You also have to add generational growth to the calculation. After annual mortality is deducted, generational growth in Canada is approximately 155,000 new birth per year which, while not as heavily skewed to Vancouver and Toronto as immigration growth, is the source of further pressure on housing in those cities. Oddly, for the supply side critics, new housing starts are running at 193,000 per year. If you divide the net population growth by four (the average size of a Canadian family), there is actually a surplus of homes Canada wide.