OTTAWA — The federal government is overestimating the impact its cuts to immigration will have on the country's housing shortage, the Office of the Parliamentary Budget Officer said in a new report.
OTTAWA — The federal government is overestimating the impact its cuts to immigration will have on the country's housing shortage, the Office of the Parliamentary Budget Officer said in a new report.
The PBO cautioned its model assumed some non-permanent residents, whose permits or visas would expire and not be renewed under the new plan, will actually leave the country. The plan expects to see Canada's population decline by 0.2 per cent in 2025 and 2026, marking the first time Canada would see an annual decline in population, the PBO said.
The government's projections, factoring in its new immigration targets, suggested the population estimates would reduce demand for housing by 670,000 units by 2027, well above the PBO's estimates and three years earlier than the PBO's timeline.
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