Canadian immigration is driving population growth in Canada, resulting in the fastest pace of population growth in 66 years. Inmigración Canadiense could confirm that more than 430,000 people moved to Canada in the third quarter of 2023, according to statistics.
This increase in population represents the fastest-paced population growth in any quarter of the year since 1957.
Inmigración Canadiense could establish that the Canadian population reached 40.5 million on October 1, 2023.
According to Statistics Canada, the population growth over the first nine months of 2023 surpassed the total growth in any other full year, including the record set in 2022.
Impacts of population growth on the economy
International migration is solely responsible for the high population growth experienced in Canada. According to Inmigración Canadiense, about 313,000 non-permanent residents moved to Canada between July and September 2023.
These non-permanent residents include mostly work and study permit-holders as well as, to a lesser extent, refugee claimants.
This high increased population growth in Canada has put pressure on Canadian real estate, making housing less affordable and available.
In the words of Toni Gravelle, the deputy governor of the Bank of Canada:
“This jump in demographic demand alongside the existing structural supply issues could explain why rent inflation continues to climb in Canada. Similarly, this can explain why housing prices have not fallen as much as we had projected to in the last six months.”
Inmigración Canadiense says experts are warning that this strong pace of population growth in Canada could cause more pressure on housing in Canada.
