CPABC: Migration patterns shift in the Thompson-Okanagan as the housing market shows resilience

KELOWNA, British Columbia, Aug. 18, 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 Thompson-Okanagan added 9,241 residents in 2024, bringing the region’s population to 666,712 residents.

“We lost more residents to other provinces than we gained,” said Karen Christiansen, FCPA, FCA. “As a result, population grew at the slowest pace since 2013, despite above-average international migration.”

Between July 1, 2023, and July 1, 2024, the Thompson-Okanagan lost 709 residents (net) to other provinces. By comparison, the region gained 4,185 people per year, on average, through interprovincial migration between 2013 and 2023. Meanwhile, the region gained 8,409 residents from other countries and 4,116 residents from other regions in B.C. in 2024. Natural growth (births minus mortalities) reduced the region’s population by 2,575.

“The concern is that poor housing affordability is causing people to consider other parts of Canada as a place to call home,” noted Christiansen. “There has been substantial residential investment in the region, particularly in Kelowna, but home prices aren’t necessarily coming down.”

Despite economic uncertainty, housing markets in the Thompson-Okanagan have been resilient through the first half of 2025. The average price of a home sold in the Okanagan was $761,358 in July 2025 (year-to-date), 2.0 per cent higher than the average sale price during the first seven months of 2024. In Kamloops, the average sale price increased 1.0 per cent to $614,497 for the same time period. Year-to-date sales were up 8.1 per cent in the Okanagan and up 1.0 per cent in Kamloops as of July 2025, compared to 2024.

In the rental market, the vacancy rate increased in both Kelowna (from 1.3 per cent to 3.8 per cent) and Kamloops (1.3 per cent to 1.4 per cent) in 2024. Average rental rates also increased in Kelowna and Kamloops, up 6.7 per cent and 3.4 per cent, respectively, compared to 2023.

“Increasing the housing supply will alleviate some of the pressure on housing markets in the region, now and also in the future,” concluded Christiansen. “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.”

To learn more, see 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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