Prime Minister Justin Trudeau’s government plans to welcome 465,000 new permanent residents this year, and increase the annual target to half a million by 2025. But those often-cited numbers understate the pressure on the country’s limited supply of housing —because they don’t include a wave of foreign students, temporary workers and others with non-permanent visas.
“We’re underestimating how many people are here and how many people are requiring real estate,” Tal said in an interview. “If you don’t have official numbers showing the demand accurately, municipalities making allocation for housing based on those are missing the magnitude of the need.” “It’s dire from a consumer point of view,” said Mark Kenney, chief executive officer of Canadian Apartment Properties Real Estate Investment Trust, Canada’s largest publicly traded apartment company.
Housing costs are causing some to uproot from the priciest cities in search of cheaper locations. Toronto gained people from international migration but also saw a net outflow of nearly 100,000 residents to other parts of Canada in the 12 months ended July 1.
Then why why why are we continuing to increase immigration? Does it not make complete sense to put a hold on it(extreme circumstances exempt) until housing stock and Canadians can catch up. Also as immigration grows, so does the need for more hospital beds and teachers.
Don't forget the huge of foreign workers & students all of whom require a place to live coupled with the fact that a large of Canadian's own multiple properties reducing inventory. These factors keep rent high at a time when NB are facing record increases in interest rates.
I wouldn’t be surprised if this is true
How about investors biding up home prices 30 precent of all homes are owned by investors.
Those of us who have been calling for less immigration numbers since 2018 are labeled as being racist. Well - sleep in the bed you make.
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