Interprovincial migration was largely driven by affordability issues, especially when it comes to a crucial demographic—young adults. They largely fled from regions like BC and Ontario, two provinces the bank expects shelter costs to moderate over the next few years. “Suffice it to say that rental markets in Ontario and B.C., which have a pipeline of supply coming to market, will also likely see their demand curves impacted most. Watch for that to play out in lower rent (immediately) and cooling housing starts (eventually),” Many cities in those regions have seen shelter costs rise at a much faster pace than traditional major real estate markets. As a result, the spread between the expensive cities young adults fled to is narrowing, providing less incentive than it once did. Buyer psychology can shift dramatically, and slow interprovincial migration if the regions they’re fleeing pick up. https://betterdwelling.com/canadian-immigration-changes-to-impact-bc-ontario-real-estate-most-bmo/