In Canada yes, 40 to 41 million in matter of months largely due to immigration. In the USA no.
TriDave
Yeah, our population growth is staggering especially when you compare it to our low birth rate.
It is pretty staggering. Long term it could be good for Canada but short term it will hard to digest such a spike in population.
In reference to your choice of words, under what circumstances do you think it ‘could’ be good and conversely when could it not be good?
I always seem to hear talk on why we need immigration to pay for the retirees of the future but it seems like a bit of a ponzi scheme where we just have to keep expanding. It simply is not sustainable. I’ve not seen any discussion about how economies can be managed in a decreasing population scenario.
The macro benefits of immigration are well documented. You mentioned one, paying for retirees. This is especially true currently in much of the west as boomers age out of the workforce. Immigrants grow the overall economy and are net neutral cost wise. 2nd generation are usually high contributors to the tax base.
Immigrants fill the gaps in the labor market but not just in low wage, low skill, jobs. 44% of medical scientists are foreign born as are 42% of software developers. Immigrant workers are also overrepresented among college professors, engineers, mathematicians, nurses, doctors and dentists.
Despite all that the issues facing B.C. are extreme and the result of years of multi-layered immigration. Rich immigrants drove up housing prices. Poor immigrants consumed services. Economists will be studying it for decades to come.
Mostly agree,
To the point of foreign ownership driving house prices, statistically there is no merit (at least in BC):
https://www.greaterfool.ca/2021/04/27/the-haters-2/
Maurice
Thanks, that is an interesting link. Those numbers are a bit misleading as foreign-born immigrants with resident status in Canada are not included. There is also the covid affect on the most recent numbers. In 2017 5% of Vancouver properties were foreign owned.
Regardless, the numbers are much lower than I expected.