Canada opens door to immigrants, adding fuel to hot housing market – Reuters

December 19, 2021 by No Comments

A “Sold over asking” sign is on display on a house for sale in Toronto’s housing market in Toronto, Ontario, Canada, October 21, 2016. REUTERS/Hyungwon Kang/File Photo

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OTTAWA, Dec 9 (Reuters) – Canada hopes more immigration can boost economic growth and allay a worsening post-pandemic labor shortage, but new migrants could pour gasoline on that red-hot housing market that the central bank has warned was stoked by “a sudden influx of investors.”

Prime Minister Justin Trudeau’s administration is on track to meet this year’s goal of 401,000 new permanent residents and is set to revise up next year’s target of 411,000, a government source said.

Canada’s successive governments have relied on immigration to drive economic growth in the face of a declining fertility rate, which hit a record low last year. With the pandemic triggering early retirements among aging Canadians, attracting immigrants has grown more important. Also, the country targets high-skilled immigrants who tend bring in money and earn enough to compete for desirable housing.

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Source: https://www.reuters.com/markets/us/canada-opens-door-immigrants-adding-fuel-hot-housing-market-2021-12-09/

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