IN THE KNOW:
Work begins on new ferry terminal
Construction of a new ferry terminal in downtown Victoria is set to begin this summer, following the awarding of a $304-million design-build contract to Pomerleau Inc.
Early site work on the Belleville Terminal Redevelopment will start by the end of June, with major construction ramping up later in the summer.
The redevelopment will involve demolishing the existing Clipper terminal, building a new pre-clearance terminal that meets modern border-security standards, replacing old wharf facilities, and constructing a new commercial goods processing facility.
The new terminal will allow passengers to complete customs and immigration processes in Victoria before heading to the U.S., streamlining cross-border travel. The project is expected to be completed in 2028 and is being carried out in collaboration with the Esquimalt and Songhees Nations, whose territories include the project site.
Rising costs, attributed to complex site conditions, soil contamination, inflation, and tariffs, have pushed the overall project budget beyond the original $331 million approved in 2024. The federal government has increased its contribution to over $45 million to help cover the additional expenses.
SIPP announces new board members at AGM
South Island Prosperity Partnership (SIPP), Greater Victoria’s economic development alliance, announced its 2025/26 Board of Directors at its Annual General Meeting on June 17. The Board includes one new director and 10 returning directors.
Board Chair Terry Gunning noted “As the recent work of our Rising Economy Taskforce highlighted, Greater Victoria is at an economic crossroads filled with untapped potential. This Board’s vision and guidance will be critical in helping us harness that potential and navigate economic uncertainty.”
VIU cancels programs as part of restructuring effort
Vancouver Island University’s board of governors has approved the cancellation and suspension of multiple academic programs as part of a sweeping effort to address a persistent budget deficit.
The decision sees 14 programs—including the Master of Community Planning, several graduate diplomas, and the Dental Assistant program—phased out immediately or by 2026. The move is part of the university’s Deficit Mitigation Plan, which aims to reduce spending by $18 million by March 2026, following several years of financial shortfalls.
Acting president Emily Huner has said these decisions, though difficult, are necessary to lay the groundwork for long-term financial health, noting that the university has already achieved $6.35 million in expense reductions, or about 35% of its target.
Additional measures include closing The High School at VIU, reducing staff, discontinuing the university’s bus fleet, and ending a partnership with Elder College. While the university recorded a surplus in the previous fiscal year, much of it was attributed to one-time revenues, and overall expenses still exceeded the budget.
The program cuts have sparked concern among students and faculty, who worry about the impact on VIU’s reputation and the disruption for those already enrolled or planning to attend affected programs. Critics have called for alternative cost-saving measures, such as cuts to administrative positions, and urged the provincial government to provide more funding to support the institution’s future stability.
Island mall owner will take over local Hudson’s Bay leases
Billionaire Ruby Liu has received approval from an Ontario judge to take over leases for three Hudson’s Bay properties in Victoria, Woodgrove Centre in Nanaimo and Tsawwassen Mills, shopping centres she owns. She will pay $6 million for the set.
Liu plans to open a chain of department-style stores named after herself. Plans include traditional retail offerings as well as play spaces for children, dining areas and entertainment space.
Top 100 list shows an economy in flux
BC Business has released its Top 100 Businesses report, described as a “snapshot of British Columbia’s corporate heavyweights.”
It notes that the usual trend is for businesses on the list to have at least doubled their revenues in the past year, whereas this past year, there were none, and that four of the top five organizations by total dollar earnings were Crown corporations.
Find out who’s on the list.
WorkLink’s START program offers wage reimbursement
Employment skills training initiative START (Youth Employment and Skills Strategy Program), designed to connect employers with youth job seekers, is offering a one-time, fully funded 12-week wage subsidy for employers in Westshore and Sooke.
Offered through WorkLink, the subsidy reimburses employers who hire participants for short-term work experience placements, typically lasting up to eight weeks. The program aims to provide youth with hands-on job experience while supporting local businesses with staffing needs.
Participants are aged 15-30 and receive job readiness training before placement. The program is flexible and can accommodate a variety of industries and entry-level roles, with experience starting July 21st, 2025.
FROM THE PAGES OF DOUGLAS:
Insurance should provide security, but a costly wave of crime, vandalism and catastrophic weather events has forced businesses to find creative ways to get the coverage they need.
MARK YOUR CALENDAR:
JUNE
June 25: Think Local First Summer Mixer
JULY
July 16: Westshore Chamber Summer Social
AUGUST
August 21: Victoria Chamber Mixer
August 24 – 26: Victoria Forum
OCTOBER
October 28 – 30: VIEA ‘State of the Island’ Economic Summit
