Immigration cuts could impact housing market ‘soon,’ experts say
Global News
Canada is going to slash the number of immigrants it lets into the country starting next year and experts say it could have an impact on the housing market 'very quickly.'
The federal government on Thursday announced reduced immigration targets for the next three years, which some experts say will have an impact on housing affordability as early as next year.
Canada will reduce the number of new permanent residents to the country by 21 per cent by next year, Prime Minister Justin Trudeau and Immigration Minister Marc Miller announced on Thursday.
It’s part of a major series of changes to immigration targets that Trudeau says aims to freeze population growth.
The federal government is reversing course on a plan to hold its immigration targets steady for 2026. Canada will reduce the number of new permanent residents from 500,000 to 395,000 in 2025, which will then fall further to 380,000 by 2026 and 365,000 by 2027.
Next year, 40 per cent of all new permanent residents will come from those temporary residents who are already here, Miller said while making the announcement.
Robert Kavcic, senior economist at BMO Capital Markets, said the impact of these cuts is going to be significant.
“We’re going to go from almost 3.5 per cent population growth to effectively zero over the next two years. If they hit these targets, it’s going to have pretty wide-ranging impacts across the economy from things like rent and housing inflation to consumer spending in the next couple of years or so,” he told Global News.
Kavcic said there has been a mismatch between housing supply and “excess demand” over the last few years.
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