BizNews This Week Archives - Page 7 of 22

Inflation down but concerns lurk below surface

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

Inflation watchers haven’t had much excitement over the past several months (thankfully), but the April numbers have created a bit of intrigue. Statistics Canada reports the Consumer Price Index rose by 1.7% year over year last month. That’s well within the Bank of Canada’s target rate for maintaining interest rates. However, without the 12.7% discount created by the removal of the carbon tax on fuel, prices for many other goods jumped by an uncomfortable amount.

This makes the Bank of Canada’s June 4 interest rate announcement more complicated, said an economist with TD Bank.

“We had expected the inflationary impacts of tariffs to start flowing through later in the second quarter of the year – the jump in April suggests this could be happening sooner than expected,” TD Senior Economist Andrew Henci said. “With the government of Canada offering a temporary reprieve on some tariffs, and the labour market slowing rapidly, we believe the central bank will have enough space to deliver two more cuts this year – adding a bit more support to an economy quickly losing momentum.”

Saanich opens approval process for operations centre

May 22, 2025/in BizNews This Week, Finding And Keeping Workers, Government Local/by Jim Zeeben

A major redevelopment project in the District of Saanich is using an Alternative Approval Process to receive authority for needed funding.

“The Alternative Approval Process is a fiscally responsible and efficient tool that will help the District ensure that the community has a voice in the future of the Saanich Operations Centre,” Saanich Chief Administrative Officer Brent Reems said in a media release.

The $172 million project will replace aging infrastructure with new facilities for municipal services as well as allocate space for new homes and commercial uses.

Voting is open for Saanich residents, who can submit a form if opposed to the borrowing request. Saanich says the redevelopment will stimulate economic growth, create jobs during construction and ensure reliable services for the next 80 years.

New lien rules bring BC in line with other provinces

May 15, 2025/in BizNews This Week, Business And Economic Strength, Fair Rules, Government Provincial/by Jim Zeeben

The new Commercial Liens Act comes into force on June 30, affecting how businesses collect debts for services they provide to repair, store or transport goods. The Act replaces a patchwork of outdated laws, which created different rules for different services.

The Personal Property Registry, an online system that tracks legal claims on personal property, will be updated on June 30 to so that commercial liens can be registered. The changes will also make it easier to enforce liens without going to court, which helps businesses get paid and cuts legal costs.

The Act also allows people to keep using their vehicle or equipment to make money and pay off the debt.

The act replaces the Repairers Lien Act, Warehouse Lien Act and Livestock Lien Act. Any existing liens under those acts will continue as commercial liens. The change brings BC closer to the goal of having one set of lien rules across Canada so businesses that provide services in different provinces do not have to keep track of different rules.

Victoria hosts info session on business of childcare

May 15, 2025/in BizNews This Week, Finding And Keeping Workers, Government Local/by Jim Zeeben

Anyone thinking about starting a childcare business or interested in the sector can learn more about current rules at an info session on May 27, hosted by the City of Victoria’s Business Hub.

The session is free and is focused on helping people start or grow a childcare program as a for-profit or non-profit venture. Topics covered include how to get licensed, types of childcare and potential resource partners. Staff and experts will be on hand to answer questions about regulations and experiences.

The Business of Childcare: Small Business Info Session runs from 9 to 11:30 am, May 27, at Victoria City Hall.

Saanich property taxes up by 8% to meet rising costs

May 15, 2025/in BizNews This Week, Business And Economic Strength, Government Local/by Jim Zeeben

The District of Saanich is raising residential property taxes by 8% this year as council works to maintain service levels and invest in infrastructure. The municipality said the statistically average home with a property assessment of $1.29 million will pay $5,594.

The residential tax rate per $1,000 of taxable value is 3.12, while the rate for business is 14.27.

“Saanich continues to grapple with multiple pressures including rising costs to maintain infrastructure and the need to prepare for anticipated growth in the future,” Saanich Mayor Dean Murdock said in a media release. “Council is always mindful of the impact of any increase, and appreciates the work staff has done to find efficiencies and streamline processes where possible. This has allowed us to keep this year’s lift as low as possible without impacting the important services people depend on. Those decisions were informed by what we heard from residents at our public budget meetings and online engagement activities, and we thank everyone who took part.”

Investments in infrastructure include playground and sports field replacement, as well as the Library and Affordable Housing Project that uses land owned by the municipality.

Tax notices will be mailed out soon, and payment is due on or before July 2.

Chamber hears from Minister about BC’s economic plans

May 15, 2025/in BizNews This Week, Chamber Awareness, Finding And Keeping Workers, Global Uncertainty, Government Provincial/by Jim Zeeben

The Chamber hosted BC’s Minister of Jobs, Economic Development and Innovation, Diana Gibson, yesterday at the Union Club of BC.

Minister Gibson spoke about the province’s efforts to build a resilient economy in the face of uncertain trade relations with the United States.

