According to Immigration Minister Sean Fraser on Thursday, Canada successfully granted 401,000 foreigners permanent residency. This all happened by concentrating its efforts on temporary residents already in Canada. Since COVID-19 closed Canada’s borders, we saw a drop in new permanent residents in 2020. This drop was about 45% to 185,000 in the last year.
This fall over harmed the country’s economy as the country relies heavily on immigration to drive its economy and support an aging population. For the first time in over a century, Canada welcomed 401,000 permanent residents, a record number. “Last year, we set a large goal. Today, we achieved it,” Immigration Minister Fraser said in a statement. Since coming to power in 2015, liberal Prime Minister Justin Trudeau’s government has relied on immigration to boost the economic growth of the country.
Aiming to bring in about 1% of the country’s population of nearly 38 million annually. Early Thursday, the government released official data showing that the Canadian economy is likely to have expanded for a sixth consecutive month in November, very close to pre-pandemic levels. Canada’s Target for Next Year According to reports, the government has set a new target for next year.
It hopes to bring 411,000 new permanent residents in 2022. In addition to this, the country ambitions to bring high-skilled immigrants, who tend to earn a substantial income in order to compete for desirable housing. Low interest rates and a shortage of housing have caused housing costs to surge. Migration has also been a contributing factor, especially pre-pandemic.
Now that most borders are open again, we will see more immigration. Official data shows that job vacancies in Canada have doubled this year. The association of Canadian Manufacturers & Exporters is asking for a doubled target for economic class immigrants by 2030 because manufacturing needs more workers.
At this point, we see many buyers trying to beat rising interest rates and competition from immigrants, two factors that will alter their position in 2022, said real estate broker Jodi Gilmour.