Interprovincial Migration, Indicative of Recovery?
Perhaps one of the most convincing indicators the economy is on the upswing is that net interprovincial migration to Alberta is now once again in the green! Also see Alberta: Canada’s Population Powerhouse.
According to the latest reports released by Statistics Canada, approximately 17,800 people from other provinces and territories moved to Alberta in the third quarter of 2017 (July, August, September). Meanwhile, approximately 17,000 Albertans chose to move elsewhere in Canada, leaving a narrow net gain of roughly 800 people.
The third quarter of 2017 marks the first time since 2015 that Alberta has experienced a net positive for interprovincial migration. Is this indicative of changing tides in the economic seas? Many seem to think so!
Todd Hirsch, Chief Economist with ATB Financial, mentioned that several economic indicators are all pointing in the same direction – a positive one – such as improved interprovincial migration and lower unemployment rates. In addition, some sectors in Calgary’s residential market are seeing more stable benchmark price activity.
- Learn more at our Calgary Real Estate Market Updates
Third Quarter 2017 Quick Facts
- Alberta saw a net outflow of 4,421 people during the same time frame in 2016
- Net migration totalled 11,106, up from 5,419 during the same time in 2016
- Net international migration was 10,363 in the third quarter, up from 9,840 a year before
- This translates into an increase of 104.9%
Two Years of Losses
For the past two years, Alberta has been on the losing end of net migration which isn’t such a big surprise during economic recession. People won’t stay in a place if there’s no jobs and prosperity – there’s no reason to!
Alberta has battled new legislation and low energy prices that have had drastic effects on many industries in the province for the past few years. People have moved away because of it, which is actually a sign of a healthy job market.
Regardless, it can be hard for anyone to see friends, family and other familiar faces pack up and leave because of the tough economic climate.
Approximately 30,000 more people left Alberta over the past two years than came in. But on a positive note, that is just a fraction of the 130,000 net gain the province saw in the previous 5 years leading up to the latest economic recession.
I Love Alberta
As Alberta’s economy continues to gain momentum and add jobs, it’s expected that interprovincial migration will be much larger in the months to come throughout 2018.
Check out more economic articles related to Calgary, Alberta and Canada as a whole at A Citizen’s Watch: Alberta Economics today.