The latest population stats for Canada have been released with key insights compiled by rennie intelligence. The story of population growth will continue to have major implications for the real estate market moving forward:
- Canada’s population saw the largest quarterly increase in 48 years - between July and October 2019, Canada’s population grew by more than 183,000 residents.
- BC's population grew by 24,312, one of the largest quarterly increases since the mid-1990s (when tracking began).
- BC is now home to more than 5 million residents.
- The predominant driver to this increase nationally and provincially was strong international immigration of skilled labour to meet the demands of the growing job market.
What does this mean for BC's real estate market? With this latest growth being predominantly skilled labour, these changes will have implications for real estate. As the Lower Mainland accommodates an average of 90% of BC’s immigrants, this will be particularly relevant in this region. This underscores the need for everyone - from all levels of government to individual households - to understand the evolving landscape of housing demand and supply and the forces that continue to drive it.
Learn more about Canada's population growth in the rennie brief.
Our rennie intelligence division empowers individuals, organizations, and institutions with data-driven market insight and analysis. Experts in urban land economics, community planning, shifting demographics, and real estate trends, their strategic research supports a comprehensive advisory service offering and forms the basis of frequent reports and public presentations. Their thoughtful and objective approach truly embodies the core values of rennie.