There was a rise in Canada’s population in the first three months of 2019 but it isn’t cause for celebration for the housing market.
Because although there were 98,410 more people in Canada than in the previous quarter, the growth was driven by non-permanent residents. This sector gained 31,547 while the number of new permanent immigrants was the lowest for 4 years (65,959).
The overall gain was 0.3% in Q1 2019 compared to Q4 2018 taking the total Canadian population to 37,412,852.
Statistics Canada says that as the ‘natural increase’ – the difference between births and deaths – is likely to continue its downward trend, population growth will likely rely on international migration. It accounted for 82.8% of all population growth in the first quarter of 2019.
Nunavut (+1.0%), Alberta and Prince Edward Island (each up 0.4%) had the fastest-growing populations in the first quarter, while Yukon, the Northwest Territories, and Newfoundland and Labrador saw their populations decline at a rate varying between -0.2% and -0.4%. In the other provinces and territories, growth was positive and ranged between 0.1% and 0.3%.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: