Annual Lunch: Celebrating our 180 Year Legacy

good afternoon everyone Did you enjoy your lunch okay that's what I want to hear I do hope you did enjoy that lunch It was fantastic But more importantly I hope you enjoyed the chance to reconnect with friends and colleagues and peers because today is more than just a meal It is actually a celebration of the extraordinary business community that is you Please give yourselves a hand

This is the community that defines the Toronto region It's hardworking It's inventive It always strives for progress and excellence Toronto is not like any other region in North America It's our diversity of people of cultures of ideas of industries that is at the root of our greatest strength It's the source of our resilience and it's the foundation of our success and it's a gift that we as leaders have been entrusted with We're the stewards of this region's future Whether you were born here or whether you chose to make Toronto your home we share that responsibility to future generations to leave this city and leave this region better than how we found it It's so that our children and our grandchildren can enjoy even greater opportunities So easy to say very very hard to do Over the over the past five years we've already faced profound challenges a global pandemic inflation significant geopolitical and economic instability and honestly who could have predicted the last 144 days the four was for you Giles since President Trump returned to office We've watched the world economic order be destabilized by tariff threats tariff actions and we've seen the fracturing of the Canada US relationship that has been so foundational for both countries So here's my question In a world this volatile this unpredictable do we sit back and do we let others decide our future or this is a rhetorical question by the way or do we reignite boldness unity and ambition to make Canada and the Toronto region strong i know where I stand I'm pretty confident that I know where you stand too We are not where we should be right

we're not where we should be As Giles has already mentioned we've fallen behind especially when it comes to our productive capacity and the need to build our own modernized value chains But the role of this board is not just to dwell on issues not just to point out fault with others We seek solutions and we work with businesses and governments to make them real In my four years as chair I've seen the Toronto Region Board of Trade lean in challenge both government and business to think bigger to invest more boldly And as Giles noted that message has been heard loud and clear Now the hard part How do we see this through because change doesn't just happen because we want it It happens because we do the work And when we hold the line especially when things get tough Look I remember my first business It almost failed more than once Eventually it was acquired as part of a billion dollar liquidity event I won't repeat the story It's actually in the book in front of you

But what I learned were a couple of things What I learned is that it's only through adversity that one finds opportunity And so it's through challenge that creates these opportunities And it's far more resilient The resilience that you get from fighting through these challenges along with agility and adaptability these are the currency of progress That's why I'm still standing here today with you If there's one idea I want to leave you with it's this We must be market makers not market takers We as a business community must continue to lead We have to shape our own futures We have to take ownership of our destiny as a region We cannot afford complacency We cannot afford to let forces outside of our control dictate our future The Toronto Region Board of Trade will continue to be that platform for bold thinking real action Now this is my final lunch as chair of the board and it truly has been the honor of a lifetime This year I joined 19 great Canadians to to co-author a book called The Ripple Effect It was released in May 27th two weeks ago It's already a best-selling book It's a playbook on how to build trusted relationships over a lifetime And that is the key to navigating adversity More importantly lifting each other up along the way I'm very proud to be joined today by several of the co-authors great Canadians all and fellow contributors who I will ask to stand as I call you up We have our co-editors David Sabuchi and Mark Keley also

also known as the odd couple along with David and Mark and if you read their stories you'll understand that comment please uh you have Murray Sims where are you Murray

Sheila Paul

David Lindsay Mity Hunter

And of course Baron Manette And by the way just a word about Baron

If you want to know how to get a book on pre-sales to be a bestseller already you got it right there That's the man So I hope you're going to stop by We're all going to be available to sign this book uh after this event Um but I hope that you're not just there for the book I hope you're there for the stories and the ideas inside of it And if the stories resonate with you please do this Please leave us an online review so that we can build this ripple into a rising tide So many of our children maybe some of our grandchildren live through 5 years of Death Valley when it comes to social engagement networking and trusted relationships This is a playbook to create a ripple effect and turn it into a rising tide So although I'm stepping down as chair I remain committed as a proud Torononian as a member of this business community to make sure we don't just talk about the future we build it Thank you for the trust that you've placed in me It's meant everything And as Sasha Sasha Kurtstage takes over for me as chair I'm confident that the board and Toronto's business committee aren't just in good hands they are in great hands Before I close I want to say a few personal words about our special guest Toronto's mayor your worship Mayor Olivia Chow Mayor Chow

