It was one of the most striking trends to impact Canada’s housing and mortgage markets at the onset of the COVID-19 pandemic: the so-called “urban exodus” that saw thousands of city dwellers up sticks and move to smaller or more rural areas.
That phenomenon arose thanks to a hurricane of factors: a remote-work revolution that allowed Canadians to work from virtually anywhere, skyrocketing house prices that made the hottest markets more unaffordable than ever, and a desire for more space during stay-at-home orders and travel restrictions.
The notoriously bloated Toronto market was among the most dramatic examples of that migration, with recently released figures from Statistics Canada revealing that over 64,000 people left that city to settle elsewhere in Ontario between July 2020 and the same month the following year. # SANDI HALPERN# sold # leased # urban exodus
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