Demographics: Immigration pushes Canada to new quarterly record

Canada continues its momentum: the country saw significant growth in its population between July and September with more than 430,635 people in three months (+1.1%), approaching the record set in 1957 (+1.2%), but this time, with immigration as a force Impulse.

Statistics Canada estimates that immigration accounted for 96 per cent of population growth last quarter, and more specifically, non-permanent residents such as work or study permit holders.

More specifically, of the 430,635 new people registered in the third quarter, Statistics Canada counted 107,972 immigrants and 312,758 new non-permanent residents, the largest since this data was recorded.

For its part, Quebec saw more modest growth during the last quarter, with population growth at 0.8%. Of the 72,857 new people in Quebec, between 1^any On July and September 30, 72,349 new immigrants and non-permanent residents.

After surpassing 40 million people in June, Canada is once again on track for record population growth in 2023 after breaking the record in 2022.

“The overall growth in Canada’s population observed during the first nine months of 2023 has already exceeded the total growth of any other full-year period since Confederation in 1867, including 2022, a year of record growth,” the federal agency notes.

But these numbers represent only part of the Justin Trudeau government’s goals of 465,000 immigrants for 2023 (excluding non-permanent residents).

The federal targets recently set by Immigration Minister Mark Miller are 285,000 for 2024 and 500,000 for 2025.

Scotiabank Vice President Derek Holt warned that federal immigration policy would add fuel to the fire of inflation in the real estate, auto and trade sectors.

“Immigration is excessive, period,” he said in a brief statement. “The problem is that there is little or no housing available [les immigrants] And it will get worse.

“The new quarter of runaway demographic growth in Canada continues to complicate the picture for the country’s monetary policy,” Desjardins believes.

“Population gains based on net admissions of non-permanent residents present risks to economic growth,” Desjardins says.

However, the institution maintains its expectations that the Bank of Canada will maintain its key interest rate in January before cutting it in the middle of the year.