Posted 12/27/2023, 7:05:04 PM
Living Standards Squeezed as Immigration and Housing Costs Outpace Canada's Economic Growth
- Canada's GDP per capita contracted 4.4% in Q3, an "unprecedented" decline outside a recession
- High immigration and population growth are partially driving down GDP per capita
- Costs for shelter are growing at 6% annually, with rental prices spiking in cities
- Unemployment rate rose to 5.8% in 7 months, showing hiring not keeping up with population growth
- For 5 straight quarters Canada's GDP per capita has fallen, with little turnaround in living standards on horizon