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CPABC: Northeast B.C. population growth slowed due to COVID-19 pandemic while housing prices soared

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FORT ST. JOHN, British Columbia, June 16, 2021 (GLOBE NEWSWIRE) — In accordance with BC Examine-Up: Dwell, an annual report by the Chartered Skilled Accountants of British Columbia (CPABC) on demographic and affordability tendencies throughout the province, Northeast B.C. solely welcomed 88 new residents in 2020, lower than one-third the quantity in 2019, bringing the area’s inhabitants to 72,280 residents.

“The COVID-19 pandemic disrupted the movement of migrants internationally, and Northeast B.C. was no exception,” mentioned Ben Sander, FCPA, FCA, associate at Sander Rose Bone Grindle. “Whereas that is anticipated to be a one-off scenario, the variety of non-permanent residents, similar to short-term international employees, arriving within the area fell sharply in 2020.”

Nonetheless, the area noticed a web achieve of 209 residents from exterior the nation in 2020. Nevertheless, the financial uncertainty from the pandemic lowered the variety of work alternatives within the area and noticed a web of 629 residents leaving Northeast B.C. for different components of the province and Canada, over a 3rd of which have been 25 to 39 years previous. This may very well be a troubling signal for the area because it has lengthy loved a comparatively younger inhabitants. The typical age in Northeast B.C. was 36.6 in 2020, six years beneath the provincial common of 42.6.

“Whereas 2020 was a difficult yr, Northeast B.C.’s financial system has been bettering and fewer residents are leaving the area lately,” famous Sander. “The area’s inhabitants progress has additionally benefited from having a younger inhabitants and the strongest pure progress price within the province. Actually, the variety of births exceeded mortalities by 508 in 2020.”

Whereas the price of housing within the area stays comparatively reasonably priced in comparison with different components of the province, Northeast B.C. has seen housing costs on the rise lately. As of Might 2021, the typical house offered for $272,053 within the South Peace River space, up by 32.7 per cent in comparison with Might 2020.

A scarcity of provide has been a part of the difficulty, with simply 421 housing models accomplished in comparison with 1,485 new residents in Fort St. John and Dawson Creek between 2017 and 2020.

“In only one yr, the typical worth of a house offered elevated by almost a 3rd,” concluded Sander. “This has eroded among the benefit the area had when it comes to housing affordability in comparison with different components of the province. This might push native residents out, and discourage would-be migrants from coming, and highlights the necessity for larger housing provide.”

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About CPA British Columbia
The Chartered Skilled Accountants of British Columbia (CPABC) is the coaching, governing, and regulatory physique for over 37,000 CPA members and 5,500 CPA candidates and college students. CPABC carries out its main mission to guard the general public by implementing the best skilled and moral requirements and contributing to the development of public coverage. CPAs are acknowledged internationally for bringing superior monetary experience, strategic pondering, enterprise perception, and management to organizations.

For extra data: Vivian Tse, Supervisor, Communications 604.488.2647

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