BizNews This Week Archives - Page 7 of 8

Real estate summer slowdown typical for the season

September 4, 2024/in BizNews This Week, Housing, Inflation And Rising Costs/by Jim Zeeben

Despite falling interest rates, Greater Victoria’s housing market slowed in August and the benchmark price for an “average” home in the region decreased.

A total of 545 properties sold in the Victoria Real Estate Board region this August, down 16.5% from July. The benchmark value for a single family home in August was $1,287,400, down from July’s value of $1,296,100.

“The final month of the summer is generally a rather relaxed one in terms of real estate sales and listings,” 2024 Victoria Real Estate Board Chair Laurie Lidstone said. “Many folks pause their home shopping activities or pause their sales listing to make the most of other summer activities and vacations. It’s no surprise that sales this year were so close to the sales from 2023 and that listings declined slightly from the number we saw in July.”

Bank cuts rate again this morning; more cuts coming?

September 4, 2024/in BizNews This Week, Inflation And Rising Costs/by Jim Zeeben

As expected, the Bank of Canada reduced its target for the overnight rate to 4.25%.

The announcement, made this morning, reflects the consistent decline in inflation, which came in at 2.5% in July.

“With continued easing in broad inflationary pressures, Governing Council decided to reduce the policy interest rate by a further 25 basis points,” the bank said in its statement. “Excess supply in the economy continues to put downward pressure on inflation, while price increases in shelter and some other services are holding inflation up.”

The next rate announcement is Oct. 23, with another reduction expected.

Back to school sees changes to improve health and safety

September 4, 2024/in BizNews This Week, Safe Communities/by Jim Zeeben

A sure sign that summer is soon coming to a close is the sight of school kids headed back to class.

One of the big changes for students in K-12 is the new cellphone policy that aims to cut down on screen time during school hours. The policy removes the distraction of digital devices in order to help improve learning outcomes and support better mental health.

The Greater Victoria School District (SD61) began welcoming students back yesterday, as did other regional school districts as well as the University of Victoria, Camosun College and Royal Roads University.

BC’s post-secondary schools will also have a new presence on campus as the province rolls out new strategies to prevent toxic-drug poisonings.

“The toxic-drug crisis continues to have a devastating impact on families and communities in BC, and the impact on students has been heartbreaking,” BC’s Minister of Mental Health and Addictions said in a media release.

Staying safe at work, at home and at school is fundamental to enabling all of us to reach our potential. As a new school year begins, the sense of hope and optimism is palpable, serving as inspiration to keep working together to build good business and great community for all.

Songhees hosting third annual South Island Powwow

August 28, 2024/in BizNews This Week, Chamber Awareness, Indigenous Business Support And Reconciliation/by Jim Zeeben

The Songhees Nation, with support from the City of Victoria, will host the third annual South Island Powwow on Sept. 30, National Day for Truth and Reconciliation, at Royal Athletic Park on the homelands of the lək̓ʷəŋən people.

Sept. 30 is a federal statutory holiday also known as Orange Shirt Day. Everyone is welcome at the Powwow and admission is free. Gates open at 10 am and the day will feature the traditional grand entry of Nations, with Indigenous song and dance, more than 80 vendors and a lineup of food trucks.

The South Island Powwow honours and recognizes survivors of the residential school system as well as those those who never made it home. The Powwow also celebrates Indigenous cultures and resiliency, and helps bridge cultures.

“Let us use this occasion to deepen our commitment to healing and as an opportunity to share the vibrancy of Indigenous cultures that have withstood colonization,” Songhees Chief Ron Sam said. “Together, we build a future rooted in truth and mutual respect.”

Go local for Labour Day before return to fall routine

August 28, 2024/in BizNews This Week, Chamber Awareness/by Jim Zeeben

Is it almost September already? You can feel it in the air — that combination of excitement to start a fresh school year mixed with the bittersweet feeling of the end of summer.

Make the most out of your Labour Day long-weekend by supporting your fellow Chamber members. Celebrate by enjoying a bite out, a night away from home, or by planning an action-packed weekend at local treasures.

After you enjoy the long weekend, you may be getting ready for the return of the school year and your fall routine. Take advantage of The Chamber’s exclusive member-only deals and discounts on quality school and office supplies.

Chamber members can save:

10% at Monk Office supplies
30% when Chamber Members update laptops and PCs through Lenovo
Up to 85% off at Grand & Toy office supplies.

Discover all of our discounts and savings here.

The Chamber will be closed Monday, Sept. 2 for Labour Day.

Province’s political landscape shifts as BC United Party folds

August 28, 2024/in BizNews This Week, Chamber Awareness, Government Provincial/by Jim Zeeben

A scenario discussed earlier this year during The Chamber’s Leading to Election series has now become reality.

The BC United Party’s leader Kevin Falcon announced today he is stepping aside and will work to have his party’s candidates merge with the Conservative Party of BC.

