BizNews This Week Archives - Page 11 of 22

Bank drops interest rate, citing trade war uncertainty

March 12, 2025/in BizNews This Week, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

The Bank of Canada made another cut to interest rates today, lowering the overnight rate to 2.75%.

“The Canadian economy entered 2025 in a solid position, with inflation close to the 2% target and robust GDP growth,” the Bank said in a media release. “However, heightened trade tensions and tariffs imposed by the United States will likely slow the pace of economic activity and increase inflationary pressures in Canada.”

The Bank has conducted research into how Canadian businesses and households are reacting to the tradewar. Not surprisingly, people say they plan to be more cautious with spending and are worried about job security. Businesses are revising sales outlooks, while also trying to tie into the wave of “buy Canadian” sentiment sweeping the country.

“Monetary policy cannot offset the impacts of a trade war. What it can and must do is ensure that higher prices do not lead to ongoing inflation,” the Bank said.

BC pulls all US alcohol from province’s liquor stores

March 12, 2025/in BizNews This Week, Global Uncertainty/by Jim Zeeben

Serious, surreal and silly. Any of these work for describing the current relationship between Canada and the United States as President Trump continues to attack Canadians’ national identity while threatening to gravely damage businesses, families and industry on this side of the border.

The trade war started with tariffs, which serve as a tax paid by Americans on certain Canadian goods. The dispute expanded to citizen boycotts of US groceries and now a provincial ban on US alcohol.

American beer, wine, spirits and other beverages have been removed from BC Liquor stores and the BC Liquor Distribution Branch has stopped bringing any more into the province.

“We are taking this action in response to escalating threats from south of the border,” BC Premier David Eby said. “Most recently, U.S. President Donald Trump made new threats against Canada’s dairy and lumber industries – and there are reports he has been musing about redrawing the border.”

The symbolic move has the support of the BC Restaurant & Foodservices Association.

BCRFA President and CEO Ian Tostenson sent a letter to members explaining what the decision meant for businesses.

“You will still be allowed to sell US-made products in your establishments for as long as you have a supply,” Tostenson said. “BCRFA is proudly on Team Canada and there is no better time to stand with our local brewers, vintners, and distillers than right now.”

Learn more about how the tradewar could impact your business. Register now for The Chamber’s AGM on April 15 to hear an expert panel discuss current US relations.

Safety for Business session set for next week

March 5, 2025/in BizNews This Week, Government Local, Safe Communities/by Jim Zeeben

The City of Victoria‘s Small Business Info Session: Safety for Business is set for March 12, 4:30 to 7:30 pm, at Victoria City Hall. The session aims to help businesses better understand the resources available to improve their security and ensure customers and staff have a sense of safety.

Businesses can also contribute feedback to help community partners address outstanding concerns. Presentations are planned by police and firefighters, as well as bylaw enforcement, public works staff and the Community Led Crisis Response Team.

New report offers insight into Canadian real estate

March 5, 2025/in BizNews This Week, Finding And Keeping Workers, Housing, Inflation And Rising Costs/by Jim Zeeben

What do the current events of 2025 mean for Canada’s real estate industry? There’s no crystal ball to foretell the future, but the expert prognosticators at Doane Grant Thornton have put together some thoughtful insights in their 2025 Real Estate market summary. The report looks at key trends, including the political winds blowing north from south of the border as well as the state of capital markets and impact of AI.

You can read about various asset classes and more at doanegrantthornton.ca.

Navigate the trade war seas with MNP resource kit

March 5, 2025/in BizNews This Week, Global Uncertainty/by Jim Zeeben

This week saw the first shots fired in a trade war started by US President Donald Trump. The action led to retaliatory tariffs and a heating up of rhetoric across social media. But how will tariffs affect you and your business? To help better understand the specific challenges, MNP has released a Trade Impact Navigator.

This navigator includes a Tariff Exposure Risk Assessment you can take online, articles explaining the issues and a link to register for their webinar Preparing for tariff impacts that go beyond the bottom line.

BC Budget 2025 attempts to tackle trade war’s unknowns

March 5, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty, Government Provincial, Inflation And Rising Costs/by Jim Zeeben

The best news from yesterday’s BC Budget 2025 announcement was a promise from the provincial Finance Minister to work more closely with businesses going forward.

As is tradition, the minister met with the Greater Victoria Chamber of Commerce today to discuss the budget.

