Since BC entered Phase 3 of its Restart Plan, the DVBIA has been tracking the impacts of the pandemic and downtown’s gradual economic recovery.
The number of active COVID-19 cases in BC has steadily increased since August. As autumn begins, it remains uncertain how businesses, especially restaurants, will be impacted. Office occupancy rates remain low as people continue to work from home and at least 12 additional street-level businesses have closed. Key events since August include mandatory face masks on public transit, students returning back to school, the release of BC’s COVID-19 Economic Recovery Plan, and the extension of the City of Vancouver’s temporary patio program. The federal government announced in late September employment insurance reforms and the extension of the Canada Emergency Wage subsidy into summer 2021. However, with federal programs like the Canada Emergency Response Benefit and the Canada Emergency Commercial Rent Assistance program nearing an end, the next six months will be crucial for businesses as they assess their finances and await greater details of future revamped federal supports.
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Economic Impact & Recovery Snapshot report.