Canada's Population Surpasses 41 Million Shortly After Crossing 40 Million Mark
Usha George, a professor at the Toronto Metropolitan Centre for Immigration and Settlement, highlighted the economic benefits of a growing population, particularly in filling labor market gaps with highly skilled individuals.
Canada's population has surged past 41 million, just nine months after hitting the 40 million mark, according to Statistics Canada's live population tracker. The latest data released by the federal agency underscores the rapid growth, revealing that between January 1, 2023, and January 1, 2024, Canada welcomed 1,271,872 new inhabitants, marking a 3.2 percent growth rate, the highest since 1957.
Temporary immigration played a significant role in this population boom, with Statistics Canada noting that without it, the growth rate would have been 1.2 percent. During the fourth quarter of 2023, Canada's population saw an increase of 241,494 individuals, the highest rate of growth in a fourth quarter since 1956.
Usha George, a professor at the Toronto Metropolitan Centre for Immigration and Settlement, highlighted the economic benefits of a growing population, particularly in filling labor market gaps with highly skilled individuals.
However, recent efforts by Ottawa aim to moderate the influx of temporary immigrants to address cost-of-living concerns. Immigration Minister Marc Miller announced on March 21 that Ottawa would establish targets for temporary residents entering Canada to ensure sustainable growth. Economists like BMO's Robert Kavcic believe these measures will positively impact Canada's rental market and housing crisis, relieving pressure on housing supply and infrastructure.
Interprovincial migration trends also reveal shifts in Canada's demographic landscape. Alberta experienced a notable increase in net migration, with 55,107 Canadians moving to the province in 2023, the highest gain since 1972. Conversely, Ontario witnessed the largest regional loss, with 36,197 residents leaving for other parts of the country. This trend, along with British Columbia's first negative net migration since 2012, underscores changing migration patterns within Canada.
Despite gains in Alberta and other provinces like Nova Scotia, New Brunswick, and Prince Edward Island, the overall migration landscape indicates challenges for regions like Ontario and British Columbia. These shifts in population dynamics will likely influence various aspects of Canadian society, including housing markets, labor forces, and infrastructure development.
