Business And Economic Strength Archives - Page 2 of 8

Tiresome tariff talk compounds flagging confidence

July 17, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness/by Jim Zeeben

Summer is traditionally a time to slow down and reenergize, but the trade talk coming out of the Whitehouse feels like spam through a faulty email filter.

“Like most copy-and-paste chain-letters, this latest tariff threat from the US promises disaster if its warnings and predictions aren’t taken seriously. But it’s the senselessness of this tradewar that is the real tragedy,” Canadian Chamber President and CEO Candace Laing said. “Having spent months under on-again, off-again tariffs and threats, Canadians already know just how damaging this can be — both to our economy and the relationship we’ve enjoyed with our southern neighbour for decades.”

In Greater Victoria, Chamber Past Chair Kris Wirk told CHEK News that many members are already pivoting their business to other markets or services that avoid the US.

“The fact that there’s moving goal posts and moving deadlines makes it difficult for businesses,” Wirk said, noting many people are making changes to help weather the length of the current US administration’s time in office. “I think the past is a good indicator of the future so we may be in for a long four (or three-and-a-half) years.”

According to the Conference Board of Canada, the uncertainty is making businesses cautious during a season that typically sees growth. The Index of Business Confidence decreased by 1.5 points this quarter, falling to its lowest level outside of the pandemic.

“Over 40% of respondents cited weak market demand and government policies as the two leading factors holding back planned investment,” the Board said. “Until these challenges ease, business investment is expected to remain restrained.”

Chamber supports airport’s plan to grow business

July 17, 2025/in BizNews This Week, Business And Economic Strength, Hospitality And Tourism Rescue And Recovery/by Jim Zeeben

The Victoria Airport Authority is hoping to speed up its growth as a major economic contributor to our region. In 2023, the airport released a Master Plan for the next 20 years. However, as passenger arrivals and departures surge, the airport says the time is now to invest in its future.

Airport Authority President and CEO Elizabeth Brown told CHEK News that June was 5% busier than the same month last year.

“That’s a significant amount of more passengers. We will exceed two million passengers this year,” Brown told CHEK. “We feel that currently this terminal is not equipped to be able to handle this passenger level that we have today. So we have to look at immediate solves and also long-term planning.”

Among the projects under consideration are expanded capacity for people waiting to board flights.

“Having the expansion to allow more growth in tourism, as well as for locals, is great for Greater Victoria’s economy,” Chamber CEO John Wilson told CHEK.

Strong start to summer for real estate market

July 9, 2025/in BizNews This Week, Business And Economic Strength, Housing/by Jim Zeeben

The latest numbers offer more evidence Greater Victoria’s real estate sector has moved beyond the uncertainty that had disrupted markets over the past five years.

“Recent market trends suggest that we have finally transitioned from a pandemic-driven market to more conventional patterns,” Victoria Real Estate Board Chair Dirk VanderWal said. “We have experienced consecutive months of a healthy and balanced market that includes listing inventory levels we have not seen in a decade paired with steady sales. Despite economic uncertainties weighing on consumer confidence, Victoria continues to demonstrate resilient market conditions.”

VREB said a total of 761 properties sold in June, up 15.1% from June 2024.

“Noteworthy this past month is a large uptick in the number of condos sold,” VanderWal said. “It will be interesting to see if this continues through the summer and becomes a trend.”

The benchmark value for a single family home in June was $1,325,400, down from May’s value of $1,326,600. The benchmark value for a condominium in June was $562,800, down from the May value of $564,100.

Chamber hosting CUSMA workshop in Victoria

July 9, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Inflation And Rising Costs/by Jim Zeeben

Actions announced to help improve safety downtown

July 9, 2025/in BizNews This Week, Business And Economic Strength, Safe Communities/by Jim Zeeben

Over the past year, we’ve heard from more businesses demanding action on crime and distress outside their storefronts. Last week, the City of Victoria announced it was reallocating $10.35 million to address community safety.

“This is an issue that has been talked about for a long, long time and it’s at the point people are tired of talk,” Chamber CEO Bruce Williams said. “Increasing police presence is a good start and hopefully will result in immediate and noticeable relief for businesses suffering because of social disorder.”

The Chamber has worked patiently on long-term solutions, such as evidence-based support for people with mental health and addiction issues. We applaud work done by our community partners, while recognizing that even the providers of social services such as Our Place Society and promoters of downtown including the DVBA have said a new approach is needed.

One silver lining is news that downtown continues to serve as a beacon for entrepreneurs with 19 new stores recently opening.

“Downtown Victoria is a gem and absolutely vital to our region’s economy,” Williams said. “We know visitors continue to be dazzled by the charm of the area. At the same time, we also know that long-time businesses are feeling real pressure and more needs to be done to make downtown safer immediately and for future generations to come.”

Rifflandia teams up with Greater Victoria businesses

July 2, 2025/in BizNews This Week, Business And Economic Strength, Hospitality And Tourism Rescue And Recovery/by Jim Zeeben

Greater Victoria’s preeminent festival experience celebrates its 15th anniversary this year, with four days of music and fun set for the end of summer.

Rifflandia will run Sept. 11–14, at Matullia Lands at Rock Bay (corner of Pembroke and Government streets).

“More than ever, people are looking for ways to connect, to share experiences, and to feel something real together — and that’s what Rifflandia is all about,” Rifflandia Entertainment Co. President and CEO Nick Blasko said. “We know a lot of people are feeling the pinch right now, so we’ve kept ticket prices at last year’s levels and packed in even more.”

