BizNews This Week Archives - Victoria Chamber

Military pay raise a boost for region’s economy

August 13, 2025/in BizNews This Week, Finding And Keeping Workers, Government Federal/by Jim Zeeben

Greater Victoria’s economic ties to Canada’s military go back more than a century. Today, our business community has a symbiotic relationship with CFB Esquimalt, home to more than 4,000 Canadian Armed Forces personnel.

“We know the base benefits our community in many ways, from purchasing goods and supplies from local businesses to providing thousands of jobs to local families,” Chamber CEO John Wilson said. “We support efforts to invest in our military and the recent news that CAF members will be better compensated will help a major local employer find and keep workers — an issue for a lot of organizations in our region.”

The funding will provide as much as a 20% pay raise for some sailors, and offer up to a $20,000 bonus for recruits who complete training. Canada’s military has been facing staffing challenges, and the last significant overhaul of CAF pay was in 1998.

Market for office space remains healthy across region

August 13, 2025/in BizNews This Week, Business And Economic Strength, Finding And Keeping Workers/by Jim Zeeben

There has been an increase in vacant offices in Greater Victoria, largely driven by new spaces being reintroduced, according to the latest report from CBRE.

The report, Tenant preferences remain resilient against macroeconomic headwinds, noted that Downtown Victoria had zero vacancy for Class AA space for the fourth consecutive quarter.

“In the Downtown core, there is sustained interest from small tenants seeking spaces under 2,000 sq. ft., alongside notable activity from larger groups pursuing spaces exceeding 5,000 sq. ft.,” the report said. “Across all size categories, tenant preferences reflect a continued flight-to-quality, with many organizations prioritizing high-quality, long-term premises to support employee return-to-office strategies.”

The report noted that downtown social disorder is also a factor in where tenants are choosing to locate.

The West Shore is a popular choice for many, which is creating pressure on that area’s available supply. The report also said the market in Saanich is stable with demand coming from professional and personal service providers catering to the large suburban population.

BC Ferries needs political will to ensure sustainability

August 13, 2025/in BizNews This Week, Chamber Awareness, Transportation Options/by Jim Zeeben

Sometimes it takes making headlines to get government’s attention. That seems to be the case for BC Ferries, which recently announced plans to procure four desperately needed new vessels.

The Chamber has spoken up for the Island’s vital link to the Mainland, pointing out that new vessels are required now. The announcement caused ripples across various levels of government as well as introspection about Canada’s current ship-building industry.

On Aug. 1, BC Ferries President and CEO Nicolas Jimenez appeared before the House of Commons Standing Committee on Transport, Infrastructure and Communities.

Jimenez explained the essential service that BC Ferries provides. The fleet is running at full capacity and needs new investment in aging infrastructure.

“Last summer, our major route sailings ran at an average 92% capacity, and we left a quarter of a million people behind because we were full,” Jimenez said. “Only one of our 25 routes can cover its own costs without government subsidy. Travel demand is projected to rise by 15% – outpacing our capacity even with four new vessels.”

With mounting pressure on passenger fares, BC Ferries held an extensive procurement process in line with international best practices. With no Canadian bids, the result was a “choice between a foreign bid or no new ferries.”

The Chamber will continue to support BC Ferries’s efforts to keep their services sustainable. We call on the federal government to better support this vital transportation link — as they do ferry services in Atlantic provinces.

Groundbreaking signals start of major new housing project

August 13, 2025/in BizNews This Week, Chamber Awareness, Government Local, Housing/by Jim Zeeben

One of our region’s largest new housing developments broke ground today, starting construction on a project that will eventually add 1,500 homes in Harris Green.

The housing, being developed by Starlight Investments, will include a mix of townhomes, studios and one-, two- and three-bedroom apartments.

The Chamber was an early supporter of the project.

Harris Green Village is the largest multi-family housing project in Victoria’s history, the developer said. The three-phase project will also add 100,000 square feet of modern commercial and retail space.

“The Harris Green Village development is a demonstration of Victoria’s forward-thinking approach to driving purpose-built rental housing,” City of Victoria Mayor Marianne Alto said. “This is exactly the kind of vibrant, community-driven growth we can expect as the City continues to create more opportunities for housing and community spaces in the downtown core.”

The first phase underway now will create 526 rental suites in the downtown Victoria neighbourhood

Mental health support vital for safer communities

July 23, 2025/in BizNews This Week, Government Provincial, Safe Communities/by Jim Zeeben

A healthy community is a safer community, and The Chamber continues to call for smart investments that help people achieve wellness required to reach their potential.

Connections Place, a community-based organization that helps people diagnosed with mental illness, recently received $500,000. The non-profit offers employment, education and recreation initiatives that foster hope, opportunity and purpose. Their initiatives help people get the support they need, and break cycles of crisis and interactions with the justice system.

“At Connections Place, our focus is on improving quality of life in our region, starting with those who need it most,” Connections Place executive director Neelam Pahal said. “Every day, our clubhouse creates space for people living with mental illness to find purpose, connection and hope. The momentum we’ve experienced recently reflects a growing understanding of the value of recovery-oriented community supports. Through strong partnerships across sectors, we’re building something meaningful here in Victoria, something that we believe can inspire broader change in the future.”

