Moving to Atlantic Canada is getting more and more popular and one economist collapsed why
A new report from RBC says COVID-19 has “supercharged” the migration of Canadians to Atlantic Canada and there are a few main reasons for this.
According to a report by RBC economist Carrie Freestone On October 4, the “regional renaissance” saw record numbers of Canadians relocate to the eastern provinces, likely spurred by falling COVID-19 numbers and much better house prices.
“In the first and second trimesters [of 2021], net interprovincial migration to the region was higher than in 2019 and 2020 combined, ”Freestone wrote. “The increase in the second quarter alone was the largest since 1961, when data collection began.
The only other province to have seen such a large influx of people was British Columbia, the most displaced province in the first half of 2021.
There is also a clear trend in the ages of people who move, Freestone said. Young people between the ages of 18 and 24 accounted for 44% of interprovincial migration to Nova Scotia and 17% were children and adolescents – “signaling families are also moving east,” Freestone wrote.
Home prices are likely a big factor in the move, according to the report, and Halifax is clearly a favorite when it comes to destinations.
“Saint John, New Brunswick and St. John’s Newfoundland remain the most affordable housing markets we track,” Freestone wrote. “Even in Halifax, the average home price is 60% lower than in Toronto. in central Canada, this could mark the start of a trend: young talents are moving east for a better quality of life. “
Whether the “wave of newcomers continues,” Freestone said, remains to be seen, but it bodes well for a future of Atlantic revitalization!