The Chamber is once again partnering with Rifflandia to help build connections with our business community. The RiffSclusive Deals program is a promotional campaign connecting local brands with tens of thousands of music and culture fans from Aug. 1 to Sept. 14. Participating businesses are featured on Rifflandia’s festival website, direct-to-inbox newsletters and online engagement. Only 20 spots are available. Email Morgan Sutherland at morgan@rifflandia.com to learn more.

Rifflandia is also running its “Give Where You Riff” campaign, which includes Chamber members: DVBA, Victoria Cool Aid Society, Victoria Conservatory of Music, Victoria Hospitals Foundation, Victoria Pride Society, Women in Need (WIN Resale Shops), Burnside Gorge Community Association and Victoria West Community Association.

The campaign will help those organizations by donating 15% of every ticket sold.

Inflation stays stable in May, reflecting slow economy

June 25, 2025/in BizNews This Week, Business And Economic Strength, Global Uncertainty/by Jim Zeeben

The Consumer Price Index rose 1.7% on a year-over-year basis in May, matching the 1.7% increase in April, Statistics Canada said.

Compared to the same month last year, slower paced increases to rent and a decline in travel tours put downward pressure on inflation this May.

“After last month’s uptick in core inflation some giveback was expected. The labour market remains soft and tepid domestic demand growth should keep a lid on inflationary pressures,” TD Director and Senior Economist Andrew Hencic said. “As has been the case this year, the outlook is heavily dependent on how trade negotiations evolve, but we believe that the soft economic backdrop should give the BoC space to deliver two more cuts this year.”

C-5 aims to rebuild Canada’s economic momentum

June 25, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Government Federal, Government Provincial/by Jim Zeeben

An economic evolution that the national chamber network has been working on for years is one step closer to reality this week. On June 23, the federal government passed legislation to vastly improve free trade and labour mobility between provinces.

Without this legislation, large-scale energy and infrastructure projects have routinely been delayed by regulatory gridlock, rising costs and political indecision.

“The Canadian Chamber of Commerce applauds the federal government for urgently introducing and passing Bill C-5 in the House of Commons,” Canadian Chamber Executive Vice President and Chief of Public Policy Matthew Holmes said, adding the ongoing tradewar with the US administration drove home the need to diversify. “We cannot have all our eggs in the United States economic basket any longer.”

Projects where fast-tracking has the broad support of impacted First Nations, Métis and Inuit communities should be the first to be considered.

“Canada’s business community firmly believes we can end project paralysis while working in collaboration with Indigenous rights holders and communities while maintaining world-class environmental standards,” Holmes said. “We know respect and partnership for shared prosperity are the path forward. The Canadian Chamber does not believe a major project is viable in the absence of clear community level support and expects Canada to meet its legal obligations to consult and cooperate with Indigenous peoples, per the United Nations Declaration on the Rights of Indigenous Peoples Act adopted in 2021.”

Bill C-5 is just the first step. The onus is now on the federal government to deliver so that we can build economic momentum in Canada and show the world we’re serious about growth, energy and getting big things done.

Municipalities applaud expanded borrowing powers

June 25, 2025/in BizNews This Week, Business And Economic Strength, Government Local, Government Provincial/by Jim Zeeben

Municipalities in BC are applauding a move to make it easier to finance capital projects. The Chamber is cautiously optimistic about the change, though businesses are wary of enabling any level of government to take on more debt.

“There’s no question that we want to see the public sector work more efficiently, but we also are clear that we need investments that help the private sector grow our economy,” Chamber CEO Bruce Williams said. “Innovation led by business is key for us to create the good jobs and creative solutions needed to solve many of the issues affecting our society that government itself is unable to fix.”

The Province amended the municipal liabilities regulation and the short-term capital borrowing regulation to give municipalities more flexibility to plan and finance infrastructure projects that support population growth and housing development.

Municipalities can now borrow up to 10% of their annual revenue, without having to hold a public vote. The changes are a response to concerns raised by municipalities about the cost, complexity and risk of delays associated with implementing capital projects.

Work continues on reducing internal trade barriers

June 18, 2025/in BizNews This Week, Business And Economic Strength, Government Federal, Government Provincial/by Jim Zeeben

With less than two weeks to go for Canada’s new Prime Minister to meet his promise of reducing barriers to inter-provincial trade, the national chamber network is encouraging lawmakers to move quickly.

On Monday, the Canadian Chamber appeared before a Senate committee to highlight the urgent need to reduce internal trade barriers and accelerate the development of critical infrastructure across Canada. The delegation also reiterated Canada’s role in ensuring energy security, supporting Indigenous partnerships and restoring investor confidence through regulatory reform.

The government has said that removing internal trade barriers would reduce prices by up to 15% and add up to $200 billion to Canada’s economy. According to Scotiabank, there is a lot to understand the impact removing inter-provincial trade barriers could have on our economy.

“The (barriers) are basically a lot of these small differences in regulatory standards that just make it that much more difficult to trade internally. When we think about trade barriers, often we think about them as anything that makes trading more difficult,” Scotiabank’s Senior Policy Advisor John McNall said. “They can be these little unintentional frictions that add up over time. For example, think of a nurse or an electrician who’s working in a particular province, they’re licensed to work in one province. But if they want to move over to another one, their licence doesn’t necessarily carry over. These sorts of little technical standards or regulatory changes create extra costs for businesses. None of these laws are created maliciously, the province is implementing what it feels is best for business in that jurisdiction, but they become an issue when regulations are different between provinces.”