Your weekly round up of BizNews from throughout Greater Victoria!
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Bank of Canada signals that rate hikes could be ending |
A statement from the bank said the bottlenecks that had been affecting global supply chains are loosening.
The Consumer Price Index was at 6.9% in October, though core inflation was 5% — much closer to the bank's target of 2%.
"Three-month rates of change in core inflation have come down, an early indicator that price pressures may be losing momentum," the bank stated. "However, inflation is still too high. The longer consumers and businesses expect inflation to be above the target, the greater the risk that elevated inflation becomes entrenched."
Make sure to consult with your preferred financial and mortgage advisors —The Chamber's Member Directory is a great place to find experts who can help you make your business thrive. |
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Events
Last chance to register!
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Last chance to register!
Chair's Holiday Reception
Come enjoy the holiday season, fill a merry motorcoach and celebrate our "last tour" with Chamber Chair John Wilson at the wheel.
This lively year-end event is our opportunity to thank our members, partners, sponsors, committee members, and board members for your dedication, engagement, and support throughout 2022.
In recognition of Wilson's Groups' commitment to community we are asking for your help to fill a Merry Motorcoach this season in support of Our Place. Donations of winter clothing, towels, and non-perishable food would be much appreciated.
We will send John off with a toast or two as he wraps up his last year as Chamber Chair. Light refreshments will be provided and a cash bar will be available.
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Thurs., Dec. 8 | 4 - 6 PM
Strathcona Hotel, Wicket Hall
919 Douglas Street
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Regional unemployment rate drops to 3.5% |
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Greater Victoria continues to have one of the tightest labour markets in Canada. The latest numbers from November show our unemployment rate is back to 3.5%, according to Statistics Canada. That's down from 4.3% in October and closer to where the region typically was before the pandemic.
"We know there is work in our region and that makes us attractive to ambitious people who want to move here and build their careers," Chamber CEO Bruce Williams said. "Our regional economy benefits from having the stability of BC government jobs as well as CFB Esquimalt. However, we still need to address housing supply in Greater Victoria to make sure we can retain people who want to work here and contribute to our community."
There is some good news on that front as new construction jobs appear to be driving the lower rate. There were 18,400 people employed in construction this November compared to 13,500 in November 2021. |
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Cabinet shuffle keeps Greater Victoria MLAs in mix |
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Among the changes for Greater Victoria, Oak Bay MLA Murray Rankin remains as Minister of Indigenous Relations and Reconciliation but will no longer serve as Attorney General. Saanich South MLA Lana Popham is the new Minister of Tourism, Arts, Culture and Sport.
Victoria-Swan Lake MLA Rob Fleming retains his role as Minister of Transportation and Infrastructure and Esquimalt-Metchosin MLA Mitzi Dean stays on Minister of Children and Family Development. Victoria-Beacon Hill MLA Grace Lore was named Minister of State for Child Care.
Victoria-raised Ravi Kahlon, MLA for Delta North, will lead the newly created Ministry of Housing.
Other prominent roles went to Katrine Conroy, who takes over as Finance Minister, and Niki Sharma, who is now AG.
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Real estate slowdown affects industry, assessments |
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Businesses that service the real estate industry are a major contributor to Greater Victoria's economy. However, rising interest rates have slowed sales. Throw in the traditional quiet period around the holidays and fewer properties are changing hands. Only 384 sales were recorded in the region for November, down from 653 last November.
There are also concerns about potential unintended consequences of recent changes to the provincial Strata Property Act.
"It is an open question whether these changes will bring any additional rental stock to the market — with BC's complex Residential Tenancy Act not all homeowners of vacant strata homes have a desire to become landlords and current interest rates are less attractive to investors who may want to purchase strata rental properties," Victoria Real Estate Board President President Dinnie-Smyth said in a news release. "It is also possible that these measures will contribute further to eroding housing affordability as older stratas with rental restrictions were generally valued lower than their rentable counterparts."
Slower sales have also contributed to a slight dip in market values over the last few months. That could mean some property assessments — being sent out soon to homeowners from BC Assessment — will be higher than current market value.
“I want to emphasize that assessments are based on July 1 values of this year, meaning that when similar properties were sold up to and around July 1, those market value sales are used to calculate your assessed value," Assessor Bryan Mura said in a news release. “An increase in assessment value does not, however, necessarily result in an increase in property taxes. Taxes are typically only affected if you are above the average value change for your community."
