Canada Multifamily National Report

Pressures on population growth could intensify. As Canada’s population growth slows amid tighter immigration policies, recent proposals from leading contenders for the country’s highest office suggest a further deceleration is likely. Mark Carney, leader of the Liberal Party, has pledged to cap immigration until it returns to sustainable, pre-pandemic trendlines. Pierre Poilievre, leader of the Conservative Party, has proposed reinstating the previous Conservative government’s immigration levels – approximately 200,000 to 250,000 new residents per year. Since these proposals all advocate for lower immigration than the already reduced government target, population growth could slow more than previously projected with the government’s 2025-2027 Immigration Levels Plan. As a result, overall housing demand could soften further than anticipated in 2025 and beyond, offering some relief to Canada’s housing imbalance.