Waterloo Region’s population soared in 2023 with international influx

Waterloo Region’s population at the end of 2023 is estimated at 673,910 people, including university and college students temporarily residing here, according to a staff report going to the region’s planning and public works committee on Tuesday.

“The growth of 28,490 people in 2023 significantly outpaces the region’s five-year average annual population growth of 12,802,” it says.

The year-end growth and household estimates prepared by planners and data analysts are based on population and dwelling counts produced by Statistics Canada from the census, but also include students who are living in the region while they study at post-secondary institutions.

Roughly half (51 per cent) of the growth in 2023 is a direct result of an increase in international student enrolment at local institutions, the report says. The remaining growth is largely driven by both intra-provincial and international migration.

As of November 2023, there were 90,800 post-secondary students enrolled in full-time programs at Conestoga College, the University of Waterloo and Wilfrid Laurier University, on campuses that are located in Waterloo Region.

In 2023, enrolment grew by 16.5 per cent and growth in international students increased significantly, now accounting for 37 per cent of total enrolment, compared to roughly 20 per cent between 2016 and 2022.

Of the full-time students studying on local campuses, it’s estimated that in a typical year more than 73,400 would reside in Waterloo Region, and the remaining 17,300 students live outside the region, with students attending the three post-secondary institutions contributing an additional 49,310 people to the total population.

The overall growth of 28,490 people represents a growth rate of 4.4 per cent. The estimated number of households is 238,800—a growth rate of 2.68 per cent or 6,240 more than 2022.

In 2023, “the landscape saw a notable shift,” the report notes, with the persons-per-unit occupancy rate rising from 2.7 to 2.74, indicating a relatively sharp year-overyear increase that’s attributed to a combination of factors, including post-secondary student enrolment rising at rates faster than housing construction, and escalating housing costs.

The region’s report notes that Statistics Canada hasn’t released 2023 year-end population numbers; however, according to third quarter 2023 estimates, the country’s population continues to grow at a record pace, primarily driven by nonpermanent residents.

In 2022, Canada experienced record-high growth, with an increase of 1,050,110 people and total population rising to 38.93 million. This growth rate of 2.7 per cent is the highest since 1957 and was primarily driven by international migration, which accounted for nearly all of the growth (95.9 per cent).

The region anticipates its population will rise by 13,040 to 686,950 people by the end of 2024.