BizNews This Week Archives - Page 3 of 9

Weather getting colder but real estate sales warming

December 5, 2024/in BizNews This Week, Housing/by Jim Zeeben

As fall moves into winter, housing sales traditionally slow down as fewer people want to make a major move in cold weather. However, a warming economy and lower borrowing costs has the real estate sector feeling festive.

“I’ve found that buyers and sellers are feeling optimistic right now,” Victoria Real Estate Board Chair Laurie Lidstone said in a media release. “With the steady decrease we’ve seen in interest rates and the continued balance in the market, consumers are feeling more comfortable and empowered to make the big decisions around home ownership knowing that they have a fairly stable real estate environment to navigate.”

A total of 551 properties sold in the region in November, 39.8% more than November 2023. Sales of condominiums were up 55%, while sales of single family homes increased by 36.3%.

There were 2,836 active listings for sale at the end of November 2024, a 7.3% increase from November 2023.

“Though we did see inventory tick below three thousand listings, we are still in much better shape than in recent years in terms of availability of supply,” Lidstone said. “Seasonality comes into play this time of year, and the closer we get to the new year, the more folks temporarily move their focus from house shopping to the holidays. That said, it’s likely the momentum we saw building in November will carry on in December to some extent.”

The benchmark value for a single family home in the Victoria Core in November was $1,302,900, up from October’s value of $1,300,200. The benchmark value for a condominium in the Victoria Core area in November 2024 was $544,400, down from the October value of $547,800.

Saanich releases 2024 Housing Needs Report

November 27, 2024/in BizNews This Week, Government Local, Housing/by Jim Zeeben

Housing supply is a fundamental priority for Greater Victoria. A new report released by the District of Saanich offers a deep analysis of the municipality’s current stock and where future demand is expected.

Of particular interest to The Chamber, based on our member survey, are housing solutions for people at risk of homelessness and workforce housing to make our region more affordable.

The Housing Needs Report includes updated population and housing statistics and projections for five and 20 years from now. The findings will help Saanich as it updates its Official Community Plan in 2025.

City program adds sparkle to Downtown experience

November 27, 2024/in BizNews This Week, Government Local, Safe Communities/by Jim Zeeben

When’s the last time you went downtown for fun? If it’s been awhile, you might be surprised that it’s cleaner, safer and more vibrant than expected.

The City of Victoria has invested in downtown for the holidays, including:

additional street cleaning in high-traffic areas
targeted cleaning in preparation for peak shopping hours and weekends
proactive bylaw enforcement around key commercial areas and storefronts
as well as markets, holiday events and entertainment including free holiday craft workshops, the Santa Claus Parade, Sleigh the Day, indoor pickleball and Downtown Victoria’s Lights of Wonder.

City staff are also encouraging downtown merchants to ask for support:

Something needs cleaning or fixing? Call the City’s 24-hour Public Works Service line at 250-361-0400 or email pw@victoria.ca.
Have a questions about parking? Call City of Victoria Parking Services at 250-361-0260 or email parkingservices@victoria.ca.
Someone experiencing a crisis? Call or text the Community-led Crisis Response team at 250-818-2454 for support from trained professionals, seven days a week, from 7:30 am to 12:30 am.
Need to report a bylaw violation? Email bylawservices@victoria.ca or report online at victoria.ca/bylaw.

For more information email bizhub@victoria.ca.

Region’s ‘living wage’ jumps 5.4% from one year ago

November 27, 2024/in BizNews This Week, Fair Rules, Finding And Keeping Workers, Housing/by Jim Zeeben

Even with inflation tamed, there is a noticeable increase in the cost of living in Greater Victoria. The shift is evident in the latest report from the Community Social Planning Council of Greater Victoria.

The report says the living wage in our region is $26.78 — 5.4% more than last year.

The Greater Victoria living wage calculation is based on the needs of two-parent families with young children. However, it is also meant to support all workers, so young adults are not discouraged from having children due to low wages, and older workers have additional income as they age.

