Downtown Kelowna/Expedia

By Vernon Matters Staff

Up and down

Thompson-Okanagan population grows but more residents leave for other provinces

Aug 19, 2025 | 9:39 AM

The Thompson-Okanagan added 9,241 residents in 2024, bringing the region’s population to 666,712, according to BC Check-Up: Live, an annual report by the Chartered Professional Accountants of British Columbia on demographic and affordability trends.

Despite the growth, more residents left for other provinces than arrived, slowing overall population gains. Between July 2023 and July 2024, the region lost a net 709 people to other parts of Canada, compared with an average annual gain of 4,185 through interprovincial migration between 2013 and 2023.

International migration and newcomers from other parts of B.C. offset some of the losses, with 8,409 arriving from abroad and 4,116 from within the province. Natural growth, calculated as births minus deaths, reduced the population by 2,575.

Karen Christiansen, FCPA, FCA, said housing affordability is prompting some residents to look elsewhere. She noted that while there has been substantial residential investment, particularly in Kelowna, home prices are not coming down.

Housing markets remained strong in the first half of 2025. The average price of a home sold in the Okanagan was $761,358 in July, up two per cent from the same period in 2024. In Kamloops, the average price rose one per cent to $614,497, while year-to-date sales increased 8.1 per cent in the Okanagan and one per cent in Kamloops.

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Rental markets also showed modest gains. Vacancy rates increased to 3.8 per cent in Kelowna and 1.4 per cent in Kamloops in 2024, while average rents rose 6.7 per cent and 3.4 per cent, respectively.

Christiansen said boosting housing supply could ease pressure on the market, but challenges remain, including reducing building costs and ensuring the most in-demand types of homes are built.