GVBOT statement on 2023 City of Vancouver budget

For Immediate Release
Wednesday, Mar. 1, 2023

VANCOUVER, B.C. — The Greater Vancouver Board of Trade has issued a statement in response to the City of Vancouver’s 2023 operating budget, which was approved by council on February 28.

“It is disheartening to see the City of Vancouver pass a budget with a 10.7% property tax increase, just one week after their initial estimate of 9.7%. This increase comes at a time when many small and medium-sized businesses are struggling with increased costs, supply chain issues and labour challenges,” said Bridgitte Anderson, President and CEO of the Greater Vancouver Board of Trade. “This increase will result in higher prices for Vancouver residents who choose to support local, at a time when foot traffic remains below pre-pandemic levels and customers continue to feel the impact of inflation on their wallets.”

“Addressing public safety issues, revitalizing the downtown core and providing additional mental health supports will result in positive changes that extend out across the region, and these are positive steps that are long overdue,” noted Anderson.

“Vancouver needs to make entrepreneurship easier and more attractive, rather than increasing what is already a disproportionate tax burden shouldered by businesses. Increases of this size are unsustainable for small and medium-sized businesses going forward. We need the city, and all levels of government, to urgently address barriers like permitting and licensing delays, and red tape, and find ways to reduce costs for businesses, to ensure they can continue to provide the jobs and services that people in our community depend on,” Anderson concluded.

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About the Greater Vancouver Board of Trade:

Since its inception in 1887, the Greater Vancouver Board of Trade has been recognized as Western Canada's leading business association, engaging our members to inform public policy at all levels of government and empowering them to succeed and prosper in the global economy. With a Membership whose employees comprise one-third of B.C.'s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through unique programs. In addition, we operate one of the largest events platforms in the country, providing a stage for national and international thought leaders to enlighten B.C.'s business leaders.

Media contact:

Victor Young
Communications Manager
Greater Vancouver Board of Trade 604-640-5450 || media@boardoftrade.com