The Victoria suburb of Sidney, population of 13,288, has been named the most economically resilient city in British Columbia by BC Business, Western Canada's leading business magazine.
The publication's 2024 ranking places Sidney at the top for job prospects and business opportunities in the province. Eleven of the top 14 communities were on Vancouver Island, with only Kelowna (4), West Kelowna (5), and Sechelt (9) interrupting its run.
For the past 11 years, BC Business has been tracking the economic vitality of B.C. municipalities.
This year's iteration, conducted in partnership with Environics Analytics, analyzed data from 50 B.C. municipalities with populations of at least 10,000.
The ranking considered factors such as five-year population growth, household financial vulnerability, sense of belonging, rental vacancy rate, residential sales, housing starts, job creation, average unemployment and economic diversity.
Taking these nine different criteria into account, the business magazine gave each city a relative score on each.
Sidney secured the top spot due to its strong performance across these diverse economic indicators.
"While Sidney is a small town, we have a remarkably diverse business community," said Mayor Cliff McNeil-Smith. "Our very livable town attracts talent to live, work and locate their businesses here.
He also highlighted the town's "great community-oriented culture" where residents support local business, particularly when external challenges arise, like the COVID pandemic and the current tariff crisis.
McNeil-Smith also acknowledged the Sidney Business Improvement Society's (BIA) role in supporting and bringing businesses together.
“Our diverse business landscape, including tourism, retail and a growing number of small- and medium-sized enterprises, contributes to economic stability,” said Morgan Shaw, executive director of Sidney BIA. “Additionally, steady population growth driven by the area’s high quality of life has boosted consumer spending and supported local businesses.”
Shaw also cited the community’s ability to “adapt to changing economic conditions,” such as growing remote work and developing tourism trends, as contributing to the town’s ranking.
Fellow Vancouver Island communities also performed well in the survey, with Central Saanich (the previous year's leader) and Langford securing spots in the survey's "upper echelon."
Other Greater Victoria municipalities also saw significant gains, including Saanich (up three spots to No. 6) and Victoria (rising from No. 16 to No. 8).
The shift toward Vancouver Island communities dominating the list, the magazine pointed out, began following the COVID-19 pandemic, driven by the rise of remote work. Many workers have left Vancouver and other high-priced cities for the Island's lifestyle and affordability.
Nanaimo also experienced a notable surge, jumping 21 spots to break into the top 10 for the first time in five years. Sechelt on the Sunshine Coast also surprised by moving nine spots into the Top 10.
Notably, Metro Vancouver municipalities experienced a relatively poor showing in this year's ranking, attributed to negative employment growth in the region, impacting unemployment rates, property sales, and household finances.
The full list can be viewed at bcbusiness.ca.
