[chemgear]

Good time to own real estate in Canada. Immigration is certainly not the only reason but it certainly isn't helping.

https://financialpost.com/news/econo...sing-criticism

Canada’s new immigration minister said he is open to “having a conversation” on concerns raised by some economists and groups on rising immigration targets amid a housing shortage, but said he still has no plans to lower them in the near future.

Stéfane Marion, chief economist at the National Bank of Canada, said in an Aug. 2 note that Ottawa’s decision to invite so many newcomers during a period when the Bank of Canada was implementing the “most aggressive monetary tightening cycle in a generation” has created a “record imbalance” between housing supply and demand.

Bringing in skilled workers is a key component of Canada’s immigration plan, and Miller stressed that more homebuilders and medical professionals are needed to boost housing and health care. Skilled trades workers are targeted to comprise 60 per cent of the total 500,000 newcomers Canada plans to welcome by 2025, with the rest made up of family members, refugees and those looking to enter on humanitarian grounds.

But the minister said cutting down targets in any one category would mean making some “really difficult” choices.

Some studies suggest Canadians’ support for rising immigration targets is diminishing as high interest rates and housing shortages take a toll. For example, 61 per cent of 1,500 people surveyed by Ottawa-based Abacus Data in July called the country’s immigration target “high,” and 63 per cent said immigration is having a negative impact on housing.