Canada's New Immigration Policy: Balancing Growth and Housing Challenges

The Canadian government will continue to accept residents at a pace of only two years. Following that, there will be a significant slowdown in the trend of accepting more and more residents. The Canadian government has made this decision to control the ongoing inflation and housing crisis in Canada. This news has been reported by the Reuters news agency.

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In the year 2023, the Canadian government aims to provide residential visas to 465,000 new residents. They aim to increase this number to 485,000 in the year 2024 and touch the milestone of 500,000 in 2025 for the North American country, Canada.

Canadian Immigration Minister Mark Miller has informed journalists that he aims to maintain the target of 500,000 residents even in 2026, similar to 2025, to support Canada as one of the most advanced countries in the world, in terms of its economy and population growth.

Mark Miller, the Canadian Immigration Minister, stated that these residency numbers will help determine the pace of Canada's economic and population growth. Additionally, it will also help control the impact on important sectors such as infrastructure and housing.

The Royal Bank of Canada has stated that the decision to limit the residency quota is appropriate considering the challenges in the housing sector and declining public support. Canada primarily requires long-term residents.

According to a recent report by the organization, accepting 1.3% new residents each year is not sufficient to stabilize the age structure of the Canadian population. Approximately 2.1% residency is required for this.

In recent years, Canada's population has increased primarily through residency. This has also aided the country's economic growth.

However, some economists have held the government responsible for exacerbating the housing crisis in the country. Despite the fact that many residents work in the construction industry, there is a shortage of the sector that is causing extensive labor shortages.

Due to this, the Bank of Canada has stated that residency plays a role in both increasing and decreasing inflation. In September of the previous year, Canada's inflation rate was 3.8%.

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