More Canadians left it than came in for decades

More people left Atlantic Canada than came in for decades.

Migration began in 2016 but it was during the COVID-19 epidemic when Canadians started looking east when they started to look east, as they were attracted to low case counts and more affordable housing.

In a report this week, RBC economist Carrie Freestone said that over 22,000 more Canadians arrived in Atlantic Canada last year from other provinces than left it. The interprovincial migration in 2021 was 40% higher than in 2016 to 2020 combined.

It wasn't just Canadians moving to the maritimes. Freestone said 46% of the new residents who came to the region came from outside Canada.

The rush east from other provinces is expected to slow down as restrictions lift - if it hasn't already - but this surge in international migration is expected to continue.

If Ottawa's aggressive new immigration targets are met, we could expect an additional 62,000 new international migrants to arrive in Atlantic Canada within the next three years, boosting the size of the local population by 4%, Freestone said.

By 2030, the population could be up by 10%.

That would be a boon for the economy, because in all of this country, no region is aging faster than Atlantic Canada.

The share of the population here, over 65 and older, is above 22%, compared to 19% in Canada. The share will rise to 27% by 2030, compared to 22% nationally, according to the report.

Record migration will help fill vacant jobs and boost regional industries.

Freestone said Atlantic Canada's immigrants from Asia and West Africa are younger and many are skilled workers and international graduates.

It also brings challenges.

Housing affordability is a big issue. Halifax led only Kelowna and Oshawa as Canada's fastest growing cities during the epidemic. Home prices soared 27% and housing affordability worsened by the most on record.

Freestone says the gains outweigh these challenges.

In 2021, home prices in Halifax were still 46% lower than in Ontario, while prices in Moncton were 69% lower. There is more room to build here.

Freestone said that wage growth, consumer spending, and government revenues will be a net positive for the region and will be positive for the region, as well as broader diversity.