Jobless rate down, but unease being felt nationally

Greater Victoria continues to have one of the lowest unemployment rates in the country, according to Statistics Canada’s latest numbers.

Our region had a rate of 3.6%, with 244,700 people working out of a labour force of 253,800. Nationally, the unemployment rate was 6.6%. Notably, fewer people are switching jobs likely because of the ongoing uncertainty of a looming trade war.

“The job changing rate, which measures the proportion of workers who remained employed from one month to the next but who had changed jobs, was 0.4% in January,” Statistics Canada reported. “This was lower than the corresponding proportion in January 2024 (0.5%) and lower than the pre-pandemic average for January from 2017 to 2019 (0.7%)”

The national job market was something cited by the Bank of Canada today when it released its Summary of Governing Council Deliberations explaining it’s decision to cut interest rates on Jan. 29.

“According to multiple indicators, the job market remained soft. The unemployment rate was 6.7% in December, with new entrants into the labour market — mostly younger workers and newcomers to Canada — finding it particularly hard to get a job,” the Bank said.

Fed funding helps GVHA add shore power for ships

Chamber CEO Bruce Williams attended an announcement Tuesday to hear federal Minister of Transport and Internal Trade Anita Anand announce a long-awaited contribution to our region.

The feds are providing $35.5-million for infrastructure projects across BC, including $22.5 million to help the Greater Victoria Harbour Authority advance the Shore Power Project under the Government of Canada’s Green Shipping Corridor Program.

The funds will help with electrifying the deep-water port at The Breakwater District, reducing emissions and supporting long-term economic growth in Greater Victoria.

“Shore Power is a critical first step in electrifying Ogden Point. It will ensure the terminal can provide the necessary power for cruise ships, vessels, and commercial operations like HeliJet, as well as over 30 businesses and future partners,” the GVHA said in a media release. “This initiative is part of a broader effort to establish a Green Corridor for cruise travel between Alaska, British Columbia, and Washington. It is central to GVHA’s electrification plan for the deep-water port and upland port operations. Converting to renewable energy sources will increase the port’s self-sufficiency and strengthen its climate resilience.”

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Region ranked 36th among cities facing tariff impacts

Another day, another market-shaking remark from the economic elephant south of the border. After giving Canada a 30-day reprieve from his initial 25% tariff threat, US President Donald Trump surprised everyone by announcing a 25% tariff on steel and aluminum.

The seemingly random rhetoric has created uncertainty in the business world — a world that places a high value on planning for the future.

To help us better understand what a trade war might mean for Canadian communities, the national chamber network’s Business Data Lab has taken a deep dive into the potential impact on 41 Canadian cities.

The good news for Greater Victoria is we are low on the list at 36.

“Near the bottom of the list are cities that are less exposed to the tariffs because they trade less intensively with the US and/or have more diversified trade patterns. Several of these cities are located on Canada’s coasts, exporting more to Asia from the West Coast, or more to Europe from the East Coast,” the report said. “In British Columbia this includes Victoria, Nanaimo and Kamloops. On the East Coast it’s Halifax, Nova Scotia. And it appears that Sudbury’s exports of nickel and copper are reaching other international markets beyond the United States.”

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Chamber CEO moderating Beacon Services workshop

Chamber CEO Bruce Williams is moderating a full day of discussion, from 9am to 4pm on Feb. 7, about how our region can do more to help employers find and keep workers.

Beacon Community Services is putting on the event, which includes a keynote speech by Osoyoos Band Chief Clarence Louie. The band is the top employer in their region, and Chief Louie is recognized for his work in economic development.

Following the speech, Williams will lead three fireside chats on the following topics:

  1. Empower communities: The role of Social Enterprises in Job Creation
  2. Harnessing the Talent of Canadian Newcomers
  3. Reskilling for the Future – Embracing AI & Skills Needed in the Workplace

To learn more or register, go to beaconcs.ca.

Inventory rebounds as real estate market stabilizes

More homes sold in January than the same month a year ago, as the Victoria Real Estate Board reports 2025 is off to a good start.

“Over the course of the month, we saw an uptick in new listings, and it is the first time in 10 years that over 1,000 new listings were added to our inventory in a January,” VREB Chair Dirk VanderWal said in a media release.

There were 2,395 active listings for sale at the end of January, an increase of 4.6% from December and an 11.9% increase from January 2024.

“There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years and interest rates continue to trend in a positive direction for consumers,” VanderWal said. “Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward.”

The benchmark value for a single family home in January was $1,287,200, down from December’s value of $1,306,400. The benchmark value for a condominium was $551,900 in January, up from the December value of $547,800.

New DND homes a win for Chamber and economy

Advocacy works. The latest win for The Chamber is news that the federal government is moving to address our 2024 policy resolution “Adding to Canada’s Housing Supply by Strengthening Canada’s Military Through Housing on Military Bases.”

