The influx of immigration to Canada, alongside internal population growth and a shortage of housing, will drive shelter costs up,“The more people who live in Canada, the more homes are needed, which will exacerbate the already limited supply of homes," it stated.
“The government welcomed the largest number of immigrants in a single year , according to Immigration, Refugees and Citizenship Canada, and at the same time, the national average home price soared to a monthly high of $804,900 – a 31 per cent increase from 2021,” it said.One possible reason for this could be the aggressive interest rate hikes the Bank of Canada has pursued, the report said. The average home price dropped in 2023 by 5.
While overall population growth aids economic activity, the problem of where to house more people still remains.
Source: Real Estate Daily Report (realestatedailyreport.net)
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