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Immigration set to surge

Immigration levels have been increased in recent months as the federal government scrambled to invite huge numbers of new Canadians in given the long COVID related pause in travel and movement. Newly announced federal targets will see the annual intake number of new Canadians hit 500,000 by 2025. 405,000 people moved to Canada in 2021, with some 465,000 expected this year. The feds are pointing to the fact that there are 1 million vacant positions across the country. Work skills and experience will be more heavily weighed in new applications going forward. Census data shows that 23% of Canadians are immigrants. 80% of the growth in the labour market from 2016 to 2021 was from new Canadians entering the workforce. 750,000 of the 1.3 million people that have entered Canada from 2016 to 2021 fell under the economic category. The feds want to increase that percentage to 60% by 2025. Ottawa is planning a more moderate increase in the number of family reunification immigrants, from about 106,000 in 2023 to about 118,000 in 2025. The federal government also said that it will moderately decrease the number of refugees coming to Canada from more than 76,000 in 2023 to just under 73,000 in 2025. This will be a big boon to the housing market over the medium to long term.

 

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John Siarkas

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