Chamber joins effort to improve safe communities

The Chamber has joined the Save Our Streets coalition that is raising awareness about the impact public disorder is having on communities across the province.

The coalition wants all levels of government to do better at addressing issues of addiction, homelessness and criminal behaviour that have become increasingly visible in BC’s downtowns.

Chamber CEO Bruce Williams spoke with CBC Radio this week about what he’s hearing from members as well as chambers across Canada. Governments are working on changing the legal system to keep repeat offenders off the street, but the process takes time. There also needs to be a more collaborative approach between all levels of government.

“Business people are compassionate and care deeply about their communities, but there is growing frustration with seeing so many people in open distress,” Williams said. “We all want to help and we need better solutions than those that aren’t working.”

Belleville Terminal RFQ aims to shortlist project firms

Request for Qualifications has gone out for the design and construction of a modern Belleville Terminal. The RFQ will lead to a shortlist for the Request for Proposals to carry out the upgrades to the terminal.

The project has a $303.9 million budgets and is expected to be completed ahead of the 2028 tourism season. The federal government has confirmed $41.6 million for the project.

After the upgrade, the terminal will be in compliance with the Canada-U.S. Land, Rail, Marine and Air Transport Preclearance Agreement, allowing passengers to complete the US customs and immigration process in Victoria, prior to disembarking in the United States.

The Songhees Nation and Esquimalt Nation will be able to showcase the cultural and geographical significance of the project’s location, and welcome visitors into Lekwungen territory.

Travellers spend approximately $174 million annually, generating $268 million in economic output and $155 million in provincial gross domestic product (GDP).

“As a gateway to Canada, to British Columbia and to our region, Belleville Terminal serves as a vital connection point for trade and tourism. The Greater Victoria Chamber of Commerce has made the case for modernization for more than 20 years,” Chamber CEO Bruce Williams said. “I’m encouraged to see progress being made now. There is an urgency to ensure Belleville can continue to serve as an important border crossing and point of entry, and the time is now for this project to happen.”

Stagnant GDP as economy going through doldrums

Statistics Canada’s latest figures show the nation’s August GDP was lower than expected. Real gross domestic product was flat throughout the summer as inflation, international conflicts and climate events continue to drag down many industries. 

“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.”

Job postings must now include details about pay

Starting last week, all employers in BC will need to include salary or wage information on publicly posted jobs. BC’s new Pay Transparency Act takes affect Nov. 1.
The goal is to try to ensure all people are offered the same pay for the same work, and prohibits employers from asking prospective employees about how much they earned in the past. As well, employees can’t be punished for disclosing what they are being paid.
Large and medium-sized employers must also begin publicly posting reports about their gender-pay gap, based on a phased approach:

  • Nov. 1, 2023: BC Public Service Agency and Crown corporations and public agencies with more than 1,000 employees (ICBC, BC Hydro, WorkSafeBC, BC Housing, BC Lottery Corporation and BC Transit)
  • Nov. 1, 2024: all employers with 1,000 employees or more
  • Nov. 1, 2025: all employers with 300 employees or more
  • Nov. 1, 2026: all employers with 50 employees or more.

Thankful for good business, great community

Whether you’re looking to cook your own Thanksgiving meal, or prefer someone else do the work, Thanksgiving is the perfect time to enjoy great food and spend quality time with the people you love.

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.

Stats show borrowing costs reducing investment

The effect of high interest-rates is measurable, with Statistics Canada’s latest Survey on Business Conditions showing many businesses are challenged by increasing costs and reduced customer spending.

The Canadian Chamber’s Business Data Lab explores the stories behind the numbers, including an analysis by Chief Economist Stephen Tapp.

“Continuing cost pressures explain why firms’ pricing behaviour still hasn’t normalized yet, even though headline inflation has slowed,” Tapp said. “Thankfully, the labour market is loosening up, although there are still significant challenges in sectors such as health care, accommodation and food services, manufacturing and construction. Supply chains are also recovering from their peak difficulties of last year, but they too remain problematic for affected companies.”

CEBA extension does little for businesses in need

After reviewing the federal government’s announcement on Sept. 14 regarding changes to requirements for repayment of CEBA loans, the Greater Victoria Chamber of Commerce is joining our national chamber network as well as our many partner organizations to call for an extension to the repayment deadline while maintaining the forgivable portion.

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.”

Rent cap aims to keep units on the market for tenants

The provincial government has capped the allowable rent increase to 3.5% for 2024.

Landlords who plan to raise rent in 2024 will need to provide tenants with three months notice using the correct form and following specific rules.

BC’s Minister of Housing, Ravi Kahlon, said costs are increasing for landlords and tenants. The need for affordable housing well documented, but many property owners are facing higher costs for repairs, financing and maintenance. The province claims the 3,5% cap will keep people housed while making sure rental units stay on the market.

The rent increase cap does not apply to commercial tenancies, non-profit housing with rent geared to income, co-op housing and some assisted-living facilities.

Stats show housing supply down from a decade ago

The latest sales figures show a slight increase in the number of homes for sale, though the demand for housing continues to affect the cost of living in our region.

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.

Bank of Canada hits pause on rates as economy slows

The Bank of Canada announced this morning that it was holding its interest rate at 5%, as expected. The next announcement is Oct. 25.

The Bank’s Governing Council said there are signs that supply is catching up to demand, and it is still assessing how previous rate hikes are affecting the economy.

“However, Governing Council remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy interest rate further if needed,” said the news release issued by the bank.

The pause comes as political pressure increases to stop raising rates, though the Bank has been clear it’s committed to restoring price stability for Canadians and does not make decisions based on government requests.

“I know a lot of our members are affected by increasing costs caused by inflation and higher interest rates,” Chamber CEO Bruce Williams said. “It’s not an easy time, but we’re also seeing investments in more efficient operations and a focus on sustainability that will make our community more resilient in the long run.”