According to the latest Bloomberg reports, Canada is expected to continue increasing immigration targets beyond 2020 even though travel is limited.
It states that despite travel restrictions and reduced numbers of new permanent residents, Canada is expected to continue growing immigration levels beyond 2020.
The Bloomberg reports suggest that Canada’s immigration minister, Marco Mendicino, does not aim to decrease government immigration targets for the next three-year levels plan: “Mendicino’s office has discussed with various business, labor and settlement companies to gauge the current demand for immigration,” according to a Bloomberg report.
Earlier, Mendicino stated that Canada would welcome over one million immigrants by 2022. But this was before the lockdown. It was expected that the target number would decrease for the immigrants, but the reports say otherwise.
Canada always has leverage immigration to fill gaps in the employment market and help increase the population. And this year is no different.
Effects of Low Immigrations
The decline in immigration is affecting every sector, even have significant effects on the housing market. According to that data from research firm UrbanationInc, the vacancy price for rental condos in the Toronto area is now more than 2 percent for the first time in 10 years.
And the number of condominium rental listings grew in the third quarter of 2020.
Travel restriction stopping the newcomers: Canada Immigration
Despite high leading immigration goals, travel limitations are hindering the flow of would-be newcomers. Canada was estimated to welcome 341,000 new immigrants this year, only 128,186 new permanent residents came between January and August.
If you are looking for the options to Immigrate to Canada, Book a free consultation with us.