In January, the government announced the construction of 668 new residential housing units and the renovation of more than 600 existing units across various Canadian bases within the next five years. These homes will include multi-unit buildings, row houses and semi-detached homes to better support military personnel. The construction of the new RHUs is part of a broader $1.4 billion investment over 20 years for housing projects to support the men and women of the CAF under Canada’s renewed defence policy, Our North, Strong and Free.

The Chamber’s policy resolution passed unanimously last year at the annual convention of the national chamber network.

Chief Justice answers Chamber on chronic criminals

Canada’s Chief Justice Richard Wagner and Justices Andromache Karakatsanis and Nicholas Kasirer were in Victoria this week as part of an effort to bring the Supreme Court “closer to Canadians.”

In a world marked by misinformation, the Court needs to do more to help the public understand the work it does and how its decisions can affect our lives, Wagner said.

During the visit, the Chief Justice took time to answer questions from the public, including one posed by the Greater Victoria Chamber of Commerce on behalf of our members: “Can you explain the role of bail and how it can and can’t be used to limit repeat offenders from committing property crimes after being arrested and released before their trials?”

The Chief Justice said this is as much a question for elected officials as it is for the courts. In Canada, someone who has been arrested is considered innocent until a trial proves otherwise. It’s up to government to make changes to the rules that the courts use to determine bail.

“We’ll keep speaking to the provincial and federal government,” Chamber CEO Bruce Williams said. “We need rules that judges can abide by to keep chronic criminals out of the community, and we need timely trials so that justice can be served.”

Feds announce summit to spark Canadian economy

The federal government announced today that it will hold a Canada-US Economic Summit on Feb. 7.

The summit will bring together Canadian leaders in trade, business, public policy and organized labour. Their aim will be to make it easier to build and trade within Canada — the ninth-largest economy in the world — as well as to diversify export markets and increase productivity.

“These are all areas our Chamber network has been calling for and we will keep calling for until this investment in our communities is realized,” Chamber CEO Bruce Williams said.

Tariff threat on hold, but clock ticks for new plan for Canada

Businesses were quick to respond to the imminent threat of US tariffs, with calls to support local and buy Canadian.

Now that the trade war has been “paused,” it’s clear we need to be better prepared in case US President Donald Trump does impose crippling tariffs on Canadian products.

Chamber CEO Bruce Williams has been speaking to local media about efforts to support local businesses and analyze what the chaotic trade talk might mean.

“I think the concerning part, for a lot of people, is the uncertainty as to whether or not it’s going to happen. And, if so, what is it going to look like? And will the Americans come to an understanding that it’s damaging to them as well as to us,” Chamber CEO Bruce Williams told CHEK News in January.

The national Chamber network is calling for a multi-partisan approach to develop an “all-in” strategy. Canadian Chamber President Candace Laing said unity is vital so we can “address critical roadblocks that have left Canada too dependent on trade with the United States.”

Priorities of the All-In Plan:

  1. Make it easier to trade within Canada to build our economy and resilience from within
  2. Build modern trade infrastructure to get Canadian goods overseas
  3. Reduce red tape for businesses held back by piled up paperwork
  4. Lower taxation so businesses can compete globally while diversifying trade relationships.

“Businesses have durable relationships, which will chart a secure, prosperous future, but Canada’s leaders need to get back in gear for it to work. When Canadians and Americans see Parliament closed, they see a rudderless ship,” Laing said. “We need to send a strong message to President Trump and the world that we will rise to this occasion, as a unified Canada. Tariffs tomorrow instead of tariffs today still leave businesses, workers and families in the lurch. $3.6 billion in trade every day hangs in the balance.”

 

Eby names ‘war-room’ to protect BC against US tariffs

With US President Donald Trump threatening to impose tariffs as early as Saturday, BC Premier David Eby has assembled a cabinet committee to fight back.

Housing and Municipal Affairs Minister Ravi Kahlon will chair the committee, which will act as a day-to-day war room.

“This threat isn’t going away anytime soon – not while this president is in power,” Eby said, noting that the committee will work to protect BC businesses, families and workers.

Part of the strategy is to strengthen ties to markets other than the US.

“We didn’t ask for this fight, but BC will not be bullied,” Kahlon said.

Members of the new cabinet committee are:

  • Ravi Kahlon, Minister of Housing and Municipal Affairs
  • Diana Gibson, Minister of Jobs, Economic Development and Innovation
  • Brenda Bailey, Minister of Finance
  • Adrian Dix, Minister of Energy and Climate Solutions
  • Lana Popham, Minister of Agriculture and Food
  • Randene Neill, Minister of Water, Land and Resource Stewardship
  • Rick Glumac, Minister of State for Trade
  • Ravi Parmar, Minister of Forests
  • Jagrup Brar, Minister of Mining and Critical Minerals
  • Tamara Davidson, Minister of Environment and Parks