Population growth in Canada hits 3.2%, among world’s fastest

Population growth in Canada hits 3.2%, among world’s fastest

Toronto: The surge of newcomers brought Canada’s population to an estimated 40.5 million, slightly more than California.

Canada’s population growth accelerated to 3.2 percent over the past year, one of the fastest rates in the world, largely due to a sharp rise in temporary foreign workers and international students.

The country’s population rose by 1.25 million in the year to October 1 the largest number in any 12-month period since its creation in 1867, according to new data from Statistics Canada.

Almost all of the increase was driven by a surge in international migration. Canada accepted 454,590 new permanent residents over the past year, while bringing in 804,690 non-permanent residents, a category that includes temporary workers, foreign students and to a lesser extent, refugees.

The surge of newcomers brought Canada’s population to an estimated 40.5 million, slightly more than California.

The last time Canada’s population grew at a faster rate was in the late 1950s, during the postwar baby boom and a period when the country was accepting Hungarian refugees fleeing Soviet repression. It is expanding much faster than any Group of Seven nation, China or India — in fact, most countries growing at a similar pace are in Africa, according to 2021 data.

While boosting economic growth, the rapid influx of people is worsening housing affordability, keeping a floor under home prices even with borrowing costs at two-decade highs.

Population pressure is also evident in rental prices, which rose at a 7.4 percent yearly pace in November. Shelter costs are the largest contributor to the inflation rate of 3.1 percent, according to a separate release from the agency on December 19.