This is a friendly, interactive exchange of information on all Real Estate related subjects. Follow on Twitter: @RETALKS


Moderator: admin

 
User avatar
news
Newsbot
Topic Author
Posts: 8220
Joined: Tue Sep 30, 2003 3:20 pm
Contact:

Canadian Markets Are Seeing A Real Estate Boom With Population Declines

Sat Dec 19, 2020 7:30 pm

DECEMBER 18, 2020
Canadian real estate prices didn’t rise on fundamentals, so why would a change make a difference? Statistics Canada (Stat Can) data shows Canadian population growth was flat in Q3 2020. Two provinces, home to the country’s busiest markets, weren’t lucky enough to be flat though. Both B.C. and Ontario saw declines from the previous quarter.

Canadian Population Growth Is Flat From The Previous Quarter
Canada’s high population growth ground to a halt. The population was estimated at 38,008,005 in Q3 2020, up just 0.01% from the previous quarter. That works out to an increase of just 2,767 more people across the country. Compared to the same quarter last year, the population is 0.54% higher. This is the lowest rate of annual growth since at least the 1950s, but likely goes back much further.

Ontario’s Population Was In Decline Last Quarter
Ontario’s real estate markets are booming, but it has nothing to do with population growth. The province’s population was estimated to be 14,733,119 in Q3 2020, down 0.01% from the previous quarter. That works out to a net-loss of about 895 people from the previous quarter. Compared to the same quarter last year, the population is just 0.65% higher. This level of annual growth is rarely seen in the province, but it did happen recently – in Q2 2015. Other than that though, it’s been a while!

BC’s Population Is Declining Even Faster Than Ontario
British Columbia is seeing one of the bigger quarterly declines across the country. The province’s population fell to 5,145,851 in Q3 2020, down 0.04% from the previous quarter. This works out to a net loss of 1,861 people, almost double the one Ontario saw. Compared to last year, the population is about 0.39% higher. This is the lowest annual growth the province has seen since at least 1950.

Canada’s population growth was flat, and this is attributed to immigration. While some believe this should be resolved soon, some experts don’t see it that way. RBC economists have forecasted the decline in immigration is likely to persist until at least 2022. Closed borders and a soft employment market are likely to make it more difficult to attract talent near term.

Canadian Population Growth
The annual percent change of Canada’s population.
Attachments
Screen Shot 2020-12-19 at 7.29.26 PM.png
Screen Shot 2020-12-19 at 7.29.26 PM.png (89.01 KiB) Viewed 3711 times
 
User avatar
thomasbeyer2000
Real Estate Talker
Posts: 83
Joined: Mon Apr 07, 2008 7:39 pm
Contact:

Re: Canadian Markets Are Seeing A Real Estate Boom With Population Declines

Thu Jan 21, 2021 8:14 pm

The boom is explained by low LOW interest rates AND a flight to bigger more spacious properties.

Plus over the next 3 years Canada will take in 1.2M new immigrants who will stay in their cousin's basement only so long, ie create massive rental AND real estate demand !

Yours Sincerely,
Thomas Beyer, President
Prestigious Properties Group

E: tbeyer at prestprop dot com
W: www.prestprop.com
 
User avatar
ozzie
Site Owner
Posts: 32
Joined: Tue May 01, 2001 3:05 pm
Location: Vancouver
Contact:

Re: Canadian Markets Are Seeing A Real Estate Boom With Population Declines

Tue Feb 02, 2021 4:32 pm

AGREED!

Who is online

Users browsing this forum: Bing [Bot] and 6 guests