Funds announced today will provide on-campus housing for Camosun College students at the Lansdowne campus.
"This is something that The Chamber has long advocated for, and we're happy to see funding finally made available," Chamber CEO Bruce Williams said. "Building housing for students will open up affordable homes in the community. This is a smart solution to the housing crisis and will help people who face challenges finding a home in our region." The $154.7 million six-storey building is expected to be ready by fall 2027 and will house 423 students in single, studio and quad-unit types. The building will be constructed using mass timber, targeting LEED Platinum Standards. Camosun is contributing $3 million to the project, with the rest of the funding coming from the province. “On-campus housing brings various social, academic and personal benefits, including greater retention rates, while freeing up rental spaces in the surrounding communities,” Camosun College president Lane Trotter said. Greater Victoria's diversified economy plays an important role in helping our region sustain downturns in the global economy. A great example is the tech industry, which thrived during the pandemic and now creates an economic impact of $7.9 billion.
The latest figures were announced last week in a report commissioned by the Victoria Innovation, Advanced Technology and Entrepreneurship Council (VIATEC). The sector has grown by 51% since 2017 and now supports more than 20,000 employees. The report found that lifestyle was the top advantage for being located in Greater Victoria, followed by our climate and short commute times. The biggest challenges facing tech businesses are a lack of affordable housing for staff, our region's high cost of living in general and our limited talent pool. VIATEC started as The Chamber's Advanced Technology subcommittee before becoming its own organization in 1989. Canada's economy made a significant shift last month when the Bank of Canada dropped its interest rate for the first time in four years. Now the Bank's governor is saying he and his central bank peers are navigating a new world.
"We’ve also learned some lessons from the post-pandemic inflation, and we will take these to heart," Tiff Macklem told the International Economic Forum of the Americas on June 12. "But the challenges of the future are rarely the same as those of the past. Supply shocks are more likely in the future. New technologies not only have the potential to increase prosperity but also to disrupt. Interest rates may be easing in many economies, but global interest rates are unlikely to return to pre-pandemic levels. The new normal won’t be the old normal. And if we’re not going back, we’ll all need to adjust." Macklem said supply-side economics, inflation as a common enemy and public trust in the banking system are the biggest lessons learned from the past four years. The Bank's next interest rate announcement is set for July 24. Pay equity is one of the keys to unlocking productivity in our workforce, and vital for helping employers find and keep workers.
In 2023, British Columbia introduced the Pay Transparency Act to formalize a system for employers to ensure employee compensation was not being influenced by gender. Women in BC earn 17% less than men, based on median hourly wages. The disparity is higher for Indigenous, racialized and newcomer women. The province recently launched an online reporting tool for BC employers to prepare pay transparency reports, which are a legal requirement. By Nov. 1, all B.C. employers with 1,000 or more employees are required to prepare and post reports about their gender-pay gaps. The requirement has been introduced in stages to give employers time to prepare.
Drawing on data from Statistics Canada and pay transparency reports posted by employers last year, the province's first annual report provides an overview of the gender pay gap in BC by sector, employment type and intersectional identities. There are two stories being told about downtown Victoria, says a new analysis released this morning by the Downtown Victoria Business Association.
With 5% more business licences issued, and tourism and industry thriving, the DVBA's 2024 Annual Report says the numbers show the region's downtown is enjoying economic growth. However, there is also a growing sense of unease — a survey found almost 20% of businesses believe downtown is failing. "That is the highest percentage since we began surveying members," the DVBA report states. "It is alarming." More than two thirds of all people who patronize downtown come from within Greater Victoria, which means that the entire region has a role to play in the narrative of this important neighbourhood. "The Chamber strongly supports downtown and the work of the DVBA and the City of Victoria to make the area vibrant and safe," Chamber CEO Bruce Williams said. "We are a regional chamber but we will continue to call on all levels of government to invest in the infrastructure and services needed in downtown Victoria." A new tower that will create a notable landmark for people entering Greater Victoria's core has been approved by District of Saanich council.
The 24-storey apartment building will house 318 rental units on the corner of Carey Road and Ravine Way. A residential building on the site was part of the original proposal for Uptown. The new building will also include commercial space and cycling amenities. Saanch has a long-range vision for transforming the neighbourhood into a central hub that will become the heart of the municipality. The Business Expectations Index has moved into positive territory for the first time in a year. The index rose 2.7 points in the second quarter of 2024 from the first quarter, led by an improved outlook for sales.
