IMMIGRATION ON THE RISE
Recently, Canadian Immigration Minister Sean Fraser announced his plan to welcome 431,645 new permanent residents this year, 447,055 in 2023 and 451,000 in 2024 – to a total of 1,329,700. These projections represent a huge difference from the numbers we have seen in the past three years, which totaled 926,550.
Minister Fraser’s action will address the huge backlog of applications resulting from the effects of pandemic-driven slowdowns. He has implemented the addition of $85 million and innovative modern systems to get processing times reasonable again.
This is great news, as here in Canada, our diversity defines our openness and inclusiveness. Plus, we have to expand our workforce through immigration, especially in the new home real estate industry. Of course, as more immigrants settle here – and we are still a premier destination of choice for people around the globe – the need for new market and rental residences rises. Increasing supply means needing more trades people to build the additional homes and condominiums. Increased immigration will also help in our overall economic recovery.
This is yet another reason to get into new home real estate ownership sooner rather than later. As our populations increase, dwellings are bound to continue increasing in value.
You can read the government’s news release at https://bit.ly/3BPu5Kl