CRANBROOK, British Columbia, July 17, 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 Kootenays added 2,203 new residents in 2023, bringing the total population to 173,059.
“Population growth in the Kootenays has been stable within the one-to-two per cent range for the last decade,” said Mike Calder, CPA, CA, partner at BDO Canada. “Most of our new residents came from other countries or other parts of the province in 2023.”
Between July 1, 2022, and July 1, 2023, the Kootenays added 1,834 residents from other countries, more than doubling the 831 net international arrivals recorded one year earlier. The region also attracted 1,101 residents (net) from other parts of B.C., but negative natural growth (births minus mortalities) reduced the population by 752 residents. Meanwhile, interprovincial migration added only 20 new residents, well below the 2018-2022 average of 1,321.
Over the past 5 years, seniors (aged 65 and older) have been the fastest growing age group in the Kootenays. In 2023, they accounted for a quarter (24.9 per cent) of the population, up from 22.4 per cent in 2018. The average age in the region was 45.2 in 2023, nearly three years older than the provincial average of 42.5.
“Historically, we have been able to rely on attracting newcomers from other provinces, but that wasn’t the case this past year,” noted Calder. “With the second oldest population in the province, attracting people who are in their core-working years will continue to be a priority.”
In the housing market, the average price of a home sold in the Kootenays was $545,402 in June 2024, up 0.5 per cent compared to June 2023 and 60.9 per cent higher than five years ago in June 2019. Rental costs rose, with the average one-bedroom apartment in Cranbrook costing $968 in 2023, up 14.7 per cent from 2022. In Nelson, the average monthly rent was $990 for a one-bedroom unit, representing a 7.3 per cent increase.
“Housing costs have shot up for both renters and owners in the region,” concluded Calder. “If left unchecked, there is a risk that both current and prospective residents may look elsewhere for a place to call home, and I think we’ve already seen a bit of that based on the interprovincial migration numbers.”
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.
