Photo credit: Canadian immigrant
A high level of immigration has helped in cushioning Metro Vancouver’s economy.
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The Province reports that migrants have rescued the federation of 21 municipalities from high interest rates and inflation, which have weakened consumers’ spending power.
However, the city is still affected by the slowdown. The Conference Board of Canada says it expects one percent growth by the end of the year, as against 1.7 percent the previous year.
The Conference Board’s chief economist, Pedro Antunes said “It has been a surge in population growth that has gone from essentially one percent to three percent, that masked the weakness that we’re seeing on a per-household basis.”
The city had a record 140,000 international newcomers over the last year, pushing the population to over three million. However, the number of newcomers is expected to decrease over the next few years.
Antunes said that without the newcomers, the lukewarm growth in consumer spending would put B.C. “essentially in recession mode.” He said, “We ‘re actually cutting our spending on a per-person basis.”
Additionally, there are sporting events like the CFL Grey Cup this fall, the 2025 Invictus Games and the FIFA World Cup in 2026.
