Leftbank condos by Broccolini. Canada is caught in a dilemma. The Canadian government hopes to accept more immigrants to ease the growing labor shortage caused by the COVID-19 epidemic and boost the economy.Please Visit: Leftbank condos by Broccolini to Get Your VVIP Registration Today!
However, the increase in immigration will further aggravate the housing tension, putting the Canadian government in a dilemma.
The Canadian government is working hard to achieve its goal of accepting 401000 immigrants this year and plans to accept another 411000 next year, a source familiar with the matter reported.
Canada’s fertility rate remains in the doldrums, falling to an all-time low last year. Affected by the epidemic, many elderly people retire early, and the labor gap urgently needs to be filled by more immigrants. Due to labor shortage, the Canadian Association of Manufacturers and exporters has asked the government to double its target for accepting economic immigrants by 2030.
Immigration Minister Sean Fraser told Reuters: “Canada needs immigrants to create jobs and boost economic recovery.” 1/3 of Canada’s shops are run by immigrants, and the increase in immigration will help ease the labor shortage. ”
However, due to chronically low interest rates, insufficient housing supply and increased immigration, Canadian housing tensions have intensified and house prices have soared, which in turn has pushed up inflation. The consumer price index rose 4.7% in October from a year earlier, an 18-year high.
Stephen Brown, a senior economist in charge of Canada at Capital International Macroeconomic Consulting, said that Canada’s construction and development needs more immigrants to fill the labor gap, but the increase in immigration will push up house prices, “this is a problem.”