RENNIE OUTLOOK 2020
population: no end in sight for growth
TOTAL POPULATION
Over the past year, Canada’s population grew by 1.5%. While apparently a rather modest expansion, it did represent the fastest year-over-year growth Canada has seen since 1990, with the 558,590 population additions representing the most on record. Canada’s population now sits at 37.8 million—fewer people than California despite having more than 24 times the land area. The relatively large populations of British Columbia, Alberta, and Ontario all grew faster than the national average, with growth in the urban areas of these provinces accounting for 96% of their aggregate population growth.
OUR 2020 OUTLOOK We expect British Columbia’s population to grow by between 75,000 and 80,000 people, which would be similar to last year. This equates to a growth rate of approximately 1.6%, bringing the province’s population to 5.2 million.
POPULATION GROWTH
IMMIGRATION
Growth at the national, provincial, and local levels has largely been driven by immigration. For Canada as a whole, the past year saw immigration levels peak at 335,000 people, driven by federal policy shifts that moved immigration targets from 250,000 people annually towards 350,000. Here in BC, immigration has also trended up: we welcomed more than 48,000 immigrants over the past year, a number exceeded only by the 50,000 immigrants in each of 1996 and 1997. With the province’s Lower Mainland region (from Howe Sound to Hope) having historically accommodated upwards of 90% of all BC-bound international movers, immigration has also been driving population growth in the urban southwestern corner of the province. As a means of mitigating the impacts of Canada’s aging population on the size of the national workforce (and the ability of our economy to grow), the federal government will continue to move towards its immigration target of 350,000 within the next two years. In turn, this will push provincial and local immigration levels towards new highs.
OUR 2020 OUTLOOK As part of total population growth, British Columbia could add up to 50,000 immigrants in 2020, with the Lower Mainland welcoming up to 45,000.
IMMIGRATION
Copyright © 2020 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 6, 2020. All data from RealEstateBoardof 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 companies. E.&O.E. 5
Made with FlippingBook - professional solution for displaying marketing and sales documents online