Toronto is one of the fastest growing cities in North America. To be more specific, The Greater Toronto Area had the second fastest growing population compared to many metropolitan areas in the United States and Canada.
These numbers come from Statistics Canada and are based on a twelve month period from July 2017 to 2018.
The Greater Toronto Area (GTA) population grew by 125,298 persons where Dallas-Fort Worth- Arlington scored the highest with 131,767 persons. Montreal was the fifth Canadian City with the highest population of 66,116.
It is interesting to note that the sources of growth between Dallas-Fort Worth-Arlington and The Greater Toronto Area (GTA) were extremely different. Birth rates and domestic migration were the reasons for Dallas-Fort Worth-Arlington’s population growth whereas International Migration was the only source of growth for the GTA. This chart shows that the GTA’s rapid population increase mainly comes from immigration rates.
Additionally, the City of Toronto was the leading city in population growth between the United States and Canada. Toronto’s population grew up to 77,435 persons between July 2017 to 2018. The City of Toronto’s population is well-ahead of major cities in the United States such as New York, Chicago and Los Angeles. In fact, the population in New York and Chicago declined in that twelve month period. Clayton and Shi report these numbers as ‘stunning.’ Toronto’s population is continuing to increase and we can’t expect this growth to decrease anytime soon.
The Toronto metropolitan area now holds the title of the fastest-growing city region in the two countries, while the City of Toronto is the fastest-growing central city, according to population growth analysis by Ryerson University’s Centre for Urban Research (CUR).
The Toronto region’s consistently high annual population growth numbers have long been a primary source of momentum for the city’s housing market, fuelling steady home price increases, strong resale and new home market activity and a robust residential construction industry.
The COVID-19 pandemic will have a significant impact on Toronto’s immigration levels through 2020 and possibly beyond.
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