Global Uncertainty Archives - Victoria Chamber

Business confidence wobbly as uncertainty lingers

October 22, 2025/in BizNews This Week, Business And Economic Strength, Global Uncertainty/by Jim Zeeben

Economic uncertainty linked to ongoing trade talks between Canada and its largest trading partner continues to weigh on the minds of businesses.

The latest Business Outlook Survey, released this week by the Bank of Canada, found that most businesses are waiting for clarity about the future before investing in their organization. Confidence is slightly higher than in early 2025, after the US administration first rolled out its shift to a tariff-based approach to global trade.

“Ongoing concerns of a recession are offsetting the continued gradual improvement in business sentiment, leaving firms’ outlooks and plans largely unchanged, on balance,” the survey states. “Measures of both business activity (including sales, investment and employment) and capacity continue to weigh negatively on the BOS indicator, reflecting ongoing soft demand and cautious planning.”

New SIPP report says Greater Victoria at a crossroads

September 24, 2025/in BizNews This Week, Business And Economic Strength, Fair Rules, Finding And Keeping Workers, Global Uncertainty, Housing/by Jim Zeeben

A report released this week offers a path forward for a regional economy that is spinning its wheels in some sectors.

The South Island Prosperity Partnership offers a series of recommendations to overcome stagnation and reach our potential in Igniting Momentum, a 105-page report that came out of its Rising Economy Taskforce.

“The stakes are too high for business as usual in Greater Victoria,” the report concludes. “The evidence is clear: affordability pressures, productivity gaps, essential-worker shortages and external shocks are converging. But so are our advantages: world-class research, a thriving tech ecosystem, ocean and climate leadership, strong public anchors, entrepreneurial grit and a quality of life that draws talent from around the world.”

The Chamber helped contribute to the report’s findings, which align with much of the work the Chamber continues to do to attract investment and support our community.

“Greater Victoria is at a crossroads. Without bold, immediate action, we risk losing the talent, businesses and vibrancy that sustain our economy. Governments at all levels must do more to coordinate with the private sector to help ensure businesses can succeed,” Chamber CEO John Wilson said. “As BC’s second-largest metropolitan area, we can’t wait any longer. The Chamber promises to work with our members and partners across the region as the voice of business to address social challenges, increase access to skilled workers and grow our regional economy in ways guided by innovation, inclusion, and resilience. The time to act is now — to build a safer, stronger, and more prosperous Greater Victoria for everyone.”

Borrowing costs drop as Bank of Canada cuts rate

September 17, 2025/in BizNews This Week, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

As expected, the Bank of Canada lowered its policy interest rate by 25 basis points, bringing it to 2.5%.

The news follows yesterday’s report from Statistics Canada showing inflation remains stable, coming in at 1.9% in August.

The Conference Board of Canada said a weakening economy makes the cuts appropriate, especially as we have so far avoided the rising costs that many feared would result from US tariff announcements.

“Up to now, inflationary concerns about the trade dispute with the US have largely been evaded,” the Conference Board said. “Looking ahead, we’re cautiously optimistic that this trend will continue, and that inflation will continue to moderate. On Sept. 1, the federal government removed retaliatory tariffs on $44 billion worth of goods which have been in place since March. The removal of these tariffs will take away some upward price pressure and has instilled further confidence in the Bank’s decision to cut its key policy rate today.”

Minister meets with Chamber to hear about business issues

September 17, 2025/in BizNews This Week, Chamber Awareness, Chamber News, Global Uncertainty, Government Provincial, Hospitality And Tourism Rescue And Recovery, Safe Communities, Training And Microcredentials, Transportation Options/by Jim Zeeben

The Chamber would like to thank BC’s Minister of Post-Secondary Education and Future Skills, Jessie Sunner, for meeting with members of Greater Victoria’s business community today.

The Minister had lunch with Chamber members and staff after a tour of Camosun College‘s Interurban Campus. The meeting was a welcome opportunity to hear about the province’s plans to address ongoing challenges in BC, and hear from businesses about the value of supporting local education as well as urgent issues facing Greater Victoria.

Members from the post-secondary sector as well as aviation, hospitality and transportation industries spoke candidly with the Minister about actions they would like to see happen.

“We spoke about investing in trades training, and we also spoke about the crisis happening in downtown Victoria, and the need to not damage businesses there,” Chamber CEO John Wilson said. “Yes, this is a complex problem that involves all levels of government, but that is precisely why we need all levels of government to listen to business.”

Policies like a Canada-wide restriction on foreign workers or allowing downtown Victoria public sector offices to remain vacant have ripple effects that hamper the ability of businesses to operate.

Without the vibrancy that businesses create everyday, there’s a real risk we’re hollowing out an invaluable economic engine for our region.

FortisBC President and CEO shares insights with business

September 10, 2025/in BizNews This Week, Business And Economic Strength, Global Uncertainty/by Jim Zeeben

The head of one of BC’s largest regulated utilities offered some sage advice to more than 90 business and community leaders yesterday at the Hotel Grand Pacific.

Speaking at The Chamber’s Business Leaders Series event, FortisBC President and CEO Roger Dall’Antonia said it’s important to depoliticize decisions that could affect a business for years or even decades.

“The thing that is unique for the business community right now is we’re dealing with geopolitical issues that have far-reaching implications,” Dall’Antonia said, noting that projects that create real benefits for customers will be acceptable to whatever political party holds office.

