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CANADA DATA: Key Driver Of Population Growth Begins To Moderate

CANADA DATA
GlobalCanadaData BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsRegionNorth America
  • As noted earlier, the Canadian population increased by 250k to 41.3m in Q2, a 0.6% Q/Q increase to leave annual growth still extremely strong at 3.0% Y/Y.
  • These growth rates were slower than in Q2 of 2023 (335k, 0.8%) and Q2 of 2022 (254k, 0.7%), which as StatCan notes is the “first time since 2020 that quarterly growth has been slower than in the same quarter a year earlier”.
  • Permanent immigration accounted for 122k vs non-permanent at 118k (net birth-deaths just 10k), with non-permanent residents down from a huge 220k in 2Q23.
  • The data confirm anecdotal evidence that non-permanent resident numbers aren’t growing as strongly after the government in March announced plans to limit numbers to 5% of the population over three years.
  • There’s still some way to go though, with non-permanent accounting for 7.3% of the population as of July 1st, 938k more than what 5% would imply right now.  
  • Further, net permanent immigration is still strong, with that 122k increase in Q2 vs 107k in 2Q23. 
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  • As noted earlier, the Canadian population increased by 250k to 41.3m in Q2, a 0.6% Q/Q increase to leave annual growth still extremely strong at 3.0% Y/Y.
  • These growth rates were slower than in Q2 of 2023 (335k, 0.8%) and Q2 of 2022 (254k, 0.7%), which as StatCan notes is the “first time since 2020 that quarterly growth has been slower than in the same quarter a year earlier”.
  • Permanent immigration accounted for 122k vs non-permanent at 118k (net birth-deaths just 10k), with non-permanent residents down from a huge 220k in 2Q23.
  • The data confirm anecdotal evidence that non-permanent resident numbers aren’t growing as strongly after the government in March announced plans to limit numbers to 5% of the population over three years.
  • There’s still some way to go though, with non-permanent accounting for 7.3% of the population as of July 1st, 938k more than what 5% would imply right now.  
  • Further, net permanent immigration is still strong, with that 122k increase in Q2 vs 107k in 2Q23.