BizNews This Week Archives - Victoria Chamber

Tax holiday nice, but businesses want real reforms

December 11, 2024/in BizNews This Week, Government Federal/by Jim Zeeben

The holiday on GST begins Dec. 14, but the measure misses the mark when it comes to improving affordability, the Canadian Chamber said.

“We’re pleased to see recognition that the affordability crisis continues to hurt Canadians. This relief on everyday purchases is an important first step. But the root causes of Canada’s affordability challenges cannot be fixed with half-measures or temporary relief,” said Jessica Brandon-Jepp, the Senior Director of Fiscal and Financial Services Policy for Canadian Chamber. “What’s still missing is a clear plan to revive our economy for all Canadians — one that empowers new businesses to launch, helps existing ones grow and create jobs, ensures major projects get built, and keeps supply chains running smoothly without constant disruptions and rising costs. It’s time to move away from tax-and-spend policies and red tape that drive up the cost of goods and services, and move towards an economy that creates opportunities for Canadians.”

What will the GST Break cover?

Tickets needed to attend former BC Premier’s funeral

December 11, 2024/in BizNews This Week, Government Provincial/by Jim Zeeben

The state funeral for former BC Premier John Horgan on Dec. 15 is expected to be so popular that tickets will be needed to attend. Horgan died Nov. 12 at the age of 65 after several years of fighting cancer.

The service for Horgan is at The Q Centre in the City of Colwood. Tickets are limited to two per person, and must be obtained in advance at tickets.victoriashamrocks.com.

The ceremony will be livestreamed and an online book of condolences is available to sign until Dec. 16.

Horgan served as MLA for the electoral area now known as Langford-Juan de Fuca from 2005 until 2023.

Postal workers ordered back to job

December 11, 2024/in BizNews This Week, New And Established Businesses, Transportation Options/by Jim Zeeben

Snail mail isn’t often top of mind — although getting letters delivered has become the talk of the town, even with the Canada Post strike coming to an end. The impact on the holidays could be devastating for some, especially charities that rely on an annual intake of December donations for a bulk of their revenue.

Stepping up to help, Maximum Express Courier, Freight & Logistics has agreed to deliver donation cheques while carrying out their regular business.

“Maximum Express will pickup your donation cheque from any donor to the charity of your choice for free,” Maximum Express’s Al Hasham said. “Please email info@maxcourier.com or call our team at 250-721-3278 to arrange your pickup.”

On Dec. 13, the federal government stepped in by asking the Canada Industrial Relations Board to assess the situation. On Dec. 16, the board ordered workers to resume operations as of 8 am local time on Dec. 17.

“Given the timing and duration of the strike, when our operations resume we will need to begin processing the mail and parcels trapped in our network. It will take time to clear our network, so customers should expect delays in processing and delivery,” Canada Post said in a statement.

“Some limitations will apply for the first 48 hours after our operations resume – including for pickups and drop-offs. Because of this, we will not receive or pick up new product until Thursday, December 19.”

Second big-rate-cut aims to spur business investment

December 11, 2024/in BizNews This Week, Inflation And Rising Costs/by Jim Zeeben

The Bank of Canada slashed its overnight rate by 0.5% for the second time in a row.

This morning’s announcement brings the rate to 3.25%.

“Governing Council has reduced the policy rate substantially since June. Going forward, we will be evaluating the need for further reductions in the policy rate one decision at a time,” the Bank’s statement said, adding it is committed to holding inflation to its current rate of about 2%.

The Conference Board of Canada said its latest survey on business confidence showed 35.1% of business leaders cited higher interest rates as a factor affecting expenditures. It’s the first time since 2022 that fewer than 40% of businesses cited interest rates as a concern when making capital investments.

The Bank of Canada’s next scheduled rate announcement is Jan. 29, 2025.

State funeral planned for former BC Premier Horgan

December 5, 2024/in BizNews This Week, Government Provincial/by Jim Zeeben

A state funeral is planned for former BC Premier John Horgan, who died Nov. 12 at the age of 65 after several years of fighting cancer.

The ceremony is on Dec. 15, starting at 1 pm, at the Q Centre in the City of Colwood.

Horgan served as MLA for the electoral area now known as Langford-Juan de Fuca from 2005 until 2023.

The funeral service will include religious components by Rev. Dr. Keith Howard, musical interludes and words of remembrance. Lt. Gov. Janet Austin, Premier David Eby and other dignitaries will be in attendance.

The public is welcome to attend.

Weather getting colder but real estate sales warming

December 5, 2024/in BizNews This Week, Housing/by Jim Zeeben

As fall moves into winter, housing sales traditionally slow down as fewer people want to make a major move in cold weather. However, a warming economy and lower borrowing costs has the real estate sector feeling festive.

“I’ve found that buyers and sellers are feeling optimistic right now,” Victoria Real Estate Board Chair Laurie Lidstone said in a media release. “With the steady decrease we’ve seen in interest rates and the continued balance in the market, consumers are feeling more comfortable and empowered to make the big decisions around home ownership knowing that they have a fairly stable real estate environment to navigate.”

A total of 551 properties sold in the region in November, 39.8% more than November 2023. Sales of condominiums were up 55%, while sales of single family homes increased by 36.3%.

