09-27-2023, 12:40 PM
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#1985
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Franchise Player
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https://financialpost.com/news/econo...lion-last-year
Canada's population grew by more than a million last year, the highest growth rate in decades
“If the rate of population growth seen this past year remained constant in the future, it would lead to the Canadian population doubling in 25 years,” said a report released by Statistics Canada on Sept. 27. “Close to 98 per cent of the growth in the Canadian population from July 1, 2022, to July 1, 2023, came from net international migration, with two per cent coming from the difference between births and deaths.”
The large increase in immigration comes as the country tries to tackle a housing crisis. Aside from encouraging developers to build more houses, the government could consider placing a cap on the annual number of international students, Housing Minister Sean Fraser said in August, although no such plan has been drafted yet.
A Toronto-Dominion Bank report in July said the housing shortage could widen by an additional 500,000 units within two years if immigration levels continue at their current rate.
Robert Kavcic, a senior economist at the Bank of Montreal, said the latest population numbers weren’t surprising, but the growth puts a lot of immediate stress on things such as housing, services and infrastructure.
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