The Victoria Real Estate Board released its latest take on the region's market this week, before the change in interest rates was announced.
"A lot of folks who have been watching the market over recent years may find that now is a good time to sell and buy as market conditions have changed for the better," VREB Chair Laurie Lidstone said. A total of 763 properties sold in the region this May, slightly less than the same month last year. There were 3,338 active listings for sale at the end of May, a 52.5 per cent increase from the 2,189 active listings for sale at the end of May 2023. The benchmark value for a single family home was $1,309,700, up from April's value of $1,301,800. The benchmark value for a condominium in May 2024 was $569,500, up from the April value of $561,200. Last summer, the City of Victoria convened a panel of community leaders to create a plan for making the city safer and healthier.
Starting this summer, the city is hosting a series of open houses and pop-up events for business owners and community members to learn about the state of the project and share their concerns and experiences. Once complete, the Community Safety and Wellbeing Plan will identify how businesses and community partners can work together to make the community safer and more inclusive. Finally. The weather forecast calls for clear skies and warm days this weekend, the HarbourCats have fireworks planned for Saturday night, after their homeopener on Friday — and the Bank of Canada has taken the initial step to reduce the pain of high interest rates.
For the first time since March 2020, the bank lowered its overnight rate. It's now 4.75%, down from 5%, and expected to drop further in the months ahead. "We've been hearing from members who have felt squeezed by the high rates and what that has meant for their customers who have been feeling squeezed themselves," Chamber CEO Bruce Williams said. "No one wants inflation to return, but we're hopeful this move by the bank marks a return to stability needed for businesses to make those investments that help them grow." The bank's governor, Tiff Macklem, was careful not to promise future cuts, but the Conference Board of Canada stated that conditions are right for the rate to fall further. On Monday, the federal government announced $530 million to help Canadian municipalities adapt to the changing climate. The money will help cities and towns prepare for flooding, heat domes and other impacts on residents and infrastruture caused by weather events.
The Federation of Canadian Municipalities will administer the fund, which is a fraction of the $10 billion the FCM estimated is needed. "In all, there are three funding streams that will provide substantial support for municipalities to carry out climate adaptation projects. In addition to support for climate adaptation planning, municipalities can apply for up to $1 million for implementation projects and up to $70,000 for feasibility studies," the media release said. "Municipalities that have completed climate adaptation plans and/or risk assessments are eligible to apply. The deadline for applications is Aug. 14, 2024." Few experiences top going to the ballpark to watch a game in-person.
Fans of the Victoria HarbourCats get their first chance to cheer on the home team next week at Wilson’s Group Stadium at Royal Athletic Park. The H'Cats play the Wenatchee Applesox at 6:30 pm and the early forecast calls for sunny skies and a warm evening. The team is hoping supporters take advantage of every opportunity to enjoy the home stadium as a scheduling issue will prevent the HarbourCats from playing in Victoria if they make the playoffs. "As you may be aware, the City of Victoria and the Canadian Football League have agreed to host a regular season football game at Royal Athletic Park on Aug. 31, featuring the BC Lions," stated an email from the HarbourCats this morning. "Due to the apparent requirements for the stadium set-up (e.g., adding additional bleachers and grassing over the baseball infield), the HarbourCats have been advised we must end our use of Royal Athletic Park this summer following our final regular season game on Aug.7." This timing means no home playoff games later this summer. The HarbourCats, who support the CFL playing in Victoria, said they are disappointed with the timing and hope to rally the community to sellout the stadium during the regular season. For more information, go to harbourcats.com. The Chamber is hosting an Emerge Connector at Wilson's Group Stadium on June 27, as part of the HarbourCats game against the Port Angeles Lefties. 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." You can expect fireworks, or at least fiery orators, if you're lucky enough to reserve a seat at The Chamber's Election Leaders Luncheons coming up in June.
