CPABC: Housing affordability a barrier to keeping residents in B.C.

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VANCOUVER, British Columbia, Aug. 07, 2025 (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, B.C. added nearly 167,000 new residents between July 1, 2023, and July 1, 2024, an increase of 3.0 per cent.

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“Once again, international migration was the main source of B.C.’s population growth in 2024,” said Lori Mathison, FCPA, LLB, president and CEO of CPABC. “However, changes to federal immigration policy have slowed population growth considerably.”

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B.C. gained 178,001 net residents from other countries in 2024, representing a new record high. Since then, the federal government’s 2025-2027 immigration plan, which cut the number of planned admissions in each successive year, has begun taking effect. As of April 1, 2025, B.C.’s population growth slowed to 0.9 per cent year-over-year, representing an increase of just over 53,000 new residents.

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Meanwhile, net interprovincial migration was negative, as B.C. lost 9,199 residents (net) to other provinces in 2024, and natural growth was negative for the third year in a row.

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“For the last couple years, it has been a challenge for B.C. to attract and keep residents who are already living in Canada,” continued Mathison. “A lack of affordable housing is a major reason for that.”

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As of June 2025, the benchmark price for a B.C. home was $945,800, down 2.2 per cent from June 2024 and 10.2 per cent from the March 2022 peak. Despite recent moderation, the benchmark price is still 35.0 per cent higher than it was in January 2020.

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Compounding the issue, new housing supply has lagged behind population growth in both the short and medium term. There were 35,578 housing units completed in B.C.’s seven Census Metropolitan Areas (CMAs), resulting in 0.23 completions per new resident. Since 2019, the number of people living in B.C. CMAs increased by 516,774, while housing completes totalled 165,977, resulting in 0.32 completions per new resident.

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“Population growth has contributed to recent affordability issues, but the greater and longer-term issue is that we are not building enough homes,” noted Mathison. “It’s a problem that our members have routinely identified as an obstacle to business success in the province.”

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According to the BC Check-Up: LIVE member survey conducted in April 2025, 79 per cent of CPA respondents said that high housing costs were a challenge for B.C. businesses. Some CPAs (28 per cent) even indicated that poor housing affordability was leading them to seriously consider leaving B.C. This suggests that affordability challenges in the province could have serious long-term consequences, as B.C. loses key talent to other markets.

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“Policies that enable construction of more in-demand housing need to be a priority,” concluded Mathison. “Restoring affordability, coupled with boosting real incomes, is key to ensuring future prosperity in B.C.”

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About CPA British Columbia

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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.

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