Canada’s population grew by over one million for the first time in 2022. International immigration accounted for nearly 95.9% of the recorded growth. Among the G7 countries, Canada has the fastest growing population1 and the lowest number of housing units per 1,000 people. It needs 1.8 million new homes to reach the G7 average2. Over the last ten years, Canada has completed only 188,000 homes yearly3. In 2023 and 2024, the housing starts need to increase by almost 50% to offset the impact of population growth on the average home price in the country4.