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Fastest Population Growth Since 1957

CANADA DATA
  • Canada’s population increased 2.7% in 2022, the strongest annual growth since the 3.3% of 1957 during the post-war baby boom and high immigration after the Hungarian Revolution of 1956 (series break around 1972 in chart below).
  • It adds more than 1 million people over the year for the first time, almost completely from immigration of which a bit more than half of which is non-permanent after a continued surge in the latter (net births-deaths account for just +43k).
  • It again sees the fastest population growth of the G7 and would also top out the OECD compared with 2021 growth rates.
  • The strength of immigration growth has been a factor in limiting the correction in house prices, with the Teranet index down 8% from its peak but still 25% above pre-pandemic levels.

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