On June 1, the minimum wage in BC will increase to $15.65 per hour based on a 2.8% rate of inflation in 2021. It will be the first increase tied to inflation, as announced in last month's BC Budget.

“I spoke to Finance Minister Robinson about this after the provincial budget was unveiled and made sure she understood that our members were concerned about how the government was going to tie an increase to inflation. Businesses need to be able to plan their costs,” Chamber CEO Bruce Williams said in a statement to media. “An increase of 2.8% is reasonable, given the uncertainty over the fluctuation in inflation caused by global events and supply chain issues connected to the pandemic.

"However, this represents one more cost for businesses already operating with tight margins. Raising wages contributes to rising prices, and we can’t take economic recovery for granted. Government has other options for making life more affordable, such as improving conditions for the construction of more homes to meet the demand of all the people who want to move to our region. It’s clear that without adequate housing supply, costs will continue to increase and make it even harder for people earning minimum wage to live in our province.”

Greater Victoria's unemployment rate was 4.2% in February, up from 3.9% in January, according to the latest numbers from Statistics Canada.

The February Labour Force Survey also shows that more jobs were returning to the office, with 37.2% of people working most of their hours from home. That's down 5.8% from January. Statistics Canada attributed the decline to easing of public health restrictions and an uptake in jobs difficult to do from home such as in accommodation, food services and retail.

"As employers implement return-to-office plans, a number of factors might influence their ability to attract and retain employees," the survey said, noting tightening labour market, workers' concerns about affordability, and a "desire to retain the flexibility and quality of employment associated with working from home."

Canada's Consumer Price Index climbed to 5.6% February, according to the latest figures released today by Statistics Canada. This follows on the heels of a 5.1% increase in January. Prior to 2022, the largest gain was 30 years ago at over 6%.

Inflation has been rising for months due to challenges with global supply chains. Last month's invasion of Ukraine has amplified concerns over the supply of fuel and resources in many parts of the world. Inflation is higher than it has been in Canada since 1991 with food, shelter and transportation at the forefront of the increases.

However, experts say Canada's economy remains solid and will be able to weather the storm. There is speculation that the Bank of Canada will raise its interest rates by half a point in April to cool demand. The last increase was in March raising it a quarter point to .5%.

"Despite rising inflation and intensifying geopolitical risks, domestic economic data is expected to look firm," states a report issued by RBC Economics.

The Chamber supports actions required for reconciliation, and we applaud the City of Victoria's commitment to helping the Songhees Nation reacquire urban land as part of Treaty negotiations.

"It is a truly historic day, and we look forward to continuing our respectful and valuable relationship to benefit all families who live in Victoria and the surrounding area,” Songhees Nation Chief Ron Sam said in a statement.

Indigenous enterprises are vital to the long-term economic resilience of our region, and The Chamber is working to better include First Nations in the business community. The city has sent the provincial government a letter stating it approves the transfer of three properties to the Songhees. The lands will fall under the jurisdiction of the Nation and no longer be considered part of the municipality.

The properties are:

The federal government is funding 11 projects aimed at improving how foreign credentials are recognized. The announcement, made March 9, provides $26.5 million to help new Canadians integrate their skills faster into Canada's economy.

The University of Victoria, in partnership with The Chamber, is hosting Hiring Day on March 28th. Each year, a large number of UVic students join the workforce, contributing to the economy and helping employers fill positions. 

University of Victoria - Michele Pujol Room, Student Union Building, 3800 Finnerty Road, Victoria

Hear from BC Ferries on their plans to evolve our coast ferry system. One of the world's largest marine passenger systems, BC Ferries is an economic driver of our province. For 60 years, BC Ferries has been dedicated to providing safe and efficient travel to their customers. Their role as a ferry transportation provider goes beyond getting passengers from point A to B. With 25 routes throughout the west coast of BC, they serve as advocates for the coastal environment and communities where they operate.

Despite an abundance of cranes on the landscape and busy work sites across the region, the construction and development sector is facing some challenges.

In this Chamber Chat, we talk with The Vancouver Island Construction Association and the Urban Development Institute about how the challenges impact housing, commercial space, and our economy.

St. Patrick’s Day is tomorrow! With more opportunities to enjoy the holiday we hope you enjoy festivities this year safely and responsibly.

Looking for inspiration on what to do on St. Patrick’s Day? Well, you’re in luck! See what you can do to celebrate the holiday while also supporting local business:

Members can post Coupons and Discounts free of charge here.