The new year brings new assessments for property owners in BC. The real estate sector in Greater Victoria was a bright spot in 2020 and it's not surprising that assessments are up across the region.

A total of 8,947 properties sold last year, up 17.1% from 2019. The increased demand and limited inventory has raised house prices about 5 to 10% in the region.

In response, the province has raised the threshold for eligibility for the Home Owner Grant to $1.625 million. The province has also taken on administration of the grant, which was formerly done by municipalities.

To listen to Chamber CEO Bruce Williams discuss the state of real estate in Greater Victoria, check out our Chamber Chat with the Victoria Real Estate Board.

It's clear that we will be dealing with the pandemic for many months to come, even as optimism grows over the imminent distribution of vaccines. On Monday, the federal government gave a fall fiscal update that included news about an economic stimulus war chest as well as important changes to the emergency wage subsidy.
 
Canada's deficit will be close to $400 billion by the end of the fiscal year. To help the economy recover once the pandemic begins to wane, the government is setting aside $100 billion for stimulus.
 
The Canadian Chamber of Commerce, which has been one of the federal government's key advisors, released a statement regarding the update. The Chamber has called on government to tailor its support to the most vulnerable sectors, and to have a plan to move beyond subsidies.
 
"Without strong and prolonged economic growth to resolve the country’s growing public debt, Canada’s growing obligations will adversely affect prosperity for future generations," the Canadian Chamber said in its statement.

We've always supported local business. Back to our founding in 1863, we helped Greater Victoria's economy thrive by serving as a unified voice for enterprise.
 
Today, we continue to adapt and evolve our efforts to help the community by ensuring a strong regional economy.
 
As we launch our new Chamber Local campaign, we want to hear from you.
 
What does local mean to your business and to you and your family?
 
What binds this community together is our connections and our willingness to help. Maintaining our local businesses past 2020 and well beyond requires all of us to think about how shopping local supports our whole region. After all, when was the last time Amazon shopped at your business or sponsored your kid's sports team?

Contact Thomas at members@victoriachamber.ca to submit a story for #ChamberLocalVicBC.

In the News: Read Jack Knox's interview in the Times Colonist with Chamber CEO Bruce Williams: If our stores go dark, it really will be Black Friday

Voters have started casting ballots as advanced polls opened yesterday for the City of Victoria's Dec. 12 by-election. This campaign is higher profile than by-elections typically are, with political experts saying the race is between two candidates.
 
Stephen Andrew is running as a voice of change for people unhappy with the current council's direction. Stephanie Hardman, alternatively, represents Together Victoria — the political group that successfully elected three of its candidates in 2018. Hardman told the Times Colonist she believes council is "moving in the right direction."
 
To learn about where these two candidates stand on issues important to the business community, make sure to watch our virtual Candidate Discussion at victoriachamber.ca/vicbyelection. On the same page you can find a Q&A sent to all 11 candidates on the ballot.
 
For more information on when and where to vote, including for those who own property in the city but reside outside it, go to victoria.ca.

John Espley has been named Chamber Member of the Year for 2021 by the Greater Victoria Chamber of Commerce.
 
“John is someone that knows everyone, He’s a familiar face at Chamber mixers and was one of the people who helped make our virtual events so successful this year,” says John Wilson, chair of The Chamber’s Board of Directors. “We’re delighted to recognize John for his support and I look forward to celebrating with him in 2021, as we continue working to rebuild and add resilience to Greater Victoria’s economy.”
 
Espley is a vocal champion of The Chamber and has been involved with the organization since the 1990s. Currently the Chief Connector for Connection Skills, Espley served as Chair of The Chamber’s Board of Directors in 2007. He is now a member of the Chamber’s Board of Governors.
 
“He is one of the strongest supporters of The Chamber I’ve ever met,” says Agilus Work Solutions’ Branch Manager Rose Arsenault, who nominated Espley and was herself Chamber Member of the Year for 2019. “John is always positive, always sharing information about the organization. He believes in the value of being a member and is always singing the praises of Chamber activities and advocacy efforts.”
 
