Mark your calendars for June 9 from 10 a.m. - 12 p.m.

Free Blue Economy Flotilla Event to Showcase Indigenous Leadership in Sector

Witness a unique demonstration of Indigenous Marine Stewardship at an upcoming flotilla event, hosted by the Indigenous Prosperity Centre (IPC), a branch of SIPP. Join the event at Victoria's Inner Harbour on June 9 from 10 a.m. to 12 p.m. as a flotilla of vessels from various First Nations in our region gather to showcase a vivid representation of their leadership and critical role in the blue economy.

IPC encourages the public to participate by viewing this convergence of heritage, leadership and the sea from the inner harbour causeway. Media representatives and dignitaries will have opportunities to engage directly with the vessels.

Tune into the Rising Economy Podcast

The Rising Tide of the Blue Economy: Inside Pacific Canada's Ocean Marine Sector

In our latest episode of the Rising Economy podcast, we explore the $30-trillion potential of the blue economy with Jason Goldsworthy, Executive Director of the Centre for Ocean Applied Sustainable Technologies (COAST), a branch of SIPP.

Emphasizing the role of COAST as a centre of gravity for tech and innovation in Pacific Canada's ocean marine sector, Jason offered fascinating insights including:

• B.C. has the second-largest amount of ocean economy startups in Canada.
• Indigenous communities play a crucial role in shaping the future of the blue economy through a deep-rooted connection to the ocean and traditional knowledge.
• The blue economy ranges from robots that fix holes in the bottom of ships to reduce drag to renewable energy creation that removes reliance on carbon-based fuels.

Don't miss this exciting discussion on the intersection of technology, sustainability and the ocean economy.

Three Greater Victoria Municipalities Selected for Housing Targets by Province

The Province has selected the first cohort of 10 municipalities for housing construction targets. Victoria, Saanich and Oak Bay are three of the communities selected to tackle the housing crisis and accelerate the construction of homes. This initiative is part of the B.C. government's Housing Supply Act, which empowers the Province to set municipal housing targets and expedite the building process in areas with the most pressing need.

Throughout the summer, the Province will consult with selected municipalities to finalize housing targets and encourage them to streamline local processes. With established targets, the Province will monitor progress, working closely with municipalities to overcome potential barriers.

Scotiabank Chief Economist Explains Call for Bank of Canada Interest Rate Increase

In a recent BNN Bloomberg article, Jean-François Perrault, Scotiabank's Chief Economist, voiced support for an additional rate hike from the Bank of Canada. Despite the potential risks such a move may pose to the Canadian economy, Perrault argues it is crucial for reinforcing the central bank's mandate to its citizens. He expressed concerns that insufficient action might lead to a situation where inflation remains high, which may result in greater future rate adjustments.

The Bank of Canada has maintained its overnight lending rate at 4.25% since March, with an upcoming interest rate decision scheduled for June 7. April's economic data pointed to higher-than-anticipated inflation, as reported by Statistics Canada, with an annual rate of 4.4%.

Kieran Buggy Promoted to Director of Operations for SIPP

We are excited to announce that Kieran Buggy, who originally joined SIPP in 2018 as a Foreign Direct Investment Concierge, has been promoted to Director of Operations!

As our Director of Operations, Kieran will oversee the strategic and operational aspects of SIPP projects and initiatives, including the Rising Economy Conference and economic development for our region.

"It's been a pleasure to be a part of SIPP in its early stages and now through its growth," says Kieran. "We've accomplished a lot already, and it's a very exciting time to see all the new initiatives gaining momentum and the team continues to grow."

Minimum Wage in B.C. Raised to $16.75 an Hour

On June 1, a pay raise came into effect for B.C.'s lowest-paid workers, as the Province increased the general minimum wage from $15.65 to $16.75 an hour. This 6.9% wage hike follows B.C.'s average annual inflation rate for 2022.

In addition to general workers, the same pay raise will be extended to residential caretakers, live-in home-support workers and camp leaders.

Housing Speculation and Vacancy Tax Expands to New B.C. Communities

The Province is rolling out the speculation and vacancy tax (SVT), across new communities in 2024. The SVT expansion will extend to Cowichan, Duncan, Ladysmith, Lake Cowichan, Lions Bay and Squamish, for a total of 46 communities. Designed to deter speculative real estate practices and convert vacant properties into homes, this tax measure reinforces homes as residences.

