Economist Will Dunning describes the effects of long-term business cycles on population growth and housing demand, and how housing prices and workforce participation rates affect where people settle and the kind of housing they choose. In particular, the higher the employment rate, the higher the rate of net migration to Greater Golden Horseshoe, especially the Inner Ring. Also, the higher the cost of housing in the GTA, the lower the rate of net migration into the Inner Ring, since higher GTA housing costs "deflect" people to the Outer Ring.

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