Younger Canadians are fleeing the country's major cities in unprecedented numbers.
Large suburban homes have witnessed the greatest rises in value over the past year, according to trends affecting property markets.
According to Statistics Canada statistics released Thursday, May 1 2021, the number of people relocating to suburbs, smaller towns, and rural regions increased dramatically in the country's three major cities: Toronto, Montreal, and Vancouver. Between July 2019 and July 2020, a total of 87,444 individuals departed the three cities for other areas of the province, up from 72,686 in the previous three years.
It isn't a brand-new phenomena. In recent years, people have been fleeing the main cities in increasing numbers, to be replaced by new arrivals. However, the epidemic has hastened the tendency, especially among younger generations.
Persons aging 15 to 29 accounted for well over a third of the rise in outflows, while people under 45 accounted for 82 percent.
The trend has had a noticeable influence on property markets, with large suburban properties seeing the most significant rises in value over the past year.
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