It’s not that the Liberals’ record\u002Dhigh immigration is causing inflation, housing unaffordability and unemployment all by itself.
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Most young Canadians who don’t already have a home are having trouble buying one. Soon we may all have to add the difficulty of affording an EV. And the expense of a home charging station. On Thursday, Macklem said Canada was not in a recession and unlikely to enter one. He admitted that growth has been slow – under 1% for the year – and that growth will likely remain slow through next year. But he insisted that is not a recession.That may be correct, technically, but with groceries, housing, fuel and home heating prices going through most families’ roofs, it feels like a recession to a lot of ordinary people.
But when you have a country with painfully slow economic growth and high inflation, welcoming up to a million new immigrants a year is nuts – for the immigrants, as well as for existing residents.But we would have needed to create 50,000 or more new jobs for employment rates to keep pace with the 100,000 newcomers we admitted.Article contentSimilarly, when you have too many residents and too few houses, that drives prices up.
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