RENNIE OUTLOOK 2022
demographics: preparing for record growth
TOTAL POPULATION
Record-setting immigration, a rebounding international student population, and a tightening (and tight) labour market that will support an expansion of the number of temporary workers all point to an elevated pace of population growth in 2022—not only in Canada as a whole, but also here in BC and in Metro Vancouver. The most obvious consequence of adding many more people to our region—necessary for economic reasons—is that it puts pressure on our housingmarket to ensure everyone has a suitable, adequate, and affordable place to live as an owner or renter. That will be one of our greatest collective challenges as a region as we look at the year (and years) ahead.
OUR 2022 OUTLOOK We expect Metro Vancouver to add a record number of new people in 2022, at 68,000. This would be 70% higher than the past-decade annual average, and would be primarily driven by international migration.
POPULATION GROWTH
IMMIGRATION
What a difference a year makes. After admitting only 185,000 permanent residents in 2020—the fewest since 1998— Canada’s elevated (and by historical standards, lofty) immigration target was met in 2021, with the country welcoming 405,000 permanent residents. Having surpassed the 2021 target of 401,000, it appears safe to expect the 2022 target of 411,000 permanent residents to be achieved. With immigrants being young (a typical age of 28), educated, and skilled (70% of immigrants are in the economic class), this will serve to support Canadian labour markets. Out here on the west coast, with BC attracting 17% of Canada’s new immigrants, and with Metro Vancouver attracting 78% of those that come to BC, this will also have implications for our housing market, both ownership and rental.
OUR 2022 OUTLOOK Population growth in BC will once again be driven by immigration in 2022, with the province welcoming a record of more than 70,000 permanent residents. Of these, 55,000 will call Metro Vancouver home—a new record.
IMMIGRATION
Copyright © 2022 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 February 3, 2022. All data from Real Estate Board of Greater Vancouver and Fraser Valley & 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 5
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