BC Check-Up Live
The 2023 BC Check-Up Live focuses on affordability as we emerge from the COVID-19 pandemic. The report finds that BC’s population grew at the fastest rate in 25 years, adding nearly 117,000 new residents from July 1, 2021 to July 1, 2022. At the same time, the inflation rate reached a 40-year high in 2022, the Bank of Canada raised its interest rate from 0.25% in March 2022 to 5.0% as of July 2023. This has weakened the purchasing power of homebuyers and reduced demand, which resulted in housing prices falling in some markets over the past year.
BC Check-Up Invest
The 2023 BC Check-Up Invest focuses on investment trends across the province and in each of the province’s seven development regions. The report finds that in 2022, despite rising interest rates, key investment indicators such as housing starts, non-residential investment, and major project activity remained strong. However, building permits issued - a leading indicator - declined significantly since interest rates began increasing, indicating investment will likely weaken in 2023. Further, GDP per person is forecasted to decline, and government debt is expected to increase significantly.
BC Check-Up Work
The 2022 BC: Check-Up Work report focuses on employment trends across the province and in each of the province’s seven development regions. The report examines labour trends in BC over the past year, and in comparison two pre-pandemic employment levels. The report finds that BC’s workforce is now larger than it was before the pandemic due to strong employment gains made over the past two years. However, the province has faced a growing shortage of labour, and the employment performance varies significantly by industry and region across BC.