Canada targets high immigration levels despite COVID-19: Bloomberg Reports

Canada is expected to continue increasing immigration levels beyond 2020, despite travel restrictions and the reduction in the number of new permanent residents.

Canada’s Immigration Minister Marco Mendicino is not reducing the government’s immigration targets for the next three-year plan to levels, Bloomberg reports.

Days before Canada’s lockdown, Mendicino announced that Canada would welcome more than one million immigrants by 2022. Since the Canadian border was closed on March 18 to non-essential travel, the number of new permanent residents has increased. fell about 64% from 2019 levels last August.

“Mendicino’s office has consulted with various business, labor and settlement organizations to assess current immigration demand,” Bloomberg said.

Canada has always used immigration to fill labor market gaps and help grow the population. Mendicino had previously said immigration would remain an “enduring value” after the coronavirus. Another sign of high immigration targets in the coming years is the ministerial meeting on immigration.

Few newcomers, High Targets

Despite high immigration targets, travel restrictions halt the flow of potential newcomers. Although Canada was expected to welcome 341,000 new immigrants this year, so far only 128,186 new permanent residents have arrived between January and August.

“High unemployment that appears likely to persist and the fact that Trudeau’s minority government must rely on the support of opposition political parties to pass laws pose additional challenges,” the Bloomberg report said.

Even if Canada resumes admission levels for permanent residents in 2019, the number of new permanent residents will only increase to 240,000, or about 70% of the target, said Andrew Agoposowicz, an economist at the Royal Bank of Canada. Canada, at Bloomberg. The decline in immigration is also having important effects on the housing market.

The rental apartment vacancy rate in the Toronto area is now above 2% for the first time in 10 years, according to third-quarter data from research firm Urbanation Inc.

Condominium rental listings doubled in the third quarter of 2020, and average monthly rents fell more than 9%. Mendicino is due to announce the new immigration levels targets before the end of the month.

This is the second announcement of immigration levels this year, as the 2019 election allowed the new government to postpone the announcement until the spring.

The immigration minister has to present the new multi-year level plan to Parliament before November 1. Mendicino is also awaiting a mandate letter from the Prime Minister of Canada, Justin Trudeau, which will further inform the government’s future immigration plans.

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