Canada's population expected to hit 40 million today

Canada's population is expected to surpass 40 million people today, says Statistics Canada.

The federal statistics agency's "population clock" uses modelling to estimate Canada's population in real time. The counter is expected to hit the 40 million mark just before 3 p.m. ET on Friday, according to a news release from Statistics Canada.

"This is an exciting milestone for Canada," said chief statistician Anil Arora in a media statement. "It is a strong signal that Canada remains a dynamic and welcoming country, full of potential."

Canada's population growth rate currently stands at 2.7 per cent. That's the highest annual growth rate since 1957, when Canada was in the middle of its post-war baby boom, says Statistics Canada.

Matti Siemiatycki, director of the Infrastructure Institute and a professor at the department of geography and planning at the University of Toronto, said the population milestone presents opportunities and challenges for Canada.

"This is a recognition that we're a country that's been growing for some time, that we are a country that continues to attract people and is an attractive place for newcomers," he said.

Canada's population grew by a record 1.05 million last year and about 96 per cent of the rise was due to international migration, the agency said.

Siemiatycki said Canada needs to attract newcomers to fill jobs left vacant by retiring baby boomers.

"From an economic perspective, newcomers have been really important both to fill jobs that are here and to connect us with the economies out into the wider world," he said.

But a growing population also presents challenges, particularly with housing, Siemiatycki said.

The average price of a Canadian resale home has increased four months in a row this year, according to the Canadian Real Estate Association. The average selling price of a home in April — the month for which the most recent data is available — was $716,000.

Siemiatycki said Canada urgently needs to build more housing to accommodate Canada's growing population.

"We are in a crunch. We haven't been building enough units across the country, especially at the affordable levels," he said.

But Siemiatycki said attracting more skilled labour can also bolster the workforce needed to build more housing.