Canada's Big Cities Facing Exodus of Young Families Seeking Affordability

Young families are increasingly leaving Canada's major cities in search of more affordable housing options, according to a recent report. BMO senior economist Robert Kavcic highlighted demographics, infrastructure, and changes in work culture as key factors contributing to this trend. The affordability crisis in big-city cores is pushing many families to seek better affordability and more space in other areas. Statistics Canada data reveals a significant net migration within provinces, with over 132,000 people leaving Montreal, Toronto, and Vancouver combined in 20222023. This trend, although down from the previous year, is significantly higher than pre-pandemic levels.