But what about if Canada resumes the 2019 immigration levels? Well, this will only increase the number of permanent residents to 240,000 which translates to about 70 percent of the target. Canada welcomed a total of 341 immigrants in 2020 and the government aims to surpass this level in 2022.
Effects of Reduced Immigration Levels on Housing Market
The decline in immigration levels has caused a dramatic hike in the house vacancy rates. For instance, the Toronto area the rates have risen to more than two percent for the first time in a whole decade-as per the data from research firm Urbanation Inc. Condominium rental listing has also experienced a rapid increase and is currently twice the usual number while the rent has reduced by nine percent.
The Way Forward
The government, through Mendicino, is expected to announce the revised immigration level targets on October 30. The 2019 election gave the new government the power to delay announcements on immigration levels until spring, and this will be the second one this year. The minister is also expected to present the three-year immigration level plans to parliament by November 1. Mendicino anticipates a mandate letter from Canada’s prime minister, Jestine Trudeau that will further illuminate the multi-year immigration plans. The letter will also include immigration priorities, which will guide Mendicino and the Immigration Refugee and Citizenship Canada (IRRC) to pursue the immigration plans.
Other Countries, including the United States, have currently clamped down on immigration by rejecting global skills and talent due to the pandemic. To Canada, this is an opportunity to accept more skilled immigrants in order to rejuvenate and stabilize the economy and regain global competitiveness. On this ground, the majority of the newcomers will be economic immigrants, mostly entering the country through provincial as well as federal governments
