New Rising Economy Podcast Tackles Regional Housing Challenges and Solutions

In our first Rising Economy video podcast on May 11 at 9:30 a.m., we explore the perfect storm that has led to today’s housing crisis — from supply chain issues to inflation, high land prices, bureaucracy and backpedalling.— and talk to panellists with bold ideas and solutions.

Join us for a lively, informative conversation with expert panelists as we try to untangle the complexities and challenges defining the housing crisis in our region — and look toward real solutions.

Panellists

Kathy Whitcher, Executive Director, Urban Development Institute, Capital Region
Julian West, Founder, Urban Thrive
Diana Gibson, Executive Director, Community Social Planning Council of Greater Victoria

This new podcast series is a feature of SIPP’s Rising Economy branch, which hosts our annual, award-winning Rising Economy Conference. Registration is free.

BC Government Invests in Life Sciences Sector with $2.5M Wet Lab Facility

Southern Vancouver Island is set to welcome a new wet lab facility to assist early-stage life sciences businesses in tackling global healthcare issues and generating good jobs.

The B.C. government is allocating $2.5 million to Vancouver Island Life Sciences (VILS) as part of the Life Sciences and Biomanufacturing Strategy. This funding will establish a 7,000-square-foot facility that accommodates up to six local companies annually, providing much-needed affordable and specialized lab spaces. VILS is currently exploring the best location for the Greater Victoria facility.

"Congratulations to VILS on this important milestone," says Dallas Gislason, SIPP Director of Economic Development. "SIPP has been working with VILS and other stakeholders to address the infrastructure gaps in the life sciences sectors that will continue to create clean, household-sustaining jobs in all areas of our region, while also striving to solve many of society's tough health-related problems."

New Small-Apartment Zone to Address Housing Shortage in Saanich

Saanich is gearing up to establish a new zoning category for small apartments, enabling developers to construct three-storey apartment buildings on single-family lots.

On May 3, Saanich council unanimously approved the new zoning, greenlighting infill projects that adhere to specific guidelines regarding lot size, setbacks, height and open-space requirements. Eligible lots must be approximately 7,000 square feet and on major transportation and transit routes.

The latest Housing Needs Report for Saanich highlights the pressing demand for studio and one-bedroom apartments. According to a staff report, at least 1,200 single-family lots in the district meet the minimum size requirement.

B.C. Takes Action to Reskill Workforce for

In-Demand Jobs

The StrongerBC: Future Ready Action Plan, introduced by the Province on May 3, aims to equip thousands of individuals with the necessary skills to thrive in the evolving economy and address skills gaps numerous businesses face.

The action plan focuses on:

enhancing affordability, accessibility relevance of post-secondary education
assisting skill development for in-demand jobs, enabling employers to find the workforce they need
eliminating obstacles so everyone can find fulfilling employment
prioritizing Indigenous Peoples' workforce needs
integrating newcomers to B.C. in their respective fields of expertise.

Property Sales in Victoria Decline from 2022, Yet Show Improvement from March

As spring approaches, the Greater Victoria housing market is experiencing a period of low activity. The Victoria Real Estate Board region saw 637 property sales, marking a 22.7% decrease from April 2022's 824 sales but an 8% increase compared to March 2023. Condominium sales fell 21.8% from April 2022, with 205 units sold, and single-family home sales dropped 19.4%, with 325 homes sold.

By the end of April 2023, there were 2,043 active listings on the Victoria Real Estate Board Multiple Listing Service®, a 3.7% increase from March and a substantial 49.7% increase from the 1,365 listings at the end of April 2022.

"While we've seen an increase in sales over the previous month, we're not expecting a return to record-setting activity," says Victoria Real Estate Board Chair Graden Sol. "Our inventory levels continue to be very low and new properties are slow to come onto market. More inventory is needed to balance the supply against spring demand,"

Greater Victoria School District Tackles Seismic Upgrades and Expansion

The Greater Victoria School Board recently shared an update on the $79.7-million Victoria High School seismic and expansion project, providing a glimpse of the revamped facility from Fernwood Road.

