Migrant tsunami stifles Canadian wage growth

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In late 2017, the Canadian Government launched a massive increase in the country’s immigration program, announcing that one million migrants would be let in over the following three years, with an annual migrant intake of 340,000 considered the “new normal”.

Canada’s immigration minister, Ahmed Hussen, claimed the new targets would lift immigration to nearly 1% of the population by 2020, which would help offset an aging demographic.

After Canada’s immigration intake fell to only 184,000 new permanent residents in 2020, the lowest since 1998, the government announced a plan to import 1.2 million migrants in just three years, with Canada aiming to bring 401,000 new permanent residents in 2021, 411,000 in 2022 and 421,000 in 2023. Further, this monster immigration intake will be achieved by lowering visa entry requirements:

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.