Canada is the fastest growing G7 country, last year population grew by an astounding 1 million. Immigrants made up 437,180 and the number of non-permanent residents increased by a net 607,782. Our country depends on immigration to drive our economy and replenish our aging population. And thus, consistent and aggressive immigration growth is something that will be the norm over at least the next decade or so.
However, many have wondered what this will do to our already stressed real estate landscape in many of our cities. StatsCan has warned that this pace of growth might prove to be a significant hurdle for the Canadian housing sector. Investors are confident current and even projected housing will be not be sufficient, governments are constantly promising (and failing) at relief and in the end, it is the buyer who pays the ultimate price.
Immigration continues to be a hot topic when it comes to housing and the continued housing crisis we are experiencing. The challenges are material and are not easily solutioned; especially in Ontario. It remains to be seen how and if the government can meet its promise of 1.5mil homes by 2031. One thing is for sure, confidence in this plan has dwindled.