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Statistics Canada recently released data showing that nearly 10000 people moved to Alberta from other provinces in the second quarter of this year, the largest net growth in the province since 2014 and more than double the same period last year.
Data show that most of Alberta’s population growth comes from Ontario, while this year Ontario experienced the largest population migration ever recorded, with about 49000 people leaving the province, although 28000 people moved in. but Ontario still has a net population loss of 21000.
Generally speaking, the pattern of immigration to Ontario is generally in line with oil prices, but the population moving in from Ontario is mainly attributed to high housing prices in Ontario.
In recent years, the housing market in Ontario has become increasingly unaffordable, especially in the Greater Toronto area.
Although global inflation has directly led to the rise of housing interest rates and the decline of house prices in Canada, house prices are still very high for most people.
In Toronto, the average price of an apartment last month was C $648000 for an one-bedroom, C $914000 for a two-bedroom and C $970000 for a three-bedroom.
The average house price in Townhouse for nearly a month is C $926000 for a two-bedroom, C $1.1 million for a three-bedroom, and C $1.4 million for a four-bedroom.
In Toronto in the second quarter of this year, 83% of the average household income was spent on housing costs, according to the RBC report.
