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Population Growth Surges To Q1 Record

CANADA DATA
  • Population growth showed no sign of abating in Q1, rising a non-annualized 0.7% for its fastest first quarter increase for comparable data back to 1972.
  • 98% of the quarterly increase was due to immigration, split almost evenly between permanent and temporary arrivals.
  • It sees the annual rate increase to 3.1% Y/Y after the 2.7% over 2022 was the strongest 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).
  • The influx has increased the labor supply (labor force +1.8% Y/Y as of May, of which prime age +2.0% Y/Y) but also boosted consumption and housing demand along with it (the decline in existing home sales began to stabilise in 2H22 before some recent increases).

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