BizNews This Week Archives - Victoria Chamber

Uncertainty sparks rate pause by Bank of Canada

April 17, 2025/in BizNews This Week, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

After seven straight interest-rate cuts buoyed the spirits of businesses and individuals managing debt, it seems economic uncertainty has become a double-edged sword.

The Bank of Canada announced today that its target rate will remain at 2.75%, after inflation came in at 2.3% in March.

The reasoning for the pause was to provide a buffer for the future, which, ironically, had also been cited as a reason to continue to reduce rates. Lower interest rates spur consumer and business spending — good if we’re facing a downturn — but lower rates could also cause inflation to increase, which would be bad.

“Monetary policy cannot resolve trade uncertainty or offset the impacts of a trade war,” the Bank said. “What it can and must do is maintain price stability for Canadians.”

The Bank’s Governing Council said risks to the Canadian economy include:

reduced demand for Canadian exports
lower business investment, employment and household spending
and cost increases being quickly passed on to consumers.

Businesses bear burden of loosening sick day rules

April 17, 2025/in BizNews This Week, Fair Rules, Finding And Keeping Workers, Government Provincial, Hospitality And Tourism Rescue And Recovery, Inflation And Rising Costs, Safe Communities/by Jim Zeeben

A cost to employers rooted in the pandemic is now further ingrained in law after the provincial government moved to ban the requirement for doctor’s notes when employees take sick days.

“Businesses would have liked to have had more of a say on this policy,” Chamber CEO Bruce Williams said. “It’s one thing for the public sector to make this a requirement for its employees, but to force it on the private sector overlooks a lot of concerns we hear from members.”

Organizations understand the benefit of supporting their workers, especially in Greater Victoria with one of the lowest unemployment rates in Canada. During the pandemic, employers went to great lengths to support staff who were ill as well as to keep workers safe from infection. However, legislating paid sick days is a cost that is not covered by government. This additional burden on business adds up, especially at time when many organizations are facing lower margins.

“Most Chamber members I talk to have great relationships with their staff and go out of their way to help when needed,” Williams said. “But many are rightfully concerned that this change will create confusion and could incentivize abuse of the rules and potentially force employers to provide more paid days off work.”

VicPD seeking feedback from businesses and citizens

April 9, 2025/in BizNews This Week, Safe Communities/by Jim Zeeben

The Victoria Police Department has sent out 5,000 invitations with unique codes to residents and businesses in the City of Victoria and Township of Esquimalt.

VicPD is urging everyone who received the survey to set aside about 10 minutes to complete it before April 25.

“If a business receives the invitation, we’d appreciate them completing the survey on behalf of the business location, even if they are a resident in the same or other municipality,” VicPD said, noting the results are important for requesting new resources or program funding. “Chief Manak also reads each and every comment that comes in through the survey. This is an opportunity for businesses to have a say in their police department and how their tax dollars are spent for operations.”

The survey was sent randomly and can only be completed with the unique code.

Vital Signs survey opens for input on quality of life

April 9, 2025/in BizNews This Week/by Jim Zeeben

It’s been 20 years since the Victoria Foundation launched Vital Signs in Greater Victoria. The citizen survey and following report are key to checking with residents about the state of the region.

This year, Vital Signs is focused on 12 areas related to quality of life in the region, including housing, safety, wellness and belonging.

The 2025 theme is “Your Voice. Your Victoria!” It’s a reminder that each of us are part of a collective voice that can shape the region into the community we want.

“Each year, (the report) is used by sector leaders, decision-makers and the public alike to help steer the future of our community,” Victoria Foundation CEO Sandra Richardson said. “Our region faces complex and integrated challenges, and through the collective voices of our community, we can continue to identify and coordinate on solutions that will last far beyond the next 20 years.”

By filling out the survey online, residents are also eligible for a chance to win one of three Country Grocer gift cards. The survey opens today and runs until Friday, May 30 at noon.

Low unemployment rate reflects recruiting challenges

April 9, 2025/in BizNews This Week, Finding And Keeping Workers, Government Federal/by Jim Zeeben

It might be uncertain times, especially for global trading and the stock markets but we can count on Greater Victoria having a low unemployment rate.

Our region has the second lowest unemployment rate in Canada at 3.6%, behind only Saguenay, Quebec, which is at 3.4%.

Finding and keeping workers has been a challenge for Greater Victoria employers for at least 10 years. It’s an area that Chamber members continue to ask us to prioritize in our advocacy.

“We have the reality of living with a double-edged sword. Our region is one of the most desirable places in the world, but that also makes us an expensive area to call home,” Chamber CEO Bruce Williams said. “We need investment in infrastructure — housing supply, transportation and affordable childcare — to attract working people and families.”

To hear more about how The Chamber and our partner organizations are working together to build good business and great community for all, register for an upcoming advocacy event.

On April 15, The Chamber’s AGM and panel discussion will look at how the Canada-US relationship affects our region’s economy. And on April 16, The Chamber and partners host Canada Votes 2025, a Listening Session for Federal Election candidates.

