Record-breaking exodus: Canadian emigration reaches 7-year peak
In 2024, Canada experienced its most significant emigration wave since 2017, with 81,601 citizens choosing to leave the country. Ontario is at the forefront of this trend, accounting for nearly 48% of these departures, translating to approximately 39,430 residents. This unprecedented exodus can largely be attributed to rising living costs, an ongoing housing affordability crisis, and stagnating wages, raising alarms about the implications for the country's population stability and economic prospects.
The staggering trend is particularly evident among non-permanent residents, whose departures have surged by 66.52% compared to the previous year. This sharp population decline has prompted concerns among policymakers regarding the long-term implications for Canada’s housing market and overall demographic health. British Columbia follows closely as the second largest emigration zone, with 14,836 residents leaving the province — the highest figure in seven years. This is particularly alarming given that British Columbia once attracted a significant proportion of Canadian immigrants, which fell from 15% in 2023 to 13% in 2024.
Economic Consequences and Housing Impacts
The exodus of residents coincides with a dramatic decline in Canada’s net flow of non-permanent residents. The number fell from 636,427 in 2023 to just 319,506 in 2024, a 50% plummet. The effects of this trend are being felt nationwide, with New Brunswick experiencing the most substantial increases in outflows, at 97%, followed by Nunavut, Ontario, Alberta, and Nova Scotia—all of which reported significant rises.
Moreover, the housing construction sector suffered a considerable downturn in 2024. Housing starts—the initial phase of new home development—plummeted by 25%. Additionally, apartment construction saw a staggering 27% reduction. The 2025 Rental Market Trend Report presents a bifurcated landscape, depicting cities where rental prices are rising and others experiencing significant declines.
Alberta's Population Growth Amid Declines Elsewhere
Conversely, Alberta is defying these trends as it continues to be Canada’s fastest-growing province for the second consecutive year, reflecting a remarkable population increase of 3.93% in 2024, adding approximately 186,704 new residents. Cities like Edmonton are leading this trend, exhibiting consistent rent increases across all unit types, with the cost of an unfurnished one-bedroom apartment averaging $1,316—making it the most affordable major city in Canada.
The influx of families from higher-cost provinces such as Ontario and British Columbia can be attributed to the promise of better job opportunities, favorable tax conditions, and more affordable housing. In stark contrast, British Columbia and Ontario remain the most expensive provinces for rental housing. The five cities with the highest rental prices are in British Columbia, with West Vancouver leading at $2,751 for average rents. Ontario cities like Markham and Toronto also rank among the highest.
However, the growth of these provinces appears to be stalling. For instance, Ontario's unfurnished one-bedroom rentals only increased by 0.99% in 2024, a significant slowdown from the previous year's surge of 13.05%. Meanwhile, some Vancouver areas have reported drastic rental price declines, particularly for furnished units.
Conclusion
In summary, the data from 2024 reflects a profound shift in Canada’s population dynamics, driven by economic challenges and housing market pressures. As numerous Canadians depart searching for better opportunities elsewhere, provinces such as Alberta shine as notable exceptions, attracting new residents and offering more affordable living conditions. This evolving landscape poses significant questions for policymakers regarding strategies to stabilize population numbers, sustain economic growth, and address the pressing housing affordability issues nationwide. The experiences of 2024 will undoubtedly shape Canada's demographic and economic landscape for years to come.