Global Uncertainty Archives - Victoria Chamber

Inflation down but concerns lurk below surface

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

Inflation watchers haven’t had much excitement over the past several months (thankfully), but the April numbers have created a bit of intrigue. Statistics Canada reports the Consumer Price Index rose by 1.7% year over year last month. That’s well within the Bank of Canada’s target rate for maintaining interest rates. However, without the 12.7% discount created by the removal of the carbon tax on fuel, prices for many other goods jumped by an uncomfortable amount.

This makes the Bank of Canada’s June 4 interest rate announcement more complicated, said an economist with TD Bank.

“We had expected the inflationary impacts of tariffs to start flowing through later in the second quarter of the year – the jump in April suggests this could be happening sooner than expected,” TD Senior Economist Andrew Henci said. “With the government of Canada offering a temporary reprieve on some tariffs, and the labour market slowing rapidly, we believe the central bank will have enough space to deliver two more cuts this year – adding a bit more support to an economy quickly losing momentum.”

Chamber hears from Minister about BC’s economic plans

May 15, 2025/in BizNews This Week, Chamber Awareness, Finding And Keeping Workers, Global Uncertainty, Government Provincial/by Jim Zeeben

The Chamber hosted BC’s Minister of Jobs, Economic Development and Innovation, Diana Gibson, yesterday at the Union Club of BC.

Minister Gibson spoke about the province’s efforts to build a resilient economy in the face of uncertain trade relations with the United States.

“It was a valuable opportunity to speak with the Minister directly and pose questions on behalf of Chamber members,” Chamber CEO Bruce Williams said. “It’s important to understand what the government is trying to do, but it’s just as vital that government knows what business needs it to do.”

The event was moderated by Williams and South Island Prosperity Partnership CEO Aaron Stone.

The JEDI Ministry’s role is to support BC’s tech sector as well as small businesses, while providing economic development and promoting the province to international investors.

“One of the big tasks on their plate right now is working with the federal government and other provinces to increase free trade within Canada,” Williams said. “Prime Minister Carney has promised this will happen by Canada Day so the clock is ticking for provinces to reach agreements that make it easier for businesses to sell products and services more efficiently across our borders.”

A chance to hear firsthand about BC business growth

April 30, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Global Uncertainty, Government Provincial/by Jim Zeeben

The economic uncertainty caused by threats of an escalating tradewar as well as a change in Canadian leadership has not been good for most businesses.

As some of the shifting settles, many Chamber members want to know what these changes will mean to them. And some of the most direct impacts on business success are related to the regulations and taxes imposed by the province.

“We’re grateful that BC’s Minister of Jobs, Economic Development and Innovation has agreed to speak to Chamber members next month,” Chamber CEO Bruce Williams said. “This is a ministry that interconnects with businesses in many ways, and it’s important for the minister to understand the concerns and challenges facing our members.”

Minister Diana Gibson is speaking at the Union Club of BC from 11:30 am to 1 pm, on May 13. Topics include the province’s plans to work with the new Prime Minister on eliminating barriers to interprovincial trade. The Minister will also address the future of the EHT, plans to improve downtown safety and how government will reduce red tape to help businesses grow.

Federal election shifts local political landscape

April 30, 2025/in BizNews This Week, Business And Economic Strength, Global Uncertainty, Government Federal/by Jim Zeeben

Greater Victoria’s federal landscape is a little more colourful after Monday’s election saw the Liberal Party of Canada return to power.

Our region elected two members who will be part of the new government. In Victoria, Liberal candidate Will Greaves picked up 54.3% of ballots to beat the NDP incumbent Laurel Collins, who earned 24.9% of votes. In Esquimalt-Saanich-Sooke, Stephanie McLean won the riding for the Liberals with 49.2% of votes.

“We look forward to working with these new members of government to bring investment to Greater Victoria,” Chamber CEO Bruce Williams said. “We also congratulate Green Party co-leader Elizabeth May for her re-election in Saanich-Gulf Islands, and we welcome Conservative Party candidate Jeff Kibble, who was elected in Cowichan-Malahat-Langford.”

With red, blue and green ridings, our region promises to be a dynamic representation of the country. Currently, the Liberals have a minority government with 169 seats with the Conservatives forming the opposition with 144 seats. May represents the Greens only seat.

The NDP, who represented six of the seven Island before the election, were reduced to one on Monday.

Nationwide, the Liberals are three seats shy of a majority and will likely need to reach a deal with another party to form a minority government.

Chamber stands with grieving Filipino community

April 30, 2025/in BizNews This Week, Global Uncertainty, Safe Communities/by Jim Zeeben

The tragic incident in Vancouver last Saturday left all of us shaken, especially those of us with roots in the Fillipino community.

“We are all processing the tragedy at the Lapu Lapu Festival in Vancouver,” Chamber CEO Bruce Williams said in a statement shared on social media. “The Greater Victoria Filipino Community is vital, generous and connected to every corner of our neighbourhoods across this region. The hearts and support of our Greater Victoria Chamber of Commerce members, board and staff are with you. Now and always.”

The provincial government has books of condolence for members of the public to express their sympathies and messages of support. One book will be in the Hall of Honour at the Parliament Buildings, and will be accessible from 8:30 am to 4:30 pm, from now through May 2. An online condolence book is also available until May 5.

