CPABC: Population growth rate reaches multi-decade high in the Cariboo

/EIN News/ -- PRINCE GEORGE, British Columbia, July 15, 2024 (GLOBE NEWSWIRE) -- According to BC Check-Up: Live, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on demographic and affordability trends across the province, the Cariboo’s population grew by 2,119 residents in 2023, bringing the total population to 170,432 residents.

“Population growth accelerated in the Cariboo, similar to what we saw province-wide,” said Corey Naphtali, CPA, CA, partner at KPMG Canada in Prince George. “International arrivals accounted for the majority of population growth in 2023.”

Between July 1, 2022, and July 1, 2023, the Cariboo region gained 2,334 residents from other countries, more than half of whom were non-permanent residents aged 17 to 22. The region also gained 972 residents from other parts of B.C. This was partially offset by 593 residents moving to other provinces and natural growth (births minus mortalities) reducing the population by 594 people.

“Migration from other parts of B.C. to the Cariboo picked up drastically during the past two years,” continued Naphtali. “It’s certainly a positive given our region’s aging labour force and persistent skilled labour shortages.”

The average age of a resident in the Cariboo in 2023 was 42.3, slightly below the provincial average of 42.5 but up from 41.3 in 2018. Seniors (aged 65 and older) made up one-fifth of the population, compared to 17.1 per cent five years earlier.

In 2023, construction began on 296 housing units in the region’s largest municipalities, Prince George, Quesnel, and Williams Lake, less than half of the 600 starts recorded in 2022.

As of July 2023, the average assessed property value in the region’s major municipalities increased from July 2022:

• Prince George: $460,049 (up 12.0 per cent)
• Williams Lake: $383.548 (up 15.9 per cent)
• Quesnel: $345,673 (up 12.6 per cent)
  

“Despite recent increases in shelter costs, the Cariboo remains an attractive destination for BC residents due to relatively affordable housing and a wide array of economic opportunities,” concluded Naphtali. “Making sure the housing supply keeps up with our growing population is an important policy objective for the region to maintain that advantage.”

To learn more, see www.bccheckup.com.

About CPA British Columbia

The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA candidates and students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy.

CPABC Media Contact:
Jack Blackwell, Economist
604.259.1143
news@bccpa.ca