CPABC: Rental costs increase across the Kootenays as population growth holds steady
17 Julio 2024 - 12:10PM
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 over409,000 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