Thompson Okanagan remains the fastest-growing region in BC

The Thompson Okanagan didn't let a little thing called COVID affect its status as the fastest-growing region in BC.

"While population growth slowed in 2020 due to a decline in international immigration, the moderation was not as hard felt by our region as compared to other parts of the province," said Karen Christiansen, a partner at Kelowna accounting and consulting firm MNP.

Last year, the Thompson Okanagan added 8,462 new residents taking the total population to 609,320.

"Further, the Thompson Okanagan has seen the fastest population growth in BC over the past five years as many from across the province and outside the province relocating to the region," explained Christiansen.

In fact, over the past five years, the population of the Thompson Okanagan ballooned from 556,207 to 609,320, an increase of 53,113.

Christiansen is a fellow with the Chartered Professional Accountants of BC, the group that compiles the annual BC Check-Up, which spotlighted the Thompson Okanagan's growth figures.

The majority of new residents in the region are aged 25 to 54, which is the most desirable demographic.

The age group covers millennials, working parents and experienced workers attracted to the Thompson Okanagan for the career possibilities and the recreational lifestyle.

However, not all is rosy.

Kelowna, the region's largest city with a population of 223,000, has little natural growth as the population ages and the fertility rate drops.

In fact, Kelowna has the second lowest fertility rate in Canada, behind only Victoria.

That means we rely on people moving here to bolster the population and workforce.

There's also a housing availability and affordability crisis.

While the population shot up by 53,113 from 2015 to 2020, only 19,746 new homes were built, an indication that it's difficult to find a place to live when you move here.

Plus, low-interest rates, the region's reputation as a refuge during COVID and additional demand as people move here means the benchmark price of a single-family home in Kelowna is $900,000 in Kelowna, a townhouse $622,000 and a condominium $455,000.

People who sold a more expensive home in Vancouver or Toronto who are moving here can afford those prices, but many others can't.

"The region needs to attract residents, especially young families," said Christiansen.

"Going forward, it will be critical to encourage greater housing developments to help improve accessibility and affordability for both local and future residents."