Daniel Foch on YouTube
Canada's negative immigration is crushing house prices
Published June 18, 2026
Topics: Immigration
About this video
Canada’s Population Is Falling (3 Quarters in a Row) — What It Means for Rents & Housing
Statistics Canada reports Canada’s population fell for a third straight quarter, down 55,025 to 4,417,056 on April 1, 2026, as non-permanent residents dropped by 117,879 while permanent immigration (83,149) was down 20% year over year and natural increase was negative. The episode argues this breaks the long-held housing “bull case” that population only rises, noting the acknowledged correlation between population growth and CPI rents. It explains how surging non-permanent residents first pressured rentals and then spilled into investor demand and development math, and why a reversal—alongside rising rental completions and shifting starts from condos to rentals—could weaken rents, pre-construction demand, and resale prices, especially in Ontario and B.C., while Alberta is supported by interprovincial migration. It notes estimates may be revised and discusses policy efforts to reduce the temporary population below 5% by end-2027.
00:00 Population Declines Again
00:32 Why Growth Drove Housing
01:19 StatCan Numbers Breakdown
02:04 Demand Shock Hits Housing
03:49 Investor Math Ripple Effects
05:12 Regional Winners and Losers
06:24 Revisions and Caveats
07:11 Economic Regime Change
08:25 Policy Turns Down Demand
10:07 Outlook and Wrap Up
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