Home prices doubled in 10 years, far outpacing population growth in Ontario [Video]

While some politicians blame housing price increases on population growth — a new report finds there are many other factors, particularly in Ontario.

Canada’s population surpassed 40 million for the first time in 2023, Statistics Canada noted in June. Canada’s population has already exceeded 41 million in 2024 and is projected to reach 62.8 million people by 2073, according to Stats Can.

Population growth historically leads to increased housing demand, which in turn contributes to a rise in home prices, real estate brokerage Zoocasa noted in a new report.

Partly for this reason, and wider economic concerns, the Canadian government recently announced plans to reduce the number of permanent residents allowed into the country in 2025 and 2026, cutting the intake by 21 per cent, Zoocasa noted.

Looking at population and home prices for each province, Zoocasa found home price growth far outpaced population increases in most provinces.

“Population growth is often linked to driving home …