CPABC: Prince Rupert housing starts accelerate in 2023 as major project activity falls in Northwest B.C.
April 18 2024 - 1:40PM
According to
BC Check-Up: Invest, an annual report
by the Chartered Professional Accountants of British Columbia
(CPABC) on investment trends across the province, there were 159
housing units that started construction in Northwest B.C.’s two
largest municipalities in 2023, more than double the number of
units started one year earlier.
“New housing investment really accelerated in 2023, particularly
in Prince Rupert,” said Jeanne MacNeil, CPA, CA, partner at Edmison
Mehr Chartered Professional Accountants. “The increase in new
activity was from more multi-unit projects breaking ground.”
Of the total 159 housing units that began construction in 2023,
94 were in Prince Rupert and 65 were in Terrace. More than three
quarters (77.4%) of starts across the region were attached units,
such as apartments and row housing.
Meanwhile, the total value of all major projects that were
proposed, under construction, and on hold in Northwest B.C. was
$125.6 billion in Q3 2023, down $42.2 billion, or 25.2% per cent
compared to Q3 2022. The decline was mostly due to the removal of
two multibillion-dollar projects that are presumed to be no longer
moving forward.
There were 16 projects under construction across the region,
with a total estimated cost of $39.5 billion. The LNG Canada
Facility ($36 billion) in Kitimat was the largest project underway,
and construction on Phase 1 was approximately 85% complete as of
December 2023. The value of proposed projects totaled $71.6
billion, spread across 41 proposals.
“The region has benefited greatly from a number of large
industrial projects, but the fall in inventory value serves as a
reminder that a lot needs to go right to get these projects off the
ground, let alone completed. Financial viability, and navigating
the regulatory environment can be challenges,” concluded MacNeil.
“The projects that are going to be most successful are the ones
that prioritize First Nations and local partnerships, and ensure
local communities reap the rewards of these natural resource
projects.”
To learn more, see www.bccheckup.com.
________________________________________About CPA British
ColumbiaThe Chartered Professional Accountants of British Columbia
(CPABC) is the training, governing, and regulatory body for over
40,000 CPA members and 6,000 CPA 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. CPAs are recognized internationally
for bringing superior financial expertise, strategic thinking,
business insight, and leadership to organizations.
For more information:
Jack Blackwell, Economist
604.259.1143
news@bccpa.ca