Vaughan festival condo. Reached a record 255000 in 2021. Because of their education and language skills, they are more likely to work in high-paying industries.
In addition, there are a large number of experienced immigrants (Canadian Experience Class), including international students with work permits, who have been kept in Canada by COVID-19 ‘s travel restrictions, which surged from 30300 in 2019 to 135000 in 2021.
For the housing market, such a large number of new immigrants means they will soon go out looking for a house.
Benjamin said that as the proportion of new immigrants with Canadian experience increased, the time between “arriving in Canada” and “buying a house in Canada” was likely to become shorter.
Since many of these new immigrants are already in Canada before they change their identities, they can afford to buy houses earlier. At the same time, taking up high-paying jobs also means that new immigrants can buy houses earlier and faster.
As for the upcoming interest rate hike, it is also inextricably linked to immigration. Benjamin says more and more new immigrants are helping Canada ease labour shortages while limiting wage inflation.
This gives the Bank of Canada ample reason to raise interest rates more slowly than market prices.
According to the government’s plan, Canada will welcome more immigrants in the future, with a goal of reaching 411000 by 2022 and 421000 by 2023.
