Global Uncertainty Archives - Victoria Chamber

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.

Armed Forces funding good news for Greater Victoria

June 18, 2025/in BizNews This Week, Finding And Keeping Workers, Global Uncertainty, Government Federal/by Jim Zeeben

Last week, the Canadian Chamber took part in the federal government’s announcement that Canada is investing in rebuilding our Armed Forces. The move is expected to help the economy, especially in communities such as Greater Victoria that are home to significant Armed Forces infrastructure.

“Canada has a long and proud history of remarkable military and peacekeeping achievements around the world. From NORAD to Operation UNIFIER in Ukraine, to defeating forest fires here at home, Canada’s military personnel have stepped up and defended Canada and Canadian interests in extremely difficult and dangerous conditions,” Canadian Chamber CEO Candace Laing said. “The inclusion of cyber security and year-round Canadian presence in the Arctic as key features reflects the global reality we live in.”

While there was no specific mention of bases such as CFB Esquimalt, the government did promise to improve pay for Armed Forces personnel. More than 4,000 currently are based out of CFB Esquimalt.

Prime Minister Mark Carney said Canada will achieve NATO’s 2% this year — half a decade ahead of schedule – promising more than $9 billion invested in 2025-26.

“In addition to making Canadians and Canada safer amidst rising geopolitical uncertainty, these investments signify that we are serious about securing and protecting our trade relationships and the global supply chains that we play a pivotal role in,” Laing said. “As global threats evolve, so must we. The Canadian business community stands ready to support achieving this vital national mission.”

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