That may mean that regional labour markets will adjust more quickly to the decline in commodity prices. Indeed, we are already seeing shifts in migration patterns. Net interprovincial migration to Alberta reversed in the fourth quarter of 2015. At the same time, over the past two quarters, Ontario registered the largest inflow of interprovincial migrants since 2002.
In addition, the flow of workers who were commuting from their homes in other provinces to Alberta has fallen sharply. 10 A second clue is the close but imperfect link between our terms of trade and the value of our currency. It is no surprise that the value of the Canadian dollar has fallen along with commodity prices.