New and old Canadians are flooding into these 10 towns as Toronto and Vancouver get pricey

Deloitte expects consumption, not investment, to drive Canada’s economy in 2020. The management consultancy notes that lower interest rates will benefit consumers from coast to coast, reducing financing costs for buying cars, mortgages and other big ticket items.

“Canadian real estate is getting a lift from lower interest rates and fading impact from tighter mortgage regulation,” Deloitte said in its latest outlook published this morning. “Lower rates late last year have accelerated this process, with the Southern Ontario market back in sellers’ territory. This has in fact been one of the reasons the Bank of Canada was reluctant to reduce rates,” Deloitte noted.

The search for affordable housing is giving rise to new growth centres. A new report by U-Haul, a moving equipment and storage rental company, said the city of North Vancouver was the most popular internal migrant destination among its Canadian clients.

“Every community in Metro Vancouver feels the pressures associated with regional growth,” Michelle Benson, U-Haul company of Vancouver & Vancouver Island president said in a statement. “Vancouver is booming, but many people are priced out of the city. That gives North Vancouver the opportunity to attract new residents.”

The top ten list was dominated by Ontario cities, with Trenton, Saint Thomas, Brockville and North Bay rounding out the top five Canadian growth cities for 2019. Sherbrook, Que., was sixth, followed by Stratford, On., Collingwood, On., Levis, Que. and Chatham, Ont. Ontario has 19 markets among the top 25.

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Information/Written: Yadullah Hussain, Financial Post
Photo: Darryl Dyck/Bloomberg