‘The disruption will reverberate across the economy, given our reliance on immigration for labour-force growth and to offset Canada’s aging demographic’
OTTAWA — The travel and border restrictions currently in place due to COVID-19 risk derailing Canada’s strategy of growing the economy through high levels of immigration, says a new report from RBC Economics.
“The disruption will reverberate across the economy, given our reliance on immigration for labour-force growth and to offset Canada’s aging demographic. Among the potential casualties: industries with labour shortages, urban rental and housing markets, and university budgets.” Andrew Agopsowicz, RBC senior economist and the report’s author, said we’re going to see a “short shock” from the restrictions currently in place, but it’s important to keep a long-term focus on adapting our immigration system to the COVID-19 world, as new immigrants are crucial for Canada’s fiscal stability.
Canada’s largest cities and its universities and colleges are among the places that will feel the biggest effect of reduced immigration, the report says. “It’s unclear because the housing market’s been affected by a wide range of COVID related things,” he said. “People are just not leaving their houses and all this other stuff that’s not related to immigration. But I think the biggest thing we tried to first point out is that cities rely so heavily on immigration to fuel growth.
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