BizNews This Week Archives - Page 10 of 12

Province to begin helping those who can’t help themselves

September 18, 2024/in BizNews This Week, Chamber News, Government Provincial, Safe Communities/by Jim Zeeben

Safe communities are fundamental to all of us. We need to feel safe if we’re going to reach our potential at work and at home. However, the ongoing opioid crisis continues to impact every neighbourhood and has become especially visible in pockets of larger cities. We’re seeing more people struggling with addiction and mental health who are unable to secure immediate access to treatment options.

This week’s news that the provincial government is stepping up to provide care for people unable to care for themselves is overdue.

“Yes, people need to have agency over their lives but people also need to be kept safe from predators and people should not have to live in dangerous environments,” Chamber CEO Bruce Williams said. “We believe there are times when the healthcare system needs to intervene in a person’s life so that person has a chance to recover before it’s too late.”

The province’s shift to enabling involuntary care will start on the Lower Mainland and use correctional facilities to provide care under the Mental Health Act. The aim is to help people with addiction challenges, brain injuries and mental-health issues stabilize and rebuild their lives. Facilities on the Island and across BC are being planned.

“The toxic-drug crisis of today is not what it was 10 or even five years ago,” BC’s Minister of Mental Health and Addictions said in a media release. “We are now facing a rising number of people who are living with the lasting effects of multiple overdoses and complex mental-health challenges, tied to social factors like poverty and trauma.”

The province also called on the federal government to step up border enforcement around screening shipping containers arriving in Canada to curb the smuggling of chemical precursors used to make illicit fentanyl.

Stormy seas for businesses right now but smoother sailing coming

September 18, 2024/in BizNews This Week, Business And Economic Strength, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

Businesses in Canada aren’t feeling great about current conditions but many sense brighter times ahead. That was the finding of the latest Canadian Survey on Business Conditions by the Canadian Chamber’s Business Data Lab.

“In fact, this is now the best showing for the ‘year-ahead’ question in the almost three years,” says Stephen Tapp, Chief Economist at the Canadian Chamber of Commerce. “Interest rates are beginning to fall across the developed world, the Bank of Canada is increasingly winning the war against inflation, and businesses are expecting a soft landing, with employment growing modestly over the next three months. And while we have signs of good news, businesses remain worried about fragile supply chains due to ongoing labour disputes across Canada’s transportation network.”

Indigenous-owned firms in Canada stood out as particularly optimistic about their future business opportunities.

Inflation returns to target 2% opening door to rate cuts

September 18, 2024/in BizNews This Week, Inflation And Rising Costs/by Jim Zeeben

With inflation finally — finally — back to 2% and the Bank of Canada signalling a new round of deep cuts to interest rates, there’s a growing sense of optimism among many business owners.

“I think we’re all a little weary of rising prices and the sense of uncertainty that has hung around the last few years,” Chamber CEO Bruce Williams said. “The latest economic signals are hopefully a sign that stability has returned and businesses can invest in their organizations with a more predictable outcome.”

Cheaper gas and clothing as well as lower mortgage costs have helped to stabilize inflation at 2% — the target rate that the Bank of Canada says indicates sustainable growth.

Meanwhile, the federal government continues to try and spur housing growth. New rules announced this week will make it easier for young Canadians to own their home.

The $1 million price cap for insured mortgages has been increased to $1.5 million, and more first-time homebuyers will be eligible for 30 year mortgage amortizations.

Both changes take effect Dec. 15.

New report shows practical benefits of ESG priorities

September 12, 2024/in BizNews This Week, Climate Change Solutions/by Jim Zeeben

A recently released report by Deloitte shows that a profound change has happened in recent years in the way Canadian companies are prioritizing their impact on climate and social policies.

The 2024 Sustainability Action Report shows that standards set by global regulatory bodies are being considered as part of business’s risk strategies. The report also found that executives are seeing the benefits of better understanding environmental, social and governance risks and impacts.

Embracing ESG improves brand reputation as well as talent attraction and helps build trust with the companies stakeholders, the report says.

Enjoy the end of summer and support local business

September 11, 2024/in BizNews This Week/by Jim Zeeben

The last weekend of summer should offer another welcome bump for tourism and hospitality businesses in Greater Victoria.

Rifflandia starts Friday and promises to energize our region with thousands of locals and visitors enjoying an exceptional lineup of musical acts. This is also another busy weekend for cruise ship arrivals with almost 36,000 people sailing into the city on 11 boats. The Greater Victoria Harbour Authority website shows the cruise season continues into the fall, with the last ship scheduled to arrive on Oct. 30.

The latest figures from Chemistry Consulting show hotels in Greater Victoria enjoyed a 5.4% increase in average occupancy in July compared to the same month last year. The average room rate was up $30.86.

