Is the urban exodus about to slow down?

Houses for sale in Ottawa

Those mixed numbers were perhaps no surprise, given the Omicron surge that’s heralded fresh business closures and work-from-home orders across Ontario in recent weeks.

Restrictions that came into effect near the beginning of the month ended on January 31, allowing many businesses to reopen following a three-and-a-half-week shutdown.

Across the country, mortgage professionals will be watching intently to see if a hoped-for easing of the pandemic and related restrictions will also see employees called back to their city offices – a development that could slow the stream of Canadians leaving the priciest cities.

Another city that bore the brunt of the urban exodus was Montreal, which StatCan said had seen about 40,000 residents relocate to other parts of Quebec during that 12-month period between July 2020 and 2021.

Terry Kilakos (pictured top), president of the North East Real Estate & Mortgage Agency in Quebec, told Canadian Mortgage Professional that he had seen a significant number of Montreal-based clients turn their attention to properties well outside the city centre.


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