BC Check-Up 2022

Earlier this year - the Chartered Professional Accountants of BC (CPA-BC) issued a report called BC CheckUp 2022

In the report -- they note:

Attracting immigrants continues to be a long-term goal of the provincial and federal governments, both to help offset Canada’s aging population and to fill a rising number of job vacancies. Prior to the COVID-19 pandemic, British Columbia was successful in attracting a growing number of residents from other parts of the country and internationally. However, BC’s population growth rate slowed in 2020 and into 2021 as the travel restrictions and uncertainty arising from the COVID-19 pandemic disrupted the normal flow of migration. 

While faring better than other provinces, BC's population growth from July 1, 2020 to July 1, 2021 was the slowest it's been since 2011 To better understand the outlook on affordability and the economy, CPABC also surveyed its members who work on the front line of business in BC. Rising labour shortages, housing prices, and wages were identified as the three biggest challenges for business success in BC in 2022, and two-thirds (67%) of the respondents expect housing affordability to worsen in their region in 2022. 

Despite these rising challenges, the overall economic outlook is relatively positive in BC. Nearly three-in-four BC CPAs believe BC’s economy will be stable or improve in 2022 compared to 2021, and four-in-five expect their organization’s economic prospects to stay the same or improve.

For a look at the Cariboo Region:

Housing Supply:

In the Cariboo, the gap between population gains and housing completes has narrowed since 2018 as population growth slowed. There were 475 housing units completed in 2021*, down from 2020 but above the 316 annual average from 2010 to 2019

Housing Prices:

Average Assessed Property Value 2021

• Williams Lake: $257,476 (↑5.5%) 

• Quesnel: $234,664 (↑4.5%) 

Demographic Trends:

The Cariboo’s average age of 42.0 was slightly younger than the provincial average. However, the proportion of those aged 65+ increased by over 40% over the past ten years.

To look at the CPA-BC's full report, click here