High immigration will fuel the population and economy of Canada all through 2020. This will be due to second highest net arrivals of overseas immigrants coupled with record positive increase in population. Canadian Population increased by 114,000 in 2017 due to natural increase that is births minus deaths. This was a gain of 1.3% year-on-year and the highest absolute gain in population since 1989.
High immigration has contributed 77% to the growth of population in 2017. This has been gradually trending since 1983 even as natural hike has been declining owing to lowered rates of birth, as quoted by the Canada Construct Connect.
Across Canada, net high immigration from overseas coupled with interprovincial immigration had a specifically large impact on provinces. This is inclusive of British Columbia, Alberta, Quebec, and Ontario. The Ontario population increased by 233, 953 in 2017. The population of the province has demonstrated its largest gain since 1989 in the last 2 years.
Overseas immigration totaling to 170, 500 for Canada as a whole accounted for nearly 70% increase in the population of Ontario province. Backed by consecutive increases of 109, 000 and 117, 000 overseas immigrants the population of Toronto has increased by 229, 000 in the last 2 years.
The Federal Government of Canada has planned to accept 300,000 extra overseas immigrants every year for the next 3 years. It is thus anticipated that the population of Canada will grow between 1% and 1.3% through 2020.
It is projected that the sustained arrivals of overseas immigrants to Vancouver and Toronto will likely result in apartment vacancy rates in twin CMAs to remain near their highly low current levels. This may cause prices of houses to trend higher in the near term.
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