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Opposing Coasts with Similar Trends



Vancouver and Toronto - Canada's hot spotsAlthough located on opposite sides of the country, occupancy recently surged in Vancouver and Toronto. Rental rates and real estate prices continue to inflate. Can we blame the swell of inhabitants on Americans escaping the results of November's presidential election? Maybe. Google reported "move to Canada" was searched more on Super Tuesday than ever before in the website's history. But Donald Trump jokes aside, why are these cities so in vogue? Will they stay that way?

Job Growth

The Toronto and Vancouver job markets account for 25 percent of Canada's employment. Douglas Porter, BMO Financial Group's chief economist, points out the direct correlation between employment and real estate. The "extreme regional divergence [in the Canadian economy] at least partly explains the strength in their housing markets." Quite simply, people move towards opportunity, and these two hubs provide more than the rest of the country.

Healthy Economy

The Canadian economy as a whole continues to recover from its recession as Toronto and Vancouver flourish. The close proximity to American soil allows tourism to thrive and facilitates exportation. Both cities experienced substantial prosperity in 2016, but experts predict an eventual stall in 2017 due to anti-trade sentiment.

Immigration

Americans aren't the only ones jumping ship. Many immigrants, unhappy with Brexit, fled the UK in hopes of finding a stable and trustworthy government. The French also face a frightening outcome to their elections, and that will only fuel the xenophobic fire already blazing throughout the continent. As most world powers lean towards extremism, Canada welcomes the influx of settlers. Michael Roth, Germany's Minister of State for Europe, considers Canada their closest ally in housing displaced refugees.

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