Canada is facing a worsening housing affordability crisis as the country experiences an unprecedented surge in population growth. According to Statistics Canada labor force data, the working-age population has increased by a staggering 411,400 people in the first four months of 2024, a 47% increase compared to the same period in 2023.
National Bank economists warn that this demographic shock could further strain the already tight housing market, particularly in major cities such as Toronto, Montreal, and Vancouver, where population growth has more than doubled compared to the previous year.
new Canada doom chart just dropped
In the first four months of 2024, the population grew 47% faster than in the same period in 2023. pic.twitter.com/9oFcTDejiS
— Chris Brunet (@realChrisBrunet) May 16, 2024
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