Affordability, high taxes spur ‘exodus’ from Canada’s priciest cities: report
BNN Bloomberg
Poor affordability and tax increases have pushed post-pandemic homebuyers out of Canada’s largest real estate markets and into other provinces, according to a new report.
“Given today’s housing market realities, it comes as no surprise that buyers are willing to travel across the country to achieve home ownership,” Christopher Alexander, RE/MAX Canada president, said in a written statement on the firm’s Canada’s 2024 Tax report.
The report published Tuesday examined market conditions across six provinces, including Vancouver, Calgary, Winnipeg, Toronto, Montreal and Halifax.
Tax rate increases, record-high housing prices and elevated mortgage rates have spurred a “post-pandemic exodus” from more expensive markets such as Toronto or Vancouver, the report said, resulting in higher interprovincial migration numbers to Alberta and Atlantic Canada in 2023.
