Despite the housing crisis, the sentiment toward the Trudeau government’s push for immigration appears to be positive.
A new poll by Nanos Research Group for Bloomberg News found that 52% of Canadians believe that Prime Minister Justin Trudeau’s plans to increase immigration will have a positive or somewhat positive impact on the country’s economy, while nearly half or 46% agree with the target number of new residents that was set this year.
Trudeau announced late last year that Canada aims to work its way to 500,000 newcomers per year by 2025 to address the country’s labor shortages. The country set a target of 465,000 in 2023, an increase from the record 431,000 new permanent residents accepted last year.
The prime minister also believes that increasing the number of legal immigrants coming into Canada will reduce the incentive for asylum seekers to cross the border irregularly, such as through Quebec’s Roxham Road border crossing, which has seen a surge of asylum seekers coming from upstate New York in the last year.
38% of the respondents, meanwhile, believe that increased immigration will have a negative or somewhat negative impact on the country’s economy.
Those who oppose the Trudeau government’s stand on immigration have underlined its impact on the country’s infrastructure, particularly in housing which Canadians have been struggling to afford. More residents mean increased competition in the dwindling vacancies in urban centers, pushing rental prices higher, and pushing people people out of major cities to look for more affordable housing.
A rapidly growing amount of residents could also put a huge amount of pressure on social services, particularly in the healthcare and education sector.
Information for this briefing was found via Bloomberg, Nanos Research Group, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.