The number of housing starts in Prince George cooled off considerably in 2022.
That’s according to a report from the Chartered Professional Accountants of BC.
Last year, there were 451 housing starts in the northern capital – in 2021, our city saw 665 new units break ground – this equates to a year-over-year decline of over 30%.
As a whole, the Cariboo region, which includes PG, Williams Lake, and Quesnel saw a decline of 25.3% with 600 new starts tallied in 2022, compared to a record 803 the year prior.
In addition, our region saw a 29.1 percent dip in new attached units like townhouses and apartments, as well as a 17.5 percent decline in new starts of single-detached homes.
The CPBA also noted the total value of major capital projects in the Cariboo was $16.7 billion during the third quarter of 2022, down $33 million compared to the same period in the previous year.
Lastly, the region has 24 major projects worth nearly $12 billion dollars proposed, including the $600 million acute care tower at PG’s University Hospital.
“The Cariboo will benefit from the major projects underway and expected to start in the short-term, which will advance services such as healthcare, improve access to natural resources, and better connect our region,” said Corey Naphtali, CPA, CA, partner at KPMG Canada.
“In addition, given high-interest rates are anticipated to weaken new investment, these established projects are an important stabilizer for our economy.”
To view the entire report, click here.
Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].