Mayor Chow your commitment to this city has come at a time of real challenge enormous challenge and I have personally come to appreciate you as a dealmaker as a pragmatic problem solver You represent this city not with politics but with purpose And now more than ever we need your help We need your help working with all levels of government and our business community to make the hard tradeoffs as we rebuild strength and lay the foundation for sustainable prosperity for generations to come And in our time together I've developed a deep deep appreciation for our shared aspirations for this city That aspiration to create a stronger more inclusive and more competitive Toronto Thank you for your partnership

It is now my pleasure to hand things over to our next speaker Puya Zangan senior vice president with small business banking at Scotia Bank a dear dear friend and a member of our board of directors at the Toronto Region Board of Trade Puya will come up and formally introduce Mayor Chow Please join me in welcoming Puya

Thank you very much Junk Uh first of all on behalf of the board we want to thank you I think echoing everything John said for your leadership and friendship And as Sasha I think mentioned uh you're still part of the family So we're looking forward to see you in the the next events Uh so good afternoon everyone and thank you for joining us today My name is Puya Zang and I'm the SVP of business banking at the Scotchi Bank I have the great pleasure to introduce one of Toronto's top leaders and impaire and uh passionate advocate of our community the 66th mayor of Toronto her worship Mayor Olivia Chow [Applause] In July Mayor Chow will mark two years in the office Her tenure has been defined by a spirit of collaboration and action She was worked she worked across the political lines with Ontario Premier Doc Ford and former Prime Minister Justin Trudeau to secure major wins for Toronto including agreements to upgrade Gardener Expressway and over $160 million in federal funding to support asylum claimants and low-income renters in Toronto Yeah

Just last month Mayor Chow became the first Canadian mayor to meet Prime Minister Carney Their conversation was focused on some of the issues that mattered most to Torononians Housing public trans transit and affordability Like many business leaders here today in the room and members of Toronto Region Board of Trade we at a Scotia Bank are committed to playing a role in advancing discussion and actions in issues most important to our communities We recognize the importance of fostering a dynamic business ecosystem to develop a vibrant economy for the whole community Therefore we are championing a growth first agenda We have an historic opportunity to dismantle provincial barriers and prevent that prevent goods and services from crossing our own economic union and build and maintain a centers of excellence This will help to cement Toronto as one of key economic centers in North America The world needs and wants more of what Canada has And yet Canada's economic potential is underdeveloped and unrealized Under unrealized we know that with focused effort can Canada become a global hub for investment technology and a destination for global talent But it would take significant leadership investment in innovation and infrastructure to make this happen Speaking of leadership I want to share more about Mayor Chao's background Born in Hong Kong she immigrated to Toronto at the age of 13 She's the first person of Asian descent to serve as the mayor of Toronto and the first woman to hold the office since the city amalgamation in 1998 Yeah

Before entering politics Mary Cha worked as a sculptor ESL teacher and a counselor for new immigrants Her public service journey began in 1985 as a school trustee In 1991 she became the first Asian-B born woman elected to Metro Center Council where she served for 14 years She later represented Trinity Spadina as a member of parliament from 2006 to 2014 Beyond elected office Mary Cha founded the Institute of Change Leaders in 2016 training thousands of community organizers across the country She's known for her commitment to the community and love for her bike Actually earlier this year uh this month uh Mary Cho joined some of my colleagues at Tangerine to announce the Tangerine bike share event happening this Saturday It's a as a cycling enthusias myself I hope that everyone participates in a bike for free day on June 14th across city I can assure you we ordered great weather as well So that's like a Scotia Bank guarantee As I was reflecting on mayor's career as a public servants and a community leader specifically the last two years as our mayor I believe we've seen Mayor Chow continuously demonstrating a pragmatic leadership grounded in compassion creativity and a deep belief in power of community Now before I ask mayor to join me on the stage I want to highlight the agenda for rest of the event Mayor's remarks would be followed by a live taping of Toronto Talks podcast which is a discussion between Jobs and Mayor Chow If you haven't already subscribed I highly recommend it This is a fact I checked Joe Rogan podcast rating 4.6 Toronto Talks with Giles 5.0 So definitely subscribe

