Canada’s record population growth signals opportunities for CRE
For the first time in our country's history, the population increased by more than a million people last year, according to Statistics Canada. This dramatic growth signals several opportunities for the national commercial real estate market.
For the first time in our country's history, the population increased by more than a million people last year, according to Statistics Canada. This dramatic growth signals several opportunities for the national commercial real estate market.
StatsCan said our population grew by 1.05 million to 39.57 million in 2022 and most of that growth (96 per cent) was due to international immigration.
These numbers mean that Canada is the fastest-growing country in the G7, and if these recent numbers persist Canada’s population could double in roughly 26 years.
Canada has a low birth rate even compared to other developed countries, well below the U.S. or France.
But new immigration targets are about 80 per cent higher than pre-2020 levels, meaning Canada’s immigration will continue to drive growth even if our birth rate remains muted.
There are various benefits, challenges, consequences and considerations that emerge as part of this population growth throughout Canada, especially when it comes to housing these people in the right way in the right places.