The nation saw its strongest quarterly population growth rate for more than half a century
During the third quarter of 2022, Canada saw its greatest quarterly population growth rate (0.9%) since the level seen in Q2 1957 (1.2%), according to the national statistics agency.
The Canadian population was estimated to be at 39,292,355 people as of October 1, representing an increase of 362,453 people from July 1.
“This recent three-month growth of over 362,000 people is a similar level of growth that Canada used to see in an entire year about one decade ago,” Statistics Canada reported. “For example, during the whole of 2011, Canada’s population grew by 350,253 people.”
Canada’s year-to-date population growth as of the end of September (776,217 people) has already exceeded the total growth for any full-year period since 1867. StatCan attributed this unprecedented strength to international migration, which accounted for around 340,666.
What does population growth mean for the Canadian housing market?
With the Canadian government recently announcing significantly boosted immigration targets starting 2023, immigration minister Sean Fraser is anticipating these new arrivals to become valuable contributors to Canada’s economic capacity – including a possible renaissance in home sales activity.
“Our plan has a focus on economic growth,” Fraser said. “And by the third year of this plan, 60% of new immigrants will be admitted under economic immigration categories.”
An estimated 23% of the Canadian population are immigrants or permanent residents, a share that is likely to grow to 34% by 2041, StatCan said.
