Have a fright this Halloween night!

On Monday night, kids will fill the streets on the hunt for sugary treats.

Greater Victoria is known as one of the most haunted places in Canada, and this spooky season is the perfect time to experience something new — if you dare!
Visit a local pub or nightclub to show off your great costume skills, or have a Halloween meal at a great restaurant before handing out handfuls of candy to trick-or-treaters.

Check out Destination Greater Victoria’s list of 20 eerie-sistable Halloween activities if you’re dying to see a ghost, and explore famously haunted sites such as Craigdarroch Castle, Hatley Castle at Royal Roads University, the Fairmont EmpressRogers’ Chocolates, and many more.

If you’re looking to burn off that extra sugar from Halloween treats, check out a local fitness facility, and be sure to recycle your pumpkin at Pumpkin Smash 2022 in the City of Langford on Nov. 5.

Whatever you may be up too this Halloween, The Chamber hopes you have a fun (and frightening) time!

Premier-in-waiting promises ‘100 days of action’

David Eby will be the next Premier after being formally named leader of the BC NDP. The transition from Premier John Horgan is expected to take place mid-November, and Eby has already said he intends to bring in a budget that will allow quick action on housing affordability, the climate and healthcare.

The Chamber looks forward to continuing to work with the provincial government on key issues affecting Greater Victoria. We’re also calling on the province for better budget transparency, especially if new spending is planned. Last month, BC’s Auditor General Michael Pickup raised concerns about the province’s accounting methods.

“Each year, my office is mandated to report whether government’s financial statements are fairly stated in accordance with generally accepted accounting principles,” Pickup is reported to have said. “My job is to report what I see (and) give the opinion that I believe. So I think these things should be corrected.”

Chamber members have an opportunity to hear directly from BC’s AG next month.

Chamber facilitates discussion on health solutions

Recent media reports about break-ins that seem to be targeting specific types of business are renewing calls for solutions to downtown crime.

“Businesses, of course, want to feel safe,” Chamber CEO Bruce Williams told Global News. “They want to know that they themselves and their employees are safe when they come and go from work.”

Of course, the situation is complex. The toxic drug crisis continues to cause damage throughout society, and, particularly, with people involved in street life who are at risk of homelessness. Addictions, as well as mental health challenges, are often at the root of criminal behaviour that makes the news. Any solutions need to intersect with the healthcare system, which is why organizations such as Island Health are critical to have onboard.

On Tuesday, The Chamber and Island Health hosted a gathering of about 40 people at the University Club at the University of Victoria. The discussion focused on how businesses and non-profit organizations can work with Island Health to develop innovative solutions to complex problems around mental health and addiction. Other topics included work being done to attract and retain more doctors, support workplace mental health and streamline health care delivery.

It was a good opportunity to combine the nimbleness and creativity of the private sector with the resources and gravitas of the public health authority. The spirited discussion resulted in a number of ideas that The Chamber and our members will continue to follow up on in the months ahead.

Interest rate rises as Bank seeks balanced economy

The Bank of Canada raised its policy interest rate today by 50 basis points, which aligns with what many experts had been predicting. The move indicates that measures are still required to return balance to Canada’s economy.

Inflation has declined from 8.1% to 6.9%, though it’s still well above the target of 2-3%.

“The Bank expects CPI inflation to ease as higher interest rates help rebalance demand and supply, price pressures from global supply disruptions fade, and the past effects of higher commodity prices dissipate,” states today’s news release. “CPI inflation is projected to move down to about 3% by the end of 2023, and then return to the 2% target by the end of 2024.”

Another increase to interest rates is expected on Dec. 7, but will depend on how much demand has slowed, and how well improving supply chains are able to keep up.

Gathering of business voices at national AGM

There is tremendous power in a coalition of organizations from every corner of the country that have an active role in connecting businesses with all levels of government. This was in full display earlier this month as the national chamber network gathered in Ottawa for the Canadian Chamber of Commerce’s AGM.