While a large percentage of B.C. residents will be exempt, homeowners in these municipalities must make a declaration for the SVT. An estimated 48,000 residential property owners in these new areas will need to declare for the first time, starting in January 2024.​

Victoria's $1 Million Revitalization Plan for Downtown

Victoria City Council has allotted nearly $1 million to activate and refresh downtown with new retail experiences, pop-up culinary options, recreational and cultural programming and more through the OUR DWTN revitalization program. This initiative, funded annually, aims to transform the downtown core into a vibrant, safe space offering. The region strives to create bustling block parties, summer markets, festivals, walking tours and food trucks.

What are we reading?

Canadian Office Conversions as a Tool for Urban Renewal

Amid the significant shift in work patterns brought about by the pandemic, many downtowns across Canada are grappling with underutilized office spaces. The Canadian Urban Institute (CUI) recognizes this as an opportunity to create vibrant, equitable and sustainable downtown districts through office conversions.

In the recent report The Case for Conversions, the CUI explores how conversions could be instrumental in revitalizing key downtowns by offering a broader range of housing options, integrating new uses and attracting more people to the core. The CUI analyzed the potential for office conversion in six cities, including Victoria.

A few report highlights include:

• The potential exists to create 18,000 to 22,000 housing units in just 11 cities
• Viable solutions to financial and policy barriers exist
• Conversions offer a chance to rethink how we plan and build cities

UVic in Global Top 10 for Impact

The University of Victoria is in the top 10 among 1,500 universities worldwide in assessing how higher education responds to and acts on the United Nations’ goals to build a better future for people and the planet.

The 2023 Times Higher Education (THE) Impact Rankings placed UVic ninth in the world and third overall in Canada for how universities scored across all 17 of the United Nations Sustainable Development Goals (SDGs), which are calls to action to end poverty, protect the planet and ensure peace and prosperity.

“Through its groundbreaking research, its pursuit of innovation and its willingness to take on global-sized challenges like climate change, UVic is an inspiring example of a university driving positive change to make a real difference in the world,” says SIPP CEO Emilie de Rosenroll. 

SIPP's Prosperity Pulse: Real Estate

Each week we showcase the economic markers most relevant to Greater Victoria Region.

Source: Victoria Real Estate Board

Did You Know?

• The Canadian real GDP is now roughly 3.6 percent above its pre-pandemic levels, according to a Monthly Economic Growth report by the BC Real Estate Association.

News from the SIPP Ecosystem

Canadian Oceantech 2022 Data Report Celebrates COAST and Growth of OceanTech Industry

The Canadian Oceantech sector is booming according to the Canadian Oceantech Data Report recently released by Entrevestor. The data report for 2022 emphasized development within the ocean ecosystem, including improvement in the quality of startups, their capitalization and product commercialization.

The report noted COAST's successful networking event at the February 2023 IMPAC5 conference in Vancouver where the sector showcased its significant growth and diversification. Attendance included pan-national delegates, such as representatives from Memorial University, the Ocean Frontier Institute and Startup Yard at Cove.



The report highlights the importance of diversity, noting that approximately 72% of ocean startups are led by women and 28% by immigrants. Amid such encouraging figures, the report demonstrates optimism and confidence that B.C.'s oceantech sector is growing stronger and is poised for even greater success.

Don't Miss this Rising Economy Spotlight on Sunday, June 4

Explore the Thriving Local Indigenous Economy with CHEK News

For this segment of Rising Economy on CHEK, Hannah Levine interviews Christina Clarke of the Indigenous Prosperity Centre and Catherine Davies and Tammy Sam of Songhees Events & Catering about the vibrant re-emergence of the Indigenous economy and why that is great news for all of us. Tune in on Sunday, June 4.

At a Glance

🛣️ Songhees among Island communities getting funds for road safety - Times Colonist

 🏠 CFB Esquimalt housing density proposal building steam - CHEK News

🌱 $196,000 donation made to Royal Roads University garden to ensure food security - CHEK News

🚶Victoria ranked most walkable city outside of U.S. - CTV news

Get the latest information from SIPP's branches

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