RENNIE OUTLOOK 2023
demographics: Canada flexes its migration muscle
TOTAL POPULATION
Last year was characterized by both record-setting permanent resident admissions and record-setting permit issuances (work and study) in Canada. We expect 2023 to be similar, with this year’s permanent resident admissions likely to set a new record, accompanied by a robust number of work and study permits being issued. This will have implications for all provinces and territories, more or less. For British Columbia, it will bolster a workforce with a record number of job vacancies and a close-to-historically low unemployment rate. On the flip side, continued— and elevated—growth will have implications for the province’s housing markets, including here in Metro Vancouver.
OUR 2023 OUTLOOK We expect Metro Vancouver to grow by 63,200 people in 2023, driven by net international migration. While this would be 19% below last year’s growth, it would be the second-most annual additions on record.
POPULATION GROWTH
IMMIGRATION
For the third year in a row in 2022, Canada’s federal government set new, higher 3-year immigration targets in an effort to bolster the country’s labour force in the face of an aging population. By last year’s end, Canada had welcomed more than 430,000 permanent residents over the prior 12 months, surpassing 2021’s (previous) record of 405,000. Of the total national permanent resident admissions in 2022, 14% landed (or were living in) British Columbia, totalling 58,520 “newcomers”. Of these, 79%—46,240—came to (or were living in) Metro Vancouver. Canada’s 2023 goal is to admit 465,000 permanent residents—8% more than 2022’s record, with direct implications on the labour and housing markets of BC and Metro Vancouver.
OUR 2023 OUTLOOK As Canada plans to welcome a record 465,000 permanent residents in 2023, we expect BC to account for 66,000 of them, with almost 52,000 calling Metro Vancouver home.
IMMIGRATION
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