Brenda Bailey, a former tech sector entrepreneur, was elected to government in 2020 and appointed Finance Minister in November 2024. Her first budget day was overshadowed by news that the United States was moving ahead with a trade war on Canada.

Bailey acknowledged the curveball, noting that the budget was put together with tariffs in mind. There is also $4 billion in contingency funds set aside annually for three years to address unforeseen challenges. It’s a strategy that makes sense, but one business groups will be watching closely.

“We want to see policies that are looking at the horizon, that are investing in making our private sector bigger, growing our economy,” Chamber CEO Bruce Williams said. “We’re fortunate to live in a region with a diverse economy that is relatively sheltered from a trade war. That said, we know we’re in for challenging times ahead as Canada will be impacted by tariffs.”

In response to the US’s tariff announcement, the Canadian Chamber issued a statement saying the trade war will hurt Americans and have disastrous impacts on people in many US cities.

“Canada is resource and talent rich. Our economic future is ours to determine — it’s time to join our economic strategy with concrete action to not only minimize the short-term damage but to chart a more prosperous path long-term,” Canadian Chamber president and CEO Candace Laing said.

Read the Full Media Release

First cruise ship of the season arrives March 6

March 5, 2025/in BizNews This Week, Chamber Awareness, Transportation Options/by Jim Zeeben

This year’s cruise ship season begins March 6, when the Disney Wonder is scheduled to arrive at 8 am before departing at 5 pm from Pier B at The Breakwater District at Ogden Point.

“As we embark on the 2025 cruise season, we are thrilled to welcome visitors from around the world to our vibrant city,” Greater Victoria Harbour Authority CEO Robert Lewis-Manning said in a media release. “We look forward to providing a warm, authentic welcome that showcases the rich culture and hospitality of our community.”

The Disney Wonder carries up to 2,700 passengers and 950 crew, and its arrival marks an early start to the season, as cruise ships deployed in other parts of the world typically return to the West Coast in April to prepare for their voyages to Alaska.

Cruise ship season gets fully underway April 4 with the arrival of Holland America’s Koningsdam. In total, 320 cruise ship visits are currently scheduled this year.

Last week, The Chamber reported on a big win for businesses downtown as our advocacy efforts helped relocate the shuttle stop for cruise ships ahead of the season

Blanket change to TFW program makes little sense

February 26, 2025/in BizNews This Week, Finding And Keeping Workers, Global Uncertainty, Government Federal/by Jim Zeeben

Recent changes to the rules around Temporary Foreign Workers have caught many businesses by surprise. The program has existed for half a century and has been vital to helping employers fill out their workforce. It’s also proved to be a popular pathway to Canadian citizenship.

The rule changes were driven by shifting political winds that have seen the federal government curtail immigration targets. However, applying the same rules to all regions across the country does not reflect the reality that unemployment rates vary immensely. In Greater Victoria, the rate is often one of the lowest in Canada.

“Losing this source of workers can make the difference in staying viable for some employers,” Chamber CEO Bruce Williams said. “We’ve been meeting with federal government representatives and plan to keep making the case for an exemption for our region.”

If the changes have impacted your business, contact The Chamber at communications@victoriachamber.ca to learn more about our advocacy work.

View Royal looking ahead to mid-century with OCP

February 26, 2025/in BizNews This Week, Government Local/by Jim Zeeben

The Town of View Royal is looking to the future to envision the community it wants to be by the mid-century. View Royal 2050: Our Future View will be a major update to the municipality’s Official Community Plan, which will helps councils and planners make decisions about land use, housing, transportation, parks, environmental stewardship, climate action and economic development.

The first phase of the update began in January, and businesses and residents can contribute via a survey that will launch March 8. Feedback will be used to create an updated vision statement and guide the project’s next steps.

Plan for Quadra McKenzie to be reworked this spring

February 26, 2025/in BizNews This Week, Government Local/by Jim Zeeben

The draft plan for the Quadra McKenzie area will go back to the District of Saanich council to reassess initial feedback from the public.

Council has asked staff to revise the plan with reduced density in some neighbourhoods, as well as to hold off any changes to vehicle lanes on McKenzie Avenue.

“We appreciate people taking the time to share their opinions on this long-term vision for the future of this important area,” Saanich Mayor Dean Murdock said in a media release.

More than 3,300 individual comments were received. The next step will see a revised plan go back to Council in late spring, followed by more public feedback into the fall.

The Quadra McKenzie plan aims to address our ongoing climate and housing crises over the next two to three decades.