15 Fastest-Growing Cities in Canada

Minal Zaheer
9 min read

In This Article:

In this article, we will take a look at the 15 fastest-growing cities in Canada. If you want to skip our discussion on the country's population trends, you can go directly to the 5 Fastest-Growing Cities in Canada.

Canada ranks as the world's second-largest country by land area, following Russia. Despite its vast area, the country's population stands at around 40.7 million. The country maintains one of the lowest population densities globally, with only 11 people per square mile.

Since late 2020, there have been changes in demographic patterns across Canada. The fertility rate hit an all-time low of 1.33 children per woman in 2022. Meanwhile, millennials have surpassed baby boomers in population numbers. Moreover, the labor landscape has evolved in the country, with certain industries facing workforce shortages. Canada has also welcomed a substantial influx of both permanent and temporary immigrants, including workers and international students.

As of January 1, 2024, Canada's population reached 40,769,890 individuals, marking an increase of 1,271,872 people over the last year. This increase represents the highest annual population growth rate in Canada since 1957, standing at 3.2%.

The bulk of Canada's 3.2% population growth rate in 2023 can be credited to temporary immigration. Excluding temporary immigration and relying solely on permanent immigration and natural increase, Canada's population growth would have been nearly three times lower, at approximately 1.2%.

In 2023, around 333,000 Canadians relocated from one territory or province to another. This marked the second-highest figure since the 1990s and the third consecutive year that interprovincial migration surpassed 300,000. Alberta experienced the most significant net gain in interprovincial migration in 2023, with an increase of 55,107 individuals. Calgary is among the fastest-growing cities in Alberta.

Even though Ontario experienced an overall decrease of 36,197 people in 2023, certain cities within the province have been witnessing population growth. Among the fastest-growing cities in Ontario are Barrie and Oshawa. Ontario is also home to Toronto, which is one of the fastest-growing cities in North America.

Meanwhile, Kelowna is one of the fastest-growing metropolitan areas in Canada. Between 2016 and 2021, Kelowna has seen an annual population growth rate of 2.4%, surpassing the national average of 1.1% across Canada's 35 Census Metropolitan Areas (CMAs).

Economic Outlook

Despite facing challenges during and after the COVID-19 pandemic, the Canadian economy is now on a path to recovery, albeit with steadily increasing interest rates to control inflation. While the economy slowed down, it managed to avoid recession, with real GDP increasing by 1.1% in 2023, exceeding the forecasted 0.3% growth in the 2023 budget. This growth was driven by global demand for Canadian exports and sustained household consumption.

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