CPABC: Over 750 housing units completed in Cariboo in 2022, population growth slow compared to pre-pandemic rate

PRINCE GEORGE, British Columbia, July 28, 2023 (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 338 residents in 2022, bringing the total population to 169,716 residents.

"Population growth edged up in 2022 compared to 2021, but remained well below the average annual growth from 2015 to 2020," said Corey Naphtali, CPA, CA, partner at KPMG Canada in Prince George. "The region largely saw residents arriving from other parts of the province and other countries, while we lost residents to other provinces."

From July 1, 2021 to July 1, 2022, the Cariboo saw a net inflow of 505 residents from other countries and 385 from other regions in the province. Over the same period, the region saw a net outflow of 304 residents to other provinces, while natural growth (births minus mortalities) reduced the population by 248. The 2022 population increase was significantly below the average annual gain of 1,557 from 2015 to 2020, but up from 2021 when the region lost 39 residents.

"Given the region's aging demographics, negative natural growth, and large labour shortages, we need to attract residents from outside our region," continued Naphtali. "One positive development in 2022 was a significant increase in the number of housing units completed. This is needed to help improve affordability. While housing prices weakened in the latter half of 2022, they have increased considerably over the past few years."

The average age of a resident in the Cariboo in 2022 was 42.3, slightly below the provincial average of 42.8 but up from 40.1 in 2012. Nearly a fifth of the population was 65 years or older (19.7 per cent), compared to 14.0 per cent in 2012.

In 2022, there were 758 housing units constructed in the region's largest municipalities, Prince George, Quesnel, and Williams Lake, compared to an annual average of 403 completed from 2015 to 2021.

As of July 2022, the average assessed property value in the region's major municipalities increased from July 2021:

• Prince George: $410,891 (up 20.5 per cent)
• Williams Lake: $330,955 (up 28.5 per cent)
• Quesnel: $306,891 (up 30.8 per cent)
  

"Housing prices have increased significantly compared to pre-pandemic levels but as a region housing affordability continues to be attractive compared to other areas of the province. We need to continue to focus on policies that increase housing supply and make it more affordable and accessible for both current and future residents."

To learn more, see www.bccheckup.com.

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About CPA British Columbia

The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 39,000 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.