More than 550 rental homes that meet affordability guidelines were added to Greater Victoria's housing supply, according to a website that reports on the region's real estate and development sector.
Citified.ca states that 342 of the homes were below-market rentals, including 130 suites in The Dalmatian — a project by Jawl Residental Ltd. that is owned and operated by Pacifica Housing Ltd. About $19 million of construction costs was covered by BC Housing, which will also provide annual operating funding of $1.6 million. The Dalmatian is a great example of innovation led by business with collaboration from the public and non-profit sectors. Citified.ca forecasts 2024 will see record levels of public-sector supported rental units come online. Greater Victoria needs more homes, especially units affordable to the workforce needed by our region's employers. Property owners, check your mail. You can expect to receive your 2024 assessment notice any day now. The assessments reflect market value as of July 1, 2023, and can also be viewed at bcassessment.ca.
“For 2024, most homeowners can expect generally flat values including a mix of small decreases or only modest increases, reflecting the softening real estate market," Vancouver Island Deputy Assessor Matthew Butterfield stated in a news release. "Homeowners throughout Vancouver Island will generally see somewhere in the range of -5% to +5% change in assessment values." Total assessments for Vancouver Island properties were more than $386 billion this year, up about $1 billion from 2023. Assessments are not directly connected to any change in your property taxes, as those are set according to the needs of the municipality your property is in. However, if your property's value changed relative to other properties, you might see a change in your tax bill. In Greater Victoria, every municipality experienced a drop in the assessed value of a "typical home," including the examples below: Never bet against the ingenuity of small business, especially when entrepreneurs and employers work together.
The Chamber was among 240 organizations that sounded the alarm last year about the looming Jan. 19 deadline for the Canada Emergency Business Account. The federal government has committed to reviewing, on a case by case basis, the circumstances of businesses still struggling to pay back their loan. However, the Canadian Chamber of Commerce reports that more than three-quarters of businesses that accessed the loan were able to repay in time. Additionally, a company specializing in small business financing recently announced it has secured $300 million to help businesses that need to refinance their CEBA loans. BC-based Merchant Growth is working with financial advisor Raymond James to help businesses that need to refinance their CEBA loans. "Help is available for businesses who continue to be impacted by the effects of the pandemic and the rise in inflation and interest rates," Chamber CEO Bruce Williams said. "If you're ever facing a situation where you are not sure what to do, please know that The Chamber is here for you and we will do everything in our power to help." The New Year marked the start of new rules for Canada's Pension Plan. The change introduces a second earnings ceiling for middle-income earners making more than $73,200.
For employers, this means changes to the amount they need to withhold for eligible employees. And for the self-employed, the changes impact CPP contributions based on net income. The federal government says the enhancement will increase the maximum CPP retirement pension by about 50% for people who have recently entered the workforce. In 2023, generative artificial intelligence was suddenly everywhere. It's showing up in business software applications, Internet search functions and standalone apps that enable even non-technical users to overcome writing, coding and design challenges.
To help businesses benefit by adopting AI responsibly, the Canadian Chamber of Commerce held an AI Executive Summit on Nov. 22. Among the key themes that emerged were:
The themes will guide the work of the recently formed Future of AI Council, a 30-member forum representing a cross-section of organizations. The council "will play a leading role in advocating for government policies that establish AI as a positive economic force through the responsible development, deployment and ethical use of AI in business." Provincial regulations announced in the summer are set to take effect this month, banning certain single-use plastics in BC. The rules aim to prevent single-use and plastic waste, divert more waste from landfills and keep consumer products working longer.
Starting Dec. 20, businesses can't use:
By customer request only or from a self-service station:
The Chamber supports innovation done by business to meet public demands and reduce waste. We will continue to work with regulators to ensure regulations address the changes already implemented by businesses championing climate action leadership. It ain't over 'til it's over, but there are promising signs that better days are ahead for everyone squeezed by inflation and interest rates.