Some of the key findings include:
On Saturday, the province's minimum wage increases from $16.75 to $17.40 an hour.
BC continues to have the highest minimum wage among Canadian provinces. "First, we acknowledge that times are challenging — especially for people trying to make a living while earning minimum wage," Chamber CEO Bruce Williams said, noting that many Chamber members already pay higher than minimum wages. However, increasing the cost for employers and businesses will result in higher costs for goods and services. Businesses set prices based on their costs, including payroll. Linking minimum wage to the outsized inflation of recent years is out of step with today's economy and the pressures faced by recovering businesses. "Increasing minimum wage by almost 4% creates a more challenging environment for businesses in BC, especially compared to Alberta where the minimum wage is now $2.40 less," Williams said. "It doesn’t take a rocket scientist to see that adding expenses is not the way to attract employers to our province." And with fewer employers, there is less competition for employees — driving down their earning potential. "No one wins when businesses leave because they can’t afford to operate here," Williams said. "The best thing government can do is reduce the cost for entrepreneurs and the private sector. We want the economy to grow and lift everyone by enabling employers to hire more people and pay them competitive wages." More homes.
That's the simple answer to so many of the complex challenges affecting our economy — from attracting and keeping workers to providing shelter for people camping on city streets. The Chamber consistently advocates for policy changes and investment that will boost our housing supply. And we applaud the latest announcement this week that sees a pilot Building Permit Hub begin operations in select regions of the province, including in the City of Victoria and the District of Saanich. The online tool is expected to be available at the local level this summer. The goal is to streamline and standardize local permitting processes that can be complicated and delay home construction. "This new one-stop shop for local building permits will reduce red tape for homebuilders, local governments and First Nations, and ultimately save money, speed up construction and help people get into homes faster,” BC Premier David Eby said in a news release. The new hubs:
The Chamber is working to engage with members and our partner organizations to make sure the voice of business is heard on proposals that will impact traffic in downtown Victoria.
The City of Victoria is looking at extending dedicated bus lanes along Douglas Street, potentially reworking the busy corridor to focus on transit. The idea would take more than a year of study before returning to council. Chamber CEO Bruce Williams told the Times Colonist that making transit more convenient is a good thing. Giving commuters an option other than single occupancy vehicles will help with congestion and emissions. However, changing downtown streetscapes will require consultation with businesses that could be impacted by changes to traffic patterns and potential loss of parking spaces. "We don't want to deter people from going downtown to shop, enjoy a meal or have some fun in the city," Williams said, noting that any transportation plan for the city needs to consider how convenient it is for people travelling from neighbourhoods outside downtown Victoria. One proposal — also in the early stages — is to look at developing a new parkade near north Douglas to allow people to park close to downtown and then walk into the compact central core. If you haven't yet taken the Vital Signs survey, you have until May 31 to contribute to the Victoria Foundation's annual community check-up.
This is the 19th year that the survey has asked people for their take on key issues that affect quality of life in our region. Topics include housing, living standards, health and wellness, arts and culture and more. Taking the survey also gives you a chance to win a $100 gift card to Country Grocer. The short form of the survey takes about 10 minutes to complete, and the long form takes 20 minutes in total. Make sure to circle June 5 on your calendar after Statistics Canada's latest figures show inflation continues to slow down. The Consumer Price Index for April rose by 2.7%, compared to 2.9% in March. If you take gas prices out of the equation, the CPI was actually down to 2.5% in April.
"April’s CPI report adds weight to the thesis that interest rate cuts will begin in June," the Conference Board of Canada said about the Bank of Canada's next interest rate announcement on June 5. "On balance, signs suggest that June remains 'within the realm of possibilities' for the Bank’s first rate cut." Sticky inflation and high interest rates discourage investment, slowing the economy and adding to uncertainty. Does your business provide products or services needed for the Belleville Terminal Redevelopment Project?
