Canada's 3.2% population growth is among the quickest in the world.

Canada's population has grown at one of the highest rates in the world over the past year—3.2 percent—mainly because of a substantial increase in the number of overseas students and temporary foreign workers.

According to recent figures from Statistics Canada, the nation's population increased by 1.25 million in the year ending October 1st, making it the biggest number in any 12-month period since its founding in 1867.

The majority of the rise was caused by an increase in foreign migration. Over the course of the previous year, Canada welcomed 454,590 new permanent residents while also welcoming 804,690 non-permanent residents, which include temporary employees, international students, and, to a lesser degree, refugees.

Canada now has an estimated population of 40.5 million, slightly more than California, thanks to the wave of immigration.

The last time Canada's population increased more quickly was in the late 1950s, amid the country's postwar baby boom and when it was taking in Hungarian refugees who were escaping Soviet persecution. It is developing far more quickly than any of the Group of Seven countries, China, or India. In fact, data from 2021 shows that most of the African countries rising at a similar rate are in the continent.

The Canadian government does not officially regulate the number of visas issued to international students, but it does set annual targets for permanent residents (465,000 persons in 2023). Foreign students are becoming a major source of income for schools and universities, with tuition costs far higher than for Canadian students.

In response to public outcry about the skyrocketing cost of housing, the administration of Prime Minister Justin Trudeau has made only modest efforts to reduce the number of temporary residents.

Foreign student visa procedures will change according to a framework unveiled by Immigration Minister Marc Miller. Though he recently suggested that the government will start limiting visas if provinces don't crack down on "diploma mills" that are churning out phony degrees to foreign students, he has still resisted setting an overall cap on them.

According to some economists, Canada's population expansion is concealing a deeper decline in living standards. The gross domestic product is decreasing per capita.

Tenant growth and a persistent shortage of housing, according to Bank of Canada Deputy Governor Toni Gravelle, are the main causes of the country's rent price inflation, which isn't slowing down like it is in the US.

The data released on December 19 raised even greater concerns about Canada's longer-term economic prospects, according to a research written by economist Marc Desormeaux of Desjardins Securities for investors. "The population figures reaffirm the necessity of increasing the supply of housing and funding for infrastructure."

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