For the first time, the Canadian government will set targets for temporary residents allowed into the country. One economist says this could ease pressure on rents.
“We’ve been firm in our argument that Canada has had an excess demand problem in housing, and this is maybe the clearest example. Non-permanent resident inflows, on net, have swelled to about 800K in the latest year, with few checks and balances in place, putting tremendous stress on housing supply and infrastructure,” said BMO economist Robert KavcicImmigration Minister Marc Miller said this is being done to ensure “sustainable” growth in the number of temporary residents coming into Canada.
“I think almost all of the policy energy has been focused on the supply side. And a lot of those goals have been well founded and they’ve been noble. But our view all along has been that they’re just not going to work because we can’t build any more than we already are in Canada.
“Provinces and territories know their unique labor needs and capacity, and need to assume responsibility for the people that they bring in as well,” Miller said.
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