It’s no secret the COVID-19 pandemic has caused many Canadians to move from cities to the suburbs and even the countryside. According to Statistics Canada, the phenomenon led to a record loss of population in Toronto, Montreal and Vancouver in 2020.
Vacancy rates are skyrocketing in many urban centres across the country. The same phenomenon is happening in most parts of the Western world. Some recent real estate reports suggest that 2021 will be more of the same.
Toronto recorded a record loss of 50,375 people between July 1, 2019, and July 1, 2020. The number for Montreal was around 35,000. The loss in Vancouver was measured at around 15,000.