BizNews This Week Archives - Page 3 of 7

Chamber policy resolution passes unanimously

October 23, 2024/in BizNews This Week, Chamber Awareness, Housing/by Jim Zeeben

Work spearheaded by staff at the Greater Victoria Chamber of Commerce has paid off.

The Chamber’s paper — Adding to Canada’s housing supply by strengthening Canada’s military through housing on military bases — was adopted at last week’s Canadian Chamber AGM.

“I was in Halifax for the conference and there was rigorous debate and amendments made to almost every policy,” Chamber CEO Bruce Williams said. “When our work was introduced, I was happy to see it adopted unanimously. Clearly, housing is an issue across Canada and our West Coast thinking once again leads the way.”

The Canadian Chamber of Commerce AGM was held at the Halifax Marriott Harbourfront Hotel and brought together “chamber of commerce executives and community business leaders to discuss the economic and political issues affecting the prosperity of Canadian business and set our policy agenda for the upcoming year.”

Supersized interest rate cut aims to spur economy

October 23, 2024/in BizNews This Week, Business And Economic Strength, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

Does today’s news from the Bank of Canada mark the start of better times? Maybe.

There is certainly plenty of buzz surrounding this morning’s announcement that the policy interest rate has been cut by 0.5% to stand at 3.75%. It’s the biggest drop since 2020, back when the bank needed to reassure an economy frozen by fear in the early days of the pandemic.

To better understand today’s situation, the following post by RBC is helpful. Cutting Through Interest Rate Chatter: What Interest Rate Changes Really Mean for You offers a few ways to think about today’s news. The cut has potentially created a “sweet spot” for first-time home buyers. As more people decide the time is right to list their house, buyers might be able to take advantage of a lag in prices before they return to previous levels.

Today’s rate cut is also welcome news for homeowners needing to renew mortgages. The landscape looks much better than it did before the Bank started its series of four straight rate cuts. Variable mortgage holders will also feel immediate relief with more money staying in their pockets or going toward their mortgage’s principal.

And best of all, more rate cuts appear to be on the horizon. According to the Bank of Canada’s Governing Council, it will continue to lower the rate if the economy stays on its expected path.

BC’s political future remains uncertain after tight election

October 23, 2024/in BizNews This Week, Chamber Awareness, Government Provincial/by Jim Zeeben

Clarity on BC’s political future will have to wait.

The provincial election remains mired in recounts that could take a week to determine who will form government.

“We knew this was going to be a close election and Greater Victoria’s business community is ready and eager to work with whichever party forms government,” Chamber CEO Bruce Williams said. “The Chamber hosted party leaders during their campaigns and, as an organization, we have nurtured meaningful connections with the provincial government for more than 160 years.”

Initial results of the election left the BC NDP with 46 seats, the Conservative Party of BC with 45 and the BC Green Party with two seats. However, because races were so close in many electoral areas, the initial results could change. As well as the recounts taking place, about 49,000 mail-in and absentee ballots are being counted.

In the Juan de Fuca-Malahat riding, NDP candidate Dana Lajeunesse had a 23-vote lead over BC Conservative Marina Sapozhnikov.

Elsewhere in our region, elected MLAs include:

Esquimalt-Colwood – NDP Darlene Rotchford.
Langford-Highlands – NDP Ravi Parmar.
Oak Bay-Gordon Head – NDP Diana Gibson.
Saanich North and the Islands – Green Rob Bottrell.
Saanich South – NDP Lana Popham.
Victoria-Beacon Hill – NDP Grace Lore.
Victoria-Swan Lake – NDP Nina Krieger.

Survey helps helps create safety and well-being plan

October 17, 2024/in BizNews This Week, Government Local/by Jim Zeeben

The Capital Regional District is working on a plan to improve the safety and well-being of Greater Victoria residents.

“The value of safe communities is something we can all agree on. It has been a Chamber advocacy priority for years and we’re happy to participate in the regional district’s effort to build a great community for everyone,” Chamber CEO Bruce Williams said.

The CRD has contracted the Canadian Centre for Safer Communities to create a Regional Community Safety & Well-Being plan. The centre is gathering information to start, and The Chamber encourages members to fill out their survey. It takes about 20 minutes so set some time aside for this important topic.

Go beyond the headlines to learn about BC Ferries

October 17, 2024/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Transportation Options/by Jim Zeeben

It’s not an overstatement to say Greater Victoria depends on BC Ferries to connect us to the world. We rely on this iconic institution for so many of our material needs, from groceries to industrial supplies, and for our connections to family and friends. However, hardly a day goes by without BC Ferries making headlines for sailing waits, electioneering promises or plans for new vessels.

