Municipal News

Victoria Unveils $10M Safety Plan to Improve Downtown Core

To finance the initiative without raising property taxes, the city will reallocate funds from existing programs, including delaying upgrades to Royal Athletic Park and Centennial Square and drawing from reserve funds. The plan includes $1.35 million for new police, $1.9 million for enhanced bylaw enforcement, $4.86 million for street and infrastructure rehabilitation and $3 million for interim housing.

Member News

Tecnet Joins SIPP’s Economic Alliance

Tecnet, Canada’s longest operating IT support and services company, has joined SIPP's growing regional economic alliance of more than 75 member organizations.

Canadian-owned and operated, Tecnet has been supporting businesses, governments and non-profits since 1974 and was one of the first IT companies to support the B.C. government in adopting workplace computing. Tecnet has two major support centres in Victoria and Vancouver, plus a robust network of 35 Authorized Support Centres strategically located across B.C.

“Tecnet’s decision to join SIPP is a powerful testament to their commitment to local prosperity and their deep understanding of the critical role technology plays in our region’s economic future,” says SIPP CEO Aaron Stone.

Provincial News

Province to Address Health, Safety Concerns in Supportive Housing

The Province is taking action to improve safety and health standards in supportive housing by launching a time-limited working group focused on urgent issues like criminal activity, weapons and second-hand fentanyl exposure. The group will explore stronger enforcement measures, including the possibility of removing supportive housing from the Residential Tenancy Act.

The working group will include supportive housing providers, law enforcement, unions, provincial staff and BC Housing, with input from First Nations and tenant advocates. BC Housing, WorkSafeBC and the BC Centre for Disease Control are analyzing the results and creating new guidance to mitigate exposure risks, forming part of the broader safety conversation led by the new task force.

National News

Canada Scraps Digital Services Tax After Trade Talks with U.S.

The federal government recently cancelled the digital services tax (DST), one day before tech giants like Amazon and Google were due to pay nearly $2 billion in retroactive levies. The last-minute decision, announced by Finance Minister François-Philippe Champagne, followed an intense weekend of negotiations.

The tax meant to address what Ottawa saw as a loophole for large tech firms profiting off Canadian users without paying local taxes. The recent reversal is expected to smooth the path toward resumed negotiations on a broader Canada-U.S. economic and security pact, with a new July 21 deadline set at the recent G7 summit.

Provincial News

B.C. Introduces Flexible Payment Terms to Increase Housing Starts

The Province is taking steps to accelerate affordable housing construction by reducing up-front costs and offering more flexible payment timelines for homebuilders. These changes will boost housing supply amid high interest rates and construction costs. Developers will benefit from an extended four-year window to pay development-related charges, with just 25% due at the time of permit approval and the remaining 75% payable at occupancy or within four years.

This measure anticipates lower carrying costs, improved financial viability for housing projects and encourages more developers to initiate and complete new builds. The changes, taking effect January 1, 2026, are the result of collaboration between the Province, local governments and industry associations and represent the first major overhaul to the development charge regulation since 1984.

Regional News

Victoria Housing Market Heats Up as Summer Arrives

Housing demand in Greater Victoria remains strong as the region heads into summer, with 761 properties sold in June 2025, which is a 15.1% increase over June 2024 and a slight rise from May. Sales of condominiums led the surge with a 23.3% jump year-over-year, while single-family home sales climbed 17.5%.

Despite economic headwinds, home values show resilience. The benchmark price for a single-family home in Victoria’s core rose to $1.325 million — up 2.3% from last year, though slightly down from May. Condo prices, however, dipped 0.9% to $562,800. Active listings reached 3,778 at the end of June, a 9.2% rise year-over-year.

Did You Know?

• Canada's trade deficit narrowed to $5.9B in May, as trade with U.S. continues to decrease. - CBC



Join Greater Victoria’s Ocean Tech Community With a New Office at the COAST Ocean Innovation Hub

Two bright offices are now available at SIPP's COAST Ocean Innovation Hub in downtown Victoria. Set up shop in Victoria and move into a space where you can work alongside people driving innovation in the ocean sector. Members of South Island Prosperity Partnership are entitled to a free COAST membership — giving you access to subsidized office spaces.

What We're Working On

• Stay tuned for the upcoming SIPP Summer Patio Mixer on August 29 from 4:30 to 6:30 p.m. Watch your emails for more information!

• SIPP is currently working to complete the final Rising Economy Taskforce Report, featuring insights and recommendations to harness Greater Victoria's economic potential.

• Congratulations to Aby Tannas for winning the SIPP Survey Prize of $200 to spend at a Greater Victoria business! Survey participants directly influenced South Island Prosperity Partnership’s Five-Year Economic Development Strategy, which will be published in the fall.

At a Glance

⛴️ New ferry terminal in Victoria’s inner harbour begins major construction this summer - BC Government

🚧 Malahat Nation, Cowichan Tribes receive $66.7 million in loans for infrastructure projects - Victoria News

📣 Call for Nominations to the 2025/26 VIATEC Board of Directors - VIATEC

Follow Us On Our Social Media Channels to Learn more!

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