With that please join me welcoming the 66 Mayor of Toronto Mayor Olivia Chowo [Applause]

It's short

Good afternoon everyone We are stronger and richer than we think Are we [Applause] it's great to be back here at the Toronto Board of Trade Thank you for bringing Toronto's business community together business community together to address the most pressing issues facing Toronto Quite a lot has happened since last year's lunch Summer Mintosh wled us all by shattering every single record Taylor Swift came to town We cheered on another playoff run by the Leaves Yes Yes And Yep Toronto voted in backto back provincial and federal elections And our friends to the south reelected President Trump And now we find ourselves living in a time of historic uncertainty with a senseless trade war a lower productivity the housing crisis and the market is slowing Young graduates can have trouble finding jobs Those who have jobs are struggling to get ahead Torononians are understandably worried The board of trade survey that you just released highlighted that economic anxiety identified key barriers Housing cost traffic congestion trade uncertainty taxes So to build a stronger city and drive economic growth we must build more homes that people can afford improve the infrastructure that supports these new homes support local businesses and make it easier to get around our city Easy right of course as mayor I'm taking action So let's start with housing Let me tell you a story My father graduated from university and became a teacher then worked his way up to be a school superintendent He moved into we moved into a new townhouse with two spacious bedrooms and a parking spot downstairs It was in a middleclass neighborhood Growing up I had a park I played at every day after school Remember the swing set a bus that came often and it took me two minutes to walk to it a small convenience store just down the street where I brought treats These are homes built by the British Conservative government in Hong Kong In fact in the 60s half of the people in Hong Kong lived in homes built by the government The Hong Kong British government responded to the massive influx of refugees from China because of the cultural revolution and all and unrest by building homes for them directly through a housing authority Lowering house housing costs meant there were more money to shop to spend It drove economic growth supported local businesses created more jobs and led to the rise of the middle class Here in Canada a year ago a task force came together to study how to build more and better housing It was co-chared by former mayor Don Efferson from Edmonton and former deputy leader of the federal conservatives Lisa Rate with Prime Minister Mark Carney as one of the group's members before he came he became the federal Liberal leader The task force released a report that said Canada's non-market housing sector makes up 3.5% of the housing system and is only half the size of those of our OECD peers To solve the housing crisis the 5.8 8 million new homes that we have to build by 2030 40% should be nonmarket affordable I thought whoa that's 2.3 million homes In Toronto we have been laser focused on building housing affordable housing among them And I set a target of building 65,000 homes and we are halfway there We created a new development review division and sped up the approval by 80% We are moving forward with legalizing missing middle housing including six plexes and 12 stories on avenues And thank you Giles and the board of trade for deputing in favor of these changes this morning at the planning and housing committee You are Yes Thank you for doing so

Now I'm going to get it past council in a week or so And Toronto built 31,000 homes for our programs But with the interest rates building is slowing So last December through my new rental incentive programs I waved all development charges reduced the property tax by 15% And unlocked 8,000 homes 20% of them affordable And I see one of the partners Dreams that got 3,000 units Their shuffles are hitting the ground Yes congratulations