Kevin Falcon, leader of BC United and leader of the Official Opposition, started the year as the top challenger to the current BC NDP government. However, Falcon's party has fallen in the polls and now trails the Conservative Party of BC, led by John Rustad. "Polls are not the same as election results, so we need to be careful putting the cart before the horse," Chamber CEO Bruce Williams said. "But I know Chamber members are looking forward to hearing directly from these two leaders, and their strategies for attracting voters in the October election." Check out some recent headlines from the campaign trail: 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 The Victoria Police Department is warning area businesses to be wary of “direct deposit diversion” or “payroll” frauds after a reported loss of more than $50,000 in wages.
"These frauds typically involve a 'phishing' type fraud where an employer or HR department receives an email that appears to be from an employee who is asking to have their direct deposit information updated," VicPD said. "The employer updates the direct deposit info provided by the 'employee' therefore re-directing the employee's pay cheques to a third-party account. The employee notices once they have not been paid." Similar email frauds involve posing as the employer or payroll department asking employees to update their contact and banking info via a fake link that appears to be their company’s website. If the employee provides their login and personal info, cybercriminals can re-direct employees' pay cheques to another account. These types of frauds are targeted and sophisticated, and cybercriminals may spend time researching the target company or employee. Here are a few red flags:
For more information, email [email protected] or visit Payroll Diversion Frauds - VicPD.ca. Well, this is interesting.
BC politics are never boring but few people can honestly say they saw the current situation developing as it has. "Early in the year, when we began planning our events calendar for 2024, we understood that we needed to hear more about the choices British Columbians have on their ballots this October," Chamber CEO Bruce Williams said. "We hosted Premier Eby, who leads the BC NDP, and have events planned to hear from the BC United and BC Conservative parties." Currently, BC's government consists of 55 NDP MLAs, 26 BC United MLAs and two each for the BC Conservatives, BC Greens and independents. However, recent polls show a significant shift in voter sentiment and the potential for major changes ahead of the Oct. 19 election. "Chambers have a long history of supporting democracy and we believe Greater Victoria's business community benefits from hearing directly from potential government leaders," Williams said. "We hope you'll join us for what could be history-making events as we host two luncheons in June for leaders involved in one of the most intriguing races in recent history." Register for both and save by selecting "Combo Ticket" in either event listing. Social media companies have agreed to work with the provincial government and do better at protecting British Columbians.
“Helping young people stay safe online is one of the most important challenges facing parents, governments and technology companies today," reads a joint statement from the province along with Meta, Google, TikTok, Snap, and X. "This historic collaboration between government and industry pioneers aims to raise the bar for youth safety online." Issues discussed include online sexual exploitation and sharing private images without permission. The platforms agreed to work together to fight criminals who target victims across different apps. BC’s Intimate Images Protection Act will be more effective with formal cooperation from social media companies at the table. "The companies have agreed to provide BC with direct escalation channels that will allow them to quickly report non-consensual intimate images prior to the issuance of an intimate image protection order, and that when an order is issued that it is expedited and actioned swiftly," the media release said. The table is also looking at helping get word out to the public during crisis situations, such as wildfires or other climate emergencies. “Meta, Snap, TikTok and X have offered to provide the Province and additional crisis response organizations with advertising support to amplify awareness of safety resources throughout the wildfire season" the statement said. “The table is committed to continued engagement leading to further concrete actions to be announced in September.” There's still plenty of room for diehard fans as well as those new to the bandwagon.
The Vancouver Canucks Stanley Cup playoff run has been a pleasant experience for many of the province's pubs and restaurants. In Greater Victoria, a number of Chamber members are supporting fans by showing games on their big screens. The Victoria Royals also announced that they will be opening Save-on-Foods Memorial Centre for a ticketed event allowing fans to watch the Canucks together. "It's hard to not get caught up in the excitement, even for folks who might not be the biggest hockey fans," Chamber CEO Bruce Williams said. "The atmosphere at local establishments is fun and festive. Let's hope the Canucks can keep it going all the way to the finals this year." BC's Minister of Tourism, Arts, Culture and Sport said the Canucks' run is especially helpful at creating business during the weekdays. Minister Lana Popham, MLA for Saanich South, told CFAX that having the province's home team in the playoffs is good for the economy while also boosting the spirits of their fans. The Canucks are currently in the second round of the Stanley Cup playoffs. Their series against the Edmonton Oilers is tied at two wins each, with games set for Thursday, Saturday and Monday (if needed). Greater Victoria's two largest municipalities continue to show they can play nice with each other. The latest example is a joint media release regarding mutual initiatives that incentivize owners of rental buildings to convert to electric power.
