KELOWNA, British Columbia, July 23, 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 Thompson-Okanagan’s population was 657,450 on July 1, 2023, up by 13,299 from one year earlier.
“The Thompson-Okanagan’s population expanded by 2.1 per cent in 2023, maintaining the consistent growth we’ve seen since 2018.” said Karen Christiansen, FCPA, FCA. “Over the past five years, our population has increased by 10.4 per cent, narrowly behind growth of 11.2 per cent the Southwest B.C.”
For the year ended July 1, 2023, the region welcomed 10,429 (net) new residents from other countries, up from just over 6,000 in 2022. The Thompson-Okanagan continued to attract residents from other parts of the province, as 6,179 British Columbians relocated to the region. Conversely, the region experienced a net outflow of people leaving for other provinces, as interprovincial migration decreased population growth by 503 people. Natural growth (births minus mortalities) was also negative, reducing the population by 2,806 residents in 2023.
“It was a bit of a different year in terms of where we were able to attract new residents from,” noted Christiansen. “2023 marked the first time we lost residents to other provinces in 21 years. At the same time, we saw a significant bump in the number of international arrivals, nearly half of whom were between 25 and 39 years old.”
The average age in the region was 45.2 in 2023, up from 44.8 years old in 2018. People in the first half of their core working years (25 to 39 year olds) narrowly outpaced seniors (aged 65 and older) as the fastest growing age group since 2018. Seniors still made up 24.7 per cent of the population, compared to 22.9 per cent in 2018, accounting for the largest share of the population.
The price of the average home sold in the Okanagan was $758,517 in June 2024, virtually unchanged from the average sale price in June 2023. Average rental rates increased in both Kelowna and Kamloops in 2023, up 8.6 per cent and 5.2 per cent respectively, compared to 2022.
“The Thompson-Okanagan is a popular destination for people leaving the Lower Mainland in search for more affordable housing, but we are at a disadvantage when compared to other parts of the country. That comes across pretty clearly when you look at the migration numbers,” concluded Christiansen. “Ensuring that the region’s housing supply is able to keep up with population growth will continue to be a priority going forward.”
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