CPABC: Population growth in Greater Victoria second slowest among Canadian CMAs in 2024

VICTORIA, British Columbia, Aug. 28, 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, Greater Victoria added 7,406 new residents in 2024, bringing the total population to 441,491 people.

“For the second year in a row, Victoria was one of the slowest-growing metropolitan areas in Canada,” noted Simon Philp, FCPA, FCMA, Market Vice President at CIBC. “We have experienced a clear departure from traditional migration patterns in the capital region.”

International migration to Greater Victoria reached a record high between 2023 and 2024, as the region welcomed 7,467 people (net) from other countries. Meanwhile, the number of people relocating to Greater Victoria from within Canada (net) fell to the lowest level since comparable data became available in 2002. The region gained 975 residents from other parts of B.C. and 282 residents from other provinces.

“International arrivals were the main source of population growth in 2024,” continued Philp. “Meanwhile, our ability to attract or keep new residents already living in Canada was hampered by unaffordable housing costs.”

In 2024, there were 4,435 housing completions in Greater Victoria, resulting in 0.60 new homes per additional resident. Since 2019, Victoria’s population increased by 37,623 residents, and 19,338 homes were completed, or 0.51 homes per new resident. This compares favourably to the average across B.C.’s seven census metropolitan areas, where 0.32 housing units were completed per new resident during the same 5-year span.

“New housing construction has kept up with population growth in the region,” noted Philp. “The problem is that it has become much more expensive to build new homes.”

The benchmark price for a single-family home in Victoria was $1.17 million in July 2025, up 2.8 per cent from July 2024, while the benchmark price for an apartment was $554,500, down 1.5 per cent year-over-year. Greater Victoria’s housing market has remained resilient in the face of economic uncertainty through the first seven months of 2025. As of July, year-to-date sales were up 5.8 per cent compared to the same period in 2024.

“Finding ways to reduce development costs while maintaining the pace of residential building is a critical goal moving forward,” concluded Philp. “Part of that is acknowledging that we need a more coordinated approach between the 13 municipalities that make up the Capital Region.”

To learn more, visit 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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