Home buyers are escaping to BC as the Toronto housing market continues to spike!
In 2021’s second quarter, the number of people migrating across provinces rose by 55.1%, according to research by the real estate brokerage RE/MAX. According to the report, 123,000 people moved, the highest number since the third quarter of 1991.
More than twice as many people left Ontario in the past year as British Columbia. British Columbia, along with the Maritimes, experienced the largest population boom after Ontario with approximately 20,728 people moving from there.
According to the Toronto Regional Real Estate Board (TRREB), average selling prices in the greater Toronto area topped $1,155,345 in October.
Now that there’s no stopping, or signs of a drop in selling prices in the horizon, where do you think Ontarions will find alternative living conditions? Is this a possible threat to the real estate market?
What are your thoughts?
CREDIT: nowtoronto.com / RE/MAX / TRREB