BizNews This Week Archives - Page 6 of 27

Inflation holds steady despite ongoing tradewar risks

August 20, 2025/in BizNews This Week, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

So far, so good.

The latest numbers from Statistics Canada show inflation remains well within target range, raising the possibility of a further interest rate cut next month.

“This is a positive inflation report on many fronts as price pressures ease for goods and services,” Canadian Chamber principal economist Andrew DiCapua said. “Sticky core measures in July may put progress at risk, but if this momentum continues, we could see the Bank of Canada move rates lower in September. Time will tell if tariffs are feeding through consumer prices, but there are some upward trends on food and durable goods products that could tilt the scales as the effects of tariffs are realized.”

The Consumer Price Index rose 1.7% on a year-over-year basis in July, down from a 1.9% increase in June.

“Prices for gasoline led the slowdown, falling 16.1% year over year in July, following a 13.4% decline in June,” Statistics Canada’s report said. “Excluding gasoline, inflation rose 2.5% in July, matching the increases in May and June. Moderating the deceleration in July were higher prices for groceries and a smaller year-over-year decline in natural gas prices compared with June.”

Curious how LNG could impact Greater Victoria?

August 20, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Climate Change Solutions, Global Uncertainty, Housing, Indigenous Business Support And Reconciliation, Inflation And Rising Costs, New And Established Businesses, Streamlined Regional Regulations, Transportation Options/by Jim Zeeben

Natural gas has a long history as a game-changing source of energy. From the old slogan, “Now you’re cooking with gas” to recent proposals aimed at boosting BC’s economy and helping wean the world off coal, LNG has made plenty of headlines.

Chamber members have a chance to dig deeper into those stories and others when we host FortisBC President and CEO Roger Dall’Antonia. The event, sponsored by ColdStar Solutions, runs Sept. 9, from 11:30am to 1 pm, at the Hotel Grand Pacific.

Dall’Antonia will speak about the latest efforts to grow the industry, the impact investing in natural gas will have on provincial revenue and the opportunities available in Greater Victoria.

If you have questions about FortisBC and our province’s energy sector, please send them to communications@victoriachamber.ca. We’ll select those that help inform conversations about our region and get the answers at the event directly from one of the province’s foremost experts.

Reserve your seat now for the Chamber’s next Business Leaders Luncheon, and make the most of this chance to connect with top movers and shakers in our business community.

Reserve Your Seat

Boardroom meeting with fed Minister open to members

August 20, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Government Federal, Hospitality And Tourism Rescue And Recovery, New And Established Businesses/by Jim Zeeben

Being a Chamber member means being part of the unapologetic Voice of Business for our region. That means opportunities to speak directly to top decision-makers, such as the Hon. Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), who will be visiting The Chamber’s boardroom next week.

The event is open to members, providing a chance to hear directly about the federal government’s plans to support tourism and small business, as well as ongoing work to advance diversity, equality and inclusion in Canada.

The event will begin with small-group networking, followed by remarks from Minister Valdez.

A moderated Q&A will follow, focusing on the challenges and opportunities facing tourism and business in our region, and how we can work together to build an inclusive, welcoming community where everyone has the opportunity to thrive.

Space is limited, so register early to secure your spot.

Reserve Your Seat

Military pay raise a boost for region’s economy

August 13, 2025/in BizNews This Week, Finding And Keeping Workers, Government Federal/by Jim Zeeben

Greater Victoria’s economic ties to Canada’s military go back more than a century. Today, our business community has a symbiotic relationship with CFB Esquimalt, home to more than 4,000 Canadian Armed Forces personnel.

“We know the base benefits our community in many ways, from purchasing goods and supplies from local businesses to providing thousands of jobs to local families,” Chamber CEO John Wilson said. “We support efforts to invest in our military and the recent news that CAF members will be better compensated will help a major local employer find and keep workers — an issue for a lot of organizations in our region.”

The funding will provide as much as a 20% pay raise for some sailors, and offer up to a $20,000 bonus for recruits who complete training. Canada’s military has been facing staffing challenges, and the last significant overhaul of CAF pay was in 1998.

Market for office space remains healthy across region

August 13, 2025/in BizNews This Week, Business And Economic Strength, Finding And Keeping Workers/by Jim Zeeben

There has been an increase in vacant offices in Greater Victoria, largely driven by new spaces being reintroduced, according to the latest report from CBRE.

The report, Tenant preferences remain resilient against macroeconomic headwinds, noted that Downtown Victoria had zero vacancy for Class AA space for the fourth consecutive quarter.

“In the Downtown core, there is sustained interest from small tenants seeking spaces under 2,000 sq. ft., alongside notable activity from larger groups pursuing spaces exceeding 5,000 sq. ft.,” the report said. “Across all size categories, tenant preferences reflect a continued flight-to-quality, with many organizations prioritizing high-quality, long-term premises to support employee return-to-office strategies.”

The report noted that downtown social disorder is also a factor in where tenants are choosing to locate.

