rennie outlook 2023

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

Copyright © 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 31, 2023. Data from the Greater Vancouver and Fraser Valley Boards, Statistics Canada, Zonda Urban, CMHC, & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 6

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