RENNIE OUTLOOK 2022
DOMESTIC MIGRATION
An under-reported demographic storyline that has emerged since the beginning of the pandemic has been themagnitude of westward migration within Canada. More specifically, between Q2 2020 and Q3 2021 (the latest reference period for the data), BChas attractedmore than 48,000 net interprovincialmigrants. To put this in context, the next “most popular” destination, Nova Scotia, attracted 13,000 people on a net basis. Lifestyle factors combined with the ability to work remotely, a relatively well-performing labour market with strong prospects, and less-restrictive pandemic-related policies than in some other parts of the country have contributed to this, and will continue to do so in the coming year. While these interprovincial migration flows will continue to add to Metro Vancouver’s population, affordability concerns will see intraprovincial flows for the region remain negative.
OUR 2022 OUTLOOK Despite strong net inflows of people from the rest of Canada into BC as a whole in 2022, Metro Vancouver is expected to lose approximately 1,500 residents through domestic migration, as the region’s 11,000 net interprovincial in- migrants are outnumbered by the net loss of 12,500 people to other parts of BC.
DOMESTIC MIGRATION
Copyright © 2022 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of February 3, 2022. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of 6
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