Canada Immigration Outlook

A record year of population growth. The year of 2023 marked a new milestone in Canada’s demographic history. Total population exceeded 40 million with 3.2 per cent annual growth, the greatest rate of increase since the 1950s. A substantial rise in temporary residents drove this upward momentum, accounting for nearly 70 per cent of the annual gain. Meanwhile, the number of new permanent residents stabilized, while the natural increase remained subdued. Canada’s booming population will support demand in the multifamily, retail and hospitality sectors in 2024, especially given the current environment of elevated borrowing costs and sluggish economic growth.