2 Nov 2023

Canada worried about rising inflation and housing crisis, to slow down aggressive immigration policy

Ottawa: Due to the escalating challenges posed by inflation and a growing housing crisis in the country, Canada has decided to scale back its ambitious plan for granting citizenship to foreign individuals in the future. 

In last year's immigration policy, Canada had established a target of conferring Permanent Residency (PR) status on 5,00,000 foreigners by 2025. However, in the new policy, this figure remains unchanged for 2026 that is there will be no increase in number of foreigners getting PR in 2026. 

Previously, Canada had planned to grant PR to 465,000 foreign nationals in 2023, 4,85,000 in 2024, and 5,00,000 in 2025, with no increase in 2026.

This immigration policy shift occurs amid recent reports suggesting that even after obtaining Canadian PR, some individuals are leaving the country. If the government adheres to this target, approximately 10 lakh people will be granted Permanent Residency (PR) status over the next two years.


Canada grappling with a housing crisis

Immigration Minister Mark Miller, who is announcing his first plan since assuming office a few months ago, faces a unique challenge, as Canada is currently grappling with a housing crisis that some economists believe could worsen under the country's existing goals.

Furthermore, Canada admitted nearly 7,00,000 temporary residents last year, including individuals with work or study permits and those seeking refugee status, far exceeding its permanent residence targets. Immigration has traditionally played a crucial role in bolstering the Canadian economy.

However, with rising prices and a housing crisis, some economists are urging the federal government to provide clear plans on how it intends to accommodate the influx of newcomers over the next few years.

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