Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post

chemgear · 08-03-2023, 02:19 PM

https://www.ctvnews.ca/business/cana...port-1.6505627

Canada’s housing shortfall could widen by another 500,000 units within just two years if immigration continues at its current pace, according to a recent report from TD Economics.

In the report, economists Beata Caranci, James Orlando and Rishi Sondhi note that Canada’s population grew by 1.2 million over the past year, as of the second quarter of 2023 — more than double the pace of population growth in 2019 and years prior.

But the economists question whether the “sudden swing in population has gone too far, too fast.”

The National Bank of Canada released a report on Wednesday that echoed those points.

“The federal government’s decision to open the immigration floodgates during the most aggressive monetary tightening cycle in a generation has created a record imbalance between housing supply and demand,” National Bank chief economist Stéfane Marion said in a note to investors.

Even before this “sudden influx” of newcomers, the economists say Canada’s future housing stock was forecast to become less affordable across the country.

He noted, however, that the issues of housing affordability and limited housing supply would exist regardless of the current pace of immigration in Canada, but immigration is likely making things worse.

08-03-2023, 02:19 PM	#7600
chemgear Franchise Player Join Date: Feb 2010 Exp:	https://www.ctvnews.ca/business/cana...port-1.6505627 Canada’s housing shortfall could widen by another 500,000 units within just two years if immigration continues at its current pace, according to a recent report from TD Economics. In the report, economists Beata Caranci, James Orlando and Rishi Sondhi note that Canada’s population grew by 1.2 million over the past year, as of the second quarter of 2023 — more than double the pace of population growth in 2019 and years prior. But the economists question whether the “sudden swing in population has gone too far, too fast.” The National Bank of Canada released a report on Wednesday that echoed those points. “The federal government’s decision to open the immigration floodgates during the most aggressive monetary tightening cycle in a generation has created a record imbalance between housing supply and demand,” National Bank chief economist Stéfane Marion said in a note to investors. Even before this “sudden influx” of newcomers, the economists say Canada’s future housing stock was forecast to become less affordable across the country. He noted, however, that the issues of housing affordability and limited housing supply would exist regardless of the current pace of immigration in Canada, but immigration is likely making things worse.