Take the Vital Signs survey and help ID local issues

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The 2023 Vitals Signs survey is now underway as the Victoria Foundation begins planning for the next edition of its annual community check-up.
 
According to the organization’s website, “The Victoria Foundation produces the report to connect philanthropy to community needs and opportunities. The results of the citizen survey are an integral part of the program and will be released in the fall in the Vital Signs report.”
 
The survey is now in its 18th year and covers key issues in Greater Victoria such as housing, standard of living and sports and recreation.

Chamber.ca launches Business Conditions Terminal

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Good data used in the right way is critical to making sound business decisions. It’s an advantage that many large organizations have had, though the cost of accessing the info has been a challenge for smaller businesses. Until now.
 
The Chamber is pleased to announce a new tool recently released by the Canadian Chamber of Commerce Business Data Lab. The Business Conditions Terminal was developed in collaboration with Statistics Canada, and is available to the public at no cost. More than 2,200 indicators from 30 different data providers are accessible through the terminal to deliver granular, real-time insights to businesses.
 
“We’re helping Canadian companies unlock the power of better business data,” Canadian Chamber Chief Economist Stephen Tapp said. “Most small business owners are too busy running their businesses. They don’t have time to moonlight as forecasters or data scientists. They’re looking for easy to use, easy to understand data tools that quickly give them customized, actionable results for their local region and industry.”
 
Stay on top of shifting economic conditions and better understand new trends as they emerge by utilizing the Business Conditions Terminal.

Relief as inflation slows and economy rebalances

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Good news for everyone feeling the pinch of inflation. Statistics Canada’s latest figures for the Consumer Price Index, released yesterday, show that costs are increasing at a slower pace than they have since August 2021.
 
“Year-over-year CPI growth fell sharply in March, which will likely bring relief to Canadian consumers and policymakers alike,” the Conference Board of Canada said in a news release. “And the outlook for the Canadian dollar may be in better shape in the wake of banking turmoil in the United States. A stronger currency could insulate Canadians from higher import prices.”
 
The slowing rate is a sign that efforts by the Bank of Canada are working. The bank has used its tools to raise interest rates and discourage spending. The effort is expected to contribute to a short-lived recession in Canada this summer. The bank’s forecast is for inflation to fall to 3% by mid-year before eventually getting back to its 2% target next year.
 
Register Now: June 8 at Victoria Conference Centre Bank of Canada’s latest Economic Progress Report

New measures to tackle violent repeat offenders

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Victoria has been chosen as one of 12 hubs in BC for the Repeat Violent Offending Intervention Initiative, announced today by the provincial government.

The initiative will work to “identify cases for investigation and intervention, and provide documentation that will help prosecutors make informed decisions about charge assessments and prosecutions.”

BC Attorney General Niki Sharma said the province is working with the federal government on legislative changes to the Criminal Code to toughen up laws around repeat violent offenders.

The initiative will be supported by the Special Investigation and Targeted Enforcement Program. The program will have a $16 million budget over three years to improve how police agencies share information around cases involving repeat violent offenders.

The province said it is consulting with Indigenous stakeholders to ensure the initiative is culturally appropriate.

Interest rate unchanged as inflation cooling

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Ahead of The Chamber hosting a high-profile visit from the Bank of Canada’s Deputy Governor on June 8, there are signs that high interest rates have done their job.

This morning, the Bank of Canada announced it was holding its overnight rate at 4.5%. It’s the second month in a row the rate has stayed the same after rising eight times since March 2022. The move suggests the bank is seeing the impact of higher interest rates reflected in cooling inflation. The bank is now forecasting inflation to drop to 3% by mid-year and slowly fall to the target rate of 2% by the end of next year.

“Inflation in many countries is easing in the face of lower energy prices, normalizing global supply chains and tighter monetary policy,” stated the bank’s news release. “At the same time, labour markets remain tight and measures of core inflation in many advanced economies suggest persistent price pressures, especially for services.”

The bank will make its next rate announcement on June 7, followed by the release of its latest Economic Progress Report on June 8 in Victoria at an event hosted by The Chamber. See below for more information on this special Business Leaders Luncheon, sponsored by Odlum Brown.

Name change for province’s official opposition party

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British Columbia has a “new” opposition party today. The BC United Party is the new name of the BC Liberal Party after 80% of party members opted to make the change.

The party is led by Kevin Falcon and is not affiliated with any federal party. The change is aimed at avoiding confusion for voters ahead of the next provincial election, which must be called on or before Oct. 19, 2024.

Hoppy Easter from The Chamber!

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Not sure what to do for the Easter long-weekend? Enjoy these egg-cellent ideas to make this Easter relaxing and memorable.

  • Plan a brunch with family or friends
  • Buy a spring bouquet from a local florist
  • Make an Easter basket filled with delicious treats
  • Host an Easter Egg hunt in a local park
  • Make a fun snack — Devilled Eggs and Carrot Cake Muffins perhaps?

 
Whatever your Easter traditions may be, we hope you have a hoppy day while buying Easter supplies locally and sustainably!
 
The Chamber will be closed on Good Friday, April 7, and Easter Monday, April 10.
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Housing plan promises action but light on details

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A high-level plan to disrupt housing supply in BC was announced by the province on Monday.
 
“Even though our province is currently building more housing than ever before, it’s just not enough to meet the need,” BC Premier David Eby said in a news release.
 
The province identified four areas of focus that it says will increase the number of available homes, make them more affordable, help people in need and reduce the appeal of homes as short-term investments.
 
Most of the changes will come after legislation is introduced in the fall, though critics are questioning whether the proposals will inadvertently make housing less affordable.
 
“Everyone agrees that we need more housing supply,” Chamber CEO Bruce Williams said. “There are some positive ideas in this announcement but we’ll need to see more details to know how this will impact things like municipal governance and how realistic the plan is, given the dire need for more skilled workers to build enough homes to meet demand.”

Surveys show long-range optimism in economy

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On Monday, the Bank of Canada released its Canadian Survey of Consumer Expectations as well as its Business Outlook Survey. Both are for the first quarter of 2023.
 
The surveys show that many Canadians are concerned about how high levels of government spending will impact inflation.
 
Consumers are optimistic that costs will come down eventually but are reducing their discretionary spending for the time being. The survey found that low unemployment was giving confidence to workers, though there was some concern about the quality of jobs related to the quantity available.
 
Businesses are planning for sales to grow at a slower pace than the exceptional growth many experienced in the past year. As supply chains continue to normalize, businesses said they expect the prices of their services and products to stabilize.
 
The Chamber is thrilled to welcome the Bank of Canada’s Deputy Governor to Victoria on June 8 to deliver the bank’s next Economic Progress Report. See below for more information.

RBC report on rental housing shows need for more

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A report from RBC shows that Canada’s stock of rental housing boomed in 2022, but demand is expected to grow even faster. “Without a significant boost in rental stock, Canada’s rental housing gap could exceed 120,000 by 2026—quadrupling the current deficit,” the report says. “This will tip the housing market into a greater state of imbalance and drive the optimal vacancy rate of 3% even further out of reach.”

New rental housing is being absorbed by our growing population faster than homes can be built. The report points to increased in-migration and a shift to rental accommodation because of the higher costs of home-ownership.

“The best way to meet current and future demand, as well as provide stability (and hopefully greater affordability) in the rental market is to considerably grow the supply of purpose-built rentals.”

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