Record Growth in Canada
According to CBC, “Canada’s population grew by record 1 million in 2022, spurred by international migration.”
Total population closing in on 40 million as Canada remains fastest-growing G7 country: StatsCan
Total population grew by a record 1.05 million people to 39.57 million in the 12 months to Jan. 1, 2023, and about 96 per cent of the rise was due to international migration, the statistics agency said.
Read more over at CBC
Effect on Housing
We asked ChatGPT – What does Canada’s population growing by 1,000,000 people in 2022 mean for housing?
A population growth of 1,000,000 people in Canada in 2022 could potentially increase the demand for housing. This increase in demand could lead to rising housing prices, especially in areas where the population growth is concentrated. The housing market could become more competitive, making it more difficult for some individuals or families to find suitable and affordable housing options.
In response to this population growth, there could be an increase in new housing construction to meet the rising demand. However, it may take some time for these new housing developments to become available, which could exacerbate the current housing shortage.
Overall, the impact of population growth on the housing market is complex and depends on various factors such as the rate of new housing construction, the geographic distribution of population growth, and the affordability of housing in different regions.
Affordable Housing Regions in Canada
According to a study from Edmonton Homes, they ranked the 25 most populated cities in Canada across 3 metrics: average annual income compared to house prices, property tax and electricity bills to reveal the most affordable cities for first-time homeowners. The top 7 most affordable cities based on their study were:
- St. John’s
- Quebec City
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