“It really was remarkable to be among the voices of business communities from across Canada and hear how many of our concerns and challenges are shared,” Chamber CEO Bruce Williams said of being a delegate at the meeting. “We were able to meet directly with a number of federal ministers and senior staff, who were quite keen to better understand what policies are needed to help businesses build resiliency.”

Williams also introduced a policy resolution at the AGM, highlighting the need for federal support of child care to enable parents to stay in the workforce and continue their careers. The resolution was adopted, along with a number of others supported by The Chamber that further our Advocacy Priorities.

Province set to expand small business tax rate

The provincial government is increasing the threshold for the small business tax rate. The rate had been limited to businesses with less than $15 million in taxable capital. That is being increased to $50 million.

The changes will apply to taxation years that began on or after April 7 of this year. The shift aligns BC with the federal government and will particularity benefit businesses that are capital intensive.

Service sector key to recovery: Conference Board

Greater Victoria’s economy will grow by 2.6% in 2022 and 1.8% in 2023, but inflation won’t return to “normal” until 2024, according to the Conference Board of Canada.

The latest Major City Insights report offers forecasts for 13 cities across the country.

The board says our region’s service industries will continue to be key drivers of the economy, with recovery continuing in the hospitality, entertainment and accommodation sectors.

Employers can also expect to face ongoing pressure to increase wages as Greater Victoria’s Consumer Price Index rises to 7.6% this year before dropping to 4% next year and 2.3% the year after.

Stats show inflation rate continues slowly returning to normal

To paraphrase that old Isley Brothers hit, it’s not quite time to “Shout,” but inflation is trending “a little bit softer now.”

The latest figures from Statistics Canada show the pace of inflation slowed in September, with the cost of goods rising 6.9% from a year earlier. Inflation has been declining for three months, after peaking at 8.1% in June.

The sharp rise in costs was initially attributed to fuel shortages caused by the war in Ukraine, a super-heated housing market and supply chain disruptions caused by the pandemic. However, fuel costs have stopped rising as sharply and supply chains are getting close to their typical efficiencies.

“However, these gains were largely offset by the continued rise of prices for food and services. Unfortunately, there was no progress on ‘core’ inflation, which held steady at 5%,” Canadian Chamber of Commerce Chief Economist Stephen Tapp said. “Today’s lack of progress on inflation — together with Bank of Canada surveys released earlier this week that suggested inflation expectations remain elevated — should be concerning enough to the Bank of Canada for them to deliver the 50 basis-point interest rate hike that the market expects (Oct. 26).”

Permanent plan for limit on food-delivery fees

Businesses thrive on certainty. So, knowing the costs of delivery services is a major win for restaurants that have spent the last few years building up their home delivery business.

Early in the pandemic, the provincial government placed a temporary limit on how much food delivery companies can charge. Last week, the province said it was moving to make the change permanent.

“Transforming the temporary delivery fee cap into a permanent model is a game changer for the recovery of our industry and setting restaurants up to be able to thrive in the future,” said Ian Tostenson, president and CEO, BC Restaurant and Foodservices Association in a news release.

The 15% cap on food and 5% cap on additional fees was set to expire at the end of the year.

Economy and parents benefit from child care savings

Last week’s news that the provincial government is making child care more affordable is a step in the right direction. The Chamber has long advocated for accessible and affordable child care as a vital investment in our economy.
 
On Friday, the province announced that parents can expect to save as much as $550 in child care costs every month. The new funding will go directly to licensed child care centres so parents don’t have to apply. The savings will take effect in December, and help families with children who are kindergarten-aged or younger.
 
The savings build on earlier cuts to costs and are funded by the federal governments $3.2 billion agreement with BC.
 
Examples of how the program will help families and allow more parents to continue their careers include:

  • A family with a 10-month-old and a three-year-old in group care could save as much as $11,940 more per year.
  • A family with a two-year-old and a four-year-old receiving family care would see up to $10,080 more in savings each year.
  • Source: gov.bc.ca