The Canadian government has announced its intention to maintain its goal of welcoming 500,000 new permanent residents in 2026, according to a report by CBC News.
Canadian Immigration Minister Marc Miller explained that the target is designed to support the labor force while alleviating pressures on housing and healthcare.
"We need to delve into the micro-economic impacts of immigration, as Canadians and economists are telling us," Miller stated during a press conference.
In recent years, the Canadian government has steadily increased its immigration targets to bolster the workforce and address the challenges posed by an aging population.
Last year, Canada unveiled a plan to grant permanent residency to 465,000 people in 2023, with the goal set to rise to 500,000 by 2025. However, the immigration target for 2015 was less than 300,000, as reported by CBC News.
Miller emphasized that Canada is now stabilizing its planned immigration intake to assess potential adjustments to the country's immigration programs. He highlighted the need for precise calculations and fine-tuning, suggesting that a more nuanced approach is required instead of a broad one.
Canada's population grew by a record one million people in 2022, surpassing the 40 million mark earlier this year, according to CBC News. This population growth coincides with a housing shortage in the country.
Nearly 5.8 million new housing units will need to be built by the end of the decade to address the housing supply, as per a report by the Canada Mortgage and Housing Corporation released in September. Miller acknowledged that the housing shortage played a role in the decision to stabilize immigration targets, although it was not the primary factor, as reported by CBC News.
He emphasized the need to maintain immigration levels to provide the workforce necessary for building houses. Changes to the express entry system earlier this year prioritize tradespeople for permanent residency, attracting approximately 1,500 tradespeople from abroad, according to CBC News.
However, political science professor Phil Triadafilopoulos, specializing at the University of Toronto, expressed doubts that pausing at a historically high level of immigration would significantly ease housing affordability issues, as those pressures are likely to persist.
Additionally, under the new plan, Canada's target for economic immigrants will remain at 60% of total immigration. Goldy Hyder, President and CEO of the Business Council of Canada, suggested that the government should increase this portion to 65%, pointing out that unfilled job openings for highly skilled and educated professionals remain a significant challenge that needs urgent attention to support Canadian technological innovation, labor productivity, and capital investment.