May 26, 2024

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Financial pressures hurting Metro Vancouver businesses: StatCan survey

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New figures from the Canadian Survey of Business Conditions for Metro Vancouver shows financial pressures are preventing many businesses from getting money needed to expand operations.

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Uncertain future sales were preventing around 42 per cent of surveyed businesses from taking on more debt. This percentage was 17 per cent more than three months ago. The survey was conducted by Statistics Canada in partnership with the Canadian Chamber of Commerce.

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The quarterly survey, released Thursday, also found the number of businesses in a position to take on more debt had dropped by eight per cent over the past three months.

“These financial pressures come on the heels of the recent Counting the Costs report released by the Board of Trade that highlighted nearly $6.5 billion in additional government-imposed cost increases businesses will face between 2022 and 2024,” said the Board of Trade president, Bridgitte Anderson.

The survey noted an improvement in supply chain challenges that emerged during the COVID-19 pandemic.

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