Razor sharp margins and a steep increase in interest rates have created unfavorable conditions for doing business. The Chamber is calling for a two-year extension to give businesses and interest rates enough time to stabilize.

“Many organizations still need time, and extending the deadline for repayment of the loan is reasonable, however, that needs to be coupled with continuing to allow the forgivable portion of the loan,” Chamber Chair Kris Wirk said. “The reality facing many small businesses — especially those in hospitality, tourism and retail — is that they have a viable path to making a full recovery but it’s going to take longer than expected.”

According to the Victoria Real Estate Board, there were 2,490 listings at the end of August. That’s up 2.9% from the previous month and higher than the 2,137 homes listed in August 2022.

“The focus in our market and by all levels of government needs to be on opening up more supply,” VREB chair Graden Sol said in a news release. “Our inventory levels, though up from last year, are still too low to support a well-balanced market. A decade ago, we saw over 5,000 active listings in August.”

Sol noted that many listings were for single family homes, which are at the top of the residential market.

“Missing middle homes, such as townhomes and condos represented only 37.1% of listings for sale,” Sol said. “Townhomes, which in my experience are what a lot of families hope to purchase, represented only 9.8% of the residential properties for sale. This imbalance in the mix of housing options means there is the potential for more price pressure on these types of properties because demand is concentrated at more attainable price points.”

The benchmark value for a single family home in August was $1,323,900. That ‘s up $5,100 from July but down $3,800 from last summer.

“We’ve been married for 14 years, and we came on this trip to renew our vow,” Emma Lonergan, one of the lucky passengers, said in a new release from the Greater Victoria Harbour Authority. The first cruise ship passengers arrived in 1969.

“Cruise supports the region’s visitor economy and creates jobs that support Victoria’s economic recovery,” GVHA CEO Robert Lewis-Manning said. “Engineers, entrepreneurs, accountants, mechanics and others are employed due to cruise tourism in Victoria, with salaries totaling more than $40 million annually.”

The GVHA said cruise visitors and crew contribute $56 million annually to Greater Victoria’s economy, while cruise lines spend $84 million on warehousing, ship agents, repairs and maintenance, port fees and docking services.

“The baseball is fantastic and the atmosphere is just as amazing,” Chamber CEO Bruce Williams said. “The Chamber recently held a mixer at a game and it was a perfect evening and a great way to connect with our community.”

Another Greater Victoria team is also having a highlight season. Pacific FC is at the top of the table in the Canadian Premier League. The soccer squad plays Sunday at Starlight Stadium against Athletico Ottawa.

The Chamber’s Emerge Committee Connector on Sept. 8 will be held before Pacific FC’s game against Halifax. Register soon as this will sell out quickly!