BizNews This Week Archives - Page 2 of 19

Panel releases plan to make Victoria safer for business

June 18, 2025/in BizNews This Week, Government Federal, Government Local, Government Provincial, Safe Communities/by Jim Zeeben

How can we make our communities safer? It’s a fundamental question that speaks to the very foundation of our region’s economy.

On June 19, the City of Victoria will consider the Community Safety and Wellbeing Plan that was created through the input of a 10-person panel that began meeting 18-months ago.

“We know Chamber members want more done to protect businesses, as well as helping those who are facing mental health and addiction challenges,” Chamber CEO Bruce Williams said. “We’re happy that the panel included people who were able to provide an important perspective from the business community.”

The plan focuses on the need to invest in prevention rather than chasing problems after they manifest. This approach requires support from higher levels of government, even though the municipality is often on the frontline.

“Underpinning many of the recommendations is the knowledge that local government is the closest to the issues and the most attuned to the needs of its own community,” the plan states. “Local governments are highly adaptable in addressing emerging issues, and responding quickly and efficiently. Additionally, key resources for community safety and wellbeing such as parks, public works, protective services, urban planning, and business development are already part of the City’s municipal framework and can adapt to emerging community needs.”

Feds expand summer job subsidy for students

June 12, 2025/in BizNews This Week, Finding And Keeping Workers, Government Federal, Training And Microcredentials/by Jim Zeeben

The latest job numbers show that Greater Victoria, at 3.7%, continues to have one of the lowest unemployment rates in Canada. The average rate across the country for May was 7%. However, the rate for students ages 15 to 24 was 20.1%. It’s increased steadily each year from a low of 11.4% in May 2022.

To help, the federal government is reallocating $25 million from internal funds to subsidize an additional 6,000 summer jobs on top of the 70,000 already supported by the Canada Summer Jobs program.

“From now until July 21, young job seekers between the ages of 15 and 30 can find local job opportunities on the Job Bank website and mobile app,” a media release from Employment and Social Development Canada stated. “Youth can apply for summer jobs in fields that interest them, such as the recreation sector, the food industry and marketing and tourism. Jobs are also available in a variety of high-demand and growing fields, including housing construction and environmental protection.”

Applications open for Storefronts Activation program

June 12, 2025/in BizNews This Week, Business And Economic Strength, Government Local, Safe Communities/by Jim Zeeben

The Chamber has been working on an initiative to help businesses in downtown Victoria turn empty or underutilized storefronts into vibrant spaces that enhance the area’s appeal. The City of Victoria‘s Storefronts Activation Program promotes safe communities and business growth and development by connecting property owners with artists and performers to create temporary indoor activations.

Whether it’s a one-day pop-up activation or a year-long series of programming and installations, the City has $100,000 to fund projects that add vibrancy. Funding will be prioritized for projects located in the downtown core.

For details on eligibility, and submission requirements, read the Request for Expressions of Interest (RFEI). Submit your proposal by 4pm on July 7. You can email culture@victoria.ca to chat about your ideas or receive feedback prior to applying.

Taskforce identifies first steps on path to prosperity

June 12, 2025/in BizNews This Week, Business And Economic Strength/by Jim Zeeben

The South Island Prosperity Partnership‘s Rising Economy Taskforce released its preliminary findings last week, revealing huge opportunities for Greater Victoria to redefine its economy.

“This includes creating high-value jobs for the next generation, attracting healthcare and essential workers, and maintaining our quality of life through sustainable prosperity and innovation,” Taskforce Chair and SIPP CEO Aaron Stone said. “The current global trade dynamics further highlight the importance of a bold vision for Greater Victoria’s economy and decisive, unified action that aligns with residents’ values and provincial and federal priorities.”

The taskforce is a 40-member, multi-sector coalition of regional community and business leaders, including the Greater Victoria Chamber of Commerce.

Among the early findings are:

Fostering private sector growth
Strengthening economic resilience
Ensuring business continuity
Addressing affordability
Advancing economic reconciliation
Expanding global market access
Empowering small businesses.

The full report is due in late August.

Chamber stands by DVBA’s call for government action

June 12, 2025/in BizNews This Week, Chamber Awareness, Safe Communities/by Jim Zeeben

The Chamber is always among the first to sing the praises of downtown Victoria, which is often recognized as one of the most beautiful and livable downtowns of its size in the world.

We’re also quick to point out the challenges it’s faced, and we stand by today’s report from the Downtown Victoria Business Association calling for urgent action.

“Our call is simple: all levels of government must act now. No more studies. No waiting on perfect solutions,” DVBA CEO Jeff Bray said today. “The focus must shift to supporting business owners, their staff, and their customers. The data is clear: downtown businesses cannot wait three to five more years. We need bold, immediate action in 2025, or we risk a wave of closures, job losses, and a dramatic erosion of downtown’s vitality.”

The report includes specific calls to action, including for municipalities to increase police presence downtown and enforce and strengthen bylaws that address disorder. The DVBA is also asking the province to expand mental health and addiction services, including mandatory care, and to strengthen the justice system. Federally, the call is to reform bail legislation to allow the pretrial detention of repeat offenders charged with theft, violence, drug-related offences and vandalism.

