BizNews This Week Archives - Victoria Chamber

Fall stats show uptick in region’s real estate sector

November 6, 2025/in BizNews This Week, Business And Economic Strength, Finding And Keeping Workers, Housing/by Jim Zeeben

Greater Victoria’s housing market is showing renewed activity as sales and prices ticked up in October.

A total of 617 properties sold in the Victoria Real Estate Board region this October, 11.4% more than in September.

“The local real estate market remains reasonably balanced,” VREB Chair Dirk VanderWal said in a media release. “Single family homes are currently seeing the strongest demand, and this month we saw the highest number of October sales since 2020. However, condo sales were slightly more restrained than single family and townhome sales over the past month. We have not seen a significant decrease in prices as a result, but those shopping for condos will find a good variety to choose from with time to make decisions.”

The benchmark value for a single family home in the Victoria Core in October was $1,276,500, down from September’s value of $1,294,800. The benchmark value for a condominium in the Victoria Core area was $551,000 in October, up from the September value of $547,500.

Victoria firm launches national directory for builders

November 6, 2025/in BizNews This Week, Housing/by Jim Zeeben

One way that Canada will be able to meet its housing supply challenges is through innovation led by business. For example, new Chamber member WebMaxCanada recently launched an online directory that helps connect with Canadian builders and suppliers.

CanadaPrefabHomes.ca is a searchable, nationwide directory connecting prefab, modular, and mass-timber builders, manufacturers and trades.

“We wanted to create a practical, credible resource that supports real businesses and helps them be found by the homeowners, builders, and organizations already searching for Canadian prefab and modular solutions,” WebMax Canada Co-Founder Susan Jones said in the media release.

Saanich says work ahead to meet BC housing targets

November 6, 2025/in BizNews This Week, Government Local, Housing/by Jim Zeeben

The provincial government’s mandate for BC municipalities to build more homes is proving to be a challenge for some.

The District of Saanich said in its latest report that it’s making progress, though it won’t reach its target. So far, since the mandate was brought in, Saanich has seen about 78% of its goal of 1,041 new units.

“A major highlight of the report is that nearly half of the units issued through Development Permits are for non-market units, which is so encouraging and will help more people find a home at a price they can afford,” Saanich Mayor Dean Murdock said. “Additionally, we are exceeding provincial targets for the creation of family-suitable 2-bedroom and 3-bedroom units, which will allow more families to settle in our community.”

Saanich said that a significant number of new homes have received a building permit and are under construction.

Area mayors, minister to discuss regional policing

November 6, 2025/in BizNews This Week, Government Local, Government Provincial, Safe Communities/by Jim Zeeben

According to a report published in the Saanich News, a meeting to discuss a regional police service is in the works between area mayors and the provincial government.

“This is something that Esquimalt has always been supportive of,” Township of Esquimalt Mayor Barb Desjardins told the media outlet. “When we amalgamated with Victoria way back in 2003 it was with the understanding that … other communities were going to follow but that hasn’t happened, and here we are 23 years later.”

The report quotes written statements from the mayors of the City of Victoria and the District of Saanich agreeing to the meeting, as well as a written response from BC’s Minister of Public Safety and Solicitor General Nina Krieger acknowledging she is “open to the discussion.”

The Chamber supports better integration of regional policing services in order to make our communities safer.

Fed Budget leaves investment in hands of business: analysis

November 6, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty, Government Federal, Inflation And Rising Costs/by Jim Zeeben

After 18 months of waiting for a federal budget, Canadian businesses heard yesterday about the government’s big promises.

“Canada has an urgent need to get back to a growing, productive economy,” Canadian Chamber President and CEO Candace Laing said in a media release. “The government has heard business’s call to focus on the economy and has made some tough choices to attract investment. Individual businesses — small, medium and large — will be the ultimate judges of whether this is enough to start making investments in Canada again.”

The Chamber was pleased to see the government make needed reprioritizations and cuts, while investing in new defence spending.

Our armed forces have long been left empty-handed and finally meeting international commitments could go a long way to being seen as a reliable global partner.

“This budget makes critical investments in the equipment and technology our men and women in uniform need to defend Canada at home and abroad,” Executive Vice President and Chief of Public Policy Matthew Holmes said.

Budget 2025 takes a step toward balancing fiscal restraint with targeted investment. But the test ahead is execution and follow through — ensuring that policies translate into real-world competitiveness and growth.

“The world is competing for capital, and capital is mobile,” Laing said. “Canada has the talent, the resources and the potential to lead. Now, we need to prove that we can provide the certainty investors and businesses are looking for here at home.”

