Canada's economic strains deepen amid immigration growth

A newly released OECD economic survey highlights Canada's unprecedented population growth of 3.0% in 2023 and 2.6% in 2024, which significantly outpaces that of other developed nations. The report indicates that this rapid influx of immigration has exacerbated housing affordability issues and impacted labour productivity. With approximately one million newcomers annually, Canada's population has surged from 38.5 million to 41.6 million since 2022. The OECD suggests that while overall GDP appears to grow due to increased population, individual Canadian purchasing power continues to decline, recommending that housing supply should align with immigration targets.

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