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Canadian Population Continues Rapid Growth Ahead Of Gov Caps

CANADA
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  • The Government announced its plan to reduce the population of temporary residents from 6.2% to 5% by 2027 in March. Since then, the share of non-permanent residents has grown to 6.5%.
  • Immigration minister said many of these temporary residents could become permanent, as their impact on affordability has been "baked in."
  • The labour force rose by 107,500 in April, making the total change 410,000 for the first 4M of 2024.
  • The National Bank of Canada says the increases in 2024 point to people coming to Canada earlier in anticipation of future government restrictions.
  • Economists at Scotia, RBC and CIBC highlight that whether the caps reduce inflationary pressures depends on the balance between easing housing demand and labour market shortages amid an aging population.
  • Rapid immigration has made it difficult for the BoC to measure the impact of the past 10 interest-rate hikes as population growth has masked weakness in demand.
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  • The Government announced its plan to reduce the population of temporary residents from 6.2% to 5% by 2027 in March. Since then, the share of non-permanent residents has grown to 6.5%.
  • Immigration minister said many of these temporary residents could become permanent, as their impact on affordability has been "baked in."
  • The labour force rose by 107,500 in April, making the total change 410,000 for the first 4M of 2024.
  • The National Bank of Canada says the increases in 2024 point to people coming to Canada earlier in anticipation of future government restrictions.
  • Economists at Scotia, RBC and CIBC highlight that whether the caps reduce inflationary pressures depends on the balance between easing housing demand and labour market shortages amid an aging population.
  • Rapid immigration has made it difficult for the BoC to measure the impact of the past 10 interest-rate hikes as population growth has masked weakness in demand.