VANCOUVER, British Columbia, July 29, 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, 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.