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Victoria Real Estate Board: Member since 1969 |
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Have questions about our 2023 Business Awards? |
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Join us as we walk through our new online nomination and award application process and answer all kinds of questions about the 2023 Business Awards to help you put your best foot forward.
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Tues., Dec. 13 | 12 - 1 PM
Virtual via Zoom
Call-in details provided upon registration
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Thurs., Jan. 5 | 12 - 1 PM
Virtual via Zoom
Call-in details provided upon registration
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Chamber Chats with CEO Bruce Williams |
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Local Delivery of Local Groceries |
It’s now much easier to source small independent local craft businesses in Greater Victoria.
In this Chamber Chat, CEO Bruce Williams learns more about local delivery service BCause with co-owner Mitch Hawes. |
BCause: Member since 2022 |
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Season’s greetings and sustainable shopping |
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This holiday season, be sure to shop locally and sustainably! Follow these Chamber tips to help your local community and the earth as a whole.
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Celebrating #IndigenousBusinessYYJ |
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The Chamber is committed to Indigenous reconciliation. We’re proud to feature new Indigenous Chamber members, including Mack Law Group LLP!
Mack Law Corp is wholly Indigenous-owned and operated, founded by Leah Mack of the Toquaht Nation.
She has dedicated her career to working with and for First Nation communities and organizations to find original solutions to complex legal issues. Mack Law Corp incorporates all aspects of the law, including communities’ unique Indigenous laws, culture, traditions, and history.
Are you an Indigenous-owned business working in Greater Victoria? Learn more about Chamber membership and opportunities to connect by emailing engagement@victoriachamber.ca
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Find great employees for the new year |
What do you have on your wish list this year? If a great new employee is what you’re searching for, you’ve come to the right place!
As an exclusive Chamber member benefit, you can post a free 30-day listing on the job board every calendar year.
Use the code INTRO2022 at checkout to use this offer today. This is your last chance to use this free benefit before the end of the year!
Reach the right candidates with the help of The Chamber. If you have any questions or need help uploading your job posting, email engagement@victoriachamber.ca
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Medals of Good Citizenship awarded
Victoria Native Friendship Centre: Member since 2019
Oasis Society for the Spiritual Health of Victoria: Member since 2022
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A Christmas Carol returns
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Our Place Society: Member since 2010 |
Times Colonist: Member since 1961 |
CHEK News: Member since 1971 |
CHEK News: Chamber Champion since 2020
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10 years of oceanfront excellence
The Oak Bay Beach Hotel is celebrating their 10th anniversary this month. Since 2012, the Oak Bay Beach Hotel has won numerous awards for their pristine views and luxurious modern amenities. The original Oak Bay Beach hotel was built in 1927 before being destroyed by a fire in 1930. It has since been rebuilt, closed and renovated into the building it is today. |
Oak Bay Beach Hotel: Member since 2011 |
Community learning program launched at VNFC
Victoria Native Friendship Centre: Member since 2019
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Chamber supports Dine Around & Stay in Town
The Chamber is pleased to support our local food and accommodation members this winter. The return of Greater Victoria’s Dine Around & Stay in Town Victoria will give locals and visitors alike the chance to indulge in some of our destination’s finest restaurant offerings between Jan. 20 and Feb. 5. The toughest part will be choosing between the more than 50 participating restaurants who have thoughtfully paired their menus with some of BC’s finest in wine, craft beer and specialty crafted cocktails. Tickets are now available for the Gala Launch on Jan. 19, 2023, giving attendees the opportunity to celebrate local cuisine with the BCRFA and Destination Greater Victoria. |
Destination Greater Victoria: Member since 1988 |
BC Restaurant & Food Services Association: Member since 1996 |
National success for local grocer
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Pepper's Food Store: Member since 2002 |
Ecostar Awards recognizing climate leadership
The 2022 Ecostar Awards, hosted by Synergy Foundation, recognizes local businesses that are committed to environmental and social leadership. This year, four Chamber members were given distinct awards:
Eluma Beauty Inc (Elate Cosmetics): Member since 2019
Synergy Foundation: Member since 2017
The Parkside Hotel & Spa: Member since 2013
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BC Transit: Member since 1999 |
Schneider Electric: Member since 2003 |
Douglas Magazine: Member since 2004 |
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Do you have a success story?
We want to hear from you
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Member to Member Discounts |
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Welcome to our Newest Members! |
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Need to get one of our snazzy Chamber name tags? |
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250-383-7191
victoriachamber.ca
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