“It was a valuable opportunity to speak with the Minister directly and pose questions on behalf of Chamber members,” Chamber CEO Bruce Williams said. “It’s important to understand what the government is trying to do, but it’s just as vital that government knows what business needs it to do.”

The event was moderated by Williams and South Island Prosperity Partnership CEO Aaron Stone.

The JEDI Ministry’s role is to support BC’s tech sector as well as small businesses, while providing economic development and promoting the province to international investors.

“One of the big tasks on their plate right now is working with the federal government and other provinces to increase free trade within Canada,” Williams said. “Prime Minister Carney has promised this will happen by Canada Day so the clock is ticking for provinces to reach agreements that make it easier for businesses to sell products and services more efficiently across our borders.”

Saanich updates portals to speed up approval process

May 8, 2025/in BizNews This Week, Government Local, Housing/by Jim Zeeben

The District of Saanich has updated its residential building permit process with the launch of five digital submission portals:

New Build
Addition
Renovation
Demolition
Other(Accessory Building, Swimming Pool/Fence, Retaining Wall)

These online services will eliminate paper-based applications, making processes more convenient, reliable and efficient, the municipality stated, adding that it is striving to simplify the permitting process for residents and developers by removing application barriers and creating a seamless online application and payment experience.

“There is plenty of room for innovation to reduce barriers facing builders and others who do the work to provide the homes and services people demand,” Chamber CEO Bruce Williams said. “We know that inefficiencies and delays can add up to one-third of the cost to projects. Those costs are then passed on to buyers, so we applaud Saanich for taking steps to address that.”

Chamber CEO held meeting with new Prime Minister

May 8, 2025/in BizNews This Week, Chamber Awareness, Government Federal/by Jim Zeeben

Good business requires good relationships, and the same holds true for making sure your voice is heard by government.

The Chamber has earned a seat at the table with decision-makers in all levels of government, including newly elected Prime Minister Mark Carney.

Carney’s staff recently approached Chamber CEO Bruce Williams for a one-on-one conversation to learn more about challenges facing Greater Victoria’s business community.

“I was surprised and grateful for the chance to speak up on behalf of Chamber members in Greater Victoria,” Williams said. “We are a region that punches above our weight economically and The Chamber has a long tradition of making sure our government knows what our private sector is asking for to help it thrive.”

Carney met with US President Donald Trump on Tuesday to begin rebuilding Canada’s relationship with its southern neighbour. The US administration’s threat of additional tariffs has created economic uncertainty in Canada and around the world.

Real estate market stays steady through Spring start

May 8, 2025/in BizNews This Week, Finding And Keeping Workers, Housing, Transportation Options/by Jim Zeeben

The chaos created by threats of tariffs and a tradewar is the likely reason for a cooler start to the spring housing market.

“Political uncertainty associated with the federal election, combined with broader economic concerns stemming from the United States tempered our brisk spring market growth,” Victoria Real Estate Board Chair Dirk VanderWal said in a media release. “The good news is we remain in that sweet spot of inventory, which we currently find is between 3,000 and 4,000 listings.”

VanderWal, who spoke to The Chamber’s Public Policy and Advocacy Committee on Tuesday along with VREB CEO David Corey, said that having available inventory is good for buyers, sellers and the 1,600 real estate agents working in our region.

“Currently, single family homes in certain price ranges are in demand and may see multiple offers, while there is a larger supply of condos waiting for buyers,” VanderWal said.

The benchmark value for a single family home in the Victoria Core in April was $1,344,800, up from March’s value of $1,335,300. The benchmark value for a condominium in April was $566,100, up from the March value of $560,400.

Climate Action Leadership still priority in uncertain economy

May 8, 2025/in BizNews This Week, Climate Change Solutions/by Jim Zeeben

Chamber members have been clear that they believe Climate Action Leadership remains a priority. Even with ongoing economic uncertainty, the need for a livable planet is an existential threat that “trumps” other concerns.

“The Chamber has always called for innovation led by business as the key to mitigating climate change,” Chamber CEO Bruce Williams said. “There is opportunity for Greater Victoria, for British Columbia and Canada to help the world shift to sustainable energy policies.”

The need to think about emission reductions through the framework of real world applications is one reason the provincial government cited today in its announcement that it will conduct an independent review of CleanBC programs, which have supported industrial decarbonization and made it easier to purchase electric vehicles and access renewable power.

However, the province said it is not on track to meet its 2025 and 2030 climate targets.

The review will engage with Indigenous Peoples, local governments, industry and stakeholders throughout BC.

“We’ll be looking for ways Greater Victoria businesses can participate in this review,” Williams said, noting our region has been left vulnerable during recent climate events such as 2021’s fatal heat dome and atmospheric river floods. “Climate affects our food security, our supply lines and underpins our economy.”

The review is being undertaken one year ahead of schedule, as outlined in the 2024 Cooperation and Responsible Government Accord between the BC government and the BC Green caucus. The final report will be released publicly in late fall 2025.