B.C. leads countrywide surge in immigration
By Bryan Yu | January 14, 2020
A new wave of immigration is increasing Canada’s population and underpinning its economic growth. National population growth from July 1 to October 1 reached a robust 0.6%.
B.C. led this charge with an increase of 0.7% or 34,240 persons over the period. This was the strongest same-quarter growth for B.C. since the mid-1990s. The latest gain has been driven by a surge in international migration, both in traditional immigrant newcomers and in surging non-permanent residents. The former surpassed 15,000 persons, which was 50% above the prior year’s performance.
High intake targets by the federal government, and strong demand by immigrants for countries that have stable governments, freedom and an overall acceptance of newcomers, have buoyed inflows. A tight labour market, demand for post-secondary education and a burgeoning technology sector are likely driving increased non-permanent resident flows.
Year-over-year population growth in the latest quarter rose to nearly 1.6% from 1.4% during the prior quarter, translating into a gain of 78,425 persons. More than 80% was due to international inflows.
Strong population growth will remain a key driver for the economy, with newcomers helping to alleviate shortages in the labour market, lifting consumption and housing demand and forming businesses. That said, growth will add to pressure on home values and rents.
...
https://biv.com/article/2020/01/bc-l...O2y8ui6dGyUWWo