The Thompson-Okanagan region had its slowest year of population growth in more than a decade last year.<\/p>\n\n\n\n
According to a report released by the Chartered Professional Accountants of BC, between July 1, 2023 and July 1, 2024, more than 9,200 people moved to the Thompson-Okanagan.<\/p>\n\n\n\n
“We lost more residents to other provinces than we gained,” Karen Christiansen with the organization said in a media release issued, Aug. 18. “As a result, population grew at the slowest pace since 2013, despite above-average international migration.”<\/p>\n\n\n\n
The report states that in 2024, the Thompson-Okanagan lost 709 residents to other provinces.<\/p>\n\n\n\n
The number is a dramatic drop since between 2013 and 2023, the region gained 4,185 people per year from other provinces on average.<\/p>\n\n\n\n
The population growth came from more than 4,100 people moving to the region from other parts of BC, and a further 8,400 coming from other countries. The birth vs. death rate then reduced the population by 2,575.<\/p>\n\n\n\n
“The concern is that poor housing affordability is causing people to consider other parts of Canada as a place to call home,” Christiansen said. “There has been substantial residential investment in the region, particularly in Kelowna, but home prices aren\u2019t necessarily coming down.”<\/p>\n\n\n\n
The BC Check-up report says that, despite economic uncertainty, the housing market in the Thompson-Okanagan remains resilient.<\/p>\n\n\n\n
The average price of a home sold in the Okanagan was $761,358 in July 2025, up two per cent from the same month last year.<\/p>\n\n\n\n
In Kamloops, the average price increased by one per cent to $614,497.<\/p>\n\n\n\n
While the price of rent is still high in Kelowna, the vacancy rate has gained momentum, increasing from 1.3 per cent to 3.8 per cent.<\/p>\n\n\n\n
Kamloops, however, only managed to increase its vacancy rate from 1.3 per cent to 1.4 per cent.<\/p>\n\n\n\n
The report states that the average rental rates in Kelowna were up 6.7% and in 3.4% in Kamloops compared to 2023.<\/p>\n\n\n\n
“Increasing the housing supply will alleviate some of the pressure on housing markets in the region, now and also in the future,” Christiansen said. “There are still challenges though, like finding ways to bring building costs down and ensuring that the most in-demand types of homes are being built.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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