Infrastructure BC is hosting an in-person business-to-business networking event on June 25 for contractors, suppliers and businesses who might be interested in working with the project's shortlisted proponent teams. The event also allows prospective proponents to enhance their knowledge, understanding and awareness of local services and build relationships with local contractors, suppliers and businesses. The Belleville Terminal Redevelopment Project involves the demolition of the existing FRS Clipper Terminal infrastructure and the construction of a new consolidated preclearance terminal building. The new facility will have modern border security standards that abide by the Land, Rail, Marine, and Air Transport Preclearance Agreement between Canada and the US. Construction is scheduled to commence in early 2025 with the new terminal completed and operational by 2028. For more information, email [email protected]. Register Internationally renowned author Alice Munro died yesterday. She was 92.
The Canadian icon married Jim Munro in 1951 and the couple opened Munro's Books in 1963 on Yates Street. The store moved to its current neo-classical building on Government Street in 1984. Alice and Jim divorced in the 1970s, and Jim passed away in 2016, after helping transform Munro's Books into a landmark Victoria business that is treasured by locals and visitors alike. Although Alice never worked at the store's current location, it has been a place of pilgrimage for her fans. The store currently has a display in her honour to commemorate her passing. Alice won a Nobel Prize for Literature in 2013 and was renowned for her mastery of the short story genre. The Greater Victoria Public Library has also released a reading list titled Remembering Alice Munro. The 2024 Greater Victoria Business Awards were presented Tuesday, May 7, in front of an audience of 400 at the Lecture Theatre in the Victoria Conference Centre.
“It was an exhilarating celebration, and an exciting opportunity to shine the spotlight on Greater Victoria’s business community,” said Chamber CEO Bruce Williams. “When we showcase the finalists, there is always so much emotion in the room. I encourage everyone to check out their inspiring videos, which are available on our website and our social media channels.” The recipients distinguished themselves across 14 Business Award categories, including outstanding customer service, sustainable business practices, emerging businessperson and innovation. An independent panel of prominent business leaders chose the finalists from a wide range of entries. The prospect of home ownership for younger Canadians has a direct connection to their ability to tap into the "bank of mom and dad," Statistics Canada stated in a report released today on Intergenerational Housing Outcomes in Canada. The report said that expensive urban markets such as Victoria, Vancouver and Toronto had a higher proportion of "co-signed" mortgages involving people born in the 1990s and their parents.
"Parents' housing wealth was associated with higher property values for their children, especially in Toronto, Kelowna, Vancouver and Victoria. In these cities, children whose parents were at the top of the housing wealth distribution owned properties that were on average 29.6% to 37.4% more valuable than properties owned by people whose parents were at the bottom of the housing wealth distribution," Statistics Canada said. "These results suggest that parental property ownership affects not only children's ability to access home ownership as adults, but also the value of the properties they own and, therefore, their ability to build up greater home equity and financial assets." It's been the hot-button topic for so long, it's easy to forget just how much inflation has forever changed the cost of household budgeting.
An online tool can help track exactly how much individual goods have changed in price. The Average Retail Food Prices Data Visualization Tool is helpful to show the price increase or decrease for 105 typical grocery items. For example, the cost for one kilogram of chicken breast in BC was $18.18 in March compared to $16.71 a year earlier. Meanwhile, a 454 gram block of butter was $6.08 in March — down from $6.45 in the same month in 2023. In BC, the item that saw the largest increase in price over the last year is infant formula, which is up 24% year over year. It's not everyday that your breakfast conversation includes a candid discussion with BC's Premier about the major challenges facing business in Greater Victoria.
That was the experience yesterday for 300 people at the Victoria Conference Centre as they were able to nourish their bodies while feeding their minds. After speaking about the government's plans to support the private sector and grow BC's economy, Premier David Eby engaged in a lively discussion with Chamber CEO Bruce Williams about topics submitted by Chamber members. Community safety is top of mind for many people, and the Premier acknowledged the province is trying to find a solution for challenges facing governments around the world. The recent move to ban drug use in public spaces is an example of how government reversed course on a policy that wasn't working as intended. The long-term solution is complex, with Eby noting that a continuum of care is required for people experiencing homelessness rooted in mental health or addiction. Other topics included the province's plan to avoid disruptions to ferry sailings this summer — something that happened with alarming frequency last year — and how the province can reduce obstacles for builders so that they can increase housing supply. "The morning flew by and we could have easily kept talking all day," Chamber CEO Bruce Williams said. "I'm grateful for the Premier's time and for everyone who chose to enjoy breakfast with us. We'll keep the dialogue going between business and government and work together to find innovative solutions to the challenges facing our community." It's an election year in BC and The Chamber is working to provide opportunities for the province's main political parties to speak with the Greater Victoria business community. On Tuesday, Premier David Eby, leader of the BC NDP, spoke at a breakfast hosted by The Chamber for 300 community leaders.
