It’s no secret that Canada is among the top first-world countries in the world. After all, Canadians are proud of their rich natural resources and free healthcare.
If you want to immigrate to this great nation, this may be a perfect time as the country needs more workers.
There are around one million unfilled jobs across the country, and the construction industry is just one of the many industries that need help recruiting workers.
To provide assistance, Canada recently announced record immigration targets. The program plans to welcome 1.5 million Canadians, and this has to happen within the next three years.
Officials from the federal government say this will help stimulate the economy and help with the labour shortages.
On the other hand, the plans have also sparked increased anxiety if people will be able to afford new homes. This is due to the fact that the country is experiencing a housing crisis. More people means more demand for housing, which will pave the way for costlier homes.
Askett notes that the new goals give him a reason for optimism, given that his organization frequently takes on and coaches new Canadians.
Paul Sullivan thinks Canada needs to revive its ailing economy and ensure sufficient housing and services for newcomers. Paul works for Ryan ULC, which is a global company. Paul works for the company’s branch that specializes in property taxes and servicing the Vancouver area.
Paul Askett, the plant manager in Etobicoke, needs help staffing the assembly of prefabricated walls and floors. He is placing his hopes on the unprecedented number of new Canadians that are anticipated to arrive within the next three years.
Askett notes that there is typically roughly a 10% shortfall in the assembly floor crew. This is happening even though the company is experiencing a surge in product demand. The company’s products are installed in houses, and they are primarily serving Ontario. Askett says it is very challenging, even more so when the pandemic changed the landscape drastically.
The goal of Canada’s plan to bring in more immigrants is to increase the country’s labour force, but immigration experts believe those newcomers will require support.
According to Canada’s agency that focuses on housing and mortgages, the country needs to provide 5.8 million homes. And, this has to happen before 2030 if the goal is to alleviate the housing affordability challenge.
According to the agency, construction companies build around 265,000 residences per year. However, there may be up to 500,000 new legal immigrants that are coming into the country per year.
Furthermore, it’s not just all about housing. The country needs to build more hospitals, transit, and daycares.
It’s Unlikely Cost Of Housing Will Be AffectedBy The Recent Immigration Data specialists say that the idea that a record number of new residents will increase housing prices has no solid basis, even though some people are concerned about the possibility.
Murtaza Haider is from Toronto Metropolitan University and the Urban Analytics Institute’s director. His research revolves around data surrounding immigration and real estate in Canada.
Previous research, according to Haider, suggests that the federal intention to increase immigration by approximately 150,000 to 200,000 additional workers each year will have little effect. This assumes that three or four individuals are residing in a single household.
He also commented that most immigrants don’t have enough savings or cash to start buying houses left and right. This is based on his previous experience with immigrants.
He anticipates that they won’t be putting pressure on property prices. However, he expects they will place pressure on rental properties.
Haider says that it takes about two or three years for immigrants who just moved to the country to become involved in the ownership cycle. In the years before 2026 and 2027, they would put pressure on people who owned their own homes. This assumes that the country grants entry to 500,000 new immigrants in both 2023 and 2024.
According to his past experience, immigration is not the cause of the surge in housing costs. The recent pandemic proved this point further, in that housing costs continued to rise while immigration was halted.
By the end of 2020, Canada witnessed a spike in home values that had never been seen before. And yet, immigration was practically closed at the time.
According to Haider, the true source of the housing shortage is an institutional failure to ensure that a sufficient housing supply was developed. By his estimate, this problem had been occurring for at least a decade.
It’s likely that the government only realized in recent years that the country is not producing enough housing for its people.
BuildForce Canada is an agency that analyzes statistics pertaining to the labour force in the construction sector. According to the agency, the construction industry in Canada will require more than 1.2 million workers by the year 2027 and will need to hire 171,850 new workers. Furthermore, when baby boomers reach retirement age, they anticipate a shortage of 29,000 workers.
Immigrants accounted for four of every five additions to Canada’s labour force between 2016 and 2021. Furthermore, more than 50% of the new immigrants come into the country through economic programs.
Ricardo Tranjan specializes in economic policy analysis. He’s also the senior researcher and political economist of the Canadian Centre for Policy. According to him, healthy immigration is essential for many different industries, not only the construction industry. He claims that newcomers breathe new life into the economy and that Canada has historically relied on immigrants to meet its labour needs.
As of the moment, about 23% of the total population in Canada are immigrants. This is according to the most recent census.
Another interesting statistic to keep in mind is that the average working age in Canada is higher than ever. This is according to StatsCan. The country needs an influx of young immigrants if it wants to avoid economic issues down the line.
For people who want to immigrate to Canada, this is good news. So you might want to proceed with your Canadian immigration process as soon as possible. The Land Of Maple Syrup may need your help.