Canada’s Population Is Up 1.27 Million in 12 Months, and People Still Can’t Afford to Buy a House

Recent data reveals that Canada has seen a staggering increase of 2.87 million people over the past three years. This influx, equivalent to the combined populations of Manitoba and Saskatchewan, has placed significant pressure on the housing market. So significant that even a long-awaited rate cut couldn’t cut it.

Statistics Canada reports that in the 12 months leading up to June 30, the country witnessed a record-breaking population growth of 1.27 million. This follows increases of 1.06 million and 0.54 million in the two preceding years, respectively. The rapid expansion is primarily attributed to immigration policies aimed at addressing labor shortages and bolstering economic growth.

Related: Canadian Immigration Has Failed to Bring In People Canada Actually Needs

This population explosion is occurring against the backdrop of a challenging real estate market. Despite a recent quarter-point rate cut by the Bank of Canada, housing affordability remains a critical issue. The modest reduction in mortgage rates has provided only minimal relief to potential homebuyers, with experts suggesting that more substantial rate cuts may be necessary to stimulate the market effectively.

The surge in population has created a vast pool of new housing seekers, potentially revitalizing demand in the real estate sector. However, the market’s ability to absorb this influx depends on various factors, including further interest rate reductions, employment trends, and overall economic conditions.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

Canada’s Housing Affordability Crisis Intensifies As Q1 2024 Immigration Jumps 47%

Canada is facing a worsening housing affordability crisis as the country experiences an unprecedented surge...

Monday, May 20, 2024, 01:39:00 PM

Liberals Still Don’t Know What to Do About the Housing Crisis

Nova Scotia MP Sean Fraser, recently appointed to the housing file, is under scrutiny to...

Tuesday, August 29, 2023, 03:01:00 PM

Liberals Admit They’re ‘Addicted’ To Cheap Labor, Changes Tune On Immigration

The Liberals may be finally changing their tune on immigration and accepting the facts —...

Wednesday, February 14, 2024, 01:28:00 PM

IRCC Terminates Temporary Resident Work Permit Program

Canada has terminated a temporary measure that allowed visitors to apply for work permits while...

Friday, August 30, 2024, 07:57:28 AM

Tenants Face Unexpected Tax Burden from Non-Resident Landlords

As if not being able to afford to buy a house wasn’t bad enough, a...

Monday, April 15, 2024, 03:47:00 PM