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Over the past decade, the Liberal government in Canada has run the nation’s biggest immigration program in history, which culminated in a record 1.2 million net migrants arriving in the 2023-24 financial year.
This surge in population created a record shortfall of housing, as illustrated below:
As a result, rental vacancy rates collapsed to record lows and rental inflation soared, delivering an unprecedented rental crisis:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.