Canada is witnessing a housing affordability crisis, prompting significant numbers of its residents to contemplate relocating to more affordable regions or even countries. A recent poll by the Angus Reid Institute reveals that nearly three-in-ten Canadians (28%) are seriously considering leaving their province due to high housing costs.
Ontario and B.C. stand out in the data, with 39% of B.C. residents and 39% of Ontarians expressing serious considerations about relocating due to housing costs.
This trend is even more stark in urban centers. In Toronto, 44% of residents are thinking of leaving, with a notable 22% strongly considering it. Similar sentiments are echoed in Vancouver, where one-third of the population is contemplating a move.
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Dr. Mike P. Moffatt highlighted the issue on social media, noting, “Not surprisingly, the folks most likely to consider leaving the province live in either the City of Toronto or the 905.”
The migration trend is not just theoretical; it is already having tangible effects. Data indicates that the number of people moving out of Ontario has doubled in recent years, though it has shown a slight downward trend in recent quarters. This migration is contributing to rising rents in other provinces as former Ontarians seek housing elsewhere.
Dr. Moffatt pointed out, “And this migration out of Ontario has directly contributed to the skyrocketing rents in other parts of the country, because people need to live somewhere.”
The housing affordability issue disproportionately affects younger adults and recent immigrants. Among Canadians aged 18 to 24, 42% are considering moving out of their province, with significant numbers among those under 55 also thinking about it. Recent immigrants, those who have been in Canada for less than a decade are particularly affected, with 39% contemplating leaving their current province.
When asked if they are considering other reasons for leaving their province aside from cost of housing, about 76% said none.
The data on rent increases corroborates these migration patterns. Alberta has seen the highest year-over-year rent increase at 15.7%, followed by New Brunswick (10.3%) and Quebec (9.2%). Ontario’s rent increase stands at 8.4%, slightly below the national average of 8.9%. This increase in rent prices is a nationwide issue, affecting not just those contemplating relocation but also those staying put and struggling with rising costs.
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The data suggests that fewer than half (45%) of Canadians considering moving due to housing costs plan to stay within Canada. Instead, many are looking at international options, with 42% considering moving abroad, including 15% eyeing the United States. Alberta and Atlantic Canada are the most popular domestic destinations, with 18% and 10% of potential movers considering these regions, respectively.
Despite the widespread concern, a majority of Canadians (53%) remain hopeful that housing affordability will improve in the coming years. Homeowners without mortgages are the most optimistic, while renters and those with ongoing mortgages are more divided on the issue.
This survey result comes after a recent Leger poll reveals a decline in Canadian national pride. Among 1,607 Canadians surveyed, 76% still feel proud to be Canadian, but 45% report feeling less proud than in 2019, a 16-point increase since 2021. Despite this, 41% of Canadians view their country as one of the best places to live, compared to 50% of 1,003 Americans who feel the same about the U.S.
Information for this story was found via the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