Spanning approximately 11,800 square feet, the neighbourhood centre will serve as a hub for cultural, recreational and other services. The Province committed nearly $6 million in funding for the centre in 2019. The school district recently announced that the reopening would be postponed until January 2024 due to labour shortages, challenges in procuring construction materials and unforeseen issues related to the school's age.

Congratulations!

Victoria Chamber Business Awards Honour Best in Regional Business

Hundreds of attendees flooded into the Fairmont Empress to celebrate business excellence in our region at the Chamber of Commerce Business Awards on May 4.

Every year, these awards spotlight the hard-working businesses, business people and community leaders across 14 categories.

Congratulations to this year's winners, including the SIPP member Harbour Air for winning the Sustainable Business Practices

Find the Full List of Winners

What are we reading?

Shifting Innovation Paradigms

In 2021's Innovation in Real Places, author Dan Breznitz examines the global landscape of innovation and why a small number of regions are economically flourishing in areas such as tech, while others are lagging.

Instead of replicating Silicon Valley models for economic growth, Breznitz suggests regions can develop unique innovation systems tailored to specific capabilities. In this landmark book, he also highlights the significance of policy choices and common misconceptions about invention versus innovation.

Breznitz's insightful analysis encourages policymakers, academics and practitioners to rethink innovation and economic development strategies, recognizing how all locations have certain advantages in the global production process and just need to identify them.

Did You Know?

Inflation in Canada remains high but is expected to come down quickly to around 3% by mid-year because of lower energy prices, improved supply chains and restrictive monetary policy. — Bank of Canada

News from the SIPP Ecosystem

COAST

Don't Miss COAST's May 10 Video Podcast

Shipping Net Zero – The Green Future of Blue Transport

Every year, 85,000 oceangoing vessels transport more than 80% of the world’s commodities, contributing up to 3% of global CO2 emissions.

Join the COAST video podcast on May 10 from 11:00 a.m. to 12:00 p.m.

as our panel of industry experts and entrepreneurs discuss the movement to decarbonize shipping bold ideas and disruptive technologies focused on mitigating the environmental impact of maritime emissions.

Panelists:

Elisabeth Charmley, Co-Founder, Vancouver Maritime Centre for Climate
Alistair Johnson, Founder, Dasivedo
Chris Mulder, President, Capilano Maritime Design Ltd.

Host/Moderator:

Jason Goldsworthy, Executive Director, COAST

Indigenous Prosperity Podcast Features Raven Lacerte & the Moose Hide Campaign

In the lead-up to the 12th Moosehide Campaign Day, campaign co-founder Raven Lacerte joins the Indigenous Prosperity Centre podcast for an insightful conversation about this annual event and its impact.

The Moose Hide Campaign was started along B.C.'s Highway of Tears over a decade ago. It is an Indigenous-led grassroots movement of men, boys and all Canadians standing up against violence toward women and children.

Learn why the campaign began, how the movement has grown, why the founders chose moose hide and how we can end gender-based violence.

Watch

At a Glance

🏆 Congratulations to John Wilson, President and CEO of the SIPP member the Wilson's Group of Companies, recipient of the Miracle Award from Destination Greater Victoria for supporting our region's visitor economy. — Business Examiner

🎟️ Participate in Discover Tectoria, an exposition of more than 75 Greater Victoria tech companies, research projects, interactive displays and community partners — VIATEC

📰 City council approves four brand new community gardens throughout Victoria — Victoria Buzz

🎨 Have your say about the role the arts play in our city! The "Business of the Arts” is an upcoming event celebrating Victoria's growing design community from May 10 to 14. Get $10 off with the promo code: sipp10 — COMMUNiTi

💰 Council approves over $122K for non-profits in Sooke — Vic News

🎤 Check out the latest IPC video podcast featuring RBCM CEO Alicia Dubois discussing the challenges the museum faces as it confronts its colonial past, repatriates artifacts and explores a new future — Indigenous Prosperity Centre