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COVID ECONOMICS


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#521 Redd42

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Posted 01 July 2020 - 10:45 PM

Parking Update:

 

Thought I'd put this here as it relates to econimics of the downtown core.  By the end of last week metered parking was just over 71% of last year.  I think this is very encouraging.  Short-term parking limits are back in the core and through the last 4 weeks we've seen a solid increase of 4-7% increase in transactions compared to last year.  Downtown is kind of buzzing and anecdotally there are a few businesses still closed but everyone seems to be getting going.  Parkades are a little slower at about 60% by the end of last week but they seem to be increasing transactions a little faster over the last few weeks.  Looking at a very solid July, not normal but recovery is better than anticipated back in April.

 

How about outside of the downtown? I have a business in the Rock Bay area. Parking rules haven't been enforced for a very long time. Some folks have figured this out and park all day in 15 minute loading zones and 1 hr spots. I've called to report specific vehicles and am told someone will attend, but rarely happens.



#522 Victoria Watcher

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Posted 02 July 2020 - 05:40 AM

The U.S. unemployment rate dropped to 11.1 percent in June as businesses shuttered by the coronavirus pandemic earlier this year rehired millions of idled workers. The Labor Department said in its report, released on Thursday because of the Fourth of July holiday, that employers added 4.8 million jobs in June — the biggest increase on record.

#523 Ismo07

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Posted 02 July 2020 - 08:35 AM

Sorry folks; 

 

Parking is a poor chart to monitor the health of downtown Victoria during this pandemic. As soon as I read the post I thought wait a minute its probably folks that ride the bus using a vehicle instead. Further posts confirm that!

 

I am downtown 7 days a week and I can tell you all its very grim at the moment. Very, very grim... However we must remain optimistic. From a business perspective if you aren't innovating and or planning to, you will not survive this crisis... god knows it was tough enough already.

 

Good luck to everyone! With twenty years in business management & marketing I am an open book to all...

 

TFord

 

Well I think April looked quite grim. May was better and June more so, as we now move into July it is much better downtown and improving each week.  The return of vehicles is a sign of people returning to transact some sort of business downtown.    Yes we are seeing different people commuting with cars as there is far less transit riders.   No one is saying we are back to normal, not even close.  The message is that we are seeing improvement all over, not just downtown.

 

Short-term parking transactions increasing almost daily is certainly a decent measurement.  Better to be around 70% than 27%.  Keep being optimistic and use the info as you'd like.


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#524 Ismo07

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Posted 02 July 2020 - 08:37 AM

How about outside of the downtown? I have a business in the Rock Bay area. Parking rules haven't been enforced for a very long time. Some folks have figured this out and park all day in 15 minute loading zones and 1 hr spots. I've called to report specific vehicles and am told someone will attend, but rarely happens.

 

Yes limited time zones are not being monitored at this point though the loading zones should get attention.



#525 lanforod

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Posted 02 July 2020 - 08:38 AM

at 70%, is parking at least revenue neutral or still negative for the city?



#526 Ismo07

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Posted 02 July 2020 - 08:43 AM

at 70%, is parking at least revenue neutral or still negative for the city?

 

Well it's 70% with reduced rates but Parking Services still is a positive revenue source.


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#527 Victoria Watcher

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Posted 02 July 2020 - 08:46 AM

from the viatec survey:

 

 

 

“Concerns centre around U.S. travel restrictions, supply chain issues and maintaining company culture within a remote team. On the flip side, 75% feel productivity has stayed the same or increased while working remotely. While we do not have the specifics of staff size per respondent, it is noteworthy that respondents reopening their offices are predicting that 60% of their staff will continue to work remotely. 

 

https://www.viatec.c...h-sector-so-far


Edited by Victoria Watcher, 02 July 2020 - 08:47 AM.


#528 spanky123

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Posted 02 July 2020 - 09:23 AM

^ I think it is safe to say that you can extrapolate the Viatec results to many other professional services as well. I get that the Mayor wants to put on a happy facer and pretend that everything is getting back to normal but the reality is that if office occupancy remains at 40% of pre-covid levels then the downtown business services, retail and hospitality sectors will be in severe difficulty and we will see a massive increase in failures.

 

Last year we already started to see tourism decline (despite an increase in every other major Canadian city) as we let the core deteriorate. The Mayor and staff need to start planning for the new reality rather than just hoping that they can keep balls in the air until their term is over.



#529 Spy Black

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Posted 02 July 2020 - 10:01 AM

Surface parking lots are all but empty, and there is essentially nobody on the sidewalks.

I also see empty street parking spaces on all but the busiest streets (Douglas and Blanshard - Yates to Fort).

 

But now that I'm back at my downtown office every day, I'm not seeing anything to be positive about.



#530 Ismo07

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Posted 02 July 2020 - 10:25 AM

Surface parking lots are all but empty, and there is essentially nobody on the sidewalks.

I also see empty street parking spaces on all but the busiest streets (Douglas and Blanshard - Yates to Fort).

 

But now that I'm back at my downtown office every day, I'm not seeing anything to be positive about.