"The City of Victoria and the District of Saanich recently announced tax exemption programs that support electrification retrofits in rental buildings, the first initiative of its kind in British Columbia," the release stated. "In tandem, the municipalities have partnered with Landlord BC and BC Hydro to expand the Rental Apartment Retrofit Accelerator (RARA) Program, initiated in Vancouver in 2023." The mayors of Victoria and Saanich said the programs will help reduce fossil fuel consumption in the region, and provide access to summer cooling during future heat waves. 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. April's unemployment rate dipped to 4.5% in Greater Victoria, according to Statistics Canada's latest figures.
That's down from 4.8% in March. The region's labour force grew to 244,000 in April compared to 242,000 in March. Nationally, the unemployment rate was 6.1% in April, unchanged from March after dropping consecutively for six months previously. Provincially, the rate was 5% in April, with 23,400 jobs added over the month. Greater Victoria had the lowest unemployment rate in BC in April, and the fifth lowest among all Canadian Census Metropolitan Areas. The CEO of Our Place Society announced yesterday that he hopes to find homes by the end of the year for people living on the street in the 900-block of Pandora Ave.
“It distresses me to see so many displaced people,” Our Place CEO Julian Daly said in a media release. “No one should be consigned to living on the pavement in our city. It’s a crying shame. All people deserve so much better.” Our Place, located in the middle of the Pandora encampments, recently surveyed people living on the street. Not surprisingly, all of them hoped for a better life. “Each person told us they wanted housing, and what supports they needed to be successful once housed,” Daly said, noting the survey showed people need help with addiction and mental health as much as they do with housing. “There is no one-size-fits-all solution,” Daly says. “Instead, we have to tailor our supports to the individual.” Some of the highlights of the survey were:
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 federal government has updated its Letter of Requirements to support BC's exemption of hard drugs. The move is the latest twist in what was intended to be a three-year pilot project decriminalizing highly addictive drugs.
The provincial government asked to end the pilot and go back to prohibiting drug use in public spaces. BC Premier David Eby told Chamber members last week that his government decided to reverse course on a policy that wasn't working as intended. “Keeping people safe is our highest priority. While we are caring and compassionate for those struggling with addiction, we do not accept street disorder that makes communities feel unsafe,” Premier Eby said in a media release. “We’re taking action to make sure police have the tools they need to ensure safe and comfortable communities for everyone as we expand treatment options so people can stay alive and get better.” Business and industry groups have been calling for policy changes to address the housing shortage facing Greater Victoria. And while many regions in the world are facing a similar challenge, we need solutions that work for Canada and BC.
Last week, the province revealed its three-year pilot to encourage homeowners to add secondary suites to their properties. BC Housing will administer the program, which offers forgivable loans of as much as 50% of the total cost of renovations — up to a maximum of $40,000 — to add a secondary suite or accessory dwelling unit such as a garden suite, laneway house or carriage home. If the new unit is rented at below market rates for at least five years, the loan will be forgiven. The province estimates the program will add 3,000 new rental units at below-market rates. To be eligible, homeowners must also:
If you had vehicle insurance through ICBC in February, you can expect to get cash back this year. The public insurer estimates 2.7 million drivers will each be eligible for the $110 rebate. Additionally, basic rates will not change until March 31, 2026, ICBC said.
"How drivers receive the rebate depends on how they paid for their insurance," states the government's announcement. "For people who paid by credit card, the rebate will be refunded to the credit card. People who paid by cash, cheque or debit can sign up for direct deposit or will receive a cheque from ICBC. For people who are on a payment plan, the rebate will be applied directly to an upcoming payment." David Wong, ICBC's new president and CEO, said “Initial rebate payments will commence in late May, with ongoing processing until the end of July. Customers receiving rebates via cheque are advised to allow additional time for mail processing and delivery.” 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." |
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