“The weather might be starting to cool, signaling the start of sweater season but all Greater Victoria businesses extend a warm welcome to their customers,” Chamber CEO Bruce Williams said. “As always, please support your community and enjoy a great evening out at your favourite restaurant or shopping at your local retailer. It’s up to all of us to build the community we want.”

Chamber hosts final election event with Green Party leader

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

Green Party leader Sonia Furstenau stands with Chamber CEO Bruce Williams before yesterday’s fourth and final Leading to Election event.

The Chamber hosted the fourth and final Leading to Election event yesterday, with about 30 people enjoying breakfast and a lively Q&A with BC Green Party leader Sonia Furstenau.

Furstenau spoke about her entrepreneurial history as a university student operating a food stand at the Moss Street Market, which led to a catering enterprise. She also worked as a bookkeeper and says the experiences helped her understand the hard work and risk of running a small business. She’s taken that understanding with her into politics, noting that the private sector generates the revenue that the public sector spends.

And the way that the government spends needs to change, she said, pointing out that BC has the same budget as Denmark but delivers a lot less to its citizens.

“If we’re going to spend $89 billion, I want all the nice things,” she said, adding that Denmark has better healthcare and social security programs.

Questions raised by Chamber members included how the BC Greens would address transportation challenges and how they would support a minority government if given the opportunity.

Fursetenau said the party would learn from its past mistakes and focus on reframing the narrative of government so that British Columbians have faith it can work for them and drive innovation to support the private sector economy.

Ladysmith Mayor named new CEO of SIPP

September 5, 2024/in BizNews This Week, Business And Economic Strength/by Jim Zeeben

Aaron Stone has been named the new CEO of the South Island Prosperity Partnership.

Stone, currently serving his third term as the Mayor of Ladysmith, will step down from his elected office to take on the leadership role with SIPP effective Oct. 7.

Along with serving as Ladysmith’s Mayor, Stone founded Uforik Computers. He has also been President of the Ladysmith Chamber of Commerce, Chair of the Island Coastal Economic Trust and Chair of the Cowichan Valley Regional District. He also worked for Global and the Vancouver Grizzlies.

At SIPP, Stone succeeds Emilie de Rosenroll.

SIPP began as an economic development committee of The Chamber before becoming a standalone organization.

Pre-approved housing designs available for download

September 4, 2024/in BizNews This Week, Government Provincial, Housing/by Jim Zeeben

The province has introduced a plan to speed up housing construction by allowing cookie cutter designs. The concept relies on “building blocks” that allow for adding elements such as a garage or bedroom. Homes can be up to three storeys.

“They include concepts for duplex, triplex, quadplex and townhouse designs. Also included are a variety of roof shapes and exterior finishes, so all the designs can blend in seamlessly with existing neighbourhoods, keeping with the intent of small-scale, multi-unit housing to add density,” the province’s media release said. “There are also designs for accessory dwelling units, such as laneway homes, and a fully adaptable cottage suitable for aging in place.”

The designs comply with the 2024 BC Building Code and can be customized for different lot sizes and specific site conditions. Designs can be downloaded at no cost.

The hope is that local governments and builders will quickly become familiar with the plans, leading to quicker approvals and construction.

Real estate summer slowdown typical for the season

September 4, 2024/in BizNews This Week, Housing, Inflation And Rising Costs/by Jim Zeeben

Despite falling interest rates, Greater Victoria’s housing market slowed in August and the benchmark price for an “average” home in the region decreased.

A total of 545 properties sold in the Victoria Real Estate Board region this August, down 16.5% from July. The benchmark value for a single family home in August was $1,287,400, down from July’s value of $1,296,100.

“The final month of the summer is generally a rather relaxed one in terms of real estate sales and listings,” 2024 Victoria Real Estate Board Chair Laurie Lidstone said. “Many folks pause their home shopping activities or pause their sales listing to make the most of other summer activities and vacations. It’s no surprise that sales this year were so close to the sales from 2023 and that listings declined slightly from the number we saw in July.”

Bank cuts rate again this morning; more cuts coming?

September 4, 2024/in BizNews This Week, Inflation And Rising Costs/by Jim Zeeben

As expected, the Bank of Canada reduced its target for the overnight rate to 4.25%.

The announcement, made this morning, reflects the consistent decline in inflation, which came in at 2.5% in July.

“With continued easing in broad inflationary pressures, Governing Council decided to reduce the policy interest rate by a further 25 basis points,” the bank said in its statement. “Excess supply in the economy continues to put downward pressure on inflation, while price increases in shelter and some other services are holding inflation up.”

The next rate announcement is Oct. 23, with another reduction expected.