This is especially critical for massive infrastructure investments that need to be planned and built over multiple election cycles.

By focusing on understanding the direct and indirect impacts of government polices, businesses can make their case objectively.

The event featured a direct dialogue between engaged audience members and Dall’Antonia, a dynamic and entertaining speaker.

“I’d like to thank FortisBC and our event sponsor Coldstar Solutions for making this event possible,” Chamber CEO John Wilson said. “I also encourage all Chamber members to reserve their seat now for our next BLS event. These are great opportunities you don’t want to miss.”

Inflation holds steady despite ongoing tradewar risks

August 20, 2025/in BizNews This Week, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

So far, so good.

The latest numbers from Statistics Canada show inflation remains well within target range, raising the possibility of a further interest rate cut next month.

“This is a positive inflation report on many fronts as price pressures ease for goods and services,” Canadian Chamber principal economist Andrew DiCapua said. “Sticky core measures in July may put progress at risk, but if this momentum continues, we could see the Bank of Canada move rates lower in September. Time will tell if tariffs are feeding through consumer prices, but there are some upward trends on food and durable goods products that could tilt the scales as the effects of tariffs are realized.”

The Consumer Price Index rose 1.7% on a year-over-year basis in July, down from a 1.9% increase in June.

“Prices for gasoline led the slowdown, falling 16.1% year over year in July, following a 13.4% decline in June,” Statistics Canada’s report said. “Excluding gasoline, inflation rose 2.5% in July, matching the increases in May and June. Moderating the deceleration in July were higher prices for groceries and a smaller year-over-year decline in natural gas prices compared with June.”

Curious how LNG could impact Greater Victoria?

August 20, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Climate Change Solutions, Global Uncertainty, Housing, Indigenous Business Support And Reconciliation, Inflation And Rising Costs, New And Established Businesses, Streamlined Regional Regulations, Transportation Options/by Jim Zeeben

Natural gas has a long history as a game-changing source of energy. From the old slogan, “Now you’re cooking with gas” to recent proposals aimed at boosting BC’s economy and helping wean the world off coal, LNG has made plenty of headlines.

Chamber members have a chance to dig deeper into those stories and others when we host FortisBC President and CEO Roger Dall’Antonia. The event, sponsored by ColdStar Solutions, runs Sept. 9, from 11:30am to 1 pm, at the Hotel Grand Pacific.

Dall’Antonia will speak about the latest efforts to grow the industry, the impact investing in natural gas will have on provincial revenue and the opportunities available in Greater Victoria.

If you have questions about FortisBC and our province’s energy sector, please send them to communications@victoriachamber.ca. We’ll select those that help inform conversations about our region and get the answers at the event directly from one of the province’s foremost experts.

Reserve your seat now for the Chamber’s next Business Leaders Luncheon, and make the most of this chance to connect with top movers and shakers in our business community.

Reserve Your Seat

Chamber applauds move to keep trade talks on track

July 2, 2025/in BizNews This Week, Global Uncertainty, Government Federal/by Jim Zeeben

Businesses are looking forward to the economic certainty that should come out of a new trade deal between Canada and the US.

The two nations are at the table now and are aiming to strike a deal before the end of the month.

On Sunday, Canada played a bargaining chip that will help Canadian businesses and consumers while also giving the US administration something to share with its followers.

“As the Canadian Chamber of Commerce has argued since the beginning, the decision to eliminate the DST makes sense,” Canadian Chamber Vice President of Government Relations David Pierce said. “This tax would have fallen on Canadian consumers, businesses, and investors in the form of higher costs and hurt our economy at a critical time. And removing it moves us one step closer to a renewed, reliable trade deal … that will help to secure and grow the already incredible $3.6 billion of trade a day between our countries.”

Inflation stays stable in May, reflecting slow economy

June 25, 2025/in BizNews This Week, Business And Economic Strength, Global Uncertainty/by Jim Zeeben

The Consumer Price Index rose 1.7% on a year-over-year basis in May, matching the 1.7% increase in April, Statistics Canada said.

Compared to the same month last year, slower paced increases to rent and a decline in travel tours put downward pressure on inflation this May.

“After last month’s uptick in core inflation some giveback was expected. The labour market remains soft and tepid domestic demand growth should keep a lid on inflationary pressures,” TD Director and Senior Economist Andrew Hencic said. “As has been the case this year, the outlook is heavily dependent on how trade negotiations evolve, but we believe that the soft economic backdrop should give the BoC space to deliver two more cuts this year.”

Report calls for changes to ease port labour disputes

June 18, 2025/in BizNews This Week, Food Security, Global Uncertainty, Government Federal, Transportation Options/by Jim Zeeben

The federal government has released a report on Canada’s West Coast ports, including recommendations to protect critical supply chains.

The Industrial Inquiry Commission on West Coast Ports found that changes need to be made to reflect the increasing importance of global supply chains on our economy.

“The strain on Canada’s supply chains has been compounded over recent years by repeated labour disruptions, resulting in 2023 holding the unfortunate record of most working days lost since 1986,” Canadian Chamber Vice-President Pascal Chan said. “As our economy contends with a productivity crisis, Canadian businesses cannot afford these continual major trade infrastructure shutdowns that prevent them from reliably delivering the goods.”

The impact of recent labour disputes has had serious implications on Greater Victoria and Vancouver Island, as we are dependent on the flow of goods for our food security as well as many of our livelihoods.