That's by making the math works for the homebuilders We also deferred 3,000 units of condominiums by saying that you don't have to pay your development charges until people move in That make Yeah I see some of the knots makes that makes financing works a lot better right so but we cannot act alone More than 300,000 units were approved and are sitting in the pipeline waiting The city just doesn't have the financial means to do more These housing units are shuffle ready and we can start building tomorrow We just need financial partners The financial the federal government said they asked the cities to cut development charges by a half by 50% The province said defer them But who will pay to build the public transit the roads the parks and the social infrastructure that is essential to a vibrant city these are the challenges the city grapples with consistently And yes I met with the prime minister two weeks ago What I heard was encouraging He publicly promised to financially support cities who make building homes cheaper Well I'm ready to cut costs to build homes build better roads and transit to support them I've done that I am doing a lot more if there is financial support And I hope you too are ready to build with the city and remind the prime minister that we are ready right here in Toronto Toronto strong Fixing the basics like housing goes hand inhand with creating a better environment for business to flourish All of you know that in the wake of the tariff threats I spent some time sharing local success stories and I'm going to give you one a business here in Toronto that have flourished like Yaya Abbas the owner of Yaya Foods a food processing and packaging company Yaya told me he and his father immigrated from Iraq in the 80s and through sheer hard work and determination he grew his company tremendously now employing a thousand workers and occupying 800,000 square feet of manufacturing space in South Etopico The company serves international and American markets Yes a trade war will hurt his bottom line So in response to a tariff threat I launched the mayor's economic action team to support businesses through this uncertainty Some of the members of the team are in this room and I thank you for your contributions Together we've moved forward with a 10-point plan The city is deferring property tax for industri you you talked about taxes right it's one of the barriers We are deferring property taxes for industrial property owners to help with their cash flow Shortly after we announced that the provincial government thought it was a good idea Well I don't know who thought it but at first they are doing the same thing They also deferring the taxes We're strengthening local jobs by mandating the city to give preference to Canadian companies You will soon see the delivery of a Canadianmade fire truck and they very good-looking ones and very strong very yeah made in Canada working with the uh board of trade and local business networks we launch our love local campaign and thanks to people like your chair Yong Wu we're going to miss you don't go too far we are working to better connect the tech innovation in our city with businesses Yes is the time Yeah Toronto is a leading center of commerce creativity research and innovation We have local research leaders like the Nobel winner Jeffrey Hinton We have cutting edge tech innovations and we promote that under the leadership of Chair Rod Phillips Toronto Global and Destination Toronto This Toronto Global is a city agency that attracts business investment We are bringing more headquarters and investment here We are quickly probably already becoming a worldclass AI hub Yes that is the future And thank you Rod for your leadership and the Toronto Global team right here

Yes I'm looking at you Ambitious newcomers smart innovators people with big ideas come to the city hall small business office to ask for help to start or to grow their business We notice a large gap between the cutting edge work being undertaken by Mars or the Vector Institute and the local small business To leverage these incredible small businesses for growth we are connecting them with technology that can help them reach the next level That's why taking Yong Wu's advice we are increasing AI adoption by both city services and in support of Toronto businesses through an AI advisory table and thank you for your contribution there [Applause] Now of course our competitiveness and productivity will also depend on our ability to move goods and people quickly and easily through the city Last year Toronto added 270,000 new residents So the demands of our roads are getting greater than ever There's construction on the Ontario line There's because we're growing city We you know there's construction everywhere And guess what it it causes congestion And I want to thank the board of trade for your congestion report We thank you for all your smart recommendations We are hiring a 100 traffic agents to move cars people and bikes When I took office we had two They pray they prevent illegal stops and drivers who infuriate us And I just saw one when I was walking over by blocking the intersections right new York City has about 4,000 traffic agents to manage congestion That's a small army to keep people and traffic moving Now we know it's working in New York and our 100 is just a start Okay Our CFO just gave me a look Uh it's simple ideas like this that make the most impact on our roads We've also shortened lane closure by giving incentives financial incentives to construction companies to build faster The longer you take a traffic lane the more you pay Forget about this flat rate business especially on major roads Yes And already we are seeing contractors choosing the side street and shortening the construction time And yes the gardener Yes we have to talk about the gardener Look it needs to be fixed and be rebuilt If not it's falling down It will fall down So we have to rebuild the gardener But we have sped up that rebuild by over a year by doing 247 construction Yes that means Yeah

