Northwest BC’s population grew by more than usual last year, but that was unfortunately met with a similar rise in housing costs.
According to the Chartered Professional Accountants of BC, the northwest added 880 residents in 2022, up from the 5 year average gain of 569.
Most of those came from other provinces and countries in pursuit of employment opportunities on the major projects in the region.
In line with that, while it is still the second lowest in BC, the average age of northwesterners rose by over two years during the past decade.
Despite the population boost, the region’s two biggest communities, Terrace and Prince Rupert, saw just 106 new housing units built in 2022.
That propelled a 31.4 percent rise in average assessment values in Prince Rupert, and a 14.9 percent jump in Terrace.
There is some good news though, as those figures did begin to tail off more during the final months of the year.
You can read the full report, which covers all regions in BC, at this link.
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