BizNews This Week Archives - Page 5 of 8

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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BC leaders exchange barbs on televised debate

October 10, 2024/in BizNews This Week, Chamber Awareness, Government Provincial/by Jim Zeeben

https://cdn.jwplayer.com/previews/p74SwrfQ

It’s too soon to tell whether Tuesday night’s leadership debate made a significant difference for voters. The televised discussion featured BC NDP leader David Eby, Conservative Party of BC leader John Rustad and BC Green Party leader Sonia Furstenau.

Across Greater Victoria and the province, all candidates are officially registered in their electoral areas with final voting day set for Oct. 19. Advance polls open this week, on Oct. 10, and you can check Elections BC for specific information about voting places near you and dates and times they will be open. Voting by mail is also an option.

The Chamber is non-partisan and hosted events with all three leaders throughout the year:

Chamber data helps educate US about protectionism risks

October 10, 2024/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Fair Rules/by Jim Zeeben

A new report on the US election paints a stark picture of how campaign rhetoric poses real risks to Canada’s economy.

The Canadian Chamber of Commerce’s Business Data Lab found that protectionist practises, if enacted, would negatively affect our country as well as most US states along our border.

“When you dig into the data, you immediately see the high degree of integration between the two economies, and how much they rely on each other to make things,” states the report, titled Partners in Prosperity: Exploring the Significance of Canada-U.S. Trade. “That’s why maintaining efficient supply chains ultimately makes both countries more competitive and increases economic security and resilience to global shocks.”

The US election is set for Nov. 5, and one of the political promises being bandied is a 10% tariff on imports from Canada and other countries.

“Several U.S. state economies are surprisingly dependent on Canadian trade,” the report states, noting Canadians generally have an understanding of the importance of trade while many Americans do not realize how critical Canada is as a reliable supply chain partner for US companies and consumers. “Even as far away as Texas, trade with Canada still accounts for 4% of the state economy.”

The data from the report will help the national chamber network advocate with businesses south of the border to inform US lawmakers about the risks of following through on damaging policies for political gain.

“It’s an interesting time politically for sure, with our own BC election on Oct. 19 and the US election next month,” said Greater Victoria Chamber CEO Bruce Williams, who is off to Halifax next week for the annual meeting of the national chamber network.

Condé Naste ranks Victoria as world’s best small city

October 3, 2024/in BizNews This Week, Hospitality And Tourism Rescue And Recovery/by Jim Zeeben

We did it again! For the second year in a row, Victoria has been crowned Best Small City in the World by Condé Nast Traveler.

Our region captured the imagination of travel readers thanks to the same qualities they loved about us last year.

Our proximity to the big city of Vancouver (no mention of Seattle, which is almost equidistant) as well as our pronounced British heritage and the opportunity to day trip into ancient forests were highlights.

And once again the Fairmont Empress earned mention as “bucket-list worthy.”

Destination Greater Victoria said the ranking shows our region stands among the more interesting places in the world, and will help the tourism sector stay strong into next year.

Chamber-backed tourism corridor earns designation

October 3, 2024/in BizNews This Week, Chamber Awareness, Hospitality And Tourism Rescue And Recovery/by Jim Zeeben

A federal agency announced last week that the Juan de Fuca Corridor, between BC and Washington, has been named one of four key tourism corridors for future investment.

The Chamber supported the efforts of Destination Canada to select the corridor as part of a long-term tourism strategy.

“Our region has a well-developed and managed tourism industry and the Greater Victoria Chamber of Commerce has promoted the benefits of the visitor economy for generations,” Chamber CEO Bruce Williams said in a media release. “The proposed Juan de Fuca Partnership is an exciting initiative for the coastal corridor between Canada and the United States and will benefit regions that have deep cultural and ecological connections. We owe it to future generations to work together in an open and transparent way to build an economy that works for everyone.”

The Tourism Corridor Strategy Program crosses provincial and territorial boundaries to “develop iconic new journeys for travellers to explore.”

The other tourism corridors are:

Cycle Ontario and Quebec (Ontario, Quebec)
Field to Fork: Saskatchewan Manitoba Agritourism (Saskatchewan, Manitoba)
Northern Sky Corridor (Alberta, Northwest Territories)

Chamber CEO appointed to PavCo Board of Directors

October 3, 2024/in BizNews This Week, Chamber Awareness/by Jim Zeeben

Chamber CEO Bruce Williams has been appointed to the BC Pavilion Corporation (PavCo) Board of Directors.

Appointments are made by the provincial government to provide a diverse voice and leadership in a manner consistent with directives set out by the province. The Board meets at least three times a year.

PavCo is a Provincial Crown Corporation that owns and operates BC Place and the Vancouver Convention Centre. PavCo’s mandate is to generate economic and community benefit for the people of BC through the prudent management of public facilities.

