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. The findings of a report released today calculating the cost of living in Greater Victoria is not a surprise.
According to the Community Social Planning Council, the 2023 Living Wage for Greater Victoria is $25.40 per hour. That's $1.11 (4.6%) higher than the 2022 rate of $24.29 per hour. "The Chamber continues to work on helping employers find and keep workers, and one of the biggest challenges for organizations is the impact of labour costs on top of all the other input costs that have gone up over the past year," Chamber CEO Bruce Williams said. "Our members are great employers, but it's not easy passing on higher prices to customers. We need all levels of government to address the root of these rising costs." Annual household expenses for a family of four are up $2,393.29 from 2022. The report, released in partnership with United Way Southern Vancouver Island, cites shelter and food costs as well as non-MSP health expenses for the increase. “Given the pressures of housing and inflation, the rise in the Living Wage is alarming but not totally unexpected,” UWSVI Executive Director Erika Stenson said. “It also provides us — whether we are employers, any level of government, business, or labour—with the incentive to convene and discuss realistic, pragmatic ways to help families in Southern Vancouver Island manage the issues around affordability." The Chamber has joined the Save Our Streets coalition that is raising awareness about the impact public disorder is having on communities across the province.
The coalition wants all levels of government to do better at addressing issues of addiction, homelessness and criminal behaviour that have become increasingly visible in BC's downtowns. Chamber CEO Bruce Williams spoke with CBC Radio this week about what he's hearing from members as well as chambers across Canada. Governments are working on changing the legal system to keep repeat offenders off the street, but the process takes time. There also needs to be a more collaborative approach between all levels of government. "Business people are compassionate and care deeply about their communities, but there is growing frustration with seeing so many people in open distress," Williams said. "We all want to help and we need better solutions than those that aren't working." A Request for Qualifications has gone out for the design and construction of a modern Belleville Terminal. The RFQ will lead to a shortlist for the Request for Proposals to carry out the upgrades to the terminal.
The project has a $303.9 million budgets and is expected to be completed ahead of the 2028 tourism season. The federal government has confirmed $41.6 million for the project. After the upgrade, the terminal will be in compliance with the Canada-U.S. Land, Rail, Marine and Air Transport Preclearance Agreement, allowing passengers to complete the US customs and immigration process in Victoria, prior to disembarking in the United States. The Songhees Nation and Esquimalt Nation will be able to showcase the cultural and geographical significance of the project’s location, and welcome visitors into Lekwungen territory. Travellers spend approximately $174 million annually, generating $268 million in economic output and $155 million in provincial gross domestic product (GDP). "As a gateway to Canada, to British Columbia and to our region, Belleville Terminal serves as a vital connection point for trade and tourism. The Greater Victoria Chamber of Commerce has made the case for modernization for more than 20 years," Chamber CEO Bruce Williams said. "I'm encouraged to see progress being made now. There is an urgency to ensure Belleville can continue to serve as an important border crossing and point of entry, and the time is now for this project to happen." Statistics Canada's latest figures show the nation's August GDP was lower than expected. Real gross domestic product was flat throughout the summer as inflation, international conflicts and climate events continue to drag down many industries.
"The economy is clearly stagnating. With these numbers, you could make the argument that we’re in a technical recession, with the third and fourth quarters now expected to be essentially flat, and weaker than the Bank of Canada’s forecast released last week," Canadian Chamber of Commerce Senior Economist Andrew DiCapua said. "This economic weakness should put a lid on inflation pressures. But we’re dealing with a bit of a mirage, with GDP growth increasingly being fueled by a fast-growing population. That’s concealing a hard truth — that real GDP per person is falling, and poor productivity is expected going forward." Starting last week, all employers in BC will need to include salary or wage information on publicly posted jobs. BC's new Pay Transparency Act takes affect Nov. 1.
The goal is to try to ensure all people are offered the same pay for the same work, and prohibits employers from asking prospective employees about how much they earned in the past. As well, employees can't be punished for disclosing what they are being paid. Large and medium-sized employers must also begin publicly posting reports about their gender-pay gap, based on a phased approach:
Some good news this morning for businesses and households feeling the pinch of higher borrowing costs.