That was the sentiment of the Bank of Canada, which held rates steady at 5% today, citing a sluggish Canadian economy that's slowing the rise of prices for many goods and services. "Combined with the drop in gasoline prices, this contributed to the easing of ... inflation to 3.1% in October," the bank stated in its media release. "However, shelter price inflation has picked up, reflecting faster growth in rent and other housing costs along with the continued contribution from elevated mortgage interest costs." Most analysts, such as CIBC's Avery Shenfeld and the Conference Board of Canada, said the statement aligned with market expectations that also call for interest rates to begin to drop in mid to late spring. Shenfeld noted the bank no longer considers Canada's economy to be in "excess demand," though today's messaging included a warning that rates could rise again if we don't stay the course. "Governing Council ... continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour," the media release said. They're a common sight in many cities around the world, but will e-scooters find their niche as part of the transportation puzzle facing many BC communities? The province announced today that it will begin a new safety review in April to continue the work of a pilot program that started back in 2021.
In places where motorized scooters are available, they have been shown to reduce the use of larger vehicles while supporting other modes of public transportation. The pilot project was done in 13 BC communities, with Nanaimo the only Island city. The next phase will run for four-years in any BC community that authorizes their use. Those communities will be able to prescribe where electric scooters can be used, subject to new regulations. "During the next phase of examination, the Ministry of Transportation and Infrastructure will lead an ongoing safety evaluation, together with government partners, ICBC and the BC Injury Research and Prevention Unit," the ministry stated in a media release. "This work will complement safety evaluations supplied by communities participating in the review." A slow economy could help Greater Victoria residents finally make the move to a new home within the region. Having that mobility is one of the keys to improving the supply of housing affordable to people at various stages of their careers.
"Local people who planned to sell and move within Greater Victoria may have hesitated to list their homes back when record low inventory meant less choice when they became buyers," Victoria Real Estate Board Chair Graden Sol said in a media release. "Now that we see some balance in the market, these people have more inventory to pick from and may feel more confident listing their existing home. And of course, all buyers are having better experiences with more time and more choice." There were 2,644 active listings for sale at the end of November 2023, a 25.2% increase from November 2022. The benchmark value for a single-family home in the Victoria Core in November 2023 was $1,286,400, down from October's value of $1,305,900. The benchmark value for a condominium in the Victoria Core area in November 2023 was $577,400, down from the October value of $585,600. New housing on campus at the University of Victoria is helping ease pressure on the region's rental market.
A residence opened in September, providing 385 single rooms for first-year students. UVic guarantees on-campus housing to help new students acclimate to university life. A lounge for Indigenous students also opened as part of the multi-stage project, which will add 621 new beds and 162 replacement beds, increasing on-campus housing by 25%. The Songhees Nation gave UVic permission to use lək̓ʷəŋən names for the new buildings to honour the territory on which the buildings stand. The first residence, Čeqʷəŋín ʔéʔləŋ (Cheko'nien House), is named after what is now known as Oak Bay, while Sŋéqə ʔéʔləŋ (Sngequ House) is named after a village located in what is now known as Cadboro Bay. The Chamber has been a vocal advocate for the on-campus housing to help free up rental units for our regional workforce. A report by Deloitte Canada released this week offers an insightful look into how housing plays a direct role in our economic productivity. Specifically, the report examines housing "not entirely governed by the laws of supply and demand."
The report calls this "community housing," which includes co-ops, non-market homes, social housing and lower-cost market rentals. Among the findings is that housing affordability in Canada is at its lowest point since 1990. Canada is also facing a problem with lagging productivity and we need to find ways to boost output without causing inflation to rise. Through its research, Deloitte found adding community housing to a region supports economic development and productivity. Community housing had been a much more prevalent part of home construction until the 1980s. After several decades of little investment in this type of housing, more units are now being built — though they still represent a relatively small share of total stock being added. The Canadian Mortgage and Housing Corporation recently reported that Canada needs 3.5 million new homes by 2030 to achieve affordability. Deloitte's report concluded that government investment in community housing will help meet this demand and boost our economy's potential output growth. "If Canada’s community housing units as a share of total housing units were to increase from 2023 Q2’s level of 5.5% to 7% by 2030 this would require an increase of 371,600 units in Canada’s total community housing net stock," Deloitte's report stated. For BC, this would equate to 50,870 additional units by 2030 — a 42% increase from 2023 levels. Doing so would increase provincial productivity by up to 9.3% adding $25 billion to BC's GDP. After years of flirting with football fans in Atlantic Canada, the CFL is turning its attention to the West Coast. The first Touchdown Pacific game will take place at Royal Athletic Park on Aug. 31 between the BC Lions and Ottawa Redblacks.
