![]() Even in that scenario, a housing deficit would persist if Canada continued with annual population growth of one million or more. To test this theory, we applied an aggressive assumption that homebuilders would be motivated to reach, and sustain, a record level of completions. ![]() Even if these changes help spur homebuilders into action, the typical construction timeline leaves years before the benefits from completions can be achieved. However, these announcements are occurring on a lag to population growth. In Ontario, a few examples include the City of Toronto approving changes that encourage density and the provincial government's decision to lower development charges for rental units. We're already seeing governments at all levels pivot to policies to facilitate a faster pace of building. Given that housing affordability is already an issue for many Canadians, what do you think can be done to help fix this? In the report, you state that housing supply is unlikely to keep pace with the demands posed by Canada's expanding population. As dislocations widen, it creates an even larger come-from-behind strategy in addressing housing affordability and quality of life issues. These chronic tensions can quickly become acute for provinces and cities that absorb a higher population share. Canada was already on its back foot in meeting housing demand, and this was also true in hospital beds on a per capita basis. But, the benefits erode if population growth occurs too fast relative to a country’s commitment to plan and absorb new entrants within the economic and social infrastructure. Part of what makes Canada an international recruitment force to be reckoned with is its ability to quickly pivot on the policy front. even looked into replicating its success. The former Trump administration in the U.S. Canadian governments heard the message and developed a strong reputation for the successful recruitment of workers across the globe. We also knew we weren't going to be able to shore up the population without skills-based immigration. We've known for a long time that Canada's aging population would throw the economy off-kilter by straining economic growth, tax revenues, and the social system. ![]() How can government policy help strike the right balance? It's clear from your report that you believe in the need and value of immigration for Canada, but that governments should consider a variety of factors in order to ensure that policies and systems are in place to support higher immigration targets. Thanks for taking the time to chat with us. The TD Stories team sat down with Caranci to explore the issues that are creating both excitement and apprehension within Canada: Now the question is whether attempts to implement policies that will “catch up” to aging demographics have gone too far, too fast.Ī new report from TD Economics, “Balancing Canada’s Pop in Population” explores this question. ![]() However, Caranci points out that balance is key relative to what the economic and social infrastructure can absorb within a short timeframe.Ī 1.2 million surge in population growth in the past year was more than two times the government’s immigration target, catching many economists off guard. Beata Caranci thinks a lot about balance.įor years, the Chief Economist and SVP of TD Bank Group has been one of many economists warning that Canada's aging population runs the risk of upsetting the economy by straining economic growth, tax revenues, and the social system.Ī number of government policies, including a ramp up in skilled-based immigration, delivered on solutions. ![]()
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