CPABC: Vancouver Island loses residents to other provinces, consistent with the provincial trend

/EIN News/ -- DUNCAN, British Columbia, Aug. 01, 2024 (GLOBE NEWSWIRE) -- 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, Vancouver Island and Coast (excluding Greater Victoria) added 6,825 new residents in 2023, bringing the total population to 500,292 people.

“Population growth slowed compared to 2022 but remained in the range we’ve come to expect in recent years,” said Woody Hayes, FCPA, FCA. “Most of the growth came from people already living in B.C. relocating to the region.”

The region gained 6,350 net new residents from other parts of B.C., similar to the number recorded in 2022. An additional 3,121 net new residents migrated to Vancouver Island and Coast from other countries. Meanwhile, natural growth (-2,579) and interprovincial migration (-67) both reduced the region’s population count.

“We gained just under 3,000 residents from other provinces in 2022, that number turned negative in 2023,” continued Hayes. “The outflow of residents is a growing concern for many parts of B.C., and for us in particular given the region’s advanced age.”

The average age of a Vancouver Island resident living outside of Greater Victoria was 47.2 years old, nearly 5 years older than the provincial average of 42.5. More than a quarter (28.7 per cent) of the region’s population was 65 years of age or older, up from 25.5 per cent in 2018.

“With the oldest population in the province, the need to attract younger residents who can support our aging population is evident,” noted Hayes. “That is becoming increasingly challenging, as housing affordability has worsened significantly over the last five years.”

Across Vancouver Island, the benchmark price for a single-family home was $773,200 in June 2024, up 3.4 per cent year-over-year and 60.0 per cent higher compared to the June 2019 benchmark. The benchmark price for an apartment was $404,100, marking an increase of 1.3 per cent from June 2023 and 56.0 per cent over five years.

“Home prices have skyrocketed, and the increase has been fairly consistent across property types,” concluded Hayes. “Growing the housing supply and promoting policies that encourage local investment are two critical areas of focus that require collaboration between all levels of government. Addressing affordability and providing economic opportunities in the region will help attract skilled workers.”

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 over 40,000 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