“The economy is clearly stagnating. With these numbers, you could make the argument that we’re in a technical recession, with the third and fourth quarters now expected to be essentially flat, and weaker than the Bank of Canada’s forecast released last week,” Canadian Chamber of Commerce Senior Economist Andrew DiCapua said. “This economic weakness should put a lid on inflation pressures. But we’re dealing with a bit of a mirage, with GDP growth increasingly being fueled by a fast-growing population. That’s concealing a hard truth — that real GDP per person is falling, and poor productivity is expected going forward.”

Take time this long-weekend to check out some of the exciting activities and venues across Greater Victoria. If you’re looking to unwind while staying close to home, or need a place for the in-laws to stay, check out the beautiful hotels Greater Victoria has to offer.

As the weather begins to cool, now is a great time to consider supporting one of Greater Victoria’s local non-profits.

The Chamber would like to wish you and your family a happy Thanksgiving!

The Chamber office will be closed Monday, Oct. 9.

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.