On June 6, The Chamber hosts the leader of the Official Opposition, Kevin Falcon. Details about the event will be available soon. Falcon leads the BC United Party, which was formerly known as the BC Liberal Party though they represented the conservative side of the political spectrum. "The Chamber is non-partisan but we have a long history of supporting democracy," Chamber CEO Bruce Williams said. "We know BC politics can seem divisive and even confusing, but we believe hearing directly from those who seek to represent us is the best way to help voters understand what candidates stand for." Watch for more details about upcoming events ahead of the provincial election in October. On Tuesday, the provincial government released the next round of municipalities facing scrutiny to ensure they are helping increase BC's housing supply.
The next 20 priority municipalities include the following in Greater Victoria:
The first list, released last spring, included the City of Victoria, the District of Saanich and the District of Oak Bay. Each community receives a target number of total units that are expected to be built within a specific time-frame. The targets for the latest communities will be made public this summer. "The Chamber supports efforts to increase housing supply and we continue to advocate for all levels of government to smooth the process for builders so the construction work needed can be done," Chamber CEO Bruce Williams said. "I'm looking forward to speaking with Premier Eby next week at the Chamber breakfast to hear firsthand how the province is advocating for support from the federal government." The Chamber hosts Premier Eby on April 30. Register now to reserve your seat at the table. Talk is turning to action on the latest attempt to pursue municipal amalgamation. Invitations to serve on the Victoria-Saanich Citizens' Assembly have been sent to 10,000 residents in the two communities. They have until May 30 to confirm whether they will participate.
From there, 48 people will be selected through a randomized lottery process that fairly represents the population of both municipalities. Finally, the committee will come together over eight Saturdays starting in September and wrapping up in April. At that point, they will produce a report outlining the pros and cons of merging Greater Victoria's two largest municipalities. A new hub close to the "heart of Saanich" was given a key stamp of approval on Monday.
The District of Saanich has an extensive plan for the Uptown-Douglas area, which is at the crossroads of Greater Victoria's core municipalities. The area will be zoned to shape new development designed to grow the neighbourhood as a major hub north of downtown Victoria and between the West Shore and Saanich Peninsula. The plan includes turning Oak Street into a vibrant commercial district that creates a walkable boulevard between Uptown Mall and Mayfair Shopping Centre. The City of Victoria is updating its Official Community Plan this year. The province requires all BC municipalities to update their OCP every five years with a vision for the next 20 years. Victoria — facing a changing climate, growing population and a profound shortage of housing — is looking for input from the public and business community to help shape the next plan.
"Decisions on where housing, businesses and parks should go, how we move around the city and ways Victoria can respond to the climate crisis are all determined by the OCP," states the city's website. "If the City was a train, the OCP would be its conductor leading the way." Community engagement will continue until September and plans currently include an open house, a survey, pop-up events in the city and an online information session. Learn more at engage.victoria.ca/ocp. As part of the plan for transforming the Uptown corridor, the province is proposing changes to Ravine Way to accommodate new bus stops and expanded trails in the area.
An information session is scheduled for May 1, from 3-7 pm at Cedar Hill Golf Course, to review design concepts, get feedback and discuss how to improve the area for people travelling by bus, foot, bicycle, wheelchair or scooter. More spending and more taxes have many business groups concerned about the future after the federal government released its ambitious 2024 Budget yesterday.
"Canada must end the cycle of tax and spend politics," Canadian Chamber of Commerce Senior Director of Fiscal and Financial Services Policy Jessica Brandon-Jepp said. "Fueling economic growth is the key to improving quality of life and affordability for Canadians." The national chamber network opposes any measure that increases costs for businesses currently experiencing economic headwinds. We also will work with our members to understand how the increase to capital gains tax will impact business. "(The) budget contains few surprises. Most of the major new spending was announced by the government over the last few weeks, and the government’s projections for the deficit are largely in line with previous predictions," Canadian Chamber CEO Perrin Beatty said. "Our lagging productivity and stalled GDP growth means Canadians are becoming collectively poorer and working harder to just remain where they are today." New taxes will cover about $18 billion with about $57 billion in added spending:
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