Canada's population grew by more than one million people last year, a record for the country. Its total population grew by 2.7 per cent, the fastest rate since 1957.
A Desjardins report released Monday analyzes how much population growth among working-age Canadians is necessary to maintain the old-age dependency ratio, which refers to the ratio between 15 to 64-year-olds and those aged 65 and older.
"And so what I wanted to do was sort of zoom out and provide some broader economic context around immigration and why immigration to Canada is important." Proponents of higher immigration argue that the labour market is able to absorb more workers, and the country needs more working-age Canadians to support the tax base as more people retire.
The employment outcomes of recent immigrants, particularly those brought in through the economic stream, have improved compared to those of previous cohorts. That's in part because of changes to federal immigration policy. Bartlett said the federal government could modulate the flow of temporary foreign workers so as to encourage such investments. Desjardins estimates the country would need to build 100,000 more units every year to offset upward price pressures caused by having a higher number of permanent residents in the country.
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