BizNews This Week Archives - Page 11 of 21

Throne speech promises to drop gloves on tariffs

February 19, 2025/in BizNews This Week, Government Provincial/by Jim Zeeben

The provincial government is back in Victoria for the first session of the 43rd Parliament of British Columbia. As is tradition, BC’s Lt. Gov. delivered the speech from the throne. The theme of the speech, which reflects the government’s intent for the year ahead, focused on a strong defence against the threat of tariffs being imposed by the United States.

“We have everything we need to protect ourselves from the economic impacts of the Trump presidency and come out stronger,” BC Premier Eby said in a media release.

Among the speech’s highlights were promises of new laws to build infrastructure faster, and better management of the province’s finances. BC will look to diversify its export markets through trade missions and eliminating barriers to interprovincial trade.

The 2025 BC Budget will be announced March 4, and the Chamber hosts the BC Finance Minister the following day in a sold-out event at Hotel Grand Pacific.

Trying times are nothing new, working together will get us through

February 19, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty/by Jim Zeeben

I want to take a minute to address all of our Chamber members and let you know we are here for you. These are uncertain times, for sure. But we have faced uncertainty for a while now, and we understand what it takes to thrive in less than perfect conditions.

Our fundamentals are strong — as a region, as a business community and as an organization. The key is remembering what we can control and what we can’t. Around the world, there are multiple situations that want our attention. The term polycrisis has become popular to explain this state of affairs as we experience sweeping political and social change, rapid technological advancements and ongoing climate emergencies.

Right now, the elephant in the room is the threat of economic action against Canada by the new government in the United States. We still don’t know what this will look like, but we are hearing about potential responses and repercussions every day. This week, the provincial government’s Throne Speech seemed to put BC on a war footing. And, federally, we’re hearing similar rhetoric from leadership candidates seeking to be our next Prime Minister.

The barrage of headlines can feel overwhelming.

I don’t know what the future holds, but I can tell you that I continue to work with our Chamber team to improve business conditions in Greater Victoria. This includes meeting with decision makers in all levels of government, creating connections for members of our region’s business community and supporting members however needed.

Our mission holds. We will work together to build good business and great community for all.

We can take heart in the report from the Canadian Chamber’s Business Data Lab that found Greater Victoria’s economy is among the best protected in the country.

Our regional economy is resilient. We have always been leaders in championing diversity.

Our tourism, tech and civil society sectors are powerful. Our public sector has evolved in symbiosis with a thriving private sector. More recently, we have seen how championing inclusion has fortified our labour force and added creativity to our enterprises. These are pragmatic solutions representing the reality of who we are as a community. Let’s not forget that.

Taken together, our commitment to building a sustainable and resilient economy has helped us through every crisis we’ve faced in the past. And I know — when the present eventually becomes the past — we will be grateful for the strong foundation that all of us have helped build.

Let’s carry on doing our best work, stay focused on what we can accomplish and hold on to the values that make our community the envy of the world.

Jobless rate down, but unease being felt nationally

February 12, 2025/in BizNews This Week, Business And Economic Strength, Finding And Keeping Workers/by Jim Zeeben

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

February 12, 2025/in BizNews This Week, Government Federal, Hospitality And Tourism Rescue And Recovery, Safe Communities/by Jim Zeeben

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.”

Region ranked 36th among cities facing tariff impacts

February 12, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty/by Jim Zeeben

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.”

Chamber CEO moderating Beacon Services workshop

February 5, 2025/in BizNews This Week, Chamber Awareness, Finding And Keeping Workers/by Jim Zeeben

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:

Empower communities: The role of Social Enterprises in Job Creation
Harnessing the Talent of Canadian Newcomers
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

February 5, 2025/in BizNews This Week, Housing/by Jim Zeeben

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

February 5, 2025/in BizNews This Week, Chamber Awareness, Government Federal, Housing/by Jim Zeeben

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

February 5, 2025/in BizNews This Week, Chamber Awareness, Safe Communities/by Jim Zeeben

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

February 5, 2025/in BizNews This Week, Global Uncertainty, Government Federal/by Jim Zeeben

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.