“Some preliminary estimates we have produced suggest that the living wage may not be sufficient to support single parents and single individuals in Greater Victoria. In other communities, this is not the case, and we want to explore this in more detail in the future,” CSPC Executive Director Shelley Cook said in a media release.

Trump takes to social media to threaten huge tariffs

November 27, 2024/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Fair Rules, Global Uncertainty, Government Federal, Government Provincial/by Jim Zeeben

There’s the economy, and then there’s the attention economy. The incoming US President has seized the spotlight with his comments on his Truth Social platform calling for a 25% tariff on products from Canada.

The damage such a move would do to the Canadian and US economies makes this pronouncement shocking, which is likely what Donald Trump intended.

Chamber Board Chair Kris Wirk spoke to CFAX this morning about the issue, noting that the uncertainty is not helpful regardless of whether any tariffs are introduced.

Chamber CEO Bruce Williams said it’s easy for Trump to be loud on social media, but there has already been a tremendous amount of work behind the scenes to mitigate the damage tariffs would cause.

“We need to remember that this is a public relations tactic and probably much different than what will occur in reality,” Williams said. “Our national Chamber network has built strong relationships with states along Canada’s border. Their leaders understand the trade relationship with Canada and its importance to American jobs, factories and consumers. They’ll bring a strong voice to any negotiations.”

Speaking of the Canadian Chamber, new President and CEO Candace Laing has issued a statement condemning any attempt to hurt Canada’s economy.

“Being America’s ‘nice neighbour’ won’t get us anywhere in this situation. President-elect Trump’s intention to impose 25% tariffs signals that the U.S.-Canada trade relationship is no longer about mutual benefit. To him, it’s about winners and losers—with Canada on the losing end,” Laing said. “We’re facing a significant shift in the relationship between long-standing allies. Canada’s signature approach needs to evolve: we must be prepared to take a couple of punches if we’re going to stake out our position. It’s time to trade ‘sorry’ for ‘sorry, not sorry.’”

BC Ferries faces challenges head on with creativity and innovation

November 27, 2024/in BizNews This Week, Government Provincial, Transportation Options/by Jim Zeeben

The Greater Victoria Chamber of Commerce hosted the final event in its 2024 Business Leaders Series, with a breakfast with BC Ferries CEO Nicolas Jimenez on Tuesday, Nov. 26, at the Union Club of BC in Victoria.

More than 100 business and community leaders attended the breakfast, which featured a presentation by Jimenez followed by a Q&A session with Chamber CEO Bruce Williams and questions from the audience.

Jimenez addressed the recent news that BC Ferries was changing its advisory committee structure, as well as a call to add five new ships to the fleet.

“We know that BC Ferries has been working to improve how they manage their sailings, which is really important to businesses that transport groceries and other goods to the Island. I think our members appreciated hearing Nicolas explain how those improvements have resulted in fewer cancellations and better certainty for business,” Chamber CEO Bruce Williams said. “However, the ferry system has served the province for six decades and still has ships and terminals that were built in the 1960s. The Chamber is supportive of the work BC Ferries is doing to modernize its fleet and introduce efficiencies that will ensure future generations have an even stronger and more environmentally sustainable transportation link.”

Jimenez spoke about the importance of BC Ferries for people and families. The bulk of passengers are travelling for work, to attend appointments or visit family members. Tourism make up a smaller but vital segment of BC Ferries total passenger base, he said.

Going forward, the ferry operator understands it needs creativity and collaboration to address its challenges.

“If we are to close this funding gap that I described, we’re going to need to pull every lever that we can,” Jimenez told the Times Colonist. “We’re going to have to get very creative and we’re going to have to balance the needs of the system around reliability and resilience with affordability.

“So without prejudging what that’s going to look like, I think we’re going to have to have all policy options on the table.”

BC delegation to LA seeks film and TV productions

November 20, 2024/in BizNews This Week, Business And Economic Strength, Chamber Awareness/by Jim Zeeben

The Chamber applauds today’s announcement that the province is sending a delegation to the heart of Hollywood to encourage more productions in BC.

Film production in Greater Victoria has many benefits.

