Rental market rises due to housing supply crunch

Housing affordability for many Greater Victoria employees has become even more strained in recent months as the cost of renting increased by 3.1% and the vacancy rate dropped to about 1%.

With more people choosing to move to our region, the demand for new housing is putting intense pressure on our ability to add to the supply. The Canadian Mortgage and Housing Corporation’s Rental Market Survey Data Tables for Greater Victoria shows that a total of eight private apartments were added in the City of Victoria between October 2020 and October 2021. A further 643 were added in all other Greater Victoria municipalities during the same time. Meanwhile, the region’s population increased by 29,467 between the 2021 and 2016 censuses.

Alternatives proposed to cooling off period

The provincial government recently announced plans for a “cooling-off period” for home buyers, allowing them to opt out of purchases for a limited time after agreeing to buy. BC Finance Minister Selina Robinson said the goal is to reduce pressure on buyers so they can make sound decisions.

However, the Victoria Real Estate Board says there are better solutions than the government proposal, which doesn’t address the root of the problem — a lack of housing supply.

The BC Real Estate Association says the province needs to add another 25,000 homes for sale before supply will be in balance with current demand.

Outpouring of support for Ukrainians under siege

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People are showing their support for Greater Victoria’s Ukrainian community as their homeland remains under siege by Vladimir Putin’s Russian forces. Several thousand people attended a rally at the BC Legislature on Sunday, and The Flag Shop has been working non-stop to try to meet the demand of people wanting the blue and yellow Ukrainian flag.

The flag has been displayed in numerous places across the region, including on top of the Hotel Grand Pacific.

As well, the Times Colonist published a pullout Ukraine flag in the print edition of Wednesday’s paper.

There is also a growing call to fast-track immigration for people fleeing the Ukraine and looking to start a new life in Canada. The federal government has approved more than 4,000 applications from Ukrainians who were in line to immigrate here. The government also extended temporary status for Ukrainians already in Canada to work, study or visit.

If you’re interested in learning more about the situation in Ukraine, the University of Victoria is hosting a free Teach-In tonight at 4:30 pm. UVic experts on Ukraine will help explain what is happening and how to help.


City seeks to re-imagine Government Street

“We want this plan to support downtown businesses for the long-term by building on the success of the Build Back Victoria program, create more accessible and welcoming public spaces, and work with the Songhees and Esquimalt Nations to tell a more complete history of this land through cultural interpretation and economic development opportunities,” Helps said.

The draft design includes a new gateway to a Lekwungen plaza at Humboldt and an intersection realignment to create a new plaza for Chinatown.

Area businesses can expect to receive an invitation to one of two virtual discussions on March 8. There is also an online survey at engage.victoria.ca.
City seeks to re-imagine Government Street
One of Greater Victoria’s most iconic public spaces is getting a modern makeover. The City of Victoria announced today that a draft plan for redesigning the downtown street is ready for public feedback.

“Making Government Street a people-priority street is a key action of the City’s Strategic Plan and now it’s time to tell us what you think – what have we got right, what have we missed?” Victoria Mayor Lisa Helps said in a news release.

Government Street hasn’t changed in more than 50 years.

Replacements are needed for ageing street furniture, trees, traffic signals and other infrastructure.Chamber Events

“We want this plan to support downtown businesses for the long-term by building on the success of the Build Back Victoria program, create more accessible and welcoming public spaces, and work with the Songhees and Esquimalt Nations to tell a more complete history of this land through cultural interpretation and economic development opportunities,” Helps said.

The draft design includes a new gateway to a Lekwungen plaza at Humboldt and an intersection realignment to create a new plaza for Chinatown.

Area businesses can expect to receive an invitation to one of two virtual discussions on March 8. There is also an online survey at engage.victoria.ca.

BC Finance Minister speaks with Chamber members

BC Minister of Finance Selina Robinson met with Greater Victoria Chamber of Commerce members today to address your questions about the province’s 2022 Budget, unveiled yesterday.
 
Minister Robinson expects economic growth even as provincial debt increases.
 
This year’s $71 billion budget is forecast to have a deficit of $5.5 billion, followed by a $4.2 billion deficit in 2023/24. Robinson said the main reasons for the deficits are the anticipated costs of rebuilding damaged transportation infrastructure to withstand future climate events.

