How Canada’s Record-Breaking Immigration is Affecting Commercial Real Estate
Immigration ceased when the coronavirus pandemic essentially closed the border. The federal administration is reopening the border and carrying out its plan to accept more than a million new immigrants over the next couple of years now that things have returned to normal.
As thousands of migrants enter Canada every day, the initiative is already fully underway. According to Statistics Canada, the population of Canada increased by 292,232 during the first quarter of 2023. More than 431,000 new permanent residents arrived in Canada last year, marking the biggest wave of immigration in Canadian history. The previous high was set in 2021, when almost 401,000 new citizens were granted permanent residency.
In comparison to the United Kingdom and the United States, Canada now receives four times as many permanent residents annually. Canada is the Group of Seven nation with the highest population growth, and if it keeps up its current rate of record-breaking immigration, its population may double over the next 30 years.