The West Shore is a popular choice for many, which is creating pressure on that area’s available supply. The report also said the market in Saanich is stable with demand coming from professional and personal service providers catering to the large suburban population.

BC Ferries needs political will to ensure sustainability

August 13, 2025/in BizNews This Week, Chamber Awareness, Transportation Options/by Jim Zeeben

Sometimes it takes making headlines to get government’s attention. That seems to be the case for BC Ferries, which recently announced plans to procure four desperately needed new vessels.

The Chamber has spoken up for the Island’s vital link to the Mainland, pointing out that new vessels are required now. The announcement caused ripples across various levels of government as well as introspection about Canada’s current ship-building industry.

On Aug. 1, BC Ferries President and CEO Nicolas Jimenez appeared before the House of Commons Standing Committee on Transport, Infrastructure and Communities.

Jimenez explained the essential service that BC Ferries provides. The fleet is running at full capacity and needs new investment in aging infrastructure.

“Last summer, our major route sailings ran at an average 92% capacity, and we left a quarter of a million people behind because we were full,” Jimenez said. “Only one of our 25 routes can cover its own costs without government subsidy. Travel demand is projected to rise by 15% – outpacing our capacity even with four new vessels.”

With mounting pressure on passenger fares, BC Ferries held an extensive procurement process in line with international best practices. With no Canadian bids, the result was a “choice between a foreign bid or no new ferries.”

The Chamber will continue to support BC Ferries’s efforts to keep their services sustainable. We call on the federal government to better support this vital transportation link — as they do ferry services in Atlantic provinces.

Groundbreaking signals start of major new housing project

August 13, 2025/in BizNews This Week, Chamber Awareness, Government Local, Housing/by Jim Zeeben

One of our region’s largest new housing developments broke ground today, starting construction on a project that will eventually add 1,500 homes in Harris Green.

The housing, being developed by Starlight Investments, will include a mix of townhomes, studios and one-, two- and three-bedroom apartments.

The Chamber was an early supporter of the project.

Harris Green Village is the largest multi-family housing project in Victoria’s history, the developer said. The three-phase project will also add 100,000 square feet of modern commercial and retail space.

“The Harris Green Village development is a demonstration of Victoria’s forward-thinking approach to driving purpose-built rental housing,” City of Victoria Mayor Marianne Alto said. “This is exactly the kind of vibrant, community-driven growth we can expect as the City continues to create more opportunities for housing and community spaces in the downtown core.”

The first phase underway now will create 526 rental suites in the downtown Victoria neighbourhood

Mental health support vital for safer communities

July 23, 2025/in BizNews This Week, Government Provincial, Safe Communities/by Jim Zeeben

A healthy community is a safer community, and The Chamber continues to call for smart investments that help people achieve wellness required to reach their potential.

Connections Place, a community-based organization that helps people diagnosed with mental illness, recently received $500,000. The non-profit offers employment, education and recreation initiatives that foster hope, opportunity and purpose. Their initiatives help people get the support they need, and break cycles of crisis and interactions with the justice system.

“At Connections Place, our focus is on improving quality of life in our region, starting with those who need it most,” Connections Place executive director Neelam Pahal said. “Every day, our clubhouse creates space for people living with mental illness to find purpose, connection and hope. The momentum we’ve experienced recently reflects a growing understanding of the value of recovery-oriented community supports. Through strong partnerships across sectors, we’re building something meaningful here in Victoria, something that we believe can inspire broader change in the future.”

In 2024-25, more than 182 active members accessed services at Connections Place, with 8,880 total visits and 6,417 total meals served.

Serious crime down in Victoria, recent report says

July 23, 2025/in BizNews This Week, Government Local, Government Provincial, Safe Communities/by Jim Zeeben

The latest numbers show serious crimes have decreased in the City of Victoria, according to Statistics Canada’s Crime severity index.

“We’ve put a significant amount of effort into crime prevention and disrupting nonviolent crime, and I commend all of our officers, reserves and volunteers for this positive outcome,” VicPD Chief Del Manak told Black Press.

Victoria-Swan Lake MLA Nina Krieger, who was recently named Minister of Public Safety and Solicitor General said the numbers are good news but more still needs to be done.

“While these results are promising, we know we have more work to do and there are specific areas where we need to renew our focus,” Krieger said in a media release. “If you are the victim of a theft or an attack, these statistics do not make you feel any safer.”

Provincially, the crime severity index is at its lowest level in six years, with homicides down 24%, robberies down 8% and mischief down by 4%.

Esquimalt launches new business, investment portal

July 23, 2025/in BizNews This Week, Business And Economic Strength, Government Local/by Jim Zeeben

The Township of Esquimalt has launched a new website aimed at attracting investment and helping current businesses.

WhyEsquimalt.ca includes information about the economic landscape in the Township.

“Storytelling is a powerful tool and this new dedicated website will serve to strengthen Esquimalt’s place brand identity by showcasing a unified narrative around livability, opportunity and quality of life,” Esquimalt Mayor Barbara Desjardins said.

An interactive community profile dashboard, business success stories and

resource hub for guides and grants are part of the site.