BizNews This Week Archives - Page 5 of 29

Bank lowers interest rate as trade uncertainty lingers

October 29, 2025/in BizNews This Week, Chamber Awareness, Inflation And Rising Costs/by Jim Zeeben

The Bank of Canada reduced its target interest rate today by 0.25%, citing ongoing uncertainty with US trade negotiations.

“While the global economy has been resilient to the historic rise in US tariffs, the impact is becoming more evident,” the bank said in its statement. “Trade relationships are being reconfigured and ongoing trade tensions are dampening investment in many countries.”

To help Canada regain a positive position with the US, the Canadian Chamber has sent a trade mission, led by former Quebec Premier Jean Charest, to the US capital.

“Now is the time to stay very cool and to be focused on what it is that we want,” Charest told CTV. “The rest is a distraction, frankly, and we need to continue to be the adult in the room. Stay focused, stay close to each other, share information, and if we do that, we will increase our chances of coming out of this with a pretty good outcome.”

Chamber column: Focus on needs not wants in budgets

October 29, 2025/in BizNews This Week, Chamber Awareness, Government Local, Inflation And Rising Costs/by Jim Zeeben

An excerpt is from The Chamber’s October column in the Business Examiner”

If the largest city in Western Canada can aim for a 0% property tax increase, surely those municipalities with a fraction of Vancouver’s budget can do the same. Vancouver Mayor Ken Sim recently announced that he is directing staff to stop spending money that doesn’t need to be spent — a decisive response to an initial staff recommendation for a 7% increase.

It takes courage to stand up for what’s right, and Sim has been clear that “zero means zero.” This kind of leadership should be inspirational for mayors across the province. On behalf of Greater Victoria’s business community — and everyone concerned about ballooning government spending — The Chamber is calling on all 13 municipalities in our region to follow Vancouver’s lead.

As local governments across BC begin their budget processes this fall, they have an opportunity to demonstrate that they truly support local economic growth. That support starts with restraint.

Read the Full Column

Nigel House opens 88 new homes in Saanich

October 22, 2025/in BizNews This Week, Housing, Safe Communities/by Jim Zeeben

The Chamber strongly advocates for increasing Greater Victoria’s housing supply to meet the diverse needs of our region. We all benefit from having a strong real estate industry, as well as affordable housing needed for a safe community.

Last Friday, 88 units opened at the new six-storey Nigel House in the District of Saanich. The building includes 41 private long-term-care rooms for adults living with disabilities, 37 independent-living suites and 10 affordable-housing units.

The project is part of the rapidly developing neighbourhood in the Nigel Valley, south of Saanich’s municipal hall. The area will be a centre of supportive care for the region, offering services that will make Greater Victoria safer for all.

Nigel House is owned and operated by Broadmead Care Society, a non-profit organization that works in partnership with Island Health and Veterans Affairs Canada to provide care and support for seniors, veterans and adults with disabilities.

Construction begins on 500 new homes in Victoria

October 22, 2025/in BizNews This Week, Finding And Keeping Workers, Housing, Safe Communities/by Jim Zeeben

Construction has started on more than 500 new rental homes, retail spaces and a public plaza at the corner of Douglas and Caledonia streets.

“We’re excited to continue providing much-needed housing to Victoria in partnership with BC Housing on this mixed-use project at Douglas and Caledonia,” Chard Development president and CEO Byron Chard said in a media release. “This project reflects our shared commitment to expanding housing options and delivering new community amenities to meet the needs of this growing area.”

The new build is on the site of the former Capital City Centre Hotel at 1961 Douglas St. and 710 Caledonia Ave. It features three concrete high-rise towers and a community plaza on the southeastern corner, which includes office space, child care and a grocery store.

“This development marks another significant step forward in the city’s priority to increase housing choices for Victoria residents,” City of Victoria Mayor Marianne Alto said.

One tower will be owned by the Province, with 20% of its 133 units offered at below-market rental rates. This tower received $73 million in construction financing and a grant of $8 million through BC Housing’s BC Builds program.

The development’s remaining homes will be owned and managed by Chard at market rates.

Change gives sick or hurt staff up to six-months leave

October 22, 2025/in BizNews This Week, Business And Economic Strength, Finding And Keeping Workers, Safe Communities/by Jim Zeeben

The BC government is proposing an amendment to the Employment Standards Act that would give employees up to 27 weeks of unpaid leave for serious illness or injury.

The province says the change is in line with other jurisdictions and will protect people who can’t work for at least one week because they need treatment or are debilitated by disease.

Employees must obtain a medical certificate from a doctor or nurse practitioner stating that the person is unable to work and how much time off is required.

Business confidence wobbly as uncertainty lingers

October 22, 2025/in BizNews This Week, Business And Economic Strength, Global Uncertainty/by Jim Zeeben

Economic uncertainty linked to ongoing trade talks between Canada and its largest trading partner continues to weigh on the minds of businesses.

