Mortgage broker Matt Leggett said he has never seen this much housing demand since moving to Calgary nearly two decades ago. That’s in part because of a sudden surge in residents in Calgary’s home province of Alberta: Last year’s 3.7% jump in population - matching the pace of Niger, the world’s fastest-growing country - was unexpected even for a region known for its oil boomtowns. Prices are up almost 28% from just five years ago. Even after a rise in interest rates last year, a benchmark measure of Calgary home values climbed almost 3% in May from a year earlier to a record.
His city exemplifies some of the strains. (Photographer: Carolina Andrade/B/Carolina Andrade) Immigrants have helped the economy by taking over existing businesses after the owners retired, like how Antje Hoare from Germany now runs The Coffee Bean cafe in New Glasgow. Potential migrants from El Salvador, Guatemala, Honduras and Nicaragua are eligible to seek an appointment to apply for a visa or refugee status in the US via a new Internet portal “But we can encourage new immigrants and give them incentives to go to different parts of Canada other than big cities.” We’re not going to direct migration patterns to say you have to move to remote places,” said Bob Dhillon, founder and chief executive officer of Calgary-based real estate company Mainstreet Equity Corp., who’s a Sikh immigrant. That’s only strengthened real estate demand in cities where housing was already in short supply, raising homeownership barriers and pricing millions out of the market - hurting both international migrants and current residents, especially younger generations. Over a one-year period to July 1, the largest population centers had a net gain of more than 600,000 people from international migration, compared with just 21,000 settling in smaller communities. Since 1967, it has relied on a system where immigrants are assigned points based on their age, education, employment opportunities and English or French abilities, allowing the country to target skilled workers.īut immigration has largely tilted toward Canada’s larger cities, which have developed strong ethnic communities that have in turn attracted more newcomers seeking a sense of belonging. Real GDP per capita has been little changed over the past decade, and is expected to fall from its 2022 peak, based on Bank of Canada output forecasts. Productivity growth has been stagnant, and disposable income hasn’t kept up with home prices.īy contrast, Canada’s residents have long been welcoming of newcomers, thanks to the country’s framing of immigration as an economic policy and a relatively isolated geography that limits illegal crossings. Yet in a country that’s long been home to one of the world’s hottest housing markets, the government’s plan has drawn criticism that increasing immigration targets merely boosts economic output without raising living standards for individuals.
Population gains have boosted hiring and consumption, helping the economy withstand a rate-hike campaign by the Bank of Canada - so much so that the central bank this month had to resume tightening after a pause. Immigrants and adjacent community members gather for the Pictou County Partnership's annual Newcomer Social in New Glasgow, Nova Scotia, Canada on Friday May 26, 2023.
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Now, as people flow into the country like never before, Canada has an immediate challenge: how to propel growth in rural regions in dire need of newcomers while minimizing the strains to urban centers already bulging with people.
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