For more information on The Chamber's Member of the Year and all the categories in the 2021 Business Awards, go to victoriachamber.ca.

We're now eight months into the pandemic in BC, and businesses are finding their way — often with help from government relief programs that have been rolling out since the spring. On Tuesday, The Chamber hosted the latest offering in our Business Restart Series with tax experts Kris Wirk and Matthew Hohnsbehn. If you didn't have a chance to watch live, you can still view the recorded video.

Kris and Matthew provided insight into the most popular programs, including updates and changes to what you need to apply. This video is particularly timely for businesses that are accessing the wage subsidy, the emergency business account and the recently revised emergency rent subsidy.

Register to watch the video

Canada's Economic Development Minister Melanie Joly said BC could have its own agency to help businesses bounce forward after COVID-19.

“We need to be much more focused on British Columbians’ realities and needs, and the pandemic has exacerbated this reality,” Joly said in a report by Postmedia this week. "When you look at other regions of the country, there is a very strong presence of the federal government. But that’s not necessarily the case as much in British Columbia.”

The Western Economic Diversification Agency currently serves BC as well as Alberta, Saskatchewan and Manitoba. Joly was a guest speaker last Friday at the South Island Prosperity Partnership's Rising Economy Week.

Joly, pictured above, spoke to Chamber members last year as part of our Business Leader Series of luncheons.

Victoria continues to shine on the international stage as Monocle magazine has named our city one of the top five small cities in the world.

“Victoria is at the heart of a vibrant South Island region. Our city has made an effort over the last few years to diversify our economy, especially in our ocean research and technology sectors, drawing new talent and energy into our region,” Chamber CEO Bruce Williams said in the City of Victoria's news release. “Despite the recent challenges of the pandemic, this recognition reinforces the fact that we continue to be one of the most desirable places to live and work in the world.”

Porto, Portugal, topped the list followed by Leuven, Belgium, Itoshima, Japan and Lucerne, Switzerland.

The list features cities that Monocle's editors believe are the best options for people looking to move away from big cities. The top small cities were selected in part because they are well connected internationally, and have progressive and nimble local leadership.

Meet the candidates: Chamber hosts discussion on priority issues for business in Victoria
The Chamber hosted a virtual Candidate Discussion today ahead of the City of Victoria's by-election on Dec. 12.

The panel featured five candidates selected for their experience and approach to business issues facing the city. We also think voters should be aware of which candidates are running as independents, and who is running on behalf of a slate. The five who took part in the discussion:

• Sean Leitenberg, independent
• Jason Heit, independent (has now chosen to endorse Stephen Andrew)
• Bill Heflin, independent
• Stefanie Hardman, Together Victoria's candidate
• Stephen Andrew, independent

You can watch the video at victoriachamber.ca/vicbyelection. On the same page you can find the Questions and Answers open to all 11 candidates on the ballot.

For more information on when and where to vote, including for those who own property in the city but reside outside it, go to victoria.ca.

What does local mean to you? The answer to that question will be key to ensuring Greater Victoria is able to recover from the pandemic and gain added resilience as we move forward. As the province ramps up temporary restrictions to try and reduce the transmission of COVID-19, not everyone is being impacted equally. Downtown Victoria, in particular, is facing a difficult few weeks as the provincial government backs away from its plan to move workers back to their offices.

“If people are not coming downtown to work. They are probably not coming downtown to shop,” Chamber CEO Bruce Williams told CHEK News, noting that suburban hubs are faring better. The Chamber urges people to find ways to support business in need. Why not make a special trip downtown while parking is abundant and protocols are in place to ensure customers' safety? It's also easy to support businesses by purchasing from them online for pickup or delivery.

The Downtown Victoria Business Association has a Shop Downtown from Home campaign underway encouraging locals to support businesses in the downtown core.

Please do what you can to support each other so we can get through this together. #InItTogetherYYJ #ChamberLocalVicBC