CPABC: Majority of international arrivals to British Columbia settle in Southwest B.C., as housing crisis worsens
2024年7月30日 - 6:08AM
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, Southwest B.C.’s (which encompasses the Lower Mainland)
population grew by 129,000 people, or 3.9 per cent in 2023.
“Southwest B.C.’s population grew to 3.41 million in 2023,” said
Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC. “Even
more so than last year, population growth was driven by
international migration.”
The 129,000 new residents added between July 1, 2022 and July 1,
2023 was a record, eclipsing the previous high mark of 88,258
recorded in 2022. New residents arriving from other countries
accounted for almost all of the increase, as the region added
148,237 people through international migration. Nearly 85 per cent
of net international arrivals province-wide chose to settle in
Southwest B.C.
“The Lower Mainland, and Greater Vancouver especially, is a
major destination for people to settle when first arriving in
Canada, so it’s not a surprise to see population growth so
concentrated in the region,” continued Mathison. “The extent to
which we saw people relocate to other provinces is cause for
concern though.”
Nearly 7,000 people (net) left Southwest B.C. to live in other
provinces, compared to an 11,235 person gain between 2021 and 2022.
Another 15,829 people relocated to other parts of the province,
similar to the net outflow recorded one year earlier. On the other
hand, natural growth, or births minus mortalities, boosted the
population by 3,484 people.
A recent Angus Reid poll found that high housing costs were a
driving force behind some people looking to live elsewhere. More
than a third of respondents (37 per cent) from Metro Vancouver
reported that they had seriously considered leaving B.C. because of
housing affordability challenges.
“Losing residents to other provinces for the first time in a
decade really underscores the need to address housing
affordability,” continued Mathison. “It’s clear that both current
and prospective residents are increasingly considering other
regions when choosing where to live.”
In June 2024, the benchmark price of a single-family home across
the Lower Mainland was $1.8 million, up 3.1 per cent from June
2023, and up 50.0 per cent from June 2019. The benchmark price for
an apartment was $707,500, up 0.7 per cent from one year earlier,
and 31.8 per cent higher than it was five years ago.
“It’s a long road ahead to address housing affordability in the
region, especially when new housing supply doesn’t keep up with
population growth,” concluded Mathison. “Increasing the housing
stock and boosting real incomes are going to be two very important
policy objectives for the region going forward.”
Learn more about the BC Check-Up: Live report.
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