that means ending lane closures a year faster Hey we're going to open the garden Yes I know you Some of you are going "Yes like this." It's happening now This is all made possible with the generous partnership with Premier Sports Government right we've created a construction coordination office so we don't rip up the same road same lane because we didn't plan ahead to install the water manes the utilities the street car tracks all at the same time Yes let's do it together right and yes we are naming a traffic SAR uh which is one of your top recommendations Now ultimately we know that better transit can solve traffic issues We've hired a new TTC CEO with experience from the London Tube and the New York subway system He's just about to start Yeah very impressive guy We're working to both service levels We froze TDC fairs and better s well more more reliable almost to attract more riders Okay For six years transit experts repeatedly said that the bluer subway cars are close to the end of their lifespan Not listening to our experts is dangerous The Scar Bro RT was 10 years beyond its lifespan when it derailed So securing a new deal with Premier's Fort's provincial government means we are finally buying new subway cars for blure Yes finally Now we just need to get it done faster which will be happening hopefully I'm looking at some of you For years the city was struggling to repair the aging Garner Expressway There were chunks of concrete that were falling from it Remember that wasn't that long ago So finally last year we uploaded that regional highway through the New Deal And this year because we did that the city will finally have some critical funding needed to fix decades of crumbling infrastructure the aging subway tracks that make service not reliable the signals that are failing the crack roads Yes potholes Giles I know Potholes And yes he said you know it it's it's serious stuff You lose a you could lose a wheel or you can just go over on your bike right so crack roads and bridges we are fixing it The leaky roof the city hall and the community center I'm not kidding It Yeah a big rainstorm will do that right we're fixing it We cut our capital budget backlog by 8 billion dollar in one year alone Yes we are reversing years of stagnation and decline of our public infrastructure And because we are pretty good financial manager the city's credit rating went up for the first time in 20 years to a double A+ First time in 20 years We're turning a corner but we're not done Yes we still have a shortfall to tackle I am actively working with the premier on a second new deal part two Our first one ends sometime next year and we have to maintain the momentum to set the city up on a long-term path to success We will not repeat the past decades where we have fallen behind on building and fixing all the infrastructure that matters most the roads the transit uh public housing child care centers So to build a stronger Toronto and thank you for that campaign we must unleash the power of the level of government closest to the people And we need to work together all levels of government and businesses to make it happen I don't know about you when I heard that O Canada being played and we saw that beautiful video there was a tingling in my spine right i thought "Yeah we are proud Canadians We We are a global beacon of hope My dad came to Canada because we are the place where you want to find a good future for your family And we know that diversity is our strength And some of these immigrants have left behind war famine persecution

little bit of trade dispute It's a problem But hey guess what the small business and their financial activities last year went up by 5% Yes we have the most dedicated workforce in the world And because of our diversity and being a global beacon of hope we are the fastest growing city in North America Together we are strong We are optimistic We are bold We are acting now We can do it And we're ambitious So together let's build a more affordable a more prosperous and stronger Toronto Thank you for being here And let's do this together [Applause]

