Canada’s liberal government kept immigration targets unchanged for the next two years and said it would stop ramping up immigration from 2026 onwards, as the country grapples with high inflation and a housing crisis.
Canada is targeting 465,000 new residents this year, 485,000 in 2024 before hitting 500,000 in 2025 – a level it aims to maintain in 2026, Immigration Minister Marc Miller told reporters in Ottawa.
“These immigration levels will help set the pace of Canada’s economic and population growth while moderating its impact on critical systems such as infrastructure and housing,” Miller said.
Royal Bank of Canada (RY.TO) said while the pause in targeted immigration levels was appropriate given housing challenges and eroding public support, Canada would need immigrants in the long term.
The annual immigrant intake of 1.3% of the population was not sufficient to stabilize the age structure of the population, which would require immigration of about 2.1%, the country’s top lender said in a report.
Canada’s population has grown mainly through immigration, and population growth has helped fuel economic growth in recent years.
