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Demand and Supply Recalibrate as Population
Growth Hits Inflection Point
Temporary residents growth leveling off. Following a record year of population growth in 2023, Canada enacted a series of immigration reforms earlier this year aimed at reducing the proportion of nonpermanent residents from 6.2 per cent of the total population in 2023 to 5 per cent by 2027. The government will reduce the number of new study permits for international students by 35 per cent in 2024, alongside plans to decrease the nation’s reliance on temporary foreign workers. As some of these new measures have taken effect, the pace of temporary resident admissions has already slowed, dropping from an annual increase of 58 per cent in July 2023 to 27 per cent in April 2024. With the full implementation of these new policies, the temporary resident population is expected to expand at a more moderate rate for the remainder of this year.