Douglas Weekly 2025

Douglas Weekly – Jan 6

January 6, 2025

Organizers of the annual IMPACT Sustainability conference. Credit: Destination Greater Victoria. — Credit: Destination Greater Victoria.

IN THE KNOW:

Destination Greater Victoria’s Initiatives Boost Year-Round Tourism

Building on the success of a record-breaking 2023, which saw 4.9 million visitors contributing $3.5 billion in economic output and $2 billion to the region’s GDP, Destination Greater Victoria is rolling out initiatives designed to attract more visitors during the traditionally quieter winter months.

The organization has introduced “Intention,” a wellness-themed getaway program designed to attract visitors during the winter season. It will also host its annual IMPACT Sustainability Travel and Tourism Conference in January and the “Dine Around and Stay in Town” program in January/February.

In addition, Destination Greater Victoria says 28 city-wide conferences secured for 2025 are expected to generate $35 million in economic impact, contribute $6.5 million in taxes, and support 8,400 jobs. On average, each conference will drive $1.17 million in business sales.

Meanwhile, passenger traffic at Victoria International Airport is forecast to grow by 3% annually, targeting 3 million passengers by 2040. International ferry services anticipate 3–4% annual increases in demand, further bolstering the region’s connectivity.

Trudeau steps down as Prime Minister, triggering leadership race

After nearly a decade in power, Justin Trudeau has announced his resignation as leader of the Liberal Party, saying he will depart as Prime Minister once his successor is chosen.
The decision comes as the federal Liberals experience declining public approval and criticism of their response to economic challenges.

Canada is required to hold a federal election by October, but Trudeau’s resignation and the prorogation of Parliament until March 24 may create conditions for an earlier election, especially if opposition parties push for a no-confidence vote.

Trudeau’s resignation introduces significant uncertainty, with short- and long-term implications for Canadian businesses and the economy.

The Canadian dollar initially strengthened following Trudeau’s announcement but remains vulnerable due to broader economic concerns, including potential U.S. tariffs under President-elect Donald Trump.

Amid declining national productivity, ongoing inflation and continuing economic instability, businesses may adopt a “wait-and-see” approach, delaying hiring and investment decisions until a clearer economic outlook emerges.

Tax credits aim to ease housing costs

The Province of B.C. has announced its 2025 housing tax credits. This year, the renter’s tax credit will increase, with tenants able to claim up to $400 a year off their taxes if their adjusted income is $63,000 or less, with a partial credit for an adjusted income as much as $83,000.

Eligibility for the renter’s tax credit is based on adjusted income, which is the total of a person’s net income and a spouse or common-law partner’s net income (if applicable) with certain adjustments.

B.C. is also adjusting the property value threshold for the homeowner grant so it continues to cover 92% of homeowners, an increase of roughly $25,000 from the previous threshold to reflect moderate and stable market conditions.

Most homeowners will also see minimal changes in their 2025 assessment values. Vancouver Island’s total assessments increased from over $386 billion in 2024 to almost $391 billion in 2025, with about $4.89 billion of the region’s updated assessments from new construction, subdivisions, and rezoning.

Nanaimo looks to brighter economic future

The Nanaimo Prosperity Corporation‘s January newsletter examines the city’s 2025 budget and its impact on the business community. It says the city’s investments in infrastructure and sustainability will increase housing density while positioning Nanaimo as a thriving hub for business and investment.

The Corporation lauds the city’s focus on a multimodal transportation network, including new transit shelters, pedestrian improvements and EV charging infrastructure rebates and home energy retrofits, as well as its continuing support of economic development initiatives.