2025 Budget Expert Insights

Province continues working on red tape reduction

October 29, 2025/in BizNews This Week, Business And Economic Strength, Fair Rules, Government Provincial, Streamlined Regional Regulations/by Jim Zeeben

On Monday, the provincial government announced it was making 187 amendments to 38 regulations in order to reduce red tape, improve permitting timelines and make government services more efficient and accessible.

The changes are across 10 ministries and focus on streamlining approval processes, such as removing construction permit requirements for very small private water systems, simplifying the level of authority needed for special-use forestry permits and eliminating outdated provisions related to soil relocation and open burning activities.

Businesses can share their ideas for future red tape reduction at betterregulations@gov.bc.ca.

Feds announce reforms to bail and legal system

October 29, 2025/in BizNews This Week, Government Federal, Safe Communities/by Jim Zeeben

Last Thursday, the federal government announced highly anticipated reforms aimed at keeping repeat offenders away from communities.

The Bail and Sentencing Reform Act focuses on stricter bail laws for violent and repeat offending, as well as organized crime. It also aims to make sentencing laws tougher for serious and violent crimes.

“This is a pillar of what our Chamber and other business organizations have been calling for,” Chamber CEO John Wilson said. “Whether this Bill accomplishes what the government says remains to be seen. We know many businesses have run out of patience with promises so we really want to see effective action at this point.”

BC’s Minister of Public Safety and Solicitor General Nina Krieger, who is MLA for Victoria-Swan Lake, was optimistic the federal reforms will make a difference.

“Police in our province are too often arresting the same individuals for repeat offences, only to see them quickly return to the streets to reoffend,” Krieger said in a media release. “Bill C-14 directly responds to those concerns. It strengthens bail provisions, provides clearer direction on when detention should be sought and enhances sentencing options for serious crimes. In short, these reforms will help keep repeat criminals off our streets.”

ICBC freezes auto insurance rates through 2027

October 29, 2025/in BizNews This Week, Business And Economic Strength, Government Provincial, Transportation Options/by Jim Zeeben

The Insurance Corporation of BC announced on Tuesday that no increase to basic rates is planned for next year. It marks the seventh year in a row that ICBC has held rates.

“With insurance rates stable, we can put our efforts toward enhancing customer experience and expanding online services,” ICBC interim CEO and president Jason McDaniel said in the media release.

ICBC reviewed its finances and concluded that basic auto-insurance rates do not require a change through to 2026-27 fiscal year, eliminating the need for an application to change rates with the BC Utilities Commission in 2025 and postponing any potential need for an application until late 2026.

Some of the credit for the stable financial situation goes to the switch to a “no-fault” system, which McDaniel recently told a Chamber audience he prefers to call Enhanced Care.

The introduction of Enhanced Care in 2021 led to an immediate reduction in basic insurance rates, and has helped keep the rates steady ever since.

Bank lowers interest rate as trade uncertainty lingers

October 29, 2025/in BizNews This Week, Chamber Awareness, Inflation And Rising Costs/by Jim Zeeben

The Bank of Canada reduced its target interest rate today by 0.25%, citing ongoing uncertainty with US trade negotiations.

“While the global economy has been resilient to the historic rise in US tariffs, the impact is becoming more evident,” the bank said in its statement. “Trade relationships are being reconfigured and ongoing trade tensions are dampening investment in many countries.”

To help Canada regain a positive position with the US, the Canadian Chamber has sent a trade mission, led by former Quebec Premier Jean Charest, to the US capital.

“Now is the time to stay very cool and to be focused on what it is that we want,” Charest told CTV. “The rest is a distraction, frankly, and we need to continue to be the adult in the room. Stay focused, stay close to each other, share information, and if we do that, we will increase our chances of coming out of this with a pretty good outcome.”

Chamber column: Focus on needs not wants in budgets

October 29, 2025/in BizNews This Week, Chamber Awareness, Government Local, Inflation And Rising Costs/by Jim Zeeben

An excerpt is from The Chamber’s October column in the Business Examiner”

If the largest city in Western Canada can aim for a 0% property tax increase, surely those municipalities with a fraction of Vancouver’s budget can do the same. Vancouver Mayor Ken Sim recently announced that he is directing staff to stop spending money that doesn’t need to be spent — a decisive response to an initial staff recommendation for a 7% increase.

It takes courage to stand up for what’s right, and Sim has been clear that “zero means zero.” This kind of leadership should be inspirational for mayors across the province. On behalf of Greater Victoria’s business community — and everyone concerned about ballooning government spending — The Chamber is calling on all 13 municipalities in our region to follow Vancouver’s lead.

As local governments across BC begin their budget processes this fall, they have an opportunity to demonstrate that they truly support local economic growth. That support starts with restraint.

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