In a joint media release, Falcon stated he suspended his party’s campaign because he thinks staying in the race would split the vote and allow the incumbent BC NDP Party to easily win the Oct. 19 provincial election.

The move was applauded by Conservative party leader John Rustad, who told a full-house of Chamber guests in June that he was committed to staying in the race.

“As a Chamber that represents all sides of Greater Victoria’s business community, we are firmly non-partisan,” Chamber CEO Bruce Williams said. “We will continue to work to provide our members with opportunities to speak directly with people in power, and those looking to be, so that we can proactively build a better community for all.”

Input sought on Uptown’s future as a transit hub

August 22, 2024/in BizNews This Week, Business And Economic Strength, Climate Change Solutions, Transportation Options/by Jim Zeeben

How will you be affected by plans to transform the Uptown neighbourhood through transit-oriented development? Find out and have your say as the first round of public engagement for the area is underway and will continue until Sept. 18.

Your feedback will help set the vision for the area, including a potential transit exchange connected to proposed new homes next to the Lochside and Galloping Goose regional trails. With connections to downtown Victoria, Gordon Head, the West Shore and the Saanich Peninsula, Uptown will become a hub for active transportation and transit in the region.

“BC Transit supports developments built close to transit hubs and corridors as more people will see public transit as a viable and accessible option and can live and work without complete reliance on vehicles,” BC Transit CEO Erinn Pinkerton said. “A transit exchange in this location would support improved regional connectivity, future increases in transit service levels, more direct bus routing and reliable, faster transit service.”

A -specific timeline for development will be available after preliminary planning work is completed.

“The District of Saanich welcomes this opportunity for people to provide feedback on this proposed development from the Province and BC Transit — a project that will help us implement our exciting vision for the Uptown-Douglas area,” Saanich Mayor Dean Murdock said. “We look forward to integrating housing, public transportation, convenient amenities and vibrant public spaces into what could become the heart or downtown of Saanich.”

Slowing inflation paves way for further interest rate cuts

August 22, 2024/in BizNews This Week, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

The wind appears to be out of the sails of inflation, clearing the way for reduced borrowing costs later this year.

Statistics Canada reported yesterday that the Consumer Price Index rose 2.5% in July, the slowest pace since March 2021. Lower costs for phone services, computers and vehicles offset a slight increase in fuel prices.

“Businesses that have been wary of taking on debt will be a little more optimistic at the prospect of borrowing to invest in the growth of their operations,” Chamber CEO Bruce Williams said. “The economy needs that dynamic to become more productive, increase revenue and provide opportunities to incentivize staff with higher wages and workplace initiatives.”

Slowing inflation won’t bring back lower costs but it will give the Bank of Canada a clear signal to further reduce interest rates.

However, a looming rail strike could impact supply chains and lead to pressure on the price of goods.

In case you missed it yesterday, you can listen to Bruce Williams speaking about inflation and the rail strike on CBC Radio.

Rail shutdown poses critical threat to our economy

August 22, 2024/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Food Security, Government Federal, Transportation Options/by Jim Zeeben

The Chamber continues to call on our region’s Members of Parliament as well as the federal government to take immediate action to ensure the continuation of rail services. A strike that began Aug. 22 threatens to disrupt local economies as well as our country’s national security.

Working with our national chamber network, we have been asking the government for weeks to protect the Canadian public. Under section 107 of the Canada Labour Code, the federal Minister of Labour can refer the dispute to the Canada Industrial Relations Board for binding arbitration and can end any ongoing stoppage pending a resolution. The government can also introduce back-to-work legislation.

This is not a partisan issue. However, a steep price will be paid by families, workers and businesses if action is not taken.

“I sent a letter to all of the Members of Parliament in Greater Victoria, so they are aware of the gravity of this issue,” Chamber CEO Bruce Williams said. “Our expectation is they will take up this call in Ottawa and work with the government to protect our region before we experience supply shortages that could create a real crisis here.”

Take action on reconciliation with Small Business Pledge

August 16, 2024/in BizNews This Week, Chamber News/by Jim Zeeben

Businesses strongly support the National Day for Truth and Reconciliation, but, for some, closing up shop isn’t the best way to take action.

To help honour the intent of Sept. 30, the Victoria Native Friendship Centre is encouraging organizations to take the Small Business Pledge.

The initiative is a way to actively participate in the reconciliation process by either making a donation or contributing a portion of sales to support VNFC’s work.

“In 2021, we were the first Chamber in Canada to acknowledge the impact that businesspeople had on Indigenous culture and the economy that existed before their arrival,” Chamber CEO Bruce Williams said. “As an organization founded in 1863, The Chamber is part of the history of our community. We need to share responsibility for the suppression of Indigenous peoples, and we need to take action now to support reconciliation.”

Given that 80% of Indigenous Canadians reside in urban areas, Friendship Centres like VNFC play a pivotal role in the well-being of the urban Indigenous population in our region.

To take the Small Business Pledge, all you need to do is complete the pledge form.

Take the Pledge