A number of downtown business improvement associations across Canada are calling for another extension to the small-business loan given during the height of the COVID-19 pandemic to address the growing storefront vacancy rates.And Victoria is faring better than many of the other cities highlighted by the International Downtown Association Canada. Edmonton has the highest rate at 33 per cent, followed by Winnipeg just above 30 per cent, Toronto at 14 per cent, and Halifax at 13 per cent.
“Downtown street front vacancy increased to 10.2% in 2022, due in part to the addition of new supply. 1.1% of this vacancy is slated for redevelopment,” Businesses that repay the loan on or before Jan. 18, 2024 will receive loan forgiveness of up to 33 per cent, or $20,000.