Chamber encourages voters to be heard in the BC election

October 2, 2024/in BizNews This Week, Government Provincial/by Jim Zeeben

Chambers of commerce have always been vocal supporters of healthy democracies.

With candidates officially registered in all electoral areas, voters have until Oct. 19 to decide who will earn their support on the ballot.

Advance polls open on Oct. 10, and you can check Elections BC for specific information about voting places near you and dates and times they will be open. Voting by mail is also an option.

The Chamber is non-partisan and we hosted events with leaders of every party with an elected representative:

Our partners over at the Esquimalt Chamber of Commerce are hosting an Esquimalt-Colwood All Candidates Meeting on Wednesday, Oct. 9 at Esquimalt High School.

The Esquimalt chamber is accepting questions for candidates at the door or by emailing president@esquimaltchamber.ca.

Take time to reflect on Truth and Reconciliation Day

September 26, 2024/in BizNews This Week, Indigenous Business Support And Reconciliation/by Jim Zeeben

Monday, Sept. 30 is the National Day for Truth and Reconciliation, a time to reflect on the history of residential schools and to listen with purpose to the stories of our Indigenous friends and neighbours.

In addition to wearing orange on Sept. 30 to honour the thousands of survivors of residential schools, all of us can take action by supporting community events and campaigns taking place across Greater Victoria:

Attend Songhees Nation‘s South Island Powwow on Sept. 30 at Royal Athletic Park to celebrate traditional Indigenous cultures and resiliency.
Take the VNFC Small Business Pledge and donate and/or pledge a portion of your business’s sales on Sept 30 to the Victoria Native Friendship Centre.
Visit Munro’s Books on Saturday Sept. 28 (11am-3:30pm) for their National Day for Truth and Reconciliation book signing with authors whose published works provide pathways to greater understanding and reflection.
Attend the Victoria Conservatory of Music’s Songs for Truth and Reconciliation event on Sunday Sept. 29 (2-3:30pm) with Indigenous performing artists.
Participate in Capital Bike‘s Reconciliation Ride on Monday, Sept. 30, beginning 11am at Songhees Park
Join the Oaklands Community Association for their Truth & Reconciliation Mural Unveiling Ceremony, celebrating the artwork of Coast Salish artist Andrea Fritz, taking place Sept. 30 (3-5pm)

The Chamber office will be closed on Monday, Sept. 30 to commemorate the National Day for Truth and Reconciliation.

Vital Signs Report gives housing failing grade, again

September 26, 2024/in BizNews This Week, Business And Economic Strength, Climate Change Solutions, Fair Rules, Finding And Keeping Workers, Housing, Safe Communities, Streamlined Regional Regulations, Transportation Options/by Jim Zeeben

Greater Victoria has earned a “B” from this year’s Vital Signs Report, released yesterday by the Victoria Foundation. It’s the same score as last year.

“For nearly 20 years, Vital Signs has been helping the community identify and respond to the greatest challenges facing our region,” Victoria Foundation CEO Sandra Richardson said in a media release. “This year, the survey found cost of living, housing, and healthcare to be among the most important issues in Greater Victoria.”

The report looks at 12 areas and grades them based on data from a survey completed by more than 6,500 people as well as from sources curated by a local researcher

In the 2024 report, housing rated a D-, down from the D the area received last year. Health and wellness also fell from a B- to a C+ — as did the grade given to our standard of living.

Environmental sustainability earned a B, which is the same as last year.

On the positive side, sports and recreation increased from a B last year to a B+ this year. Belonging and engagement, arts and culture, and economy all stayed the same from last year.

The Vital Signs Report is available online at victoriavitalsigns.ca, as well as in print at various locations throughout the region.

Chamber celebrates Small Business Month in October

September 26, 2024/in BizNews This Week, Business And Economic Strength, Chamber Awareness/by Jim Zeeben

October is Small Business Month, presented by Grant Thornton.

Throughout the month, the Greater Victoria Chamber of Commerce is celebrating the many businesses we rely on every day to provide essential goods and services, create jobs and support our communities.

Grant Thornton continues as our presenting sponsor, helping to bring essential resources and expert advice to business owners.

“Investing in our small business community goes beyond economic benefits; it’s about preserving the distinctive character and vibrance of our community,” said Kyman Chan, Partner of Assurance and Business Advisory at Doane Grant Thornton. “As we celebrate Small Business Month, we acknowledge the leading role of small businesses in shaping the future of our community. We’re dedicated to supporting and empowering these businesses to thrive today and beyond.”

Small Business Month is an opportunity to highlight the unique challenges and opportunities faced by entrepreneurs. From cash flow management and succession planning to understanding the latest tax regulations, Grant Thornton has curated a selection of insightful articles and reports to help guide you.

Enjoy a series of events, from a special Members Networking Breakfast to informative webinars to an event with our media partner Rogers Media.