Jeanne MacNeil, CPA, CA, of Edmison Mehr Chartered Professional Accountants
SMITHERS – 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, Northwest B.C.’s population grew by 769 residents in 2023, bringing the total population to 99,840 people.
“Population growth was positive for the fifth straight year in the Northwest,” said Jeanne MacNeil, CPA, CA, partner at Edmison Mehr Chartered Professional Accountants. “In 2023, that growth came entirely from international migration.”
The region welcomed 1,184 net new residents from other countries during the year ended July 1, 2023, just under half of whom were between 25 and 39 years old. Meanwhile, the province lost residents to other provinces (-253) and regions in B.C. (-142). Negative natural growth also reduced the region’s population by 20 people.
The average age of a Northwest B.C. resident in 2023 was 40.9, less than the provincial average of 42.5. Still, the region’s population has trended older in recent years. Since 2018, the number of residents aged 65 and older has increased by 19.5 per cent, in line with the provincial average over the same period.
“Seniors have been the fastest-growing demographic in the region over the last five years,” noted MacNeil. “It’s important that the region continues to attract people to support our aging population and that new residents can find affordable housing.”
In the housing market, the average price (year-to-date) for a home sold in Smithers was $497,322 in June 2024, down 6.8 per cent compared to the same six-month period in 2023. Conversely, the average sale price for a home in Prince Rupert was similar to the 2023 average, and moderate increases of 1.4 per cent and 4.6 per cent were recorded in Terrace and Kitimat, respectively.
“It’s interesting to see home prices in Terrace and Kitimat higher than they were two years ago, despite higher interest rates,” concluded MacNeil. “Finding affordable housing in these communities is becoming increasingly difficult, as supply is very limited.”
Source: CPABC
