Category: Finance

Population growth rate reaches multi-decade high in the Cariboo

The Cariboo’s population grew by 2,119 residents in 2023, bringing the total population to 170,432 residents, according to B.C. Check-Up: Live, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on demographic and affordability trends across the province.

“Population growth accelerated in the Cariboo, similar to what we saw province-wide,” said Corey Naphtali, CPA, CA, partner at KPMG Canada in Prince George. “International arrivals accounted for the majority of population growth in 2023.”

Between July 1, 2022, and July 1, 2023, the Cariboo region gained 2,334 residents from other countries, more than half of whom were non-permanent residents aged 17 to 22. The region also gained 972 residents from other parts of B.C. This was partially offset by 593 residents moving to other provinces and natural growth (births minus mortalities) reducing the population by 594 people.

“Migration from other parts of B.C. to the Cariboo picked up drastically during the past two years,” continued Naphtali. “It’s certainly a positive given our region’s aging labour force and persistent skilled labour shortages.”

The average age of a resident in the Cariboo in 2023 was 42.3, slightly below the provincial average of 42.5 but up from 41.3 in 2018. Seniors (aged 65 and older) made up one-fifth of the population, compared to 17.1 per cent five years earlier.

In 2023, construction began on 296 housing units in the region’s largest municipalities, Prince George, Quesnel, and Williams Lake, less than half of the 600 starts recorded in 2022.

As of July 2023, the average assessed property value in the region’s major municipalities increased from July 2022:

Prince George: $460,049 (up 12.0 per cent)
Williams Lake: $383.548 (up 15.9 per cent)
Quesnel: $345,673 (up 12.6 per cent)

“Despite recent increases in shelter costs, the Cariboo remains an attractive destination for B.C. residents due to relatively affordable housing and a wide array of economic opportunities,” concluded Naphtali. “Making sure the housing supply keeps up with our growing population is an important policy objective for the region to maintain that advantage.”

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Population growth rate reaches multi-decade high in the Cariboo

The Cariboo’s population grew by 2,119 residents in 2023, bringing the total population to 170,432 residents, according to B.C. Check-Up: Live, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on demographic and affordability trends across the province.

“Population growth accelerated in the Cariboo, similar to what we saw province-wide,” said Corey Naphtali, CPA, CA, partner at KPMG Canada in Prince George. “International arrivals accounted for the majority of population growth in 2023.”

Between July 1, 2022, and July 1, 2023, the Cariboo region gained 2,334 residents from other countries, more than half of whom were non-permanent residents aged 17 to 22. The region also gained 972 residents from other parts of B.C. This was partially offset by 593 residents moving to other provinces and natural growth (births minus mortalities) reducing the population by 594 people.

“Migration from other parts of B.C. to the Cariboo picked up drastically during the past two years,” continued Naphtali. “It’s certainly a positive given our region’s aging labour force and persistent skilled labour shortages.”

The average age of a resident in the Cariboo in 2023 was 42.3, slightly below the provincial average of 42.5 but up from 41.3 in 2018. Seniors (aged 65 and older) made up one-fifth of the population, compared to 17.1 per cent five years earlier.

In 2023, construction began on 296 housing units in the region’s largest municipalities, Prince George, Quesnel, and Williams Lake, less than half of the 600 starts recorded in 2022.

As of July 2023, the average assessed property value in the region’s major municipalities increased from July 2022:

Prince George: $460,049 (up 12.0 per cent)
Williams Lake: $383.548 (up 15.9 per cent)
Quesnel: $345,673 (up 12.6 per cent)

“Despite recent increases in shelter costs, the Cariboo remains an attractive destination for B.C. residents due to relatively affordable housing and a wide array of economic opportunities,” concluded Naphtali. “Making sure the housing supply keeps up with our growing population is an important policy objective for the region to maintain that advantage.”

Read More »