Canada Plans to Invite 4 Lakh Plus Immigrants in Next Year

Canada hopes that more immigrants can spur economic growth and address a worsening post-pandemic labor shortage.

PM Justin Trudeau’s government is on track to meet this year’s target of 401,000 new permanent residents and is set to revise next year’s target of 411,000, a government authority said.

Invite 411,000 Immigrants

Successive governments in Canada have relied on immigration to drive economic growth due to declining fertility rates, which hit a record low last year. The government targets high-skilled immigrants who obtain money and earn enough to compete for sensual housing.

“Canada needs immigration to build jobs and drive our economic recovery,” Immigration Minister Sean Fraser told Reuters. “It is not only owned by one in 3 Canadian businesses, but it is also supporting newcomers deal with the labor shortage.”

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Housing costs have risen largely due to low-interest rates and lack of supply. Migration was another factor, especially pre-pandemic. Now that most of the boundaries have reopened, more new ones are likely to arrive.

Housing prices have helped drive inflation to the highest level in 18 years. Administration plans to reduce housing prices will take a period to be executed, and some measures could further strengthen demand.

Double Job Vacancies

Authorized data shows that job vacancies in Canada have more than doubled so far this year. The Union of Canadian Manufacturers & Exporters is inviting the country to double its target for financial class emigrants by 2030 due to labor needs in manufacturing.

Before the pandemic, The Greater Toronto Area – was welcoming about 45,000 new immigrants each year, but that stalled during the pandemic because of border closures.

“Right now we are trying to beat the rush of buyers to beat the two things that are going to change their position in 2022, which are raising interest rates and competition from immigrants,” she said.