New arrivals into Canada could hit 1 million this year, says economist, stoking housing demand higher than governments expect. Find out more
that an additional 3.5 million housing units needed to be built by 2030 to achieve affordable housing for everyone living in Canada. That’s on top of the 2.3 million units it expected to be built by that time at current rates of construction.
Tal argues that it’s not the number of new immigrants that should be used to calculate housing demand, but the number of new people coming into the country from abroad. And these numbers, he says, have been vastly underestimated. Also while the focus has been on new immigrants, non-permanent residents represent a larger share of new arrivals, said the economist.
CIBC calculates that the number of non-permanent residents arriving in Canada grew from 258,000 in 2021 to 700,000 in 2022, a 170 per cent increase.
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