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.
As of October, Metro Vancouver’s unemployment rate continued to drop, meanwhile downtown office occupancy rates remain low, pedestrian traffic remains less than half of 2019 levels, and four additional street-level businesses closed. Further, hotel and short-term rental occupancies are trending downwards, which is normal as for this time of year but more pronounced as a result of the pandemic. With travel discouraged, it is likely downtown pedestrian traffic and hotel and short-term rental occupancies will continue to decrease throughout the winter. The next 6 months will continue to be challenging for street-level businesses. As of November 23, businesses can apply for the revamped Canada Emergency Rent Subsidy.
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Economic Impact & Recovery Snapshot report.