Canada’s population grew by more than 430,000 people in the third quarter, the fastest pace of population growth in any quarter since 1957.
Statistics Canada released population estimates for Oct. 1 on Tuesday, putting the number at more than 40.5 million.
The agency said population growth in the first nine months of 2023 has already exceeded the total growth for any other full year, including the record set in 2022.
This has been fueled by international migration, including about 313,000 non-permanent residents who came to the country between July and September.
According to StatsCan, these non-permanent residents are primarily work and study permit holders and, to a lesser extent, asylum seekers.
Experts warn that Canada’s rapid population growth is eroding housing affordability, given that the country is struggling to increase housing construction.
Earlier this month, Bank of Canada Deputy Governor Toni Gravel spoke specifically about the impact of immigration on the economy and inflation.
Gravel acknowledged that this increase in immigration has many benefits, noting that it contributes to economic growth, expanding the workforce and combating an aging population.
But he warned it was also adding pressure to a housing market fraught with challenges, including zoning restrictions and a shortage of construction workers.
Canada’s population reached 40 million. Demand for immigrants and workers is increasing at a historic pace, exacerbating an already severe housing crisis.
“This surge in demographic demand, combined with existing structural supply issues, may explain why rent inflation continues to rise in Canada. It also helps explain part of why it hasn’t fallen as much as it did,” Gravel told The Windsor. -Essex Regional Chamber of Commerce.
Polls show that Canadians are quite concerned about the impact immigration will have on the country’s infrastructure and services.
In a Leger poll last month, about three-quarters of respondents agreed that rising immigration is straining both the housing market and the health care system.
Compared to March 2022, the proportion of Canadians who said they would like to see more immigrants than before has decreased from 17% to 9%.
