Photo Submitted City of Vernon

By Kevin Rothwell

economic update

Vernon nearing population milestone, economy going strong

Sep 26, 2022 | 5:00 AM

The Vernon and North Okanagan economy continues to expand as the region approaches some milestones for population growth.

Population in the city is up by 11 per cent and 9 per cent in the North Okanagan since the last census in 2016.

“We are quickly approaching the 50,000 population mark in the City of Vernon and almost 100,000 for the North Okanagan census division, and once we cross those two thresholds, we will actually get a lot more community based information,” Vernon’s economic development and tourism manager John Perrott said.

During the first half of 2022, there was almost $1.4 million dollars in building permits issued, with new residential construction up by 7 per cent over the same period of 2021, amounting to 280 residences both single and multi-family.

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“We are seeing the development community rise to the challenge to meet some of the needs in our community,” Perrott told Vernon Matters.

He notes median home prices in Vernon are around 30 per cent lower than in Kelowna.

“So I think Vernon is seen as a very affordable place for businesses and residents, and I think as businesses look to choose, staffing becomes more and more a part of the decision for quality of life and affordability and I think we are really well positioned there,” Perrott added.

He notes they are still seeing lots of activity despite the housing market cooling as a result of interest rate hikes.

“Investors are increasingly looking to the North Okanagan, and we are seeing a lot of that activity come through our door, from companies that had previously invested in the Lower Mainland and Vancouver Island are really starting to hone in on the Vernon area,” Perrott said.

On the labour front, tracking showed 896 job postings in Vernon at the end of June this year compared with 401 for the same period a year ago.

“It is much more difficult. There is a lot of competition, so we know this is a challenge for businesses. This is a sign of not only staff retention but an indicator of business activity,” Perrott said.

The number of retired residents in Vernon grew from 38 per cent in the previous census to 42 per cent in the current census, putting a further strain on the local job market.

The job post tracking also indicated an increasing reference to post-secondary education as a requirement.

“We are very thankful in the City of Vernon to have Okanagan College and of course UBCO down the road, so we are seeing more investment into education,” Perrott said.