Don’t forget to take some time off this year. Studies abound on how performance drops when you work for an extended period without a break. A recent study indicates that nearly half of Canadians didn’t use all of their vacation days in 2022. And within that cohort, BC and Ontario were among the highest vacation-deprived folks. ​

You don’t have to go far to find a perfectly relaxing vista where you can recharge, reconnect with friends and family, and just let your mind wander peacefully. If you’re one of the lucky employees/employers with Chamber Group Health insurance, double-check your plan, but most are designed to look after your health and well-being both locally and out of country.

Those seeking employees with STEM (science, technology, engineering and mathematics) expertise will now have a more global pool from which to choose. Announced today by Minister François-Phillippe Champagne, Minister of Immigration, Refugees and Citizenship, starting next week, the first round of STEM category-based selections will be opened. The goal is to help Canada’s science and technology sector bring in skilled talent to drive innovation and growth.

Also announced this week, the federal government will allocate more immigration spots to STEM and entrepreneurial applicants until 2025 as part of their Tech Talent Strategy. This strategy includes the extension of work permits provided to entrepreneurs from one year to three years. An extension that will now be available to each entrepreneurial team member instead of just the most essential.​

Immigration is critical to building a healthy and robust community and economy. Expediting immigration for job skills needed for the economy’s health is a much-needed aid to businesses struggling to fill positions. Still, the lag in accepting credentials from other parts of Canada and the world remains a barrier to the success of this strategy. The Chamber will continue advocacy work on accelerating the recognition of credentials by professional associations.

BC Hydro has a clear plan but a challenging path as they seek to make significant changes over the next decade. They have a multi-year plan to invest billions in updating and improving aging infrastructure, and they are passionate about reducing climate-changing emissions both within their organization and externally as part of the CleanBC program. 

One of the most significant initiatives coming online next year is Site C. Once running, it should generate an additional 8% of our province’s current power supply – enough to power about half a million homes or 1.7 million EV vehicles per year. This will bring BC’s total number of hydroelectric plants up to 30.

Reducing climate-changing emissions through further investments in hydropower generation and integrating solar and wind power will create a greener future for all. BC Hydro offers a Business Energy-Saving Incentives program to help you upgrade your lighting, HVAC, refrigeration, and mechanical technologies. Covering an average of 27% of upfront costs, these incentives shorten the payback period of your investment and make your decision to upgrade a no-brainer, helping you to reduce consumption, save on energy costs, and increase your bottom line. You can even evaluate the cost savings realized by your upgrades using their Advanced Analytic tools!

In BC, we are fortunate to have reliable power, with 98% of that power coming from clean or renewable resources. But the goal is to do better. Currently, 20% of electricity in the province is generated by hydro, 11% by biomass and 69% by fossil fuels. BC Hydro wants to see that shift to 33% hydro by 2030. An aggressive goal but doable when coupled with manufacturing and consumer-based programs that foster efficiencies. 

BC Hydro may lead the electrification of our province, but as Chris O’Riley clearly stated, “We all have a role to play in energy transition, and a responsibility to work on this together… It is a generational opportunity to make a difference and one that can’t be missed.” 

Our sincere thanks to BC Hydro and Chris O’Riley for a great presentation and to AES Engineering for sponsoring our wonderful luncheon.

Last Thursday, The Chamber hosted Bank of Canada Deputy Governor Paul Beaudry for the unveiling of the Bank’s Economic Progress Report at the Victoria Conference Centre. Two hundred business and community leaders were at the event, sponsored by Odlum Brown, the City of Victoria and Grant Thornton.
 
Beaudry’s speech and Q&A session with Chamber CEO Bruce Williams offered fascinating insight into how the bank decides on raising interest rates.
 
“On behalf of all Chamber members and our board, I’d like to thank Deputy Governor Beaudry for taking the time to speak with us,” Chamber CEO Bruce Williams said. “He was able to answer some of the questions on the minds of many members, and many Canadians judging by the widespread media coverage Victoria received because of this event.”
 
The speech was followed by a press conference that was attended in-person by local media as well as virtually by financial journalists across the country.

There was a slight increase in real estate sales in Greater Victoria in May, with 775 properties sold compared to 761 in May 2022.

The uptick was good news for the real estate industry, though sales are still not as high as typically seen in spring. The optimism that had been starting to grow could be short-lived however after the Bank of Canada opted to further raise interest rates today. Time will tell if the move stalls potential buyers or if it encourages more people to put their homes on the market.

“With momentum building, there’s an indication of consumer optimism in the market heading into June,” Victoria Real Estate Board Chair Graden Sol said before today’s rate announcement. “However, if the ongoing lack of homes for sale
persists and inventory is not added, we risk a return to an overheated market with pressure on pricing.”

The benchmark value in May for a single family home in the core Victoria municipalities was $1,297,600. That’s up from $1,295,800 in April, but almost 9% lower than the benchmark value in May 2022.