the rennie landscape - fall 2022

demographics

TO HERE FROM THERE AND EVERYWHERE

Metro Vancouver is a draw for people from all over the province and the country, yielding long-term benefits.

By and large, diversity is a good thing, be it cultural (who can complain about getting to choose a meal option from any one of the world’s continents on any given single block in Downtown Vancouver?), financial (gotta balance the potential for higher returns in your portfolio with lower risk), or demographic. To this latter point, the available data on the origins and destinations of domestic migrants in Canada allows us to identify which parts of BC benefit from a broader migrant-origin set and those that experienced a lesser one. Interestingly, there is a correlation between the size of an area and the percentage of its domestic in-migrants that account for

its top five origin destinations: the smaller an area’s population, the less diverse is the set of migrant origins, and vice versa, For example, the share of domestic migration that’s accounted for by the top 5 origins to such small-ish communities as Duncan and Squamish is 72% and 76%, respectively, while the latest reign in our province, Metro Vancouver, as a very diverse migrant base, with its top 5 origins accounting for only 46%. Through the ups and downs of economic cycles, this is a good thing in the long-run

for Metro Vancouver—though it’s obviously far from a panacea for housing market undulations.

OF ORIGIN STORIES AND HOUSING MARKET GLORIES

3,000,000

METRO VANCOUVER

2,500,000

2,000,000

1,500,000

1,000,000

GREATER VICTORIA

ABBOTSFORDMISSION

500,000

0

CHILLIWACK

-500,000

80%

40%

45%

50% 55% 60% 65% 70%

75%

TOP  ORIGINS % OF ALL DOMESTIC INMIGRANTS

DATA: STATISTICS CANADA, DOMESTIC MIGRATION BY ORIGIN/DESTINATION FOR CMAS AND CAS IN BC (2019/20) & 2021 CENSUS

SOURCE: STATISTICS CANADA. TABLE 17-10-0141-01

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