Canada’s population growth ‘exceeds expectations,’ but newcomers are struggling and some rental markets are ‘in crisis.’
Population growth in Canada has accelerated in the past few years, thanks to higher federal immigration targets meant to help Canada cope with an aging population and a labour shortage.
And while experts generally agree that this will be a boost to Canada’s economy in the long run, in the short run the population boom is causing a rental crisis in Greater Toronto, and it appears the country continues to waste the talents of many of its skilled immigrants.
Population growth is “exceeding even the most optimistic demographic projections,” Benoit P. Durocher, the senior economist at Quebec’s Caisse Desjardins, wrote in a report issued Monday.
Some 413,000 people arrived in Canada in the 12 months to July, a growth rate of 1.4 per cent, the fastest among G7 countries. The population passed the 37-million mark earlier this year, according to Statistics Canada.
“Canada has close to double the growth of the second-ranked country, the United States,” Durocher wrote.[Read Me…]