“As a lifelong fan of the CFL, I am thrilled to welcome Touchdown Pacific to Victoria," City of Victoria Mayor Marianne Alto said in the news release. "The passionate fans in our community, combined with our historic natural grass stadium, will make this Labour Day contest a classic football match, and a highlight of the 2024 CFL season, with family-friendly festivities beforehand.” The stadium, which serves as the home of the Victoria HarbourCats, will be expanded to hold up to 14,000 fans, including standing room. In 2023, Touchdown Atlantic generated more than $10 million in overall economic impact for businesses and communities in the Halifax region. In Greater Victoria, sports tourism helps drive more than $100 million in visitor spending annually. Destination Greater Victoria and the Greater Victoria Sport Tourism Commission were key in bringing Touchdown Pacific to Victoria. Victoria-Beacon Hill MLA Grace Lore is hosting an online information session on Dec. 4 that is open to Chamber members interested in learning more about Victoria's Community Led Crisis Response team.
The special unit responds to calls involving people experiencing a mental health crisis. It's an alternative to having police attend these calls. Instead, trained health professionals use their expertise to de-escalate the situation and provide needed care. The Chamber supports efforts to make our community safer for everyone. "My office team and I are working with AVI and Canadian Mental Health Association to provide an opportunity for more people in the city to learn about what they do and how to access support, whether for themselves, a loved-one, or someone who they interact with at their business," Lore said. The info session runs 7- 8:30pm, Monday Dec. 4. Email grace.lore.mla@leg.bc.ca for a link to attend the virtual session. The provincial government released its Q2 fiscal update on Tuesday, calling for a smaller deficit than previously forecast. The difference is due to bringing in more revenue from personal and corporate income taxes as well as $358 million in federal funding for wildfire recovery.
BC's Second Quarterly Report now projects a $5.6-billion operating deficit this year, and an improved debt-to-GDP ratio of 17%. Next week, BC's Minister of Finance is scheduled to meet with the Economic Forecast Council to discuss next year's budget, which will be released on Feb. 22. Traditionally, the minister addresses members of the Greater Victoria Chamber of Commerce shortly after budget day. Among other highlights in the Q2 report were:
Watching inflation numbers is a bit like going fishing. Anticipation builds as we approach the latest monthly update on the Consumer Price Index from Statistics Canada. And much like the feeling when you lower your rod into the water, even a subtle sign can feel exciting. The latest nibble to delight inflation watchers happened Tuesday as CPI came in at 3.1% for October. That marks a significant deceleration from 3.8% in September.
Lower gas prices helped lower inflation last month, while mortgage costs and food prices are keeping it higher than the Bank of Canada's target rate of 2%. The Bank makes its next interest rate announcement on Dec. 6, with expectations that it will hold steady before potentially starting to lower rates next spring. The provincial government is seeking feedback for a new museum that will share the history, culture and contributions of British Columbians with South Asian heritages.
“Public input, especially from South Asian communities, is vital to moving forward on this first-of-its-kind museum,” BC's Minister of Tourism, Arts, Culture and Sport Lana Popham said in a news release. Community-designed workshops and an online public survey will begin in early 2024. The South Asian business community has deep roots in Greater Victoria and today more than 10,000 people in our region identify as having South Asian origins. Check out The Chamber's 1863 Project, and provide feedback to the province about the planned South Asian museum at engage.gov.bc.ca. Businesses can begin applying for the $10.5-million Securing Small Business Rebate Program as of Nov. 22.
