Canada housing crisis, from the Globe and Mail Globe says BMO sees housing stresses in all directions
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Thursday March 28 2024 - In the News
The Globe and Mail reports in its Thursday edition that Statistics Canada says the Canadian population increased by nearly 1.3 million people in 2023. The Globe's Matt Lundy writes that the growth was primarily driven by the influx of temporary residents, a group for which the government is now attempting to impose restrictions due to the housing crisis. The temporary residents' category includes international students, asylum seekers and individuals with work permits. According to Statscan their numbers increased by slightly over 800,000, marking the second consecutive year that temporary immigration accounted for the majority of population growth. As of Jan. 1, Canada became home to 2.67 million temporary residents, nearly double the number from two years ago. They now make up 6.5 per cent of the country's total population. Overall, the Canadian population grew by 3.2 per cent in 2023, reaching 40.8 million people, the highest rate of growth since 1957. Bank of Montreal senior economist Robert Kavcic says: "We're stressed in all directions. The [housing] supply side can't possibly respond fast enough." Canada relies almost exclusively on international migration to fuel its population growth.