Population growth in Atlantic Canada eases off amid national highs

According to a TD Canada report, Atlantic Canada is seeing its population growth ease after years of rapid growth, contrasting with other parts of the country where growth rates remain at multi-decade highs.

Nova Scotia has a goal to reach a population of two million by 2060, but the report suggests those projections are too optimistic amid the slowing growth rate.

The report states this could potentially dampen household spending and overall economic growth while also placing pressure on the region’s labour supply.

“Right after COVID there was a shortage of a labour force and everyone was scrambling to fill the gap they didn’t have in their workplace,” said Immigration Services Association of Nova Scotia’s program director Olive Ozoemena. “For employers, it’s really about getting the right talent they need and continue to have them stay in the job and provide the services and products to consumers.”

The slower population growth is expected to have a mitigating effect on the rapid rise of housing rentals, which could offer potential relief to concerns over housing affordability across the region, according to the report.

Despite the challenges, the report says recent immigrants have shown smooth integration into the Atlantic labour markets and have contributed positively to the regional economy.