'Living wage' now $25.40/hr; inflation, housing costs soar

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."