With mounting pressures on transportation and tourism, it’s vital for businesses in our region to understand the state of our primary route off Island. The Chamber is helping our community stay informed by hosting BC Ferries CEO Nicolas Jimenez on Nov. 26.

Reserve your spot now and submit your questions to hear firsthand about the future of ferries in our region.

Register now for BC Ferries Business Leader Luncheon

Oak Bay survey takes the (happy) pulse of community

October 17, 2024/in BizNews This Week, Government Local/by Jim Zeeben

Life is good in the District of Oak Bay, according to feedback from residents and business owners in the 2024 survey.

“The annual questionnaire provides the opportunity for staff and Council to hear directly from our residents and taxpayers, taking the pulse our community,” Oak Bay Mayor Kevin Murdoch said.

Oak Bay’s quality of life is “good” according to 95% of respondents, with 77% saying they have a sense of belonging.

Municipal services that were seen as doing well include parks, garbage pickup, fire protection and policing. Those needing work included road and sidewalk maintenance.

Pilot aims to turn vacancy into vibrancy downtown

October 17, 2024/in BizNews This Week, Business And Economic Strength, Government Local, Safe Communities/by Jim Zeeben

Innovation led by business is so often the answer to challenges that can seem insurmountable. Another potential example of this is the goal of the Victoria Storefront Pilot project, which aims to add life to the city’s underused commercial real estate. The plan is being developed and is initially focused on bringing arts and cultural offerings to vacant spaces.

The City of Victoria has hired a contractor to gather input from artists, arts organizations, not-for-profits, entrepreneurs, property owners, real estate professionals and developers. The information will be used for a project plan, which will go to the city for review in November.

If you are a business owner with unused space, or an artist or organization looking for space, fill out the contact form by Oct. 25 to learn more.

Saturday election will provide clarity about political future

October 16, 2024/in BizNews This Week, Chamber News, Government Provincial/by Jim Zeeben

With BC’s general election set for Saturday, several Island electoral areas remain up in the air according to polling site 338canada.

Advance polls close tonight at 8 pm, and polls for final voting day will be open from 8 am to 8 pm on Oct. 19.

“Please, if you haven’t cast a ballot already, make time to get to the booth on Saturday,” Chamber CEO Bruce Williams said. “The better business participation, the better business representation in the next government.”

To learn more about candidates in your riding, the Times Colonist and CHEK Media have detailed webpages dedicated to Greater Victoria and Vancouver Island.

Both news organizations have earned the trust of local audiences through fair and comprehensive coverage over the decades. It’s no coincidence the media outlet are among the latest inductees into The Chamber’s Business Hall of Fame, along with Alan Lowe, Michael Williams and the Yuen family/Fairway Market.

Make sure to register now for this event, set for Oct. 29 at the Fairmont Empress. More details below.

Cruise ship industry seeks feedback from businesses

October 10, 2024/in BizNews This Week, Business And Economic Strength, Hospitality And Tourism Rescue And Recovery/by Jim Zeeben

Does your business benefit from the cruise ship economy, or would you like to help serve this important sector? The Chamber is working with our community partners in the tourism industry to help them learn more about the Greater Victoria businesses that provide goods and services to cruise ship lines, passengers and crew.

A survey from the Cruise Lines International Association is seeking broad data that will be used to inform the results of an economic impact study for Canada. Completing the survey helps ensure the results represent the most inclusive information available.

Cruise Ship Business Survey

Real estate market balanced for buyers and sellers

October 10, 2024/in BizNews This Week, Business And Economic Strength, Housing/by Jim Zeeben

With another Bank of Canada interest rate cut expected later this month — and more cuts potentially on their way — stats from the real estate industry show that the market is becoming more balanced.

“The real estate market in Victoria right now is much more stable and more predictable than it has been in recent years,” Victoria Real Estate Board Chair Laurie Lidstone said in a media release. “We have seen a few solid months of near-balance in the market, which means it’s neither a seller’s nor a buyer’s market and positives exist for both sides of a transaction. With downward trending interest rates and stable pricing combined with more inventory on the market, our current conditions are the most comfortable for consumers to navigate that I’ve seen in a few years.”

Sales in September were up from September 2023, with a 21.9% increase in condominiums sold and 19.3% jump in single family home sales.

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