Last Updated on October 24, 2023 by Ephraim Vecina
One of the leaders of Canada’s Century Initiative stated that it is crucial for the Canadian population to reach 100 million by the year 2100.
Such a steady rate of growth will help secure the nation’s long-term prospects – and thus, crucial segments like housing, transport, education, and child care should be boosted accordingly, according to BlackRock Inc. senior managing director Mark Wiseman.
“If you look at Canada’s demographics today, we will grow – on current trend – to about 50 million people from 37 million today by about 2050, and then we stop growing,” Wiseman said in an interview with BNN Bloomberg late last week.
“This is a trend that we have to get on top of now. If we stop growing we will have a smaller economy. If we stop growing, we’ll be less important in the world, as the rest of the world grows around us.”
Wiseman added that immigration would be a major force in this growth.
“All we have to do if we start acting today is increase by about 20% to 30% from what we are doing today and then we get what’s known in investing as the compounding effect… Those immigrants will have children, those children will have children, et cetera,” he explained. “The longer we wait, the bigger the problem becomes.”
More importantly, Canadian housing is expected to benefit greatly from population growth. This is because the nation’s leading cities remain attractive to buyers despite the threat of higher prices.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
LinkedIn | Email