Thank you Mayor Chair Merch That was terrific In fact you asked you answered so many of the questions I was going to ask you Um maybe because I read the question first No I didn't Well I was going to say you must have because you covered a lot of a lot of ground You've been moving at speed So the new mantra for every governor seems to be move fast and fix things That seems to be the new mantra You've caught it Prime Minister Carney is talking about it Premier Ford same thing So that's that's really good news for all of us I think that you really got your eye on some of these big questions Now um we I don't know how much time we have probably not as much as we thought we had but let me just u go over some of the some of the topics you mentioned As you know on top of our mind is is the congestion issue We think it's so important you agree and first of all I want to say how appreciative we were that you moved so quickly to adopt formally the five recommendations that we made and as you mentioned um the the idea of a traffic zar we call it traffic commissioner we think is a really important it's partly a symbolic thing so everyone knows there's somebody really you're in charge you're the mayor but to have someone at your right hand who is fundamentally responsible for trying to fix the the very complex I don't think I'll make a very good traffic agent no but you uh you're going to be in charge of the person who will you're going to put in charge and the question is I think a lot of people wonder whether that person will have the authority that's needed and the accountability to support you in really uh being the being the person who coordinates right across the city uh and all the city departments to really try to have metrics on reducing traffic times to travel and speeding up uh speeding up uh speed We have a very good workforce and yes we are appointing a person um commissioner SAR Serena um uh we're doing it uh this is mid June yeah shortly uh so yes the person will be in charge there will be metrics there will be targets and we will report out so it's transparent uh there we I already laid about some of the things we are doing We will make sure that people understand and that the already there is a coordination office a construction coordination office but we also are using AI uh for the traffic lights We there's a three companies that are testing Telus Rogers and Bell They're all doing a different kind of technology to ease our congestion we'll see which one is the best So there are lots of these initiatives that's happening uh in special events we are moving the traffic in a different way So this person will coordinate all of that and uh report out to the public and one of the things that was one of our recommendations and I know you're very supportive of and I think we've got some work to do with other levels of government but is this whole idea of automated enforcement on uh on our major arteries I don't think we're talking about it everywhere but we're from our perspective it's these major roads to make them move faster Uh you got people parking in no stopping zones You've got people pulling U-turns in the middle of of a block and stopping traffic on both sides Uh that kind of thing Um but we you know do you see that as being part of what you you want to bring to Yes the city council said yes that is what we want Uh but it's not up to us alone We have requested the provincial government to allow us to do that They have not said yes So those of you that believe that it's a good idea help us call up your let them know No So again thinking about a year a year from now we'll be sitting here I hope Um and uh and we'll have had the traffic commissioner Hey a year from now World Cup will be here That's right Yeah the world is coming to Toronto and hopefully there will be there will be smooth traffic flow during that time So what do you expect to see i know it's that's a tall order That's a very tall order Oh it might be a bit maybe that's asking for too too much But what do what what do you want to see in a year's time on the congestion fund are there certain things that you would have as parameters for making progress a year from now uh hopefully we have made a commitment to build the waterfront LRT East Yes Yeah Yes Do it We're designing it now We just need the other two levels government to partner with us Right Um and to ease traffic in the Scarbo area there is the long awaited Scarbo Edington LRT East Let's have that built Yeah Missy Hunter is clapping because you're from Scarbo You know how much is needed right it's not fair There isn't one Um so on uh our our TDC CEO is going to doing his magic Enough of the unreliability and the tracks and the signals fixed so that it's more reliable and the buses and the street car will not bunch so much So that is they actually show up on time and um for uh the AI and the uh use of technology and the traffic signals and all that uh probably will be implemented by then and there will be a lot more traffic agents directing traffic So you better not block the box because it's going to cost you a bit of money Quite a bit of money Um there are um let me think what else the construction construction zones uh will be less Now I can't control Ontario lines how fast they built but Premier Ford said they are right they are just going um as quickly as possible with great speed and I yes I could tell that they are to the extent that some of the local residents are complaining because it's noisy but they they are moving ahead construction will be a lot faster and it will be coordinated so you don't have this bunching a lot of bunching right now Yeah Yes exactly So uh we would be able to solve that because there will be more police officers Some of the people that are violating we may or may not have the cameras but certainly some of the officers would be able to because we're hiring more of them Uh actually 720 more uh this year next year So it's 360 every year for the next 5 years in terms of police Um which means that we safer city but also uh those that are violating traffic laws stopping to get the timies and blocking all the traffic all bus and everything behind we get ticketed So all of those uh coming together would help I mean I do think I think that's very remarkable when you think I mean one of the issues we don't talk a lot about is safer city You know the you know trying to get the crime rate down and I know it's troubling a lot of people Uh it was probably a factor in the last federal election in fact uh from what we heard So that's that's actually helpful to hear that I think you're you're expanding the police force Y and the chief tells