 

Too be fair parking lots operated by private operators are not used much due to a few things.  They did not adjust rates where the City did.  If you look at the Harbour Air lot you would see it is very well used as the rate was reduced accordingly.  Since limited time zones are not currently being monitored many people who would typically park in the surface lots are utilizing these streets.  On-street parking rates have also been reduced so we are seeing parking spaces being used longer as well.  

 

When you say 'Now that you are back..' I'm assuming you weren't downtown much in April/May.  It's much more positive these days comparably, and improving.  Again is it normal, no.  It won't be for quite some time and it will not be overnight, it will be gradual.  Maybe so gradual it won't really be noticed.  The glass is certainly half full rather than half empty...



#531 Matt R.

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Posted 02 July 2020 - 11:04 AM

CMHC announced this morning that the CECRA will be extended by one month, for a total of four months rent relief. If you qualify for the original three month period you are deemed eligible for July.

Matt.
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#532 TFord

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Posted 02 July 2020 - 11:34 AM

^ I think it is safe to say that you can extrapolate the Viatec results to many other professional services as well. I get that the Mayor wants to put on a happy facer and pretend that everything is getting back to normal but the reality is that if office occupancy remains at 40% of pre-covid levels then the downtown business services, retail and hospitality sectors will be in severe difficulty and we will see a massive increase in failures.

 

Last year we already started to see tourism decline (despite an increase in every other major Canadian city) as we let the core deteriorate. The Mayor and staff need to start planning for the new reality rather than just hoping that they can keep balls in the air until their term is over.

 

I couldn't agree more, the swift and very badly executed closure of Government street highlights these failings.. 

 

It is in moments of crisis that true leaders step forward and show the traits that make them special. We have been failed time and time again. I cannot wait to see the back of these folk, they will not be remembered Kindly. 

 

Who in the council has the courage to step forward with a plan, take a huge risk, put your career on the line and save this beautiful city from the train wreck it is speeding towards??

 

please, it's now or never..


Edited by TFord, 02 July 2020 - 11:34 AM.


#533 On the Level

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Posted 02 July 2020 - 01:09 PM

I think that they honestly believe they are doing a good job.  Every breath, thought and action of the council is first reviewed through a social justice lens.  The past few months have been the best ever in the history of Victoria.  Just look at the work we have done!

 

  • When you see businesses fail, then that just means there will be more places for the province to purchase to convert into housing. 
  • Flowering baskets have been replaced with "food security" for the needy and homeless.
  • Beacon Hill Park is frivolous.  If it gets destroyed, then the province will pay to clean it up and perhaps it can be converted to all native species.
  • We have permanently shut down Gov for traffic.  It's going to be fabulous from Oct through February.
  • We have blocked traffic from the frivolous Beacon Hill Park.
  • We are closer to replacing Police officers with Nurses.  
  • The city is paying for an app for non-corporate local business.  
  • We are creating a secret list of friends that we can do business with.

Social Justice is all consuming, so there is no time to reflect on things like city infrastructure, next years budget, etc.  We're saving the world!


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#534 Rob Randall

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Posted 06 July 2020 - 01:56 PM

Irony Alert:

 

The Ayn Rand Institute received a US Paycheck Protection Program loan of between $350K and $1 million.


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"[Randall's] aesthetic poll was more accurate than his political acumen"

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#535 Casual Kev

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Posted 07 July 2020 - 01:35 AM

Irony Alert:

 

The Ayn Rand Institute received a US Paycheck Protection Program loan of between $350K and $1 million.

Well, not much of a market for stubborn individualism during a pandemic. 



#536 Mike K.

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Posted 07 July 2020 - 07:25 PM

Did we know Bootlegger at Westshore Town Centre is closing? Because it is. And the Winners at that mall is absurdly under-stocked to the point where it looks like they’re closing the store. Staff insist it’s just a logistics issue.

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#537 Matt R.

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Posted 07 July 2020 - 07:44 PM

Lots of logistic issues out there these days! Can’t get good kennebec potatoes, hot tubs are back ordered all over the place, madness I tell you, madness!

Matt.
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#538 spanky123

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Posted 08 July 2020 - 06:33 AM

Did we know Bootlegger at Westshore Town Centre is closing? Because it is. And the Winners at that mall is absurdly under-stocked to the point where it looks like they’re closing the store. Staff insist it’s just a logistics issue.


Reports on Reddit that Winners in Vancouver are in the same boat.

#539 spanky123

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Posted 08 July 2020 - 06:46 AM

Lots of logistic issues out there these days! Can’t get good kennebec potatoes, hot tubs are back ordered all over the place, madness I tell you, madness!

Matt.

 

Sounds like the CERB cheques are buying a lot of hot tubs and big screen TVs.

 

Interesting to note that real estate prices in Toronto and stock prices on Nasdaq are hitting record highs. 

 

Didn't someone back in March warn that the free Government money was just going to create bubbles and that housing and stock prices were the likely recipients? You know, the types of things that WIDEN the prosperity gap and help make the rich richer. Oh yeah right, that was ME!


Edited by spanky123, 08 July 2020 - 06:50 AM.

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#540 Redd42

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Posted 08 July 2020 - 12:41 PM

Yes limited time zones are not being monitored at this point though the loading zones should get attention.

 

So how in the heck is not enforcing parking limits helping my business? All the street parking near me is now being used by other businesses and their employees. The few customers I have, have complained about the lack of parking!



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