Business And Economic Strength Archives

Greater Victoria cruise ship season concludes today

October 30, 2024/in BizNews This Week, Business And Economic Strength, Transportation Options/by Jim Zeeben

Today marks the end of cruise ship season as the Greater Victoria Harbour Authority welcomed the 316th ship to call at the Breakwater District at Ogden Point this year.

More than 700,000 passengers of about 930,000 that arrived here disembarked their ship and explored Victoria’s attractions, landmarks and restaurants.

“The industry remains a strong economic driver for Victoria. The Alaska itinerary is an important growth market,” GVHA CEO Robert Lewis-Manning said in a media release. “The GVHA team is already looking towards the future, with a similar number of cruise ship calls anticipated for 2025. We will continue listening to our communities and improving the cruise experience for passengers, local businesses and residents to ensure everyone benefits from this growing sector.”

Our cruise ship industry contributes $130 million annually to Greater Victoria’s economy and helps create 800 jobs. The Breakwater District at Ogden Point is Canada’s busiest port for ship calls.

“The Chamber has supported the development of our region’s cruise industry since ships began calling at Ogden Point. Every cruise ship season now provides a substantial contribution to our regional economy and its workforce,” Chamber CEO Bruce Williams said. “Of course, as with every industry, there are always challenges, especially around the environment. I think all of us take pride in our region’s well-deserved reputation for climate action leadership, and in the work being done locally by the cruise ship industry to reduce its carbon footprint. The Chamber will continue to support our community partners, and I expect we’ll see more innovations led by business brought in before the start of next year’s cruise season.”

Better policies key to helping small businesses grow

October 23, 2024/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Finding And Keeping Workers, New And Established Businesses/by Jim Zeeben

It’s often said that small businesses are the backbone of their communities, and a new report shows that the numbers back up that claim.

The Canadian Chamber’s Business Data Lab recently published Scaling Success: Enabling Small Businesses to Grow. Among its findings are that nearly 70% of private-sector jobs are created by small businesses. The report also shows that businesses projecting high growth are typically between five and 19 employees, are owned by immigrants or visible minorities and have been operating between three and 10 years.

In order to grow, the biggest challenges facing businesses are access to financing and technology, as well as a supportive policy environment that provides opportunities to export.

Supersized interest rate cut aims to spur economy

October 23, 2024/in BizNews This Week, Business And Economic Strength, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

Does today’s news from the Bank of Canada mark the start of better times? Maybe.

There is certainly plenty of buzz surrounding this morning’s announcement that the policy interest rate has been cut by 0.5% to stand at 3.75%. It’s the biggest drop since 2020, back when the bank needed to reassure an economy frozen by fear in the early days of the pandemic.

To better understand today’s situation, the following post by RBC is helpful. Cutting Through Interest Rate Chatter: What Interest Rate Changes Really Mean for You offers a few ways to think about today’s news. The cut has potentially created a “sweet spot” for first-time home buyers. As more people decide the time is right to list their house, buyers might be able to take advantage of a lag in prices before they return to previous levels.

Today’s rate cut is also welcome news for homeowners needing to renew mortgages. The landscape looks much better than it did before the Bank started its series of four straight rate cuts. Variable mortgage holders will also feel immediate relief with more money staying in their pockets or going toward their mortgage’s principal.

And best of all, more rate cuts appear to be on the horizon. According to the Bank of Canada’s Governing Council, it will continue to lower the rate if the economy stays on its expected path.

Go beyond the headlines to learn about BC Ferries

October 17, 2024/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Transportation Options/by Jim Zeeben

It’s not an overstatement to say Greater Victoria depends on BC Ferries to connect us to the world. We rely on this iconic institution for so many of our material needs, from groceries to industrial supplies, and for our connections to family and friends. However, hardly a day goes by without BC Ferries making headlines for sailing waits, electioneering promises or plans for new vessels.

With mounting pressures on transportation and tourism, it’s vital for businesses in our region to understand the state of our primary route off Island. The Chamber is helping our community stay informed by hosting BC Ferries CEO Nicolas Jimenez on Nov. 26.

Reserve your spot now and submit your questions to hear firsthand about the future of ferries in our region.

Register now for BC Ferries Business Leader Luncheon

Pilot aims to turn vacancy into vibrancy downtown

October 17, 2024/in BizNews This Week, Business And Economic Strength, Government Local, Safe Communities/by Jim Zeeben

Innovation led by business is so often the answer to challenges that can seem insurmountable. Another potential example of this is the goal of the Victoria Storefront Pilot project, which aims to add life to the city’s underused commercial real estate. The plan is being developed and is initially focused on bringing arts and cultural offerings to vacant spaces.

The City of Victoria has hired a contractor to gather input from artists, arts organizations, not-for-profits, entrepreneurs, property owners, real estate professionals and developers. The information will be used for a project plan, which will go to the city for review in November.

If you are a business owner with unused space, or an artist or organization looking for space, fill out the contact form by Oct. 25 to learn more.

Cruise ship industry seeks feedback from businesses

October 10, 2024/in BizNews This Week, Business And Economic Strength, Hospitality And Tourism Rescue And Recovery/by Jim Zeeben

Does your business benefit from the cruise ship economy, or would you like to help serve this important sector? The Chamber is working with our community partners in the tourism industry to help them learn more about the Greater Victoria businesses that provide goods and services to cruise ship lines, passengers and crew.

A survey from the Cruise Lines International Association is seeking broad data that will be used to inform the results of an economic impact study for Canada. Completing the survey helps ensure the results represent the most inclusive information available.

Cruise Ship Business Survey

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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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.

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.