Canadian population growth at its lowest level since 2016

Canadian population growth at its lowest level since 2016

Canadian population growth at its lowest level since 2016

Latest data from Statistic Canada pointed to a slowdown in national population growth, which reached 38.01 million during the third quarter.

This placed the annual increase at around 150,000 fewer people compared to last year, with a year-over-year growth of 1.1% and a quarterly uptick of just 0.07%.

StatsCan said that these were some of the slowest rates of growth since Q2 2016. The lethargy mostly stemmed from significantly lower immigration numbers and mortality surrounding the COVID-19 pandemic, Better Dwelling said in its recent analysis.

However, while several observers have expressed fears that the coronavirus outbreak might cripple the long-term purchasing power of Canada’s younger generations, a new survey by the Bank of Nova Scotia found that millennials are actually more optimistic about buying right now.

The 2020 Scotiabank Housing Poll found that around 18% of young Canadians in the 18-34 age range have “accelerated their plans” to buy their next homes or investment properties.

Millennials were also found to be more optimistic (36%) about home price declines within the next 12 months, compared to 24% of those in the 35-54 demographic and 17% of those older than 55 years old.

Scotiabank said that the trend is largely driven by the prevailing environment of lower interest rates. Approximately 68% of those planning to buy will be using their savings, while 42% will be using their primary homes as their source of funding.