Canada’s population rose to 37 million people in 2021, up 5.2% from 2016, driven mostly by immigration.
The Canadian Trudeau Government recently ramped-up the nation’s immigration intake to an insane 401,000 over the next five years in a bid to catch-up with lower numbers over the pandemic. This immigration influx will be achieved by dramatically lowering entry standards and handing-out permanent residency to international students like tic tacs.
Much like Australia, Canada is battling a housing affordability crisis, after dwelling values surged by more than 30% since the beginning of the pandemic, according to Teranet:
The national housing agency, the Canada Mortgage and Housing Corporation (CMHC), claims housing starts have failed to keep pace with growing population, fueling the affordability ‘crisis’:
The biggest issue affecting housing affordability in Canada is that supply isn’t keeping pace with demand. Simply put, Canada is facing a housing shortage…
Canada’s Housing Minister, Ahmed Hussen, made similar statements in a recent interview, noting that the “dramatic increase” in Canada’s population (read immigration) has outrun housing supply:
National home prices have more than doubled since Trudeau took office in late 2015, and gains have far outpaced those of the United States and Canada’s other Group of Seven peers over the last 15 years…
“We simply have not had enough housing supply in Canada to reflect the dramatic increase in our population compared to our G7 partner countries,” Canada’s Housing Minister Ahmed Hussen said in an interview.
Hussen pointed to OECD data showing Canada has fewer homes per 1,000 people than the G7 average. The existing shortfall adds up to about 1.8 million homes, according to Scotiabank estimates.
Obviously flooding Canada with 400,000 extra people every year will massively worsen any housing shortage, lower housing affordability, and consign more Canadians to live in high-rise shoe boxes.
Much like in Australia, any housing shortage problem is really and excessive immigration problem.
