According to Statistics Canada, Canada welcomed over 145,000 immigrants in the first quarter of this year, marking the highest number for a single quarter since 1972 when comparable data became available.
Released on Wednesday, the quarterly population estimates from the federal agency show that Canada’s population continues to grow at a rapid pace. The population growth during the first quarter was the fastest on record, with 98% of the growth attributed to immigration.
On June 16, Canada’s population reached 40 million, as reported by StatCan’s population clock. The federal government has set new immigration targets that aim to welcome 500,000 immigrants per year by 2025.
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“While surging population growth and improving immigrant labour market integration are positive for Canada’s long-run economic prosperity, they come with two caveats,” wrote Marc Desormeaux, principal economist at Desjardins, in a report. He highlighted that the employment growth driven by population growth could put pressure on consumer demand and make it challenging for the Bank of Canada to control inflation. Desormeaux also emphasized the need to address housing affordability issues.
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The federal government announced new immigration targets in the fall, aiming to welcome 500,000 immigrants per year by 2025.
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Immigration Minister Sean Fraser recently announced a new pathway for permanent residency targeted at employees and workers in the STEM sector. This initiative aims to attract top tech talent and compete in the global race for digital nomads. Additionally, Fraser, along with Health Minister Jean-Yves Duclos, unveiled a new immigration program to address the shortage of skilled healthcare workers in Canada.
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With files from Global News’ Nicole Gibillini
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