Migration Not Slowing
According to a new count from Stats Canada there were an estimated 2,661,784 non permanent residents living in Canada on Jan 1st 2024.
This represents a net increase of 804,901 non-permanent residents over 2022, and the highest number ever recorded.
Among them were:
- 2,332,886 “permit holders” (unclear what Stats Canada means here, likely study or temporary work permits) and their family members living with them,
- and 328,898 were asylum claimants (with or without work or study permits).
Canadian Population up 1,271,872 in one Year
The latest population count has Canada’s population on Jan 1st 2024 up 1,271,872 people compared with January 1, 2023. This represents the highest annual population growth rate (+3.2%) in Canada since 1957.
97.6% this population growth came from international migration.
Additionally, if current migration trends continue, and if the Government of Canada fails in its plan to curb migration, Canada on track to experience another annualized population gain of 2.4% in 2024.
This certainly doesn’t help with the whole, we’re short 5.3M homes by 2030, situation, see: Canada Needs to Build the Entire Province of Ontario All Over Again to Restore Housing Affordability: Report
Residents Leave Ontario at Record Pace
In 2023, Ontario lost the greatest number of residents (36,197) to other provinces in Canada. This comes after an inter-provincial migration loss of 38,816 in 2022.
While the cause cannot be definitively established, many speculate that the cause is due to the high cost of living and high housing prices.
The cost of an average single family home in Ontario is $954,000 according to Nesto.ca. This is full $200,000 higher than more affordable Canadian provinces, such as Quebec or Nova Scotia.
More details on this trend can be found here; Canada’s Most Affordable Real-Estate Markets Remain Searing Hot as Canadians Desperately Seek Price Relief
