In Other News
CPABC recently launched its BC Check-Up: Live report, the second in its triannual series on investing, living, and working in British Columbia. This latest iteration focuses on BC’s strong population growth and ongoing housing supply and affordability challenges.
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, in 2022, B.C.’s population growth rate reached levels not seen in 25 years.
Last year, rapid inflation resulted in the fastest interest rate increase in a generation. While investment in the province remained resilient in 2022, there are signs high interest rates are slowing capital expenditures and weakening our economic outlook.
While inflation remains well above the Bank of Canada’s 2% target, it continues to slow both provincially and nationally. In March 2023, overall prices in BC rose by 4.7% in BC and 4.3% in Canada compared to March 2022, the slowest rate in BC since February 2022. In comparison, BC’s annual inflation rate was 6.2% to start this year and peaked at 8.1% last May.