CPABC: Cariboo’s housing market resilient in the face of economic uncertainty
PRINCE GEORGE, British Columbia, Aug. 21, 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, the Cariboo region added 2,098 residents in 2024.
“Annual population growth slowed to 1.2 per cent as we lost more residents to other provinces,” said Corey Naphtali, CPA, CA, partner at KPMG Canada in Prince George. “Once again, international migration was the main driver of population growth.”
Between July 1, 2023, and July 1, 2024, the Cariboo region gained 2,306 residents from international migration and 681 residents from other regions in British Columbia. Meanwhile, natural growth and interprovincial migration were both negative.
The majority of the region’s population growth occurred in Prince George, which grew by 1,877 people, or 1.9 per cent. The populations of Quesnel and Williams Lake increased by 0.6 per cent and 0.1 per cent, respectively.
“The concentration of population growth in Prince George underscores the need for more housing in the region’s largest population centre,” continued Naphtali. “Home prices have increased dramatically across the region over the last five years.”
In 2024, construction started on 696 housing units in the region’s largest municipalities. More than three-quarters (77.4 per cent) of those starts were attached units, such as apartments and row housing.
Through the first half of 2025, home sale activity has been resilient in the Cariboo’s largest markets. As of June 2025, year-to-date sales were up 6.0 per cent in Prince George, and the average sale price was $531,595, representing a 2.4 per cent increase. The average sale price also increased by 11.1 per cent, and 2.9 per cent in Williams Lake and Quesnel, respectively.
“Consistent with other relatively affordable markets across Canada, sales in the Cariboo have remained resilient, despite ongoing trade uncertainty,” concluded Naphtali. “Our economy is particularly sensitive to disruptions in the forestry sector, which has come under increased pressure due to U.S. trade policy.”
To learn more, visit www.bccpa.ca.
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
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