08:23 AM EST, 12/18/2024 (MT Newswires) -- Net interprovincial migration to Atlantic Canada, a region that has been booming since the COVID-19 pandemic, is "fizzling out," said Bank of Montreal (BMO).

On a seasonally-adjusted annualized basis, net migration to the region has slowed from more than 25,000 people to just about zero in the latest quarter, noted the bank.

For a region that has seen growth driven well above recent norms by torrid population flows -- both interprovincial and international -- this is a development that could take some serious heat out of growth and housing next year, stated BMO.

Alberta, however, is still drawing in near-record net inflows to the tune of almost 50,000 people per year, pointed out the bank.

As to why people are leaving British Columbia and Ontario, BMO added they're leaving expensive housing and congestion