Are higher immigration levels an appropriate response to Canada’s aging population’ – by the Conference Board of Canada (CBOC) indicated that if the current levels of the country’s population growth continue Canada will face economic problems in the coming decades.
Canada’s aging population is growing fast and the government will have to spend more and more on their healthcare and old-age security. In order to maintain our current standard of living we need to increase our population to 100 million by 2100.
At the present rate of population growth, Canada will only have 53.5 million people by 2100. Our birthrate is woefully inadequate to achieve the necessary population.
This increased spending on its aging population will slow Canada’s current economic growth rate of 2 percent to 1.6 percent by 2050 and average just 1.5 percent from 2050 to 2100.
To meet this challenge, Canada should almost triple its population from 36 million to 100 million population by 2100, according to the study.
“To get Canada’s population to 100 million by 2100, immigration levels would need to increase steadily but not dramatically. A multi-year plan to increase immigration to 1.3% of population (415,000 – 450,000 entrants per year over the next 5-10 years) is more than adequate. At various times in Canada’s history we have exceeded these levels with no harmful effects,’’ says the report.
“If immigration levels were to increase steadily to reach 407,000 immigrants per year by 2030 and we were to target younger immigrants, Canada’s trend pace of economic growth would improve to 2.3 per cent by 2050 from its current trajectory of below 2 per cent,’’ according to the study.
Vancouver in 1986 for Expo was a quaint little Village compared to now. The 2010 Olympics furthered this transformation, we’ve become a destination city.
If Canada receives 407,000 immigrants a year we can extrapolate how many people will come to Metro Vancouver. In the past Vancouver received about 13% of new immigrants which would translate to almost 53,000 every year for the next 84 years which is a staggering 4,452,000.
A recent study by the City of Vancouver states we need to increae the nuber of households in Vancouver by 182,000 by 2026. That is only eight years from now!
How will we accommodate almost four and a half million more people?
Obviously not in single family houses. Slowly but surely single family properties will be as rare as hens teeth.
The local market gets hot then cold and that will never change, however the long term is what matters. Foreign buyers tax, mortgage stress tests, media predicting the bubble will burst, people will come and they need homes, Period!
The time to invest in long term real estate is always when you are finacially able.
I would love to talk about which area is right for you.
Better call Walt 604 418 9093