Nearly 1 million newcomers who arrived in Canada last year are creating an “unprecedented” surge in housing demand that is “not fully reflected” in official records, a report by the CIBC says.
Released on Jan. 25, the report, titled “Housing Demand from Newcomers Even Stronger Than Perceived,” said the total number of permanent residents (PRs) and non-permanent resident (NPR) arrivals from outside Canada in 2022 is estimated to be 955,000.
This represents an “unprecedented swing in housing demand in a single year that is currently not fully reflected in official figures,” it said.
The report stressed that new PRs who were already in Canada, as in those who received their status in the past year, “do not create incremental housing demand.”…