Eligible organization can receive up to $2,000 for the cost of repairs due to vandalism, and up to $1,000 for prevention measures such as security cameras or gates. Applications are retroactive to Jan. 1, 2023, to help businesses recoup costs incurred this year. The federal government's much-anticipated fall economic statement was released yesterday, Nov. 21. There were few surprises from a government that has little room left to spend and a tepid economic environment to work with.
"(The federal government) followed a highly stimulative fiscal framework following the pandemic, from which they had not significantly withdrawn as the economy hit its capacity in the past two years. That forced the Bank of Canada to apply even more restrictive monetary policy to offset the effects of the government’s stimulative impulses, akin to pushing the brake and gas pedals at the same time," the Conference Board of Canada said in its analysis. "Let us hope that the two policymaking bodies can begin to row in the same direction in the future as inflation pressures subside. Interest rates will likely be coming down next year, but negative federal fiscal balances also need to be pushed back toward neutral territory at a greater pace." There are some positives for business as the statement included proposals to ensure open access to markets, fewer taxes on mental health support and relief for mortgage holders at risk from higher interest rates. The government also earmarked $15 billion for rental home construction, though there are no details on how the funds will deliver 30,000 new units as promised. Consultations have begun on the 2024 federal budget and The Chamber will work with our national network to give members a voice in the process. It's a strange time for the real estate industry, which is a major contributor to Greater Victoria's economy. The winter typically brings a slow down, but high interest rates and uncertainty about the future are chilling activity in our region and across the country.
"Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades," Victoria Real Estate Board Chair Graden Sol said. "The uncertainty around the direction of the Bank of Canada rate announcement in mid-October may have caused some buyers to push their purchasing plans into the future because it was unclear if rates were going to be hiked again or remain stable." VERB said sales were down 15.2% in October compared to the same month last year. Total listings have increased by 25.7% over the same time. Meanwhile, the benchmark value for a single family home in the region's core in October was $1,305,900 — up 3.9% from October 2022. "Greater Victoria typically fares better than many other regions during economic downturns because of our diversity of sectors," Chamber CEO Bruce Williams said. "We have a large public sector, for example, that relies on the services and goods of other industries. What we've seen in the past is that those who can, lend support to those in need. This current situation will pass, but let's remember to exercise compassion and kindness in the spirit of supporting our local economy." The Chamber supports efforts to embrace and learn from Indigenous ways of knowing as an opportunity to add resilience and sustainability to our economy.
A conference set for next week in Toronto promises to raise awareness at a national level. Indigenomics on Bay Street, hosted by Chamber member Indigenomics Institute, bills itself as a "gathering to activate value creation in the $100 billion Indigenous economy." The figure represents the changing landscape of Indigenous wealth and influence on policy and business, as identified in a 2019 study. The conference is open to business leaders looking to advance the knowledge, tools and actions needed to activate economic reconciliation. For more information, go to indigenomicsinstitute.com/events/bay-street. The Online Stream Act was back in the news this week as the federal government gave its final direction to the national regulator about the law covering digital content.
The act is now with the Canadian Radio-television and Telecommunications Commission, which will take years to consult and craft policy to regulate Canada's future broadcasting eco-system. The way media is consumed and distributed has profoundly changed as Canadians embrace streaming services and digital content. The goal of modernizing the Act is to address those changes, though there has been plenty of confusion about what will be regulated. The CRTC said the rules are not aimed at content creators, and they won't apply to your organization's use of social media. Instead, the aim is to update who is considered broadcasters in the modern era. For example, uploading videos to YouTube won't be regulated but companies such as YouTube that broadcast commercial content might be. Check out this article from CHEK clarifying some of the confusing claims about the Act. Chamber member Origen Air's founder and CEO has won a prestigious business award. The Stevie Awards were created in 2002 and have grown to become a coveted prize covering a number of sectors. Origen Air's Susan Blanchet won gold in the Stevie Awards for Women in Business under the category Female Thought Leader of the Year - Business Products.
