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Provincial News
B.C. Job Market Sees Losses Amid Tariff Concerns
| | Economists characterize the broader economic situation as soft, suggesting this weak labour market data could increase pressure on the Bank of Canada to potentially implement an interest rate cut in September. | | |
Regional News
Victoria’s Summer Housing Market Maintains Momentum
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The Victoria real estate market saw a modest increase in activity in July, with 680 properties sold, which was up 4.6% from July 2024, but down 10.6% from June 2025. Condo sales rose 5.6% year-over-year, while single-family home sales remained steady, down just 0.3%. With 3,703 active listings at the end of July, inventory levels are 10.6% higher than last year.
The market maintained a steady pace despite summer slowdowns. According to Victoria Real Estate Board Chair Dirk VanderWal, the surprising strength of the spring market has extended into summer, despite economic uncertainties.
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Municipal News
Sooke Launches Final Phase of OCP with New Engagement Tools
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The District of Sooke recently launched a new phase in the development of its Official Community Plan (OCP), marked by the unveiling of an updated project webpage. The site offers a revised draft OCP, a summary of changes made since the pause in work, background materials and tools for public interaction, including an “Ask a Question” feature.
This effort follows the council’s directive earlier in 2025 to resume work on the OCP, building on public input gathered from 2020 to 2023 and aligning with updated provincial housing legislation. Community engagement is central to the current phase, with public pop-up events continuing at the Sooke Night Market throughout August.
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Municipal News
Esquimalt Joins National Effort to Label Local Economic Impact
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Esquimalt is one of 13 communities and organizations across Canada joining the recent first national pilot of Shorefast’s Economic Nutrition Certification Mark, a tool that helps make the economic impact of purchases more visible.
Esquimalt will work with the Shorefast Institute for Place-Based Economies alongside businesses, nonprofits and other municipalities to explore how values-based procurement can strengthen local economies. Through the pilot, participants will co-develop the certification process while sharing insights that can help expand the model across Canada by 2026.
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Member News
Downtown Victoria Sees a Wave of Business Growth
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The Downtown Victoria Business Association (DVBA) is spotlighting a wave of business expansions, relocations and new ventures that demonstrate strong confidence in the city’s core. Recent months have seen businesses like Cenote and Puzzle Lab expand, while new ventures like Volta and Summit Salon Academy have opened in downtown spaces.
Larger storefronts, new creative studios and lifestyle boutiques are replacing smaller or shared spaces, marking growth. From restaurants to retailers, business owners say they see strong value in being downtown, thanks to the foot traffic, vibrancy and community.
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Provincial News
B.C. Deficit Lower Than Forecast by Nearly $2 Billion
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The Province's recently audited financial statements for the fiscal year ending March 31 revealed a deficit of $7.35 billion, which is nearly $2 billion less than the most recent forecast of $9.1 billion. The improved figure is from higher-than-expected revenues, particularly in tax income, which offset a drop in natural resource revenues.
The Province’s total debt climbed to $133.9 billion, which is more than $10 billion above the original estimate in the 2024/25 budget. This increase in debt, despite the lower deficit, is the result of strategic borrowing by the provincial government, which strives to take advantage of favourable interest rates by securing funds in advance for the current fiscal year.
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Did You Know?
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The Victoria International Airport saw a 10.06% increase in flights in 2025 compared to 2024. - Chemistry Consulting
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Celebrate Greater Victoria’s Business Community at the SIPP Patio Mixer | |
Join us for an evening of celebration, connection and community spirit at the South Island Prosperity Partnership Patio Mixer!
Come enjoy delicious drinks and delectable bites in a relaxed patio setting, while connecting with friends from SIPP, COAST, Indigenous Prosperity Centre and the wider local business community.
When: Wednesday, August 27, 4:30 - 6:30 p.m.
Where: Craft Beer Market, 450 Swift Street, BC V8W 1S3
| | Book Your Next Event at the COAST Ocean Innovation Hub | |
Looking for the perfect setting for your next business meeting, workshop, or networking event? SIPP's COAST Ocean Innovation Hub offers a sleek, modern space in the heart of downtown Victoria, designed to meet all your event needs.
Key Features of our event venue and meeting spaces:
· Contemporary, open event area accommodating up to 140 guests
· Flexible room configurations to suit groups of any size
· Abundant natural light and soaring ceilings
· State-of-the-art video conferencing and AV capabilities
· Complimentary tea and coffee
· Access to preferred local caterers
· Convenient food preparation and serving area
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What We're Working On
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The Indigenous Prosperity Centre, an initiative of the South Island Prosperity Partnership, is excited to welcome back the Indigenous Youth Blue Economy Day Camp, running August 18–22, 2025. The camp day at the COAST Hub will feature an interactive “trade show,” providing Indigenous youth with the opportunity to engage directly with COAST partners through immersive activities, insightful discussions, and demonstrations highlighting their work in the sustainable ocean and blue economy sectors. Thank you to everyone who registered for this event, which explores career paths in the Blue Economy through hands-on learning. Tickets are now sold out.
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Map the Gaps and SIPP's initiative COAST are co-hosting the Ocean Floor Explore Conference, from October 26 - 29, which is the premier global conference on deep sea exploration and mapping. Registration is now open.
| | Featured SIPP Members of the Week | |
We’re proud to highlight these organizations as South Island Prosperity Partnership’s Members of the Week. As dedicated members of SIPP, their leadership, collaboration and commitment to regional prosperity help strengthen the South Island economy and community. We thank them for the meaningful impact they continue to make.
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🏆 Chamber Awards Recognize Local Success Stories - Sooke News Mirror
🛥️ New commander takes helm of West Coast navy operations at CFB Esquimalt - Victoria News
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