Foreign homebuyer ban should be revised, says NBC’s Marion
Demographic slowdown and the immigration reset
Marion was equally pointed on immigration. Canada moved from roughly 1.2 million newcomers annually at its recent peak to approximately 200,000, a near-collapse in inflows that has weighed heavily on demand across Ontario, British Columbia, and Quebec, where population growth has effectively stalled.
“We went from going to 1.2 million people a year a couple years ago to a dramatic slowdown, just 200,000,” he said.
“At most it’s 300,000 — that’s what the system can cope with. Negative population growth is not the solution either.”
He highlighted Canada’s long-term demographic advantage. The country remains the only jurisdiction globally projecting no population decline through 2066, a structural foundation, he argued, that underpins long-term housing demand even amid near-term disruption.
Broker implications and the 2027 stabilization forecast
Marion projected the national composite index — down 4% in 2026 — to level off by 2027, supported by labour shortages and construction cost pressures that limit the downside.
