Canada's Population Surges to Historic High, Fuelled by International Migration
A historic surge in Canada's population, exceeding 40.5 million, is primarily attributed to international migration, leading to housing and economic concerns. Bank of Canada deputy governor voices caution.
Canada witnessed a historic surge in population, with the highest growth rate in any quarter since 1957. The country's population exceeded 40.5 million, marking an increase of over 430,000 people, primarily attributed to international migration. According to Statistics Canada, the population growth in the first nine months of 2023 has already surpassed the total growth in any other full year, including the record set in 2022. Immigration, including about 313,000 non-permanent residents arriving in the country, has contributed significantly to this surge.
Is it just me, or is this not a good idea in an affordability crisis, high housing costs & a health care system where wait times are among the longest in the developed world? Canada reports fastest population growth in history in third quarter of 2023 https://t.co/lWv3rTPEH2
— Lorrie Goldstein (@sunlorrie) December 20, 2023
Experts have highlighted that this rapid population growth is impacting housing affordability and the economy, arguing that it has lead to a shortage of construction and housing issues. Bank of Canada deputy governor, Toni Gravelle, noted the positive economic impact of immigration but also warned of the pressure it is placing on the housing market. Despite concerns over infrastructure and services, the data reflects the significant contribution of international migration in driving Canada's population growth.