demographics
04. demographics
As a result of elevated international migration in support of our economy, Canada and British Columbia are growing their populations at a pace never before seen.
ONE MILLION ADDITIONS (YEAH, THAT'S A LOT)
Remember that aging labour force discussed earlier? Well the federal government’s plan to grow the working age population is primarily through international migration. The latest revised immigration targets plan to add 465,000 new permanent resident additions in 2023, growing up to 500,000 in 2025. And while this is an important piece of the puzzle it doesn’t tell the whole story when it comes to the record-setting population growth in Canada in 2022. Last year’s immigration target was 431,645 new permanent residents, which was marginally exceeded. Meanwhile, Canada’s net international migration for 2022 added up to more than 1 millions people, an all- time record. The difference lies in temporary permits: temporary foreign workers, study permits, and the international mobility program. These temporary permit holders are a major source of population growth
in Canada and BC, and their respective labour forces. Many of them also convert to permanent residents down the line. Here in BC, net international migration accounted for more than all of the population growth last year. The natural increase was negative last year, as deaths exceeded births, which is a trend that may continue as our population ages. Net domestic migration slowed through the year and turned negative in the second half. Interprovincial migration is cyclical in nature, and after BC welcomed more domestic migration than any other province for two years this is likely not to be a major source of growth in 2023. Instead, look for Canada to welcome newcomers at a world-leading rate, and for BC to capture more than its share in the months and years ahead, as we explore further in the next sections.
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