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Housing crisis in Canada: country to reduce immigration by more than 20% by 2025. Living in Canada It is getting more complicated for foreigners every day. Understand the crisis in Canada and other details.
Faced with an increasingly indecisive public opinion, the Justin Trudeau's government has decided to temporarily reduce the country's permanent resident quota by 21% starting next year, after a crisis in Canada. It is increasingly difficult to live in Canada and according to the Canadian Prime Minister the goal is to stabilize population growth. According to a survey, more than half of Canadians believe that high immigration rates harm the nation and generate a housing crisis in Canada.
Crisis in Canada due to the increase in foreigners
Traditionally seen as a welcoming land for immigrants, the housing crisis in Canada has led the country to announce a considerable 21% reduction in the quota of permanent residents it will receive from 2025.
According to the Canadian Prime Minister, the immigration is essential for the future of the country, but it must be controlled and sustainable, emphasizing that this reduction means a pause in population growth in the next two years.
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This measure, generated by the crisis in Canada, comes after several rounds of restrictions aimed at containing record levels of immigration, which brought the population to more than 41 million at the beginning of the year, well above the approximately 35 million a decade ago, making it increasingly difficult to live in Canada.
O Immigration Department Canada had previously announced that it planned to allow 500 new permanent residents to settle in the country in 2025 and 2026. The new numbers announced in October were revised downward to 395 next year and 380 in 2026. The number for 2027 was set at 365.
Understand the crisis in Canada better
Many Canadians see immigration as one of the main drivers of the housing crisis in Canada. This market is characterized by a low supply of affordable housing in a context of rapid urbanization and a lack of strong efforts to meet the demand for housing, especially in a scenario of increasing immigration.
These factors have been going on for decades and were catalysts for real estate speculation in the 70s in the country's major urban centers, boosting residential prices in cities like Toronto and Vancouver, which tripled at the end of the decade and today rank as one of the most expensive real estate markets in the Americas, making it almost impossible to live in Canada.
In the current context, the cost of living in Canada is the highest in decades, with the average sale price of a house hovering around $700 and rental and mortgage costs consuming 25% of household income, generating a housing crisis in Canada.
Understand the impacts of the housing crisis in Canada on companies
For the Canadian Chamber of Commerce, this reduction is impactful for companies across the country, which consider immigration as a key factor for economic growth and their only source of workforce growth in the short term.
Donald Trump, who has made immigration a central issue of his US presidential campaign, also reacted to the announcement, pointing out that even Justin Trudeau wants to close Canada's borders, in reference to his own plan to further regulate immigration at US borders.
In Canada, the leader of the Conservative opposition, Pierre Polyievre, claims that Justin Trudeau has destroyed the immigration system and that today's about-face is an admission of failure.
