Will Canada Reap Long-Term Benefits From Immigration Surge?

Discover How Canada's Immigration Surge Boosts Long-Term Prosperity

📈 What Happened
Canada is experiencing a surge in immigration, with roughly 500,000 new permanent residents arriving each year. This influx includes people on study and work permits, leading to about 2.5 million temporary residents in 2023. Immigration Minister Miller announced plans to reduce these temporary numbers over the next three years due to a housing crisis.

🏠 Why It's Happening
Economists like Doug Saunders and Dany Bahar explain that immigration is closely linked to job market conditions. When the job market is tight, more immigrants are needed to fill jobs. Canada's workforce is aging, and there's a scarcity of domestic workers, making high immigration beneficial. Studies show that recent immigrants have a higher workforce participation rate than the general population.

🤔 Why It Matters
Historically, immigration surges in Canada have led to short-term challenges like housing shortages but long-term economic benefits. The current immigration wave is expected to boost the economy in the future, despite initial slowdowns. By focusing on the demand side of immigration, Canada can balance its job market and sustain economic growth.

TRENDING NEWS

• In the first quarter of 2024, job vacancies in Canada fell by 24,300 (3.6%) to 648,600, marking the seventh consecutive quarterly decline. Permanent positions saw the largest drop. Despite fewer vacancies, payroll employment stayed steady. The job vacancy rate is now at its lowest since early 2020. Read more

• Canada's housing crisis is pushing many foreign nationals to choose the U.S. instead, according to a Deloitte report. Furthermore, high living costs and a complex immigration process are other major barriers acting as disincentives for potential newcomers. Immigration remains crucial for Canada’s economic growth and filling job vacancies, making this issue a major area of concern for policymakers. Read more

• Canada's population surpassed 41 million in early 2024, mainly due to immigration. The first quarter saw a growth of 242,673 people, with 99.3% from international migration. The government plans to welcome 485,000 new permanent residents in 2024, aiming for economic growth and family reunification. Read more

• Recent immigrants to Canada are increasingly securing jobs matching their education, particularly those with bachelor's degrees or higher. A Statistics Canada report highlights significant improvements since 2016, noting better employment outcomes and growth in high-skilled jobs, enhancing economic integration and well-being. Read more

FEATURE SPONSOR

Immigrate successfully with
Planning for Canada

PfC offers pre-arrival services to skilled and family-class immigrants and the Atlantic Immigration Program (AIP) candidates.

Thanks to PfC’s free services, immigrants learn the ins and outs of making Canada their new home and feel equipped to address any challenges that may come their way. Register for PfC services in the format most convenient for you: either online from anywhere in the world, in person in India or the Philippines, or as self-directed workshops.

“Planning for Canada is a transparent program that gives you a real picture of what life in Canada would be like when you first arrive.” - said Nithya, a recent participant.

Planning for Canada is funded by Immigration, Refugees and Citizenship Canada.

Register for free anytime!

NUMBERS TO KNOW

WEEKLY POLL

FEATURED PODCAST

In today’s episode of My Great Canada, Melissa speaks to Sindhu Mahadevan, a Quality Assurance professional in the medical device industry. Originally from India, Sindhu relocated to Canada from the US in October 2021.

Sindhu is the creator of This Immigrant Life Newsletter. Drawing on her own experiences as a newcomer and using her writing and communication skills, she has been assisting others on their journey to Canada. Join us as we discuss her arrival, her perceptions as a newcomer, and how she is contributing to the newcomer community.

NEWCOMER FRIENDLY JOB LISTINGS

• Truck Driver, Thorold, ON

• Family Physician, Brampton, ON

• Finance Manager, Edmonton, AB

• Electrical Mechanic, Montréal, QC

• Plasterer, Edmonton, AB

• Software Developer, Calgary, AB

• Web Developer , White Rock, BC

• Tax Specialist, Windsor, ON

• Marketing Manager, Dundas, ON

• Physiotherapist, Victoria, BC

  
  * all job postings available at time of email publication