Like all communities across Canada, Abbotsford experiences a wide array of economic issues that affect our local businesses and households. On Oct. 31 City Council was able to raise some of those concerns with the Bank of Canada directly when Mayor Siemens had the opportunity to meet with Bank of Canada Deputy Governor Sharon Kozicki.
Topics covered in the hour-long meeting included the impact of inflation and interest rates on the economy; housing and regulatory challenges; the importance of Abbotsford and the Fraser Valley to Canada's trade infrastructure network; and the challenges associated with flood mitigation.
This was a valuable chance for City Council to directly advocate for our community and discuss the impacts of interest rates and the cost of living on Abbotsford residents and businesses. We also covered issues including housing affordability, the cost of land, the need for private sector job growth and industrial land use challenges, and the Mayor touched on the importance of different levels of government to understand their roles and work collaboratively.
Mayor Siemens emphasized the need for infrastructure improvements and funding for flood mitigation. These investments not only benefit the overall economy, but are vital for supporting food security. The increased cost for insurance from potential future flooding events results in a “risk premium” that affects our farmers’ ability to raise capital to grow and expand their businesses.
The purpose of the Bank of Canada visit was for them to gather ground-level insight into the issues facing communities across the country, and it is always advantageous for us to be able to articulate the importance of our region and our economy and amplify our concerns.
Abbotsford City Council