Canada's construction news
According to the government department, Immigration, Refugees, and Citizenship Canada, permanent resident status was granted to 471,550 individuals in 2023. This was 31,970 more than were given permanent resident status in 2022 and it was the largest number on record. It also exceeded the Ottawa’s target of 465,000 announced by Immigration Minister Sean Fraser in November 2022.
Since recently arrived permanent residents usually have limited resources, most rent rather than own. According to Statistics Canada, 56.9% of the 1,328,000 immigrants who entered the country between 2016 and 2021 lived in rented accommodation. Given the impact of this sustained surge in demand for rental accommodation, the apartment vacancy rate for the country has, over the past eight years, dropped from 3.7% to a record low of 1.5%.
At the same time, the volume of residential building permits has dropped by -26% over the past two years in large part due to a -37% decline in the volume of applications to build single-family dwelling units, plus a -17% drop in multiples.Across the country, the ratio of new permanent residents to housing starts provides a clear measure of the relationship between the supply of ownership and rental accommodation vis-a-vis the demand for it boosted by the record population inflows.
Fueled by this surge in demand, residential construction posted a gain of +1% in 2022 and by +10% in 2023. However, these increases were outweighed by the inflow of permanent residents causing the ratio of ‘new residents’-to-‘housing starts’ to jump from 2.6 in 2021 to 5.1 in 2022 and a record 5.4 in 2023. At the same time, the apartment vacancy rate in the province dropped from 6.1% in 2021 to 4.1% in 2022 and to a ten-year low of 2.4% in 2023.
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