"Founded in 2019, Origen Air is driven by a deeply personal commitment to improving indoor air quality and well-being," states Origen Air's LinkedIn post announcing the award. "By securing exclusive global distribution rights to genetically enhanced golden pothos plants developed at the University of Washington, Origen Air offers a revolutionary solution for removing man-made toxins from indoor air at an exceptional rate." The Chamber is a strong advocate for innovation led by business as the key to climate action leadership, and we applaud Susan and her team at Origen for their work to make office environments healthier. As we honour members of the armed forces and their sacrifices this Remembrance Day, The Chamber is proud to have a long history of commemorating the soldiers who paid the ultimate price for our freedom.
After the First World War, The Chamber was instrumental in helping create Memorial Avenue along Shelbourne Street. Shelbourne was chosen as it offered enough space to commemorate every soldier from the city who died in the war. Chamber members helped plan the project and business owners rolled up their sleeves to dig holes for the trees. During the Second World War, The Chamber's advocacy focused on supporting the war effort and ensuring local representation on national boards. On Saturday, the Royal Canadian Legion Trafalgar/Pro Patria Branch #292 will open its doors at about noon, following the return of the Colour Party from official ceremonies. The Police Band, Police Chorus and others will perform to honour the memory of fallen soldiers and members of the Armed Forces who continue to serve. The official Remembrance Day service for the province of BC includes a parade along Wharf, Government, Belleville and Menzies streets to the Legislature Grounds. A ceremony will take place at the Provincial Cenotaph in front of the Legislature from 10:30 am - 1 pm. Greater Victoria municipalities are also hosting ceremonies in the region. The Chamber hopes Nov. 11 is a day of reflection and remembrance for all. The Chamber will be closed Monday, Nov. 13. Greater Victoria saw a jump in the value of residential permits in September compared to the same month last year.
The total value of residential permits in September was $203.8 million, compared to $175.9 million in September 2022. The region also posted a 134% jump from August, which saw $87.1 million worth of residential permits issued. Across Canada, the total monthly value of residential permits increased 4.3% to $7.2 billion in September, led by a 37.2% monthly increase in construction intentions in British Columbia. The new building permits account for 21,700 new dwelling units nationwide, 5.6% more than August 2023 and 2.3% more than September 2022. The Chamber is proud to support the work of the Victoria Hockey Legacy Society, organizers of the Scotiabank Hockey Day in Canada celebration happening Jan. 17-20.
Family-friendly celebrations will take place in Victoria’s iconic Inner Harbour, including hockey clinics put on by BC Hockey on an outdoor skating rink, and a festival at Ship Point. “This is a region that loves hockey, and this event gives us a chance to showcase our deep connection to the sport while showing off our spectacular hometown,” VHLS Chair John Wilson said. “We gratefully acknowledge that we are on the traditional truly spectacular territory of Lekwungen speaking peoples — the Songhees Nation and Esquimalt Nation — and let all Canadians know that Victoria is a welcoming place to visit any time of year.” The Victoria Hockey Legacy Society has also partnered with Sportsnet, Scotiabank, Province of British Columbia, Destination Greater Victoria, City of Victoria, Bayview, Helen Edwards Consulting, Fairmont Empress, Chard Development, Jones Marine Group Ltd., Victoria Hyundai and many others to bring this four-day event to Vancouver Island. Highlights include an NHL Alumni Game, opportunities to see the Stanley Cup and more, culminating with a full day of NHL broadcasts hosted from the Inner Harbour by Sportsnet’s Ron MacLean. BC Hockey, local minor hockey and ball hockey associations as well as the WHL Victoria Royals all play an important role in the celebration. One of the legacies of the event will be a state-of-the-art artificial rink by CAN-ICE that will be usable by skaters for years to come. Proceeds from the event benefit the Courtnall Society for Mental Health. |
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