The construction of new housing in British Columbia isn’t keeping with the province’s exploding immigration, a new report says.
According to the latest analysis by the Chartered Professional Accountants of B.C., the province’s population surged by 162,000 people from July 2022 to July 2023, primarily fueled by a significant influx of international immigrants.
The province welcomed 175,024 international arrivals in 2023, a 64.8% increase from the previous year. This growth was predominantly concentrated in B.C.’s largest cities.
Despite the robust international immigration, B.C. faced a net loss of 8,228 residents to other provinces, largely due to high housing costs.
“One of the most concerning trends over the last year was the exodus of B.C. residents relocating to other parts of Canada,” the accountant group’s CEO, Lori Mathison, told Business in Vancouver.
“We’ve historically been able to attract more than we lose. High housing costs are a major reason for that reversal. Younger people in particular are looking elsewhere to build a future.”
The province also experienced negative natural growth for the second consecutive year, with deaths outnumbering births.
With the added strain, the housing market struggled to keep pace, with only a 1% increase in housing units completed in 2023.
This resulted in just one new housing unit for every five new arrivals.
Long-standing housing shortages, exacerbated by affordability issues, continue to pose significant challenges for residents and businesses alike.
To address these issues, experts suggest policies to boost housing supply, encourage investment, and increase real incomes to improve affordability and support sustainable growth in the province.
