BizNews

^{February 28, 2024}

Your weekly round up of BizNews from throughout Greater Victoria!

BC Finance Minister Katrine Conroy answers questions from Chamber CEO Bruce Williams during last week's post-budget Business Leaders Luncheon.

Payroll tax change welcomed, though questions remain about province’s fiscal path: Budget 2024

Businesses with payrolls of up to $1 million will now qualify for an exemption from the Employer Health Tax, B.C. Finance Minister Katrine Conroy announced last Thursday during the unveiling of the 2024 provincial budget.

“Increasing the EHT exemption is welcome news for business. The experience in other provinces has shown we can expect an increase in productivity as employers have more room to increase wages and promote staff,” said Bruce Williams, CEO of the Greater Victoria Chamber of Commerce, noting The Chamber has been calling for the change since the new tax was introduced in Budget 2018.

Minister Conroy joined Chamber members the day after budget day to answer questions and highlight initiatives such as a new tax to deter home buyers from quickly reselling their properties, and a promise to cover the cost of one cycle of invitro-fertilization.

Asked about efforts to improve public safety, Conroy noted the province has increased investment in mental health and addiction treatment programs.

Business leaders were also concerned about rising debt with the budget including a record deficit.

Read The Chamber's BC Budget Media Release

Minimum wage rising to $17.40/hour on June 1

The provincial government is raising the minimum wage by 65 cents, effective June 1.

The increase means the lowest an employee can be paid is $17.40 per hour, up from $16.75. The rate reflects annual inflation in the province.

"We know many Chamber members already pay more than the minimum, but inflating the base rate inevitably increases the wages of other employees, which adds further costs during a time of economic uncertainty," Chamber CEO Bruce Williams said. "Businesses are already working hard to find and keep good workers, and we understand that increasing wages is part of that. And while we appreciate that the government is giving businesses time to adjust and offering future certainty by tying the increase to inflation, we think there are better ways government can lower the cost of living to make our province more affordable."

Office space in Victoria a 'tenant's market': report

The shift to working from home that was sparked by pandemic restrictions is continuing to impact the commercial real estate sector.

CBRE's Canada Real Estate Market Outlook 2024 reports that office vacancy, at 8.7%, remains elevated in Greater Victoria due to turbulent conditions.

In an interview with the Times Colonist, CBRE Ltd. Victoria Vice-President Ross Marshall said landlords are trying to be as accommodating and innovative as possible to keep clients and find new ones. Downtown spaces also face challenges from perceptions about parking and social distress in some areas, Marshall said.

Greater Victoria has 9.37 million square feet of offices, with rent for Class A spaces going for $27.25 per square foot.

"The completion of strata developments in the Westshore will relieve some of the industrial shortage in Greater Victoria and is currently just over 65% pre-sold," the report states. "Inventory levels still remain heavily undersupplied outside the Westshore. Asking rates are projected to stabilize around mid-2024 after tenants fully occupy investor-purchased strata units and the availability rate normalizes."

CBRE Limited: Member since 2023

BC Ferries begins search for qualified ship builders

The future of BC Ferries is easier to visualize, now that concept drawings of proposed new vessels have been released. Up to seven of the new ships are expected to be ready for service in 2029.

On Monday, BC Ferries issued a Request for Supplier Qualification for its New Major Vessels program, with the aim of issuing a Request for Proposals this summer.

The new vessels will carry up to 360 standard sized vehicles and 2,100 people, and will replace vessels currently operating between Vancouver Island and Metro Vancouver. Those ships have a capacity of 250-310 vehicles and 1,200-1,500 people.

“These vessels — greener, more efficient and standardized — represent the future of ferry travel in our province," BC Ferries’ President and CEO Nicolas Jimenez said. "They will significantly increase daily capacity, provide an enhanced customer experience, improve reliability and reduce environmental impacts.”

The basic design is being developed in collaboration with LMG Marin AS, and will have engines capable of using bio- and renewable fuels, as well as a battery-hybrid propulsion system that can be converted to full battery-electric operation once shore-based recharging infrastructure becomes available.

BC Ferries: Member since 1983

Chamber welcomes new member to our Events Team

We're pleased to welcome Sarah Morstad, our new Events and Administration Assistant, to The Chamber team!

As a fairly new resident to Victoria, Sarah joins us with a background in marketing, tourism management and events. Alongside her professional and educational background, Sarah has worked in the hospitality and events industry across Canada and Australia, and is excited to bring her diverse portfolio of experiences to the Chamber events team!

On the weekends, Sarah is either busy planning her next trip, searching for the best happy hour in Victoria, or finding a new trail to hike. The 5040 Peak is on the itinerary so far this summer!

Chamber staff embrace kindness on Pink Shirt Day

In support of #PinkShirtDay, Chamber staff embraced the opportunity to encourage our community to #LiftEachOtherUp. We loved seeing our members on social media embracing @pinkshirtday and spreading a message of kindness.

Bullying affects everyone, and we should always be kind to one another and help foster positive and inclusive environments wherever we go.

Chamber Chats with CEO Bruce Williams

Our Place on the frontline in support of safe communities

CEO Bruce Williams talks with subject matter experts

Our Place Society:

Member since 2010

Chamber Chats

We have seen a steady increase in people living on the street and, in many cases, their mental illness challenges and drug induced behavior are on full public display. Our Place Society supports those facing homelessness and addictions through a number of programs and facilities. In this Chamber Chat, CEO Bruce Williams hears about the care being provided with Our Place CEO Julian Daly.

Special thanks to our series sponsor: Island Savings

Meet with their local experts for solutions as unique as your business.

Chamber Events

Member News @VictoriaChamber

Click the image to read and share the Member News story on Instagram

The Wilson’s Group of Companies to relaunch the Tofino Bus.

Wilson’s Group of Companies: Member since 2004

Sport for Life to host 2024 Victoria Summit on March 1.

Sport for Life:

Member since 2019

Rifflandia Festival Announces 2024 dates and new location.

Rifflandia Entertainment Company Inc:

Member since 2022

Easter Seals BC & Yukon to Host Fundraising Event for Camp Shawnigan.

Easter Seals BC & Yukon:

Member since 2021

Share your good news so we can share with other members!

Hire right in 2024 with The Chamber's job board

Make sure potential employees know about the opportunities that you offer when they work with you. If you have any questions or need help uploading your job, email us at [email protected].