In-migration boosted Thompson-Okanagan population but housing supply lagging
The pace of population growth in the Thompson-Okanagan region continues at a blistering pace, increasing by 2% between mid-2021 and mid-2022, adding 12,536 people.
That brought the region’s population to 631,367, according to data released today, July 27, by the Chartered Professional Accountants of British Columbia.
“Bolstered by the lifestyle, recreational opportunities and ability to work remotely, the region was able to attract residents from around B.C., Canada and the world,” association spokesperson Karen Christiansen said in a media release.
New residents from other countries were the largest contributor to the growth, accounting for 43% of the increase.
Another 38.3% came from other parts of BC and 37.9% from other provinces. That totals more than 100% because natural growth (births minus deaths) was negative, cutting the population 2,466 residents.
Almost two-thirds of new residents (65.4 per cent) were 39 years old and younger.
The average age in the region was 45.3 in 2022, down slightly from 2021 but up from 43.9 years of age in 2012. A quarter of the region’s residents (24.7%) are 65 or older, compared to 20.5% in 2012.
With more people coming into the region, more housing needs to be built, the news release says.
READ MORE: Thompson-Okanagan cities lagging behind housing needs
Last year, 3,949 housing units were completed.
That’s up slightly from 2021 (3,697 units) but below the average of more than 4,200 units created each year between 2017 and 2020. A record 5,700 homes were finished in 2019.
The completions last year equate to just 0.3 units per new resident.
“The region must strive to attract more residents, particularly those who are in the working-age bracket and can contribute to the local economy by producing goods and services,” Christiansen said. “But insufficient growth in the housing supply, combined with the high rate of population growth, presents a major challenge to the affordability of housing for both current and future residents.”
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