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.