me it doesn't it doesn't feel that way but the chief tells me the numbers are coming down has come down right in terms of shootings and recommended car thefts down by 34% etc So um we're doing better That's great One of the things you mentioned u in in your remarks was the was the fiscal deal new deal part two The new deal part one was a was a kind of a landmark agreement that you reached with the province Uh but as you said it had a time expiry on it so it was only a couple of year three years I think it was Um do you look at the next deal as being sort of just a renewal of the existing deal or are you looking for other other parts of it an expanded deal sorting out the terms and reference I'll be able to answer that question We could offer you advice if you told us we would be able to offer you our best advice Well we could talk Okay Good I'll I'll I'll make a note Um housing you talked I mean that's one of you you are passionate about housing uh and you've in your remarks you mentioned how much you've actually done to try to grow the number of housing units It's been a tough environment as you pointed out One of the things we talked a bit about this is in the condo market you've had a real almost collapse of the financial model of uh building financing uh condo developments And so I know you're making you know through the DC deferrals uh through the property tax reductions you're really trying to jin it up again Uh but do you see are you happy with where things are or do you think that maybe the industry has to be working with you to really see whether there's a different financial model out there we are in fact working very closely with the industry because I have um uh industry group that has the top 10 15 home builders uh in the room Some of them I see here are here and uh they they provide advice I set that up right at the beginning of the term I'm also I have another team that are looking at affordable housing the non-market group So both of the teams are meeting and um can we do a lot more absolutely Absolutely As I said um when last December last November actually when we started that incentive program where we accept the development charges in one month 77 developers homebuilders came in and put the application in That's how popular that is it that yeah people said oh you deleting or exempting the development charge is the way to go except we can't afford the point is as you pointed out that pays for infrastructure core so it's a bit of a trade-off either way but it does account for I mean they do account for something like 20 to 30% of the cost of a unit is now is now development charges but as you say it's a it's a real tradeoff um one of the things we're excited about at the board we've been doing a bit to work in this area is modular manufactured housing Ah yes and you know in terms of of building homes quicker um very high quality I think and you got standardized quality because it's factory built in many ways and uh and and lower cost So that's a trifecta that you kind of want to see What are you seeing happening on that front a great deal I've had uh my staff team uh working with pillar Gilan of uh the Madame Homes In fact an announcement the other day Exactly In the globe Yeah Um he's of course the CEO the CEO of MadMi He's the founder Uh is part of our uh homebuilders team Okay And so we work very closely uh with them and we're trying to persuade them to locate their big factory in Toronto Please I hope so Uh well we're competing with another GTA region a city So we've been having conversation Um we have some challenges You know we have some traffic congestion question right so uh but you're solving it So that should make things easier So we'll we'll talk to Peter We'll let it please talk to Peter and said that uh he knows because the last conversation was in fact uh uh two Sundays ago uh while we were doing the ride for uh brain health and uh I kept like come on Peter build it here in Toronto So now you know what you have to do you have to protect our employment lands as well That's what's going to get Absolutely That's what's going to get Peter to build the factory here Yes Absolutely you know the film studio Okay speaking about employment land our film industry is $2.6 billion dollar employing 40,000 people 40,000 jobs right here in Toronto It's a huge industry Um I was down in Los Angeles trying to get the the business coming in It was very effective Uh they were they are coming into the good news is they are arriving They are coming because we have worldclass sound studio through the employment lands especially by the Portland We have top rate diverse talents and we have very competitive generous and stable tax credit But you were so effective that President Trump shortly after your visit said you know we got to stop Canada producing films Except we haven't done anything yet and you don't tell them Okay Yes he talked about it Don't remind him It hasn't been enacted And I check last time I checked a lot of the big studios are still they are committing to seasons of filming in Toronto And because we need to diversify uh next month I am going to Dublin and London England to drum up some business so that in case things get a bit strange we have other people coming in to make films Well that's great You got that covered That's fantastic Look we could I could go on for another 20 or 30 minutes and I know you could as well Uh but we have to get people back to their offices Uh we promise to let them out by two So with that I'm going to thank you very much for your remarks and for being part of this conversation Thank you Jo Thank you so much

Well that is all the time we have for this afternoon and mayor again thank you very much for your remarks for joining us for our annual lunch and on behalf of the business community uh thank you for your ongoing engagement with us at the board We look forward to continue to work with you uh to support the needs of our economy and our business community Before we adjourn this adjourn this afternoon a reminder to those who parked at city hall to claim your discount your uh drop by the registration to claim your discount from the Toronto Parking Authority And finally I would like to thank our sponsors once again Our event spart sponsor Ellisdon our host partners Alto CN City of Toronto Mastercard Music Marketing and Scotia Bank And finally our principal partners Atkins Ray Alis Enbridge the Globin Mail Scotia Bank and the University of Toronto Let's give them all a final round of applause

And thank you to everyone who joined us today stronger really does start here with the leaders and decision makers in this room Thank you [Music]