Canada Sets Population Growth Record
I can’t see 2022 marked a historic moment - the population of Canada grew by 1,050,110 people - a new all-time population growth record. This is the highest annual population growth rate on record since 1957, and the first time the number of temporary residents (607,782) exceeded the number of new immigrants (437,180) over the same period. Ontario led the country in population growth, adding 445,495 people, followed by Alberta's resurgence, with 164,793 people moving to the province last year.
The federal government's ambitious immigration targets are driving these population increases targeted at addressing the nation's labour shortage due to the growing pace of retirements and sustain long-term economic growth amidst falling birth rates.
However, this directly increases the demand for housing and without an increase in housing and does nothing to address the limited supply. Basic economics says this MUST lead to higher prices, especially in the larger cities where immigrants tend to settle.
There is no end in sight for higher immigration levels with federal immigration targets actually increasing for 2024 and 2025 to 500,000. Now is the time to be investing before this demographic time bomb explodes.
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