The latest Business Outlook Survey, released this week by the Bank of Canada, found that most businesses are waiting for clarity about the future before investing in their organization. Confidence is slightly higher than in early 2025, after the US administration first rolled out its shift to a tariff-based approach to global trade.

“Ongoing concerns of a recession are offsetting the continued gradual improvement in business sentiment, leaving firms’ outlooks and plans largely unchanged, on balance,” the survey states. “Measures of both business activity (including sales, investment and employment) and capacity continue to weigh negatively on the BOS indicator, reflecting ongoing soft demand and cautious planning.”

Mayor to address business concerns at Chamber event

October 22, 2025/in BizNews This Week, Government Local/by Jim Zeeben

When it comes to downtown safety, The Chamber has been clear we can’t maintain the status quo.

Everyone knows that urgent action is needed to curtail social disorder, save businesses facing untenable challenges and help people suffering distress because of addiction or mental-health issues.

But how do we get there?

To find answers, The Chamber is hosting a series of Safe Community meetings. The first event takes place on Nov. 25 with City of Victoria Mayor Marianne Alto.

Chamber CEO John Wilson will moderate the discussion after Mayor Alto provides an update on the city’s Community Safety and Wellbeing Plan.

“We know the solution won’t be easy and we will need the federal and provincial governments to step up,” Wilson said. “I’m grateful for Mayor Alto for agreeing to work with business on municipal solutions so that, together, we can save downtown and make sure we can build good business and great community for all.”

Reserve your spot to join the voice for a better future

SIPP sees silver lining with new Possibility Charter

October 15, 2025/in BizNews This Week, Chamber Awareness/by Jim Zeeben

The South Island Prosperity Partnership launched a new initiative last week that complements work done earlier this fall by the Rising Economy Taskforce.

The Possibility Charter features a pledge “to build Greater Victoria’s future on a foundation of hope, creativity and entrepreneurship, rather than complacency and stagnation.”

“The Possibility Charter is more than words on a page — it’s a call to action for Greater Victoria to embrace creativity, take risks and co-create a future where people and businesses can thrive together,” SIPP CEO Aaron Stone said in the media release. “By pairing the Charter with SIPP’s five-year plan, Rising Economy 2030, we are giving our region both the vision and a plan to succeed.”

The new economic development plan focuses on growing emerging sectors — the blue economy, cleantech and life sciences — as well as finding and keeping essential workers and broadening AI adoption. The plan aims to create conditions that help young people stay in the region and succeed.

“The Chamber supports the work done by SIPP and continues to work with our members and partners as the unapologetic voice of business to address social disorder, increase access to skilled workers and grow our regional economy in ways guided by innovation, inclusion and resilience,” Chamber CEO John Wilson said. “The time to act is now — to build a safer, stronger and more prosperous Greater Victoria for everyone.”

Chamber pitches national delegates on Victoria 2026

October 15, 2025/in BizNews This Week, Chamber Awareness, Chamber News, Hospitality And Tourism Rescue And Recovery/by Jim Zeeben

The Canadian Chamber of Commerce held its AGM last week in Mississauga, Ont. The event will be held in Victoria next year.

The gathering of chamber leaders from across the country is a chance to gain insights, build collaboration and celebrate successes. It’s also an opportunity to set the policy agenda for the upcoming year by voting on key priorities that shape the national chamber’s advocacy work.

“One of the highlights was a panel on tackling social disorder,” Greater Victoria Chamber CEO John Wilson said. “This is a pressing issue for Downtown Victoria, and we heard how other jurisdictions are addressing similar challenges in their communities.”

The keynote speaker in Mississauga was federal Industry Minister Mélanie Joly, who spoke about tariffs and supply chains as well as workforce development and innovation.

The Greater Victoria Chamber and Destination Greater Victoria attended the 2025 AGM, and were able to showcase Greater Victoria and encourage delegates to visit in 2026.

ICBC offers insight into future of driving in British Columbia

October 15, 2025/in BizNews This Week, Fair Rules, Safe Communities, Transportation Options/by Jim Zeeben

A sold out Pacific Ballroom at the Victoria Marriott Inner Harbour heard from ICBC Interim President and CEO Jason McDaniel last week, as he candidly discussed the road ahead for the Crown Corporation.

The latest in The Chamber’s series of Business Leaders Luncheons was facilitated by Chamber Board member Mary Lou Newbold, Chief EyeCare Officer at Mayfair Optometric Clinic.

McDaniel offered insight into how ICBC is planning for uncertain times, as well as an update on a major change to how the insurer compensates drivers involved in accidents. The “no fault” model, which McDaniel prefers to call “enhanced care” is up for review by the province next year.

McDaniel also answered questions about proposed changes to the licensing system —including the removal of the second road test.

The event ended with a thoughtful discussion of a question posed by Kyle Granger of ColdStar Solutions about using technology to reduce costs based on advanced driving metrics. The idea of tracking how large vehicles are operated is an interesting opportunity for professional drivers, as well as one that could lead to innovation that helps regular drivers as well.