RENNIE OUTLOOK 2024
DOMESTIC MIGRATION
During the first two-plus years following the onset of the pandemic, British Columbia was a magnet for movers within Canada (aka interprovincial migrants): indeed, the province added 60,000 people to its population from other parts of the country between Q2 2020 and Q2 2022–far out-pacing the number two province, Nova Scotia, which added 22,500 people. As the coastal bifurcation of domestic migration flows dissipated in the aftermath of that initial pandemic-fueled mad scramble to find a desirable place to live and work (remotely), BC has lost 13,000 people to other parts of the country on a net basis.
While the trend of net population outflows from BC is expected to wane going forward, concerns around affordability and accessibility will continue to see Metro Vancouver shed people to other parts of the province.
OUR 2024 OUTLOOK
As housing markets stabilize in response to falling interest rates, Metro Vancouver will see recent people outflows to other provinces slow and reverse, with full-year net interprovincial migration expected to neither add to nor take away from the region’s population. In contrast, we expect slightly more than 14,000 people to leave Metro Vancouver for other parts of BC in 2024—a level consistent with that of the past seven years.
Copyright © 2024 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 5, 2024. Data from the Greater Vancouver and Fraser Valley Boards, Statistics Canada, Zonda Urban, CMHC, & 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 8
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