In 2024-25, more than 182 active members accessed services at Connections Place, with 8,880 total visits and 6,417 total meals served.

Serious crime down in Victoria, recent report says

July 23, 2025/in BizNews This Week, Government Local, Government Provincial, Safe Communities/by Jim Zeeben

The latest numbers show serious crimes have decreased in the City of Victoria, according to Statistics Canada’s Crime severity index.

“We’ve put a significant amount of effort into crime prevention and disrupting nonviolent crime, and I commend all of our officers, reserves and volunteers for this positive outcome,” VicPD Chief Del Manak told Black Press.

Victoria-Swan Lake MLA Nina Krieger, who was recently named Minister of Public Safety and Solicitor General said the numbers are good news but more still needs to be done.

“While these results are promising, we know we have more work to do and there are specific areas where we need to renew our focus,” Krieger said in a media release. “If you are the victim of a theft or an attack, these statistics do not make you feel any safer.”

Provincially, the crime severity index is at its lowest level in six years, with homicides down 24%, robberies down 8% and mischief down by 4%.

Esquimalt launches new business, investment portal

July 23, 2025/in BizNews This Week, Business And Economic Strength, Government Local/by Jim Zeeben

The Township of Esquimalt has launched a new website aimed at attracting investment and helping current businesses.

WhyEsquimalt.ca includes information about the economic landscape in the Township.

“Storytelling is a powerful tool and this new dedicated website will serve to strengthen Esquimalt’s place brand identity by showcasing a unified narrative around livability, opportunity and quality of life,” Esquimalt Mayor Barbara Desjardins said.

An interactive community profile dashboard, business success stories and

resource hub for guides and grants are part of the site.

Chamber network continues to call for red tape reduction

July 23, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Government Federal, Government Provincial/by Jim Zeeben

The Chamber continues to call for reduced red tape across all levels of government.

According to the latest update from the Business Conditions Terminal for Greater Victoria, conditions remain challenging with the number of active businesses at 11,300, a slight increase (0.5%) from a year ago.

Businesses are encouraged to help shape Chamber advocacy efforts through tools such as the Red Tape Review. This survey seeks specific feedback on regulatory irritants. The results will be used in direct consultation with federal ministries as they work to streamline government.

Provincially, there was good news as BC signed agreements to ease interprovincial trade with Ontario, Manitoba and the Yukon. The Chamber has been calling for reduced restrictions for east-west trade for years. The move helps Canada’s economy overall and lessens the over-reliance on southern trade routes with American states.

The agreement will make it easier for regulated trades and professions to work in any of the jurisdictions. The deal with Ontario also improves the ability for alcohol producers to access either market.

The agreements were signed during a gathering of all 13 provincial and territorial premiers at the Council of the Federation meeting this week.

Region’s unemployment up, but still lowest in Canada

July 17, 2025/in BizNews This Week, Business And Economic Strength, Finding And Keeping Workers/by Jim Zeeben

Greater Victoria employers continue to face pressure from a tight labour market.

Our region’s unemployment rate rose slightly to 3.9% in June, up from 3.7% in May.

Greater Victoria’s employment rate was 65.2% in June. Those numbers compare to national rates of 6.9% unemployment and 60.9% employment.

Our region consistently has among the lowest unemployment rates in the country, and The Chamber has called on the federal government to grant our region an exemption on the restrictions imposed last year to the Temporary Foreign Worker program.

Finding and Keeping workers has been cited as a top advocacy priority by Chamber members for almost a decade. And while the latest numbers show access to labour continues to be an issue, the national numbers do offer optimism for businesses facing the uncertainty of an ongoing tradewar with the US.

“Canada’s labour market remains strong and resilient despite tariffs and counter-tariff measures. The market shows signs of marginal improvement across many parameters, a result of trade-partner diversification,” Canadian Chamber economist Anupriya Gangopadhyay said. “Employment rose to its new peak for the year, especially in the manufacturing sector after consecutive declines. At present it is hard to gauge exactly when or if at all the impact of tariffs will break this momentum. But this outcome may nudge the Bank of Canada to deliver fewer than the two rate cuts in the remaining half of the year, as expected earlier.”

Sticky inflation means July interest rate cut unlikely

July 17, 2025/in BizNews This Week, Business And Economic Strength, Inflation And Rising Costs/by Jim Zeeben

The latest inflation figures have dampened the chances that Canadians will get further debt relief this summer. The Consumer Price Index was 1.9% in June, up from 1.7% in May.

“Price pressures edged higher as goods inflation picked up again. While the jump was mostly brought on by base effects from gasoline prices, underlying inflation remains stubborn,” Canadian Chamber Principal Economist Andrew DiCapua said. “Seasonal factors — particularly in vehicle sales — also helped keep inflation higher. This will weigh heavily on the Bank of Canada, especially as retaliatory tariffs begin to feed through and businesses warn of rising consumer prices. Despite recent economic data presenting a weaker outlook, our call is for a hold on the policy rate at the next Bank of Canada meeting.”

The Bank of Canada, which aims to keep inflation about 2%, will hold its next interest rate announcement on July 30.