Canada’s rapid population growth is winding down as Prime Minister Justin Trudeau’s government cuts down on immigration.
Randy Thanthong-Knight, Bloomberg NewsCharles St-Arnaud, chief economist with Alberta Central, and former economist of Bank of Canada , joins BNN Bloomberg and discussess the effects of population growth in Canada .
Canada had seen record population gains after pandemic travel restrictions eased. The country has added more than 2.35 million people since mid-2022 — that’s roughly the equivalent of Houston’s population. While surging immigration helped buoy the economy, pressures on housing costs and public services led to sharp declines in support for immigration and Trudeau, forcing him to pull the welcome mat away from some newcomers.
To reach the target immediately, the number of temporary residents in the country would need to drop by 30%, or nearly a million people.
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