Saanich and Victoria merger is the right thing to do

April 9, 2025/in BizNews This Week, Chamber Awareness, Fair Rules, Government Local, Streamlined Regional Regulations/by Jim Zeeben

Better governance from fewer governments has long been a rallying cry within the halls of the Greater Victoria Chamber of Commerce. On April 5, our region took the first step toward achieving that goal.

The Victoria-Saanich Citizens’ Assembly released its findings seven years after the process took root in 2018. The 48-member assembly is recommending that Greater Victoria’s two largest municipalities merge.

“This is a major win for The Chamber. We’ve literally been advocating for this since the mid-20th Century,” Chamber CEO Bruce Williams said. “When we were packing up to move our office, we found binders with reams of paperwork calling for amalgamation over the decades.”

The Chamber was an early voice for using the Citizens’ Assembly process as a practical method for initiating amalgamation. And whenever the process stalled along the way, The Chamber was quick to nudge it forward.

The next step will be for the City of Victoria and District of Saanich to review the consensus reached by the Assembly.

“Both municipal councils have committed to receiving the Assembly’s final report and deliberating on its recommendations,” the report stated. “If they decide to endorse the Assembly’s recommendation for a public referendum on amalgamation, they will work with the Province of British Columbia to initiate it, likely to coincide with the next municipal elections in 2026.”

Find out where parties stand on local issues at listening session for federal candidates

April 9, 2025/in BizNews This Week, Chamber Awareness, Government Federal/by Jim Zeeben

The Chamber is organizing Canada Votes 2025 on April 16, from 5-7 pm, at the Spectrum Community School theatre in SD61.

The format will feature a panel of four candidates from our region representing the major political parties, including Elizabeth May for the Green Party and Laurel Collins for the NDP, Will Greaves from the Liberal Party and a local candidate the Conservative Party. The latter will be confirmed shortly.

The candidates will hear about an issue facing Greater Victoria and will then discuss potential solutions based on their party’s platforms.

Each of the issues will be presented by a representative from the following organizations:

Destination Greater Victoria, the Greater Victoria Harbour Authority, Vancouver Island Construction Association, the Downtown Victoria Business Association and The Chamber.

The federal election is set for April 28, and the Canada Votes 2025 Listening Session is free. However, space is limited so register early.

Women in Business report finds steady, slow progress

April 2, 2025/in BizNews This Week, Chamber Awareness, Fair Rules, Finding And Keeping Workers/by Jim Zeeben

The 2025 Women in Business report by Doane Grant Thornton is now available.

The annual report promotes gender equality, tracks progress, identifies challenges and informs strategies for fostering a more inclusive and equitable business environment — ultimately leading to better business outcomes.

“In Canada, 34.7% of women hold senior management positions in small- and medium-sized businesses. It’s steady progress but still a significant distance to achieve parity,” Doane Grant Thornton stated. “It could take another 25 years for women to achieve equal representation in top executive roles, without accelerated change.”

The report also looks at external and internal challenges that affect leadership teams in mid-market businesses, which Doane Grant Thornton said “account for 98% of employer businesses in Canada, and 90% of businesses and two-thirds of jobs worldwide.”

Listening session planned for federal candidates

April 2, 2025/in BizNews This Week, Chamber Awareness, Government Federal/by Jim Zeeben

The Chamber is planning a federal election event for Greater Victoria.

“We’re going to hold a ‘Listening Session,’ which has worked well at focusing discussion on specific challenges facing our region,” Chamber CEO Bruce Williams said.

The event, called Canada Votes 2025, is scheduled for April 16, from 5-7 pm. The format will feature a panel of four candidates representing our region’s four ridings as well as the major political parties. They’ll be introduced to local issues facing various business sectors and asked to discuss potential solutions based on their party’s platforms.

Community partners joining The Chamber include Destination Greater Victoria, the Greater Victoria Harbour Authority, Vancouver Island Construction Association, and the Downtown Victoria Business Association.

With the federal election set for April 28, a listening session allows for a focused discussion on local issues that will complement general campaign information already widely available.

The Canada Votes 2025 Listening Session is free but space is limited so we encourage everyone to register early.

Premier walks back contentious parts of Bill 7

April 2, 2025/in BizNews This Week, Chamber Awareness, Government Provincial/by Jim Zeeben

The Chamber applauds the provincial government for listening to our concerns, and those of other business organizations, and removing many of the autocratic elements of Bill 7.

The legislation, as initially proposed, would give BC’s Cabinet broad powers without the need to be accountable to the elected legislature. On March 28, Premier David Eby agreed that Bill 7 needs “safeguards.”

The Chamber supports parts of the Bill that aim to make the provincial economy stronger. Specifically, the goal of reducing barriers for interprovincial trade.

“Interprovincial trade drives one-fifth of Canada’s GDP, yet internal trade barriers still act like a 21% tariff,” Canadian Chamber Public Policy Chief Matthew Holmes said. “Removing them could boost GDP per capita by 4%. That’s real growth — right here at home — at a time when businesses and workers need it most. Internal trade must be a key aspect of our Canada-U.S. trade strategy — let’s control what we can control.”