Asked whether the province planned to ease the burdens of the EHT — which took $207 million more than anticipated from BC employers last year — or paid sick days, the minister defended the government’s current policies. She also acknowledged concerns about linking the minimum wage to inflation and said she will work to make the change as smooth and predictable as possible for business.
 
Budget Notes:
Greater Victoria is getting two complex care facilities, though specific locations were not announced. The budget also includes $84 million over three years for planning and capital funding for upgrading the Belleville Terminal.
 
The tourism sector has been allocated $25 million to help with recovery efforts, though a further $915 million was set aside for potential pandemic-related expenses, including health care costs or economic recovery funding.
 
Greater Victoria is also in line for numerous “bus and shoulder” expansions to improve regional transit, and money has been earmarked for the transit hub at Uptown in Saanich.
 
“The Chamber has long advocated for child care as an investment in our economy, and we applaud the province’s commitment to adding 40,000 new spaces within seven years. We also are encouraged by some of the steps to address our lack of housing supply,” Williams said.

New governance for some regional policing services

Our region’s numerous police forces are moving in the right direction with the establishment of the Regional Governance Council for Integrated Police Units. The new body will have limited authority, but will help municipalities better understand how they can benefit from shared services. The council will consist of mayors from Greater Victoria, and will be co-chaired by David Screech, Mayor of the Town of View Royal, and Kevin Murdoch, Mayor of the District of Oak Bay.
 
The Chamber continues to call on the provincial government to contribute its portion of costs for a Citizens’ Assembly. In the last civic elections, voters in the District of Saanich and City of Victoria mandated their councils participate in the process. Both municipalities are now waiting for the province before they can begin the next phase.

Funds will help train hundreds of new nurses

The last two years have shown that we need a robust healthcare system for our economy to prosper. The recent announcement that the province is funding 602 new spaces at post-secondary schools to train nurses is welcome news.

  • Camosun College is getting 16 new seats for Registered Nurses and Licensed Practical Nurses, starting in 2023.
  • The University of Victoria is getting five new seats for Nurse Practitioners and a pathway for Master’s Degree in Nursing, starting this September.

Province looks to speed housing approval process

The cost of housing is a serious concern for affordability in our region. There simply are not enough homes for the number of people who want to live, work and put down roots. It’s a challenge facing most of BC, which is why The Chamber supports news that the provincial government is looking at helping municipalities fast-track more homes.
 
“The bottom line is that municipalities are not approving enough housing for our population growth,” Eby said in a CHEK News story. “I think it’s quite possible that we’re going to need to be more prescriptive. One thing is clear is that the status quo is not acceptable.”
 
The Chamber looks forward to hearing more about initiatives to make housing supply a priority for all governments, including solutions for increasing labour supply and securing supply chains.

What will your Random Act of Kindness be?

Today is Random Acts of Kindness Day! We all could use some extra positivity in our lives, and The Chamber would like to encourage you to make a positive impact wherever you go.

Looking for ideas? Follow a few of these tips inspired by The Victoria Foundation

  • Buy coffee for the person in line behind you either in-store or at the drive through.
  • Bake cookies for your coworkers with ingredients from a Chamber member grocer
  • Donate food, money supplies to a local non-profit
  • Donate books to the library
  • Let your staff leave work a little early.
  • Leave a positive google review for a great local business

Looking for more ways to brighten someone’s day? Download the Random Acts of Kindness Day Poster From The Victoria Foundation and spread kindness in your community. Children under the age of 12 also have the opportunity to colour-in this image to win a $50 gift card and a $100 donation made in their name to a registered charity of their choice.

Chamber Business Hall of Fame inductee Ron Lou-Poy passes

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Renowned lawyer Ron Lou-Poy — one of the inaugural inductees into The Chamber’s Business Hall of Fame — has died. He was 88.
 
All of us at The Chamber want to express our deepest condolences to Lou-Poy’s family and the many people who were touched by his generous spirit in life.
 
We are deeply grateful for the role he had in making our community a vibrant, inclusive and caring place to live. We hope the many happy memories of Lou-Poy’s well-lived life can soothe some of the sadness.