Statistics Canada recently released data that showed net international migration to BC fell a nearly three-decade low. What does this mean for the Province’s housing market, which has been booming as of late? We break down the numbers and provide you with the context you need.
In the 12 months prior to June, around 21,600 more persons moved from outside of Canada to BC on net, the lowest number since the late 1980s.
Over the last two decades, international migration has accounted for more than two-thirds of BC’s population growth and, as such, has been the major driver behind housing demand in the Province.
To save you the stress, we should point out that we don’t feel this is as much of a concern as some analysts have made it out to be. Here’s why:
We always stress not to make a trend over an individual data point. That being said, this is a crucial metric that has a direct impact on BC’s housing markets, especially the Vancouver market, where the majority of international immigrants choose to settle.
We will keep a close eye on this going forward and will keep you posted