Canada’s immigration policies are damaging the economy. That’s the finding of Canada’s top bank economists, who issued a dire warning to the federal government. By admitting 455,000 new permanent residents and more than 800,000 non-permanent residents last year, Canada is on the brink of a recession, or worse. “I’ll put it bluntly: We’ve fallen into the population trap,” said Stéfane Marion, chief economist at National Bank of Canada. An increase in the standard of living is no longer possible because “you don’t have enough savings to stabilize your capital to labour ratio.”
We also learned that the government was warned two years ago by its own officials about high immigration causing a housing shortage — and ignored those warnings. When asked about this, Housing Minister Sean Fraser replied, “I don’t think anybody needs a briefing note to understand that having more people in the housing market impacts the housing market, but having gone through in consecutive years the process of building Canada’s immigration levels plan I can tell you that there are an enormous number of factors that go into them.”
OK then, so what are those factors?