Movies and TV series promote the beauty of our region. Companies employ skilled workers on set and purchase from local suppliers. For example, the hit Netlfix show Maid generated more than $10 million in economic benefits for Greater Victoria.

The delegation is seeking investment in more major productions. BC is already one of North America’s largest motion-picture hubs. The industry supported more than 47,500 jobs and contributed $3.3 billion to the province’s GDP in 2022.

Back in the 1970s, the Chamber was the first organization to promote our region to film makers. We played an integral role in attracting producers of the movie Five Easy Pieces. Eventually, this led to the creation of the Vancouver Island South Film and Media Commission.

Bomb cyclone provides reminder to be prepared

November 20, 2024/in BizNews This Week, Climate Change Solutions, Global Uncertainty/by Jim Zeeben

The bomb cyclone that swept through the region this week served as a good reminder to prepare for potential emergencies before winter. Coincidentally, so did the National Public Alerting System‘s test today (Nov. 20), which buzzed phones at 1:55 p.m.

You can prepare by making sure you have a plan for your business and your home, and that everyone knows what to do and where to find emergency kits. These should include non-perishable food, water and supplies to be self-sufficient for up to one week.

After a disaster-level event, your insurance provider can give you guidance on best practices for cleaning up and repairing damage.

In 2025, The Chamber plans to work with members, specifically smaller businesses, to help them build a crisis communication strategy. This will be a straightforward guide that can be consulted to help ensure you are prepared to communicate with internal and external stakeholders after an emergency. To learn more and help us develop this initiative, email communications@victoriachamber.ca.

Helping make sense of inflation/interest forecasts

November 20, 2024/in BizNews This Week, Inflation And Rising Costs/by Jim Zeeben

Over the past two years, a new pastime emerged called “what will the Bank of Canada do next?” When inflation began surging in 2021, the era of low interest rates suddenly ended. Now, with inflation back to the 2% target and interest rates falling, understanding where the economy is going is still not a simple task.

The hitchhiker’s guide to BoC watching in this easing cycle is the cheeky title of a new report released today by CIBC senior economist Ali Jaffery.

In the update, Jaffery notes the different tactics used by the Bank of Canada compared to the US Federal Reserve to communicate their intent ahead of rate announcements. The strategies differ in how they spoon-feed market watchers, with the Canadian central bank preferring to let the data do the talking. This reflects the more cautious nature of Canadians, Jaffery says.

As for what to expect from the Bank of Canada at their next rate announcement on Dec. 11, most economists see the most recent statistics as a harbinger of another rate cut.

“With upcoming GDP data expected to show weak economic growth, a 0.5% rate cut (on Dec. 11) seems likely,” Canadian Chamber Senior Economist Andrew DiCapua says. “While some sticky inflation pressures are easing, even the Bank’s anticipated uptick in inflation won’t change the narrative. Q3 GDP probably won’t deliver the strength they’re hoping for, which reinforces the need to support businesses and growth.”

Greater Victoria MLAs named to new provincial cabinet

November 20, 2024/in BizNews This Week, Chamber Awareness, Government Provincial/by Jim Zeeben

BC’s recently elected Premier David Eby named his new cabinet this week, with several local MLAs taking charge of key ministries.

Lana Popham (Saanich South) — who had been serving as Minister of Tourism, Arts, Culture and Sports — is now Minister of Agriculture and Food. Grace Lore (Victoria-Beacon Hill) continues as Minister of Children and Family Development.

Ravi Parmar, MLA for Langford-Juan de Fuca, takes on the role of Minister of Forests, while Diana Gibson, newly elected MLA for Oak Bay-Gordon Head, is now Minister of Jobs, Economic Development and Innovation.

The Chamber works to build good relationships with all levels of government, and having local elected officials in cabinet positions helps. They understand the issues facing our region and often the solutions required to address those challenges.

One way we connect with decision makers is through our Business Leaders events, such as next week’s breakfast with BC Ferries CEO Nicolas Jimenez. Over the next few months, we’ll be announcing a new slate of guest speakers, including prominent provincial politicians.

Contact events@victoriachamber.ca to reserve your seat — and make sure to build Chamber events into your organization’s annual budget planning.