Government decisions must consider downtown

Let’s be clear about an issue that’s sparking plenty of conversations.

Downtown Victoria is facing a crisis.

That’s not to deny the natural beauty or economic power of downtown, which remains a gem for our region. Anyone who visits our destination can see how special this area is among the world’s small cities.

But most can also see that warning bells are ringing ever louder, and, if immediate action is not taken, we could face an even more dire situation. Businesses downtown are fed up with crime, social disorder, increasing costs and labour shortages, Chamber CEO John Wilson told Global News.

Wilson was speaking about the cumulative impact of all levels of government not doing enough to invest in downtown. The ongoing BCGEU strike signals another pain point. The issue is not with public sector workers seeking to continue working from home, but with a government that has allowed its workforce to flee downtown without a real plan for the hundreds of businesses that have evolved to serve these workers.

“The public sector workforce in the downtown core is instrumental in supporting some of these small and mid-sized businesses. Some of them were put in place to support that workforce, whether it be coffee shops, lunch shops, things like that,” Wilson told Global News. “The downtown core needs these workers back in the office space, the private industry, the economy and the vibrancy of downtown Victoria is being greatly affected — I think it has a trickle-down effect on the safety and disorder in the downtown core, too, with the lack of busyness down here.”

With the federal government and most other provinces bringing workers back to offices, The Chamber is calling for BC to do the same — or provide a pragmatic plan for filling vacant or underutilized offices downtown. The province must do better than adding another burden to the private sector without considering the consequence.

Timely data to make sense of business environment

In an age of economic uncertainty, having access to real-time data can help businesses make sense of shifting conditions. That’s how a new tool from the Canadian Chamber can provide insight between gaps in official reporting.

BDLNow adjusts its estimate based on recently released high-frequency economic indicators. The tool generates an estimate of Canada’s GDP growth rate for the present quarter as well as for the previous quarter, months ahead of Statistics Canada’s official data release.

Unlike a forecast, the nowcast is purely model-driven, which makes it dynamic and versatile and provides leading accuracy as new economic data becomes available.

Check out BDLNow

FortisBC President and CEO shares insights with business

The head of one of BC’s largest regulated utilities offered some sage advice to more than 90 business and community leaders yesterday at the Hotel Grand Pacific.

Speaking at The Chamber’s Business Leaders Series event, FortisBC President and CEO Roger Dall’Antonia said it’s important to depoliticize decisions that could affect a business for years or even decades.

“The thing that is unique for the business community right now is we’re dealing with geopolitical issues that have far-reaching implications,” Dall’Antonia said, noting that projects that create real benefits for customers will be acceptable to whatever political party holds office.

This is especially critical for massive infrastructure investments that need to be planned and built over multiple election cycles.

By focusing on understanding the direct and indirect impacts of government polices, businesses can make their case objectively.

The event featured a direct dialogue between engaged audience members and Dall’Antonia, a dynamic and entertaining speaker.

“I’d like to thank FortisBC and our event sponsor Coldstar Solutions for making this event possible,” Chamber CEO John Wilson said. “I also encourage all Chamber members to reserve their seat now for our next BLS event. These are great opportunities you don’t want to miss.”

Curious how LNG could impact Greater Victoria?

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

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

https://files.constantcontact.com/3084d3e8001/a2fa0b36-0c92-4a79-88cb-df4a95df07a2.jpg?rdr=true

Market for office space remains healthy across region

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.

Esquimalt launches new business, investment portal

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.

Chamber network continues to call for red tape reduction

The Chamber continues to call for reduced red tape across all levels of government.

According to the latest update from the Business Conditions Terminal for Greater Victoria, conditions remain challenging with the number of active businesses at 11,300, a slight increase (0.5%) from a year ago.

Businesses are encouraged to help shape Chamber advocacy efforts through tools such as the Red Tape Review. This survey seeks specific feedback on regulatory irritants. The results will be used in direct consultation with federal ministries as they work to streamline government.

Provincially, there was good news as BC signed agreements to ease interprovincial trade with Ontario, Manitoba and the Yukon. The Chamber has been calling for reduced restrictions for east-west trade for years. The move helps Canada’s economy overall and lessens the over-reliance on southern trade routes with American states.

The agreement will make it easier for regulated trades and professions to work in any of the jurisdictions. The deal with Ontario also improves the ability for alcohol producers to access either market.

The agreements were signed during a gathering of all 13 provincial and territorial premiers at the Council of the Federation meeting this week.

Region’s unemployment up, but still lowest in Canada

Greater Victoria employers continue to face pressure from a tight labour market.

Our region’s unemployment rate rose slightly to 3.9% in June, up from 3.7% in May.

Greater Victoria’s employment rate was 65.2% in June. Those numbers compare to national rates of 6.9% unemployment and 60.9% employment.

Our region consistently has among the lowest unemployment rates in the country, and The Chamber has called on the federal government to grant our region an exemption on the restrictions imposed last year to the Temporary Foreign Worker program.

Finding and Keeping workers has been cited as a top advocacy priority by Chamber members for almost a decade. And while the latest numbers show access to labour continues to be an issue, the national numbers do offer optimism for businesses facing the uncertainty of an ongoing tradewar with the US.

“Canada’s labour market remains strong and resilient despite tariffs and counter-tariff measures. The market shows signs of marginal improvement across many parameters, a result of trade-partner diversification,” Canadian Chamber economist Anupriya Gangopadhyay said. “Employment rose to its new peak for the year, especially in the manufacturing sector after consecutive declines. At present it is hard to gauge exactly when or if at all the impact of tariffs will break this momentum. But this outcome may nudge the Bank of Canada to deliver fewer than the two rate cuts in the remaining half of the year, as expected earlier.”

 

Sticky inflation means July interest rate cut unlikely

The latest inflation figures have dampened the chances that Canadians will get further debt relief this summer. The Consumer Price Index was 1.9% in June, up from 1.7% in May.

“Price pressures edged higher as goods inflation picked up again. While the jump was mostly brought on by base effects from gasoline prices, underlying inflation remains stubborn,” Canadian Chamber Principal Economist Andrew DiCapua said. “Seasonal factors — particularly in vehicle sales — also helped keep inflation higher. This will weigh heavily on the Bank of Canada, especially as retaliatory tariffs begin to feed through and businesses warn of rising consumer prices. Despite recent economic data presenting a weaker outlook, our call is for a hold on the policy rate at the next Bank of Canada meeting.”

The Bank of Canada, which aims to keep inflation about 2%, will hold its next interest rate announcement on July 30.