Canada’s Best Places for Business 2016

Victoria, B.C.

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Population: 85,332
Annualized population growth (%) 0.71
Avg. household income ($): 64,416
Total value of building permits issued, most recent year ($): 234,729,481
Avg. office lease rate ($ psf/yr): 27.78
Corporate income tax rate (%): 26.0
City website: www.victoria.ca

Market

Pop. within 1 hr commuting distance: 404,374
Adults who have completed apprenticeship, trades certificate or diploma (%): 7.78
Adults who have completed university degree (%): 35.38
Adults who have completed bachelor''s degree (%): 62.68
Unemployment rate, most recent month (%): 6.66

Costs

Avg. home price ($): 492,640
Avg. retail lease rate ($ psf/yr): 35.93
Avg. industrial lease rate ($psf/yr): 16.94
Avg. general lease rate ($psf/yr): 27.80
Peak electricity cost for businesses ($/kWh) N/A
Peak electricity cost for mid-size commercial business ($/kWh): 0.1097
Peak electricity cost for mid-size industrial business ($/kWh): 0.1097

Taxes & Regulation

Business license cost ($): $50 to $199
Avg. processing time for building permit, most recent calendar year: Less than 1 week
Non-residential property tax rate (% of assessed value): N/A
Commercial property tax rate (% of assessed value): 2.150000
Industrial property tax rate (% of assessed value): 2.210000
Small business income tax rate, if different (%): 13.0
Sales tax (%): 12
Special regulations or zoning: Victoria runs a heritage conservation program offering grants and property tax exemptions for restoration, preservation and seismic upgrading to buildings. The city also offers programs related to heritage research and documentation, and heritage research or promotion. The total value of heritage related grants was $719,690 in 2014, and $718,710 in 2015. The total value of heritage-related project costs awarded in was $1,180,000 in 2014 and $1,431,441 in 2015

Other

Largest employers: Government of British Columbia; Department of National Defence; Vancouver Island Health Authority
Leading industries: Government; Tourism; Technology
Value of capital projects >$5 million planned or under construction ($ million): N/A
Special amenities: Victoria boasts Canada’s mildest climate. It is home to three post-secondary educational institutions, hiking trails, several beaches and golf courses. Annual festivals include Rifflandia, the Fringe Festival, Symphony Splash and Beerfest.
Special economic development initiatives: The Mayor’s Economic Development & Prosperity Task Force implemented a new Business Hub in 2015, aimed at helping businesses navigate the city bureaucracy.