BC Ferries announces more details for new vessels

June 12, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Climate Change Solutions, Government Provincial, Hospitality And Tourism Rescue And Recovery, Transportation Options/by Jim Zeeben

The Chamber is a strong supporter of the work BC Ferries does as a vital transportation and supply chain link for Greater Victoria.

“Our organizations have a very good relationship and we are encouraged by the business-minded approach BC Ferries takes to its long-term feasibility and sustainability,” Chamber CEO Bruce Williams said, who spoke today about the decision on CFAX as well as with the Canadian Press. “We know yesterday’s announcement about selecting the builder for new ships was a very well-informed decision, and we’re hopeful that we will still see a much needed fifth ship added to this proposal.”

BC Ferries announced China Merchants Industry Weihai Shipyards will build four new vessels to replace four aging ships nearing the end of their service lives, each increasingly prone to mechanical issues and service disruptions.

“CMI Weihai is a global leader in passenger ferry construction, and shipbuilding more broadly,” BC Ferries CEO Nicolas Jimenez said. “It was the clear choice based on the overall strength of its bid, including its technical capabilities, high-quality and safety standards, ferry-building experience, proven ability to deliver safe, reliable vessels on dependable timelines, and the overall cost and value it delivers for our customers — all essential as we continue to experience growing demand and the urgent need to renew our aging fleet.”

BC Ferries said, in the first 10 years of their operation, the new vessels will inject $230 million locally on refits and scheduled maintenance. Over their expected 45-year lifespans, the ships are expected to spur 17,200 job-years of employment and $1.2 billion in wages, contributing $2.2 billion to BC’s GDP.

The new vessels will be more spacious, have reduced emissions and be significantly quieter underwater to better protect marine life.

Research shows value of tourism sector on the Island

June 4, 2025/in BizNews This Week, Hospitality And Tourism Rescue And Recovery/by Jim Zeeben

It’s National Tourism Week and Destination BC has released new tourism profiles for tourism across the province.

“In 2022, travellers in the Vancouver Island tourism region were hosted by 2,700 tourism businesses and 26,300 tourism employees,” the profile for Vancouver Island states. “Collectively, the tourism industry generated $3.2 billion of gross spending in the region, accounting for approximately 18% of BC’s total overnight spending.”

The report looks at government investment in tourism on the Island, as well as how the sector has evolved over 10 years. The top source of visitors in 2023 were other residents of BC, at 50%, followed by Alberta (14%), Ontario (8%) and Washington (4%).

A 2024 survey found 85% of Island residents said tourism supports local business, though about 40% said summers bring “too many” tourists. That sentiment drops to 7% in fall, 9.3% in spring and 4.3% in winter.

Greater Victoria real estate market ‘boring’ but stable

June 4, 2025/in BizNews This Week, Business And Economic Strength, Finding And Keeping Workers/by Jim Zeeben

Home sales in Greater Victoria picked up in May, though the total is still slightly below the same month last year.

“Ample inventory coming to market outpaced brisk sales, which provided a consistent amount of choice and eased competition on high-demand properties,” Victoria Real Estate Board Board Chair Dirk VanderWal said in a media release. “More balanced market conditions were supported by stability both in prices and in interest rates. The May market was resilient, and that steady pace is a little boring to report on but has been much more comfortable for buyers and sellers to navigate than markets we’ve seen in past years.”

The benchmark value for a single family home in the Victoria Core was $1,326,600 in May, down from April’s value of $1,345,200. The benchmark value for a condominium in the same area was $564,100 in May, down from the April value of $566,300.

Interest rate unchanged as Bank cites uncertainty

June 4, 2025/in BizNews This Week, Inflation And Rising Costs/by Jim Zeeben

The Bank of Canada announced this morning it would stand pat on its target for the overnight rate at 2.75%. The pause was not a surprise for economists as recent GDP numbers show Canada’s economy is stronger than many expected.

“The trade conflict initiated by the United States remains the biggest headwind facing the Canadian economy,” Bank Governor Tiff Macklem said, noting that it’s too soon to see impacts of retaliatory tariffs on consumer prices. “We will continue to support economic growth while ensuring inflation remains well controlled.”

Canada’s inflation rate eased to 1.7% in April, spurred by the elimination of the consumer carbon tax. The Bank’s next rate announcement is July 30.

BC minimum wage increases to $17.85 next week

May 29, 2025/in BizNews This Week, Business And Economic Strength, Finding And Keeping Workers, Government Provincial/by Jim Zeeben

On Sunday, the province’s annual minimum wage increase will raise the lowest hourly rate from $17.40 to $17.85 per hour.

“The 2.6% increase on June 1 also applies to minimum-wage rates for resident caretakers, live-in home-support workers, live-in camp leaders and app-based delivery and ride-hail services workers,” the provincial media release stated. “This is the fourth year of the government’s ongoing commitment to tie annual minimum-wage increases to inflation.”

In February 2024, the Employment Standards Act was changed to automatically tie annual increases to the previous year’s average inflation rate.