Putting the chill back in home buying

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The province is looking to put in a “cooling off” period for home buyers in an effort to make sure buyers have the time they need to make fully informed decisions, rather than leaping into a purchase with no conditions or doing blind bidding.

The announcement took the Victoria Real Estate Board by surprise as they asked the question what problem the province is actually trying to solve.

The BC Financial Authority will be reaching out to stakeholders and experts over the next two months with a goal of providing the right information to the government. Current plans are to bring in legislation in the spring focused on protecting both the seller and the buyer in this over-heated, under-supplied real estate market.

Unemployment in Victoria remains very low

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​Recent labour figures released by Statistics Canada have underscored what we at The Chamber have been hearing for months, there are insufficient workers to grow our economy. Based on October data, Greater Victoria has an unemployment rate of 4.4%, one of the lowest in Canada. An unemployment rate of 3% or lower is considered to be full employment. Quebec City’s rate is 3.8%.

Hon. Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation and our guest speaker at this year’s AGM had this to say about the numbers, “B.C. has the second-lowest unemployment rate in the country at 5.6%, and we continue to lead all provinces with a job recovery rate of 101.9%. Our job-recovery rate regionally continues to be strong,…notable job-recovery rates are Prince George at 107.1%, Vancouver Island at 105.8% – that’s a direct result of people, businesses and communities working together to get through these tough times.”

Through hard work and sheer determination, businesses have rebounded, but what the unemployment numbers don’t tell us, is how to fill the 900,000 job vacancies across Canada today.

Celebration welcomes Coho

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The Chamber is proud to have been involved in the organization of a welcoming flotilla for MV Coho on the morning of November 8!

Thanks to those who were on the shoreline to wave greetings and welcoming signs at the long awaited return of the MV Coho and our American visitors. Helping to make the first official sailing extra special with a water flotilla, our thanks to CFB Esquimalt, Victoria Fire Department, Canadian Coast Guard, Victoria Harbour Ferry, Transport Canada, and Prince of Whales Whale Watching for their support and participation.

Check out photos from the event here.

18 Units to be transformed to 158

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The Capital Region Housing Authority (CRHA) has bold plans to increase the amount of affordable, accessible rental housing in Victoria. Their most recent project is located near Victoria High School. A small empty tract of land and 18 existing townhouses in need of heavy repair will be transformed into 158 units by fall 2024.

The plan provides for a mix of family-ready units ranging from 4 bedroom to basic studios. 50% of the units will be available at below-market rates or subsidized for those on income assistance. And at least 15 units will focus on accessibility. The project was recently approved by Victoria City Council and is scheduled to begin in 2022.

Housing part of new vision for Mayfair mall

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A plan to remake Mayfair Shopping Centre as a mixed-use destination will be based on feedback from the community. The owners of the mall have hired Ascend Planning to do public engagement for the project. A plan will be submitted next spring, after a series of open houses this fall.
 
The long-term vision calls for commercial, residential and semi-public areas.

Celebration will welcome return of MV Coho

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The Chamber is helping host a celebration in the Inner Harbour to mark the return of the MV Coho ferry linking Victoria with Port Angeles, WA.

A flotilla will greet Black Ball Ferry Line’s flagship vessel at 9:50 am, Nov. 8, as it arrives in Victoria with passengers and vehicles from the US. The Mwill then prepare for the return trip at 10:30 am — the first time Canadians have been able to take a ferry to Washington State since the start of the pandemic.

The MV Coho can carry up to 1,000 passengers and 115 vehicles, and has served the region for 60 years. Ferry service, suspended in March 2020, will resume with two sailings per day for the rest of the year.

Royal BC Museum growing and changing for future

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Big changes are happening to the Royal BC Museum. The 135-year-old institution announced today it will begin a process of decolonization to ensure the museum is a welcoming place for everyone.

“This is necessary to begin the long-term work of creating new narratives that include under-represented voices and reflect the lived experiences and contemporary stories of people in BC,” acting CEO Daniel Muzyka said in a news release. The current exhibits will remain until Dec. 31, with a phased approach to updating galleries beginning in 2022.

Last week, the museum announced another exciting development as the province selected three firms to participate in the next phase of design and construction proposals for a new building in Colwood. Chamber Champions Kinetic Construction and Knappett Projects Inc. are bidding on the project to potentially partner with RBCM.

The new facility will house RBCM’s collections and research department, as well as the BC Archives.

Stopping toxic drug deaths makes communities safer

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The opioid crisis continues to impact the safety of all communities in BC. To try and prevent some of the damage created by toxic supplies of street drugs, BC has become the first province to seek decriminalization of illicit drugs for personal use.

More than 7,700 people have died from toxic drugs in BC since a public health emergency was declared in 2016. The crisis affects all corners of society and has had a devastating effect on many urban areas. BC recently announced a new plan to treat mental health and addictions called A Pathway to Hope.

Lessening dependence on illegal drugs is a step on the path to help people with addictions get treatment and access recovery supports.

Province extends deadline for land owner registry

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The deadline for registering with the BC government’s Land Owner Transparency Registry has been extended to Nov. 30, 2022. The database was created to fight money laundering and will create a record of “beneficial owners” of property in BC.
 
According to the province, beneficial owners include:

  • shareholders of a corporation that own land in BC
  • individuals who indirectly control shares of a landowning corporation; and
  • a trust beneficiary (a person, or group of people, who will benefit from the assets owned by the trust) where the land is held for them by a trustee.

 
The extension was granted to help ensure more property owners are able to comply with the regulation.

Single-serve liquor allowed for takeout, delivery

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Restaurants that successfully pivoted to takeout during the pandemic received another boost last week as the province announced unmixed drinks can now be sold with curbside or delivery orders. Starting last Friday, businesses with liquor and food primary liquor licenses can offer single servings of beer, cider, wine or unmixed ounce of a spirit to go.
 
The province made the change after consulting with business and industry groups. BC has about 2,000 liquor-primary and 6,000 food-primary licensees, which can already sell full bottles of wine and spirits as well as mixed drinks packaged in single servings for takeout and delivery with the purchase of a meal.

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