Business And Economic Strength Archives - Page 2 of 4

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.

Stormy seas for businesses right now but smoother sailing coming

September 18, 2024/in BizNews This Week, Business And Economic Strength, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

Businesses in Canada aren’t feeling great about current conditions but many sense brighter times ahead. That was the finding of the latest Canadian Survey on Business Conditions by the Canadian Chamber’s Business Data Lab.

“In fact, this is now the best showing for the ‘year-ahead’ question in the almost three years,” says Stephen Tapp, Chief Economist at the Canadian Chamber of Commerce. “Interest rates are beginning to fall across the developed world, the Bank of Canada is increasingly winning the war against inflation, and businesses are expecting a soft landing, with employment growing modestly over the next three months. And while we have signs of good news, businesses remain worried about fragile supply chains due to ongoing labour disputes across Canada’s transportation network.”

Indigenous-owned firms in Canada stood out as particularly optimistic about their future business opportunities.

Ladysmith Mayor named new CEO of SIPP

September 5, 2024/in BizNews This Week, Business And Economic Strength/by Jim Zeeben

Aaron Stone has been named the new CEO of the South Island Prosperity Partnership.

Stone, currently serving his third term as the Mayor of Ladysmith, will step down from his elected office to take on the leadership role with SIPP effective Oct. 7.

Along with serving as Ladysmith’s Mayor, Stone founded Uforik Computers. He has also been President of the Ladysmith Chamber of Commerce, Chair of the Island Coastal Economic Trust and Chair of the Cowichan Valley Regional District. He also worked for Global and the Vancouver Grizzlies.

At SIPP, Stone succeeds Emilie de Rosenroll.

SIPP began as an economic development committee of The Chamber before becoming a standalone organization.

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.”

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.”