BizNews

^{February 21, 2024}

Your weekly round up of BizNews from throughout Greater Victoria!

Victoria MP Laurel Collins, at left, with Comox Mayor Nicole Minions, Campbell River Mayor Kermit Dahl, Victoria Mayor Marianne Alto and federal Minister of Labour and Seniors Seamus O’Regan during a press conference praising agreements made under the Housing Accelerator Fund.

Housing announcements delight Island municipalities

On Friday, federal government representatives were in Victoria to announce agreements that will fast-track more than 900 homes on Vancouver Island over the next three years, with a promise of more than 16,000 homes over the next decade.

The $4 billion Housing Accelerator Fund, launched last March, will provide $33.5 million to Island municipalities, with the City of Victoria receiving almost $18 million for its Action Plan.

“It takes collaboration and creativity to address the housing shortfall in our communities," Victoria Mayor Marianne Alto said in the news release. "This federal support empowers the City of Victoria to continue transforming our local housing policies and zoning processes to inspire and accelerate the development of diverse, innovative, affordable housing."

Housing supply touches on almost every Chamber advocacy priority, including finding and keeping workers, safe communities and business growth and adaption.

City of Victoria: Member since 1863

Layered partnership building homes for Songhees

Construction has started on 66 below-market homes on Songhees Nation land.

Residents will pay no more than 30% of their income on rent in the six-storey apartment building, which will have studio, one- and two-bedroom homes.

“This project symbolizes our unwavering commitment to providing safe and secure housing for all our members,” Songhees Nation Chief Ron Sam said in a news release. “We are excited to declare that this initiative represents merely the first step in a comprehensive plan aimed at ensuring the well-being and prosperity of our people.”

The Songhees Nation contributed land valued at $2.8 million, while the Capital Regional District worked with BC Housing, which is providing $10 million, and the Canada Mortgage and Housing Corporation, which is chipping in $9.9 million. The building is expected to be completed in early 2025. Aryze Developments, the builder, is contributing $525,000 of in-kind design services.

“The project at 1502 Admirals Rd. represents a true, layered partnership, where the private sector has teamed up with four distinct governments — Songhees, regional, provincial and federal — to deliver much-needed housing for community members," Aryze principal Luke Mari said. "This building is the epitome of rapid housing, from funding to construction in less than a year. On behalf of our team and our dedicated trade partners, we are honoured to be supporting Songhees Nation in this important, Indigenous-led housing solution.”

Capital Regional District: Member since 1993

Songhees Nation: Member since 2017

Aryze Developments: Member since 2021

Throne Speech offers few hints on 2024 BC Budget

Lieutenant Governor Janet Austin delivered the throne speech on Tuesday, offering a high level outline of what's in store on Thursday when the province unveils its 2024 Budget.

The speech opened the 42nd session of Parliament — the last before British Columbians head to the polls in October.

The speech praised the launch of BC Builds for its promise of new homes, and stated help is coming for businesses struggling with higher costs.

"Chamber members understand that there is always ceremony ahead of the provincial budget, but we want to see what the document actually says," Chamber CEO Bruce Williams said. "We're also grateful that the Finance Minister, the Hon. Katrine Conroy, will join us on Friday to speak about the Budget and answer questions."

First Nations developing clean-energy projects

Indigenous knowledge is an invaluable resource for our region, especially when it comes to improving environmental sustainability.

"Innovation led by business is key to effective Climate Action Leadership, and investing in Nations that are doing the work to improve their communities is the right thing to do," Chamber CEO Bruce Williams said.

The province's First Nations Clean Energy Business Fund is providing three communities on the South Island with more than $792,000.

T’Sou-ke Nation will receive $492,910 to build and install a solar photovoltaic system, and Malahat Nation will get $149,646 to install heat pumps in priority homes as well as to conduct a band office energy assessment and a rooftop solar photovoltaic system screening. Pacheedaht First Nation is getting $149,961 to help install surge protectors and improve insulation.

The next intake for the FNCEBF program closes April 30.

Malahat Nation: Member since 2019

T'Sou-ke Nation: Member since 2021

Langford MLA appointed to important regional file

Langford-Juan de Fuca MLA Ravi Parmar has been appointed Parliamentary Secretary for International Credentials. Parmar will support the new Minister of Post-Secondary Education and Future Skills, Lisa Beare, also appointed on Tuesday.

Parmar successsfully ran for the NDP in Langford-Juan de Fuca after former BC Premier John Horgan stepped down. The job of the Parliamentary Secretary for International Credentials is to remove barriers for internationally educated professionals working in BC.

"This is a file that has significant importance for Greater Victoria so we're happy to see a local MLA taking on the job," Chamber CEO Bruce Williams said. "The Chamber has been loudly calling for improvements to credential recognition."

Blue sky shines through on latest inflation numbers

The seemingly endless not-great news about inflation and interest rates took a pleasant turn this week. On Tuesday, Statistics Canada revealed that the Consumer Price Index rose 2.9% in January.

That's lower than economists expected, and within the target range that the Bank of Canada uses to indicate a balanced economy. As a comparison, inflation was 3.4% in December.

"Inflation is now in the target range, which is good news for the Bank of Canada. But the Bank is also acutely aware of the stickiness of core measures and the impact of elevated shelter prices," Canadian Chamber Senior Economist Andrew DiCapua said.

However, despite the surprise drop in inflation, the Bank is still expected to hold its interest rate at 5% until late spring.

"The unexpectedly large declines in airline fares and clothing prices may be a sign of

weakness in consumer spending, but could also partly reflect some data volatility," stated an Economics Report from CIBC. "However, even allowing for a partial

rebound, inflation in Q1 is still tracking below the Bank of Canada's MPR forecast (2.9% vs 3.2%). So even with GDP growth running somewhat stronger than they expected, we still anticipate that interest rate cuts will start in June."

CIBC: Member since 1994

Chamber Chats with CEO Bruce Williams

How immigration powers Canada's economic growth

CEO Bruce Williams talks with Times Colonist Editor and Publisher Dave Obee

Luciane Immigration Consulting: Member since 2023

Tudor House Immigration Services Inc.: Member since 2023

Chamber Chats

We know immigration to Canada is essential to growing our economy and the workforce needed to maintain that growth. In this Chamber Chat, CEO Bruce Williams speaks with immigration consultants Luciane Luthi (Luciane Immigration Consulting Inc) and Chris Brown (Tudor House Immigration Services Inc.) about the procedures and processes involved in immigrating to Canada.

Special thanks to our series sponsor: Island Savings

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

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Member News @VictoriaChamber

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Inn at Laurel Point:

Member since 1991

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SUPPLY Victoria:

Member since 2023

Thunderbird Insurance Brokers celebrate 50-year anniversary.

Thunderbird Insurance Brokers: Member since 2006

Victoria Airport Authority named one of BC’s Top 100 Employers for 2024.

Victoria Airport Authority: Member since 1981

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