New immigration plan aims to stabilize population growth, housing market: minister

Immigration Minister Marc Miller stated on Thursday that the federal government's new immigration levels plan aims to stabilize population growth and ease the pressure on the housing market.

As reported by CBC News on Wednesday, the government is reducing the expected number of new permanent residents from 485,000 this year to 395,000 by 2025, with further reductions to 380,000 in 2026 and 365,000 in 2027.

In the previous plan unveiled last November, Canada was projected to welcome approximately 500,000 new residents in both 2025 and 2026.

Statistics Canada revealed in March that population growth in 2023 was the fastest it has been since the 1950s. From January 1, 2023, to January 1, 2024, the population increased by about 1.3 million. According to Statistics Canada, 97.6 percent of this growth was attributed to immigration, with nearly 472,000 immigrants arriving in the country last year and a rise of approximately 805,000 temporary residents, mostly foreign workers.

The new immigration levels plan is expected to result in a 0.2 percent decline in population over the next two years, as stated in a government press release. The plan is also projected to "reduce the housing supply gap by approximately 670,000 units" in the coming years.

"This means we will not have to build an additional 670,000 housing units by [2027]," Miller remarked.

This announcement follows the government's declaration in August that it would also decrease the number of temporary foreign workers in Canada.

Previously, the government had relaxed restrictions on temporary foreign workers (TFWs) due to a significant labor shortage after COVID-19, a move that particularly led to an increase in low-wage workers.

Ottawa had also previously tightened the cap on the issuance of student visas.