Fort St. John, Dawson Creek housing construction declined in 2023

FORT ST. JOHN, B.C.— After reaching the lowest point in two decades in 2022, the number of new housing units built in northeast B.C. continued to decline in 2023, according to the Chartered Professional Accountants of British Columbia.

The organization’s annual BC Check-Up: Invest report says 59 housing units began construction last year, down from the historically low 63 that started construction in 2022.

“The northeast has not seen the same migration influx as other regions, so housing demand has not taken off in the same way,” explained Alan Bone, a CPA and partner at Sander Rose Bone Grindle.

According to the report, 51 housing units are being built in Fort St. John, mostly detached. 

The eight remaining units are being built in Dawson Creek, and the report says this marks the third straight year where less than ten housing units began construction there.

Last year, 60 projects began construction in Fort St. John, and three began construction in Dawson Creek.

“In the absence of a population boom to drive new residential activity, higher interest rates are more noticeably affecting investment,” continued Bone. 

Major projects are also declining in the northeast, the report says, with the value of projects currently proposed, under construction, or on hold dropping 6.9 per cent.

There were 36 such projects in the region right now, worth a combined total of $41.6 billion — 11.2 per cent of the provincial total.

According to Bone, that’s subject to change in the coming years. “Future investment looks a bit less rosy, as some of the largest projects in the region are nearing completion.”

The report also says there were $25.1 billion worth of projects under construction during the third quarter of 2023, with the largest being BC Hydro’s Site C project.

“With construction on the Site C Dam winding down, we’ve already started to see layoffs in construction positions,” Bone concluded. “The region will continue to rely on its natural resource sector as a main driver of economic activity.”

To learn more, visit the CPABC website.