Business & Economy
June 20, 2018

Rising Housing Costs, Less Migration in British Columbia

Jock Finlayson and Ken Peacock have reported in Business in Vancouver on another startling casualty of rising housing prices.

Late last year, British Columbia started to experience a surprising drop in people moving here from other provinces. While migration across Canada has historically risen and fallen with economic swings and employment potential, this drop in the influx of new residents may be more directly attributable to the increasing cost of housing in British Columbia.

This province has Canada’s lowest unemployment rate, and “by mid-2014, interprovincial migration was adding more than 5,000 people to B.C.’s population every quarter – upwards of 20,000 annually. Over the subsequent three years, net interprovincial migration ranged between 4,000 and 6,000 per quarter. But in the third quarter of 2017, the net inflow plummeted to 500, and it stayed low (at 800) in Q4.”

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