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Canada’s Immigration Plan for 2023-2025 Welcomes 1.5 Million New Residents

Posted by Editor on July 23, 2023
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The population of Canada increased by 1.05 million over the past year, a significant increase from the average annual growth rate since 1995 of 360,000. This rapid growth was particularly noticeable in Ontario, where it increased by 445,000 people between Q2-2022 and Q1-2023, compared to an average annual growth of 360,000.

 

The recently released Immigration Levels Plan for 2023–2025, which was recently unveiled by the Canadian government, will guarantee that this rapid population growth will continue over the ensuing three years. In order to support Canada’s economic growth and address labor market shortages, this Plan lays out a strategy that ups the nation’s immigration targets.

 

The Levels Plan, which was presented on November 1, 2022, aims to strengthen Canada’s position as one of the world’s top talent-producing nations while reuniting families and upholding humanitarian commitments, such as helping Afghans and Ukrainians who are in need.

 

Let’s examine the objectives of the Plan, its impact on the housing market, and how you, as an informed investor, can profit from the situation as it develops.

 

Canada’s Immigration Targets

Despite the pandemic, Canada welcomed a record-breaking number of permanent residents in 2021; the 2023–2025 Immigration Levels Plan seeks to maintain this trend.

The Country has created the following permanent resident admission targets:

465,000 in 2023 (range: 410,000-505,000)

485,000 in 2024 (range: 430,000-542,500)

500,000 in 2025 (range: 442,500-550,000)

From the estimated 405,000 people in 2021 and 431,000 in 2022, this is a significant improvement. The previous Immigration Levels Plan had set a goal of 447,055 permanent residents in 2023 and 451,000 in 2024. These new goals represent a significant increase over those numbers. However, the goals are entirely attainable because all classes saw a significant uptick in admissions after international travel restrictions were lifted.

 

Why Canada Needs Immigrants

To maintain long-term economic growth in Canada, particularly as the population continues to age, a growing number of immigrants will need to be welcomed and integrated. In 2019, immigration contributed about 86 percent of population growth overall, and by 2032, it will have contributed 100 percent.

Additionally, by 2035, the proportion of workers to retirees is anticipated to drop from 4:1 to 2:1. The gaps in the labor market that this change is causing are already very obvious. The number of open positions increased by 43 percent, to 997,000, between the second quarters of 2022 and 2021.

 

The Immigration Levels Plan has three main objectives to address these problems.

1) Assure Canada’s long-term gains.

2) Attend to labor market demands and encourage short-term economic expansion; 

3) Maintaining public trust through an efficient migration system.

More than half of all planned admissions are from the Economic class in order to achieve these lofty objectives. In fact, Canada wants to double the proportion of immigrants who enter the country under this category by the year 2025, to 60 percent. As a result, in 2023, 2024, and 2025, there will be 266,210, 281, 135, and 301, 250 immigrants of the economic class.

Furthermore, Express Entry, Canada’s economic immigration management system, will soon feature the first-ever category-based selection, according to a May announcement from Immigration, Refugees and Citizenship Canada (IRCC). With the help of this new selection methodology, Canada will be able to extend invitations to apply to prospective immigrants who possess the required knowledge, credentials, or language skills. .

Those with exceptional French language proficiency or professional experience in the following fields will receive category-based selection innovations in 2023.

 

  • Healthcare 
  • Science, technology, engineering, and mathematics (STEM) professions 
  • Trades, such as carpenters, plumbers and contractors;
  • Transport
  • Agriculture and agri-food.

The nation will be able to accept more skilled workers in in-demand professions if these criteria are used.

 

How Will This Impact Investors?

Canada is projected to add nearly 1.5 million residents between 2023 and 2025. According to past trends, the majority of these new Canadians will decide to reside in a significant urban area. According to Stats Canada, in order to be near established immigrant communities, 92.2% of immigrants lived in a census metropolitan area in 2021.

 

Toronto is the urban area where there are the most immigrants, and it will probably continue to be the most popular place for immigrants to settle. This city, however, is one of many popular destinations for immigrants. Although the Greater Toronto Area is well-liked overall, Markham, Richmond Hill, Mississauga, and Brampton stand out because of their high immigrant populations.

These areas are a fantastic choice for real estate investment as the impending influx of people will drive up demand for housing in these cities and throughout the GTA. Invest now, before prices skyrocket, and enjoy seeing your property appreciate for many years to come.

 

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