Business leader says he hopes Greater Victoria gets fair share of submarine money

The federal government’s submarine contract with a German company offers a “tremendous amount of opportunity” to propel British Columbia’s shipping industry, political and business leaders say.

Prime Minister Mark Carney announced in Halifax on Monday that Canada has chosen German defence manufacturer TKMS as the preferred supplier of up 12 submarines, with both sides now entering negotiations. 

Dave Hargreaves, a senior vice president with Seaspan, Canada’s largest shipbuilder, says the announcement is a huge boost for the industry.

“There is going to be tremendous amount of opportunity for the Greater Victoria area, for B.C. and frankly, across all of Canada to participate in this program,” he said. 

Several key details surrounding the announcement are still outstanding, including the final number of submarines to be stationed at CFB Esquimalt in Greater Victoria.   

British Columbia’s Jobs Minister Ravi Kahlon said it is not clear yet how many submarines will operate out of the home base for Canada’s Pacific fleet. 

“Our assumption is at least half, if not more than half, will be stationed in British Columbia,” he said. “It’s a conversation that we will have the federal government.” 

But the minister said British Columbia will nonetheless benefit from the announcement because the submarines will require maintenance. 

“These maintenance contracts are 50-plus years, which will be really important for British Columbia,” he said.

Contracts like those are among the reasons why B.C. has doubled the funding for skills training and created a task force dedicated to the marine industry, Kahlon said. 

John Wilson, CEO of the Greater Victoria Chamber of Commerce, said Monday that he hopes the region will get a fair share of the largest defence procurement in Canadian history.

Ottawa’s decision means more high-paying jobs for the region, he said. 

Wilson said the chamber will continue to work with governments to make sure regional companies will have a chance to contribute to the various supply chains connected to the project. 

Stephen Fuhr, secretary of state for defence procurement, told reporters in Esquimalt on Monday the economic benefits for the region will be substantial, but he could not give exact figures, because negotiations with TKMS are just starting. 

Fuhr said the project will create thousands of jobs in the region, although the final figure depends on the number of subs Canada eventually buys from the consortium, which beat South Korea’s Hanwha Ocean for the contract.

This report by The Canadian Press was first published July 6, 2026.

By Wolfgang Depner | Copyright 2026, The Canadian Press. All rights reserved.