How population growth is affecting everything from jobs to housing in the economy

Rapid population growth is challenging economists' understanding of the economy as they monitor how businesses and consumers are responding to high interest rates.

The Canadian economy has outperformed expectations so far this year, avoiding the slowdown many forecasters were anticipating in response to the Bank of Canada's aggressive rate hikes. The resilience of the Canadian economy prompted the central bank to raise interest rates again last week, saying that the risk of sticky inflation has risen.

But a closer look at the numbers shows high population growth is partly responsible for the strong economic results, potentially propping up the housing market at a time when high interest rates are supposed to suppress demand.

Here's how population growth is affecting jobs, growth and the housing market: