Every time I get into a conversation about rising house prices I hear from people who blame immigration.
Those who argue that immigrants and foreign investors are the primary determinants of housing price inflation would have a tough time explaining what role, if any, new immigrants played in the record escalation of housing prices during the pandemic. Borders were mostly shut, immigration numbers were down and the international flow of capital choked because of the economic uncertainty.”
The argument could be made that while all of that is true, until we do a better job increasing housing supply, we should close the border to immigration. People saying that maintain they are not anti-immigrant; they are just practical.Article contentFirst of all, chances are you had too few babies. In 1960 our birth rate was 3.8 children per woman. In 2021 it was 1.4, with population replacement rate requiring 2.1..As a result we need immigrants to replace boomers retiring out of the work force.
Immigrants are by nature risk-takers. They are willing to start a business, to the extent that 33% of all business owners who have a staff – creating jobs – are immigrants. To circle back to housing, it is particularly an issue in big cities. Toronto receives just over a third of all Canadian immigrants and it is in Toronto that I experience the anti-immigrant sentiment, driven by housing prices.
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