The Bank of Canada raised its interest rate by half a point Wednesday morning, after higher than expected inflation in April. The move was expected as global economies continue to face challenges. In simplest terms, the economy continues to struggle with supply challenges and is not able to meet demand for goods and services. The result has been rampant inflation, making the cost of living less affordable.
 
“With the economy in excess demand, and inflation persisting well above target and expected to move higher in the near term, the Governing Council continues to judge that interest rates will need to rise further,” the Bank of Canada said in a June 1 media release. “The pace of further increases in the policy rate will be guided by the Bank’s ongoing assessment of the economy and inflation, and the Governing Council is prepared to act more forcefully if needed to meet its commitment to achieve the 2% inflation target.”
 
The increase by the bank will mean higher costs for borrowing and will affect the housing market and some business’s ability to make investments in their operations.

After the initial announcement of plans to replace the Royal BC Museum created a storm of controversy, the provincial government tried again to explain their rationale with the release of the final business case today.
 
“If we had seen the business case when the original announcement was made, it might have helped with some of the sticker shock our members are feeling,” Chamber CEO Bruce Williams said. “We’re going to keep working with our members to help those that can pick up some of the traffic, as well as with the museum and the province to try and mitigate the loss of a major attraction for eight years.”
 
The province said it’s not possible to keep the museum open while rebuilding because of the complexity of moving items and safely removing hazardous materials. The current building has outlived its useful life and there are potential risks to its stored collections as well as staff and visitors.
 
There is a cost to doing nothing, Minister for Tourism, Art, Culture and Sport Melanie Mark said at today’s technical briefing. The province estimates that the cost of the project — currently at $789 million — will increase the longer it is delayed.

How will you be celebrating the Victoria Day Long Weekend?

Although Victoria Day began in 1845 as a way of commemorating Queen Victoria’s birthday, the holiday has since taken an additional meaning: the unofficial start of Canada’s summer season.

Although the summer weather may not arrive in time for the long weekend, we hope you take the opportunity to enjoy what Greater Victoria has to offer.

The Thrifty Foods 122nd Victoria Day Parade presented by CHEK TV returns for the first time since 2019, beginning at Mayfair Mall and finishing at the intersection of Douglas and Humboldt streets. Featuring hundreds of floats and cultural performances, this event from the Greater Victoria Festival Society is certainly one you won’t want to miss.

Before and after the parade, enjoy a great meal at a local restaurant or bring some takeout to a local park. Check out some great attractions, go on a sightseeing tour, or experience family time while taking a much needed break.

Visit our member directory to see a full list of our members that can help make your long weekend one to remember.

The Chamber will be closed on Victoria Day, Monday, May 23.

The Victoria International Marina was abuzz with stories of intrepid adventure and precision planning as it hosted the largest gathering of Nordhavn yachts to date. The Nordhavn Owners Rendezvous was held at the marina last week as participants prepared to explore BC’s coast. Among the vessels was the Motoryacht LARS, which holds a submarine capable of handling arctic exploration and scientific research.

“The gathering is a sign that things are getting back to pre-pandemic levels right now,” Chamber CEO Bruce Williams told the Times Colonist.