Oak Bay Avenue may soon lose several local businesses as rent increases threaten their survival. Timeless Toys, a popular toy store in the Bell Block Building, is among the shops affected. The building, home to multiple locally owned stores, was recently sold to Vancouver-based Edgar Development and Upfield Capital Management. In early September, business owners received notices informing them of a 59 percent rent increase.
Business owners say they are shocked and unsure how to respond. “These have been our locations for ten years. The landlord is not willing to negotiate,” said one shop owner. Hide and Seek Coffee, located next door to Timeless Toys, also announced on social media that it is searching for a new location after learning about the rent hike.
City councillor Tasha Henderson described the situation as part of a larger trend. “We’re seeing this over and over. As turnover happens, we get more dentists, more vape shops, and more big chains. We really want to keep local businesses thriving,” she said. Henderson introduced a resolution at the Union of BC Municipalities meeting to cap commercial rent increases. She emphasized that small businesses are essential to the community. “Local businesses offer good-paying jobs, sponsor sports teams, and give back to the community. We want them to stay,” Henderson added.
Victoria Mayor Marianne Alto also highlighted the impact of high rents on local shops. “I’ve heard stories of increases from 10 to 30 percent. That’s huge for small businesses. Any measure to support them has merit,” she said. B.C. Jobs Minister Ravi Kahlon issued a statement saying the province is committed to lowering costs and supporting businesses across the region. Despite the challenges, the landlord’s website emphasizes its goal of “building thriving communities.” Many business owners feel this philosophy clashes with the current rent hikes.
Longtime residents fear the village’s character will change if local businesses close. Shops like Timeless Toys and Hide and Seek Coffee have been part of the community for over a decade. Their closure could pave the way for large chains, altering the unique charm of Oak Bay Avenue. The rapid rise in commercial rents has sparked broader conversations about protecting small businesses in B.C. Communities across the province face similar challenges, as local shops struggle to compete with rising costs and changing ownership structures.
Some business owners are exploring relocation options, while community leaders push for rent regulations. The goal is to preserve the local business landscape, keep jobs within the community, and maintain the cultural identity of Oak Bay. For residents, the question remains whether local authorities can balance commercial growth with the survival of long-standing businesses. As negotiations continue, the future of Oak Bay Avenue’s unique shops hangs in the balance.
