Canada’s population grew by more than 430,000 during the third quarter, marking the fastest pace of population growth in any quarter since 1957.
Canada’s population grew by more than 430,000 during the third quarter, marking the fastest pace of population growth in any quarter since 1957.
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Experts have been warning that the strong pace of population growth in Canada is eroding housing affordability, given the country has struggled to ramp up home construction.
Earlier this month, Bank of Canada deputy governor Toni Gravelle gave a speech on the effect of immigration on the economy and inflation in particular.
Gravelle acknowledged there are many benefits to this rise in immigration, noting it has helped grow the economy, expand the workforce and counteract an aging population.
"This jump in demographic demand coupled with the existing structural supply issues could explain why rent inflation continues to climb in Canada.
It also helps explain, in part, why housing prices have not fallen as much as we had expected," Gravelle told the Windsor-Essex Regional Chamber of Commerce.
In a Leger poll last month, about three-quarters of respondents agreed the increase in immigrants is adding strain to both the housing market and health-care system.
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