2017 Annual Report
2017 Annual Report

Strengthening communities

In 2017, we made great progress in enhancing the financial, social and environmental well-being of our members and their communities.

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Our Stories

Syrian newcomers turn to Vancity to support their children’s future

Many Syrian refugees who have come to B.C. have settled in Surrey, where Vancity is working with DiverseCity to help them save for their children’s education.

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Our Stories

Bosa Development acquires Dockside Green

New owners to continue the bold vision of social vibrancy, ecological restoration and economic sustainability at Dockside Green, a mixed-use residential and commercial development in Victoria.

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Our Stories

Ojibwe entrepreneur pioneers organic eczema treatment

With Vancity’s help, Ojibwe entrepreneur Patrice Mousseau was able to turn a home remedy for her daughter’s eczema into a successful business with sales across Canada and around the world.

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Being firmly rooted in local communities delivers strong results.

ABOUT VANCITY

Vancity exists solely for the benefit of our members and the communities in which they live and work. Because of that, we’re constantly looking to remain connected with the needs and concerns of our members.

Anita Braha

Message from the Chair

“The Board takes seriously its mission of translating our values into policies and practices that guide and shape Vancity’s business.”

Anita Braha
Chair, Vancity Board of Directors

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Tamara Vrooman

Message from the CEO

“In a fast-paced, uncertain and ever-changing world, we think it’s more important than ever to stick to our values.”

Tamara Vrooman
President and CEO

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Vision and business model

We are an agent of positive social change that uses the tools of a financial institution.

Challenge

Developing digital offerings that benefit members and communities

The world of banking is changing and the pace of that change is unprecedented. New digital tools are revolutionizing the way people interact with financial institutions. Our members’ expectations are changing too. With 250,000 of them – close to half of our members – interacting with us almost entirely online or via our mobile app, we’re under pressure to deliver even more mobile and digital functionality through additions such as e-signatures, click-to-chat call centre interaction, video options, and online wealth advice.

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Challenge

How to help members navigate rising rates and tighter mortgage rules

Despite some encouraging signs of economic recovery in Canada, many Vancity members are facing tough times. Canada ranks first in household debt levels among 35 developed and developing nations, according to the OECD. The housing market in major urban centres is showing few signs of cooling off and a 2017 Vancity report found that housing affordability in some Lower Mainland and Greater Victoria municipalities had decreased by as much as 38 per cent.

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Challenge

How to inspire and support Vancity employees

It’s a challenging time to be an employee these days. An increase in self-employment, the rise of the gig economy, automation, more outsourcing and a rapidly evolving digital landscape are all disrupting working lives.

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23.2% of assets and assets under administration invested in the triple bottom line

(Target: 23.7%)
impact-fact

525,506
members

(Target: 535,000)

7.6% return on average members’ equity

(Target: 5.4%)

93% of employees completed unconscious bias training

(Target: 75%)
impact-fact