Chamber championing ferries’ future resonates with Island communities

April 30, 2025/in BizNews This Week, Chamber Awareness, Climate Change Solutions, Finding And Keeping Workers, Food Security, Global Uncertainty, Government Provincial, Transportation Options/by Jim Zeeben

The Chamber’s efforts to bring a business perspective to the future of our most vital transportation link has captured the attention of policy makers and business associations on the Island and across BC.

A letter penned by The Chamber on behalf of 20 organizations was sent to BC Premier David Eby last week. The letter makes the case for revisiting the recent decision by the BC Ferries commissioner to only approve four new vessels instead of the five required to meet demand.

The request was picked up by media during an interview with the Premier, who agreed that the vessels are needed.

“I think we need boats that are going to be able to serve the public well into the future here in British Columbia,” Eby told reporters. “It’s critical for commerce, for tourism and as the Island Highway for so many families and businesses.”

The Chamber supports efforts to reduce costs faced by taxpayers, and is grateful the provincial government has heard our calls to invest in ways that grow the economy for everyone. The attention on the issue has also raised the potential for federal funding to be part of the solution.

“Affordability is about more than just fares and yet there’s nothing that requires the commissioner to apply that lens,” Chamber CEO Bruce Williams wrote in the letter about the need for infrastructure that drives business, industry and tourism.

Read The Chamber’s column

Uncertainty sparks rate pause by Bank of Canada

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

After seven straight interest-rate cuts buoyed the spirits of businesses and individuals managing debt, it seems economic uncertainty has become a double-edged sword.

The Bank of Canada announced today that its target rate will remain at 2.75%, after inflation came in at 2.3% in March.

The reasoning for the pause was to provide a buffer for the future, which, ironically, had also been cited as a reason to continue to reduce rates. Lower interest rates spur consumer and business spending — good if we’re facing a downturn — but lower rates could also cause inflation to increase, which would be bad.

“Monetary policy cannot resolve trade uncertainty or offset the impacts of a trade war,” the Bank said. “What it can and must do is maintain price stability for Canadians.”

The Bank’s Governing Council said risks to the Canadian economy include:

reduced demand for Canadian exports
lower business investment, employment and household spending
and cost increases being quickly passed on to consumers.

Canada escapes crosshairs as US takes aim at foreign trade

April 2, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty, Government Federal, Inflation And Rising Costs/by Jim Zeeben

Businesses watching today’s tariff announcements from the US administration can be forgiven for feeling more confused than ever. Canadians have been coping with economic anxiety for months due to threats of broad-based tariffs and other measures.

However, on the day that US President Donald Trump promised to unveil his master economic plan for world trade, Canada was barely mentioned.

“At this point, I don’t think anyone is surprised that today’s announcement did not provide a lot of clarity,” Chamber CEO Bruce Williams said. “We’ll take some time to analyze what official information is available and what it means for Greater Victoria.”

The initial impression is that Canadian goods under CUSMA will not face tariffs, while goods not covered will have a 10% tariff. It’s also not clear how Canada’s auto industry will actually be affected by a tariff on foreign auto makers.

Greater Victoria’s economy is among the least exposed Canadian cities when it comes to exporting. However, the sabre rattling that comes with talk of a tradewar creates uncertainty, which can bog down business.

“We will get through this, as we have every other crisis in the past, by supporting each other and our communities any way we can,” Williams said. “If there is a silver lining, we do have certainty that we have work to do to build the nation we want. We need an economy that is resilient and sustainable.”

To hear more about how the Canada-US relationship affects our region’s economy, register now for The Chamber’s AGM and panel discussion on April 15.

Consumers get break as BC eliminating carbon tax April 1

March 26, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Climate Change Solutions, Global Uncertainty, Government Federal, Government Provincial, Inflation And Rising Costs/by Jim Zeeben

Energy costs are set to go down starting April 1 as the province announced yesterday it will make good on its promise to eliminate the consumer carbon tax after the federal government promised to do the same.

BC’s tax adds about 17 cents per litre at the gas pump, and 15 cents per cubic metre of natural gas.

“The Province will continue to act on the commitment to battle climate change by ensuring people in British Columbia have affordable options to make sustainable choices and by encouraging industry to innovate,” the BC Ministry of Finance said in a statement.

Eliminating the tax will help businesses and individuals facing increasing costs and economic uncertainty due to the threats of tariffs and tradewar with the US.

The latest news on the tradewar is a 25% tariff on the auto industry imposed today. The action is expected to increase the cost of vehicles and cause generational chaos to automakers on both sides of the border.

The national Chamber network continues to work on mitigating the threat of tariffs. This week, the Canadian Chamber released a report on US cities that are the most export-dependent on Canada.

Whoa Premier! Proposed power grab needs a rethink

March 19, 2025/in BizNews This Week, Chamber Awareness, Fair Rules, Global Uncertainty, Government Provincial/by Jim Zeeben

The Chamber takes pride in working well with any government, regardless of their political stripes. However, there are times when decisions are announced that leave us shaking our heads. The latest, or at least most egregious, was the surprise introduction of Bill 7 last Friday.

BC Premier David Eby claimed the legislation is needed in order for the province to respond to the tradewar with the US. The proposed law has been derided as the Henry VIII clause because it would give the Premier’s Office a vast overreach in its powers.

“Businesses are anxious enough without our own province introducing something that many see as autocratic,” Chamber CEO Bruce Williams said. “We’ve reached out to partner organizations around the Province to figure out a response. Hopefully, cooler heads will prevail and the province will step back from this legislation.”

Bill 7, if passed, would give Eby broad powers without the need to be accountable to the elected legislature.