The Bank of Canada kept its target for the overnight rate at 5%, signalling that earlier efforts to cool inflation by slowing the economy are working. Interest rates climbed faster than expected as inflation spiked after a series of global crises. The war in Ukraine, climate events in agricultural areas and disrupted supply chains have been cited for increasing input costs. The central bank said today that it might still raise interest rates further, though some experts say the message is likely more bark than bite. The Conference Board of Canada said that fears of a recession could become a "self-fulfilling prophecy." The Bank of Canada’s recent Survey of Consumer Expectations found that 55% of respondents expect a recession is coming. "It is likely these recession fears are encouraging households to scale back their spending, a finding backed by trends seen in our Index of Consumer Spending and Index of Consumer Confidence," the Conference Board said in its report. "This additional pull-back could give the final nudge to materialize a recession within Canada." Advocacy efforts to extend the CEBA repayment deadline appear to be working. The Chamber and our national network along with many other business organizations are calling on the federal government to give businesses more time to repay without losing the forgivable portion of their CEBA loans.
Chamber Chair Kris Wirk said in a September media release that “The reality facing many small businesses — especially those in hospitality, tourism and retail — is that they have a viable path to making a full recovery but it’s going to take longer than expected.” This week, federal Small Business Minister Rechie Valdez told BNN Bloomberg that she's heard the message and seen the struggles facing businesses firsthand. She promised to go back to government to do more. Under the Canada Emergency Benefits Account, businesses that needed help during the pandemic were offered loans of up to $60,000. Part of the appeal was that one third of the loan would be forgiven if paid by the deadline, which was extended from Dec. 31 to Jan. 18. And while 2024 seemed like a long way off in the depths of the pandemic, unforeseen challenges with inflation and interest rates has kept many businesses from fully recovering. Chamber member Megan Johns, owner of The Green Kiss explained the situation succinctly to CBC, noting that she was on schedule with her CEBA loan until operating costs began to soar faster than her business could grow. "Margins are getting smaller and smaller and smaller due to the rising costs across the board," Johns said. "Every aspect of the business has become more challenging and it is more challenging now than it was in 2020 so far." Kids will fill the streets hunting for sugary treats on Tuesday to celebrate Halloween night, but there is plenty of themed fun to be had be this weekend. Greater Victoria is known as one of the most haunted places in Canada, and this spooky season is the perfect time to experience something new — if you dare! Visit a local pub or nightclub to show off your great costume skills, or have a Halloween meal at a great restaurant before handing out handfuls of candy to trick-or-treaters. Check out Destination Greater Victoria's list of Top 10 Haunted Places in Victoria and Eerie-sistable Halloween Activities in Victoria if you’re dying to see a ghost, and explore famously haunted sites. Spooky stories await at Craigdarroch Castle, Hatley Castle at Royal Roads University, the Fairmont Empress, Rogers’ Chocolates, and many more. If you’re looking to burn off that extra sugar from Halloween treats, check out a local fitness facility, and be sure to recycle your pumpkin at Pumpkin Smash 2023 in the City of Langford on Nov. 4. Whatever you may be up too this Halloween, The Chamber hopes you have a fun (and frightening) time! Chamber members have been calling for a better way to recognize certification gained outside BC. New legislation introduced this week is a step forward, recognizing 29 professions overseen by 18 regulatory authorities.
If the international credentials recognition act passes, the province could have a new superintendent by next summer in charge of fair credential recognition. "We know the stories of highly trained professionals who come to Canada and are only able to find work washing dishes or driving cabs," Chamber CEO Bruce Williams said. "International standards often correspond with provincial standards, so it makes perfect sense to let people who choose to come here continue their careers here. Employers in our region have positions going unfilled and workers are underemployed. Simply put, recognizing international certification will improve this disconnect." The 29 occupations are:
The Chamber strongly supports safe communities. Everyone needs to feel safe at home, at work and in our communities.
Last week, new legislation was introduced to ban the use of illicit drugs from:
The legislation attempts to address concerns raised now that personal possession of small amounts of illegal drugs is permitted. The rule change is part of a pilot program to reduce stigma, cited as a barrier holding people back from seeking help. If passed, the legislation will allow police officers to stop people from using drugs if they don't move to a supervised consumption site or other appropriate area. Last week's announcement by the federal government that it was working with Canada's largest grocers to stabilize food prices is a start. But it will take more than blaming business to bring inflation back to its target rate of 2%.
On Oct. 5, the Minister of Innovation, Science and Industry said grocery store chains were committed to price stability. The government also moved to strengthen the voice of consumers, increase industry transparency and improve available data on Canada's agri-food supply chain. Yesterday, an industry association representing grocers called for a pause on increases to the regulated price of milk. The Canadian Dairy Commission sets changes to the cost of milk that take effect every February. "If government is serious about reducing the price of groceries it needs to look at cutting costs before products get to retailers," Chamber CEO Bruce Williams said. "Government contributes to cost increases when it adds regulatory burdens and increases taxes. We can't expect farmers and other producers to pay for these extra costs which get passed along to the consumer." |
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