housing initiatives. A Vibrant, Active City • Members reiterated the importance of public spaces, events, and cultural programs to maintain community engagement and livability. • Feedback emphasized supporting year-round activation of downtown and neighborhood spaces. • Emerging issues: need to balance residential growth with adequate green space and accessibility for diverse communities. 6. Adjournment On motion, this meeting adjourned at 1.10 p.m. Navitha Nandakumar Committee Administrator 4