Statistics Canada has reported that Canada experienced record population growth in the third quarter, with over 430,000 people added to the population. This marks the fastest pace of population growth in any quarter since 1957. The growth has been driven primarily by international migration, including a significant number of non-permanent residents such as work and study permit-holders and refugee claimants. The population growth over the first nine months of 2023 has already surpassed the total growth in any other full year, including the previous record set in 2022.
Experts have raised concerns about the impact of this rapid population growth on housing affordability, as Canada has struggled to keep up with the demand for housing construction. Bank of Canada deputy governor Toni Gravelle highlighted the benefits of immigration in growing the economy and expanding the workforce but warned that it is adding pressure to an already challenged housing market due to zoning restrictions and a shortage of construction workers. Canadians have expressed concerns about the strain on infrastructure and services caused by immigration, particularly in the housing market and healthcare system.