There were 2,836 active listings for sale at the end of November 2024, a 7.3% increase from November 2023.

“Though we did see inventory tick below three thousand listings, we are still in much better shape than in recent years in terms of availability of supply,” Lidstone said. “Seasonality comes into play this time of year, and the closer we get to the new year, the more folks temporarily move their focus from house shopping to the holidays. That said, it’s likely the momentum we saw building in November will carry on in December to some extent.”

The benchmark value for a single family home in the Victoria Core in November was $1,302,900, up from October’s value of $1,300,200. The benchmark value for a condominium in the Victoria Core area in November 2024 was $544,400, down from the October value of $547,800.

Saanich releases 2024 Housing Needs Report

November 27, 2024/in BizNews This Week, Government Local, Housing/by Jim Zeeben

Housing supply is a fundamental priority for Greater Victoria. A new report released by the District of Saanich offers a deep analysis of the municipality’s current stock and where future demand is expected.

Of particular interest to The Chamber, based on our member survey, are housing solutions for people at risk of homelessness and workforce housing to make our region more affordable.

The Housing Needs Report includes updated population and housing statistics and projections for five and 20 years from now. The findings will help Saanich as it updates its Official Community Plan in 2025.

City program adds sparkle to Downtown experience

November 27, 2024/in BizNews This Week, Government Local, Safe Communities/by Jim Zeeben

When’s the last time you went downtown for fun? If it’s been awhile, you might be surprised that it’s cleaner, safer and more vibrant than expected.

The City of Victoria has invested in downtown for the holidays, including:

additional street cleaning in high-traffic areas
targeted cleaning in preparation for peak shopping hours and weekends
proactive bylaw enforcement around key commercial areas and storefronts
as well as markets, holiday events and entertainment including free holiday craft workshops, the Santa Claus Parade, Sleigh the Day, indoor pickleball and Downtown Victoria’s Lights of Wonder.

City staff are also encouraging downtown merchants to ask for support:

Something needs cleaning or fixing? Call the City’s 24-hour Public Works Service line at 250-361-0400 or email pw@victoria.ca.
Have a questions about parking? Call City of Victoria Parking Services at 250-361-0260 or email parkingservices@victoria.ca.
Someone experiencing a crisis? Call or text the Community-led Crisis Response team at 250-818-2454 for support from trained professionals, seven days a week, from 7:30 am to 12:30 am.
Need to report a bylaw violation? Email bylawservices@victoria.ca or report online at victoria.ca/bylaw.

For more information email bizhub@victoria.ca.

Region’s ‘living wage’ jumps 5.4% from one year ago

November 27, 2024/in BizNews This Week, Fair Rules, Finding And Keeping Workers, Housing/by Jim Zeeben

Even with inflation tamed, there is a noticeable increase in the cost of living in Greater Victoria. The shift is evident in the latest report from the Community Social Planning Council of Greater Victoria.

The report says the living wage in our region is $26.78 — 5.4% more than last year.

The Greater Victoria living wage calculation is based on the needs of two-parent families with young children. However, it is also meant to support all workers, so young adults are not discouraged from having children due to low wages, and older workers have additional income as they age.

“Some preliminary estimates we have produced suggest that the living wage may not be sufficient to support single parents and single individuals in Greater Victoria. In other communities, this is not the case, and we want to explore this in more detail in the future,” CSPC Executive Director Shelley Cook said in a media release.

Trump takes to social media to threaten huge tariffs

November 27, 2024/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Fair Rules, Global Uncertainty, Government Federal, Government Provincial/by Jim Zeeben

There’s the economy, and then there’s the attention economy. The incoming US President has seized the spotlight with his comments on his Truth Social platform calling for a 25% tariff on products from Canada.

The damage such a move would do to the Canadian and US economies makes this pronouncement shocking, which is likely what Donald Trump intended.

Chamber Board Chair Kris Wirk spoke to CFAX this morning about the issue, noting that the uncertainty is not helpful regardless of whether any tariffs are introduced.

Chamber CEO Bruce Williams said it’s easy for Trump to be loud on social media, but there has already been a tremendous amount of work behind the scenes to mitigate the damage tariffs would cause.

“We need to remember that this is a public relations tactic and probably much different than what will occur in reality,” Williams said. “Our national Chamber network has built strong relationships with states along Canada’s border. Their leaders understand the trade relationship with Canada and its importance to American jobs, factories and consumers. They’ll bring a strong voice to any negotiations.”

Speaking of the Canadian Chamber, new President and CEO Candace Laing has issued a statement condemning any attempt to hurt Canada’s economy.

“Being America’s ‘nice neighbour’ won’t get us anywhere in this situation. President-elect Trump’s intention to impose 25% tariffs signals that the U.S.-Canada trade relationship is no longer about mutual benefit. To him, it’s about winners and losers—with Canada on the losing end,” Laing said. “We’re facing a significant shift in the relationship between long-standing allies. Canada’s signature approach needs to evolve: we must be prepared to take a couple of punches if we’re going to stake out our position. It’s time to trade ‘sorry’ for ‘sorry, not sorry.’”