Canada's Population Growth Hits Historic Low

Canada's population growth has slowed to its lowest rate since World War I, according to Statistics Canada. The country added around 189,000 people over the 12 months through July 1, bringing the total population to approximately 41.8 million. This represents a 0.5% increase, which is the slowest annual pace since 1915-16.

The slowdown in population growth comes after a post-pandemic surge driven by international students and temporary foreign workers. However, the number of non-permanent residents has dropped significantly, with a decline of 154,614 putting the temporary resident tally at 2.8 million. Meanwhile, Canada welcomed fewer new permanent immigrants for the fourth year in a row.

Among provinces, Alberta led with a 1.5% growth rate. According to BMO senior economist Robert Kavcic, the slower population growth is a necessary adjustment, as it allows the economy to focus on productivity and investment rather than relying solely on population expansion.