Canada's Housing Crisis: Risk to Immigration and Economic Growth

A report by Deloitte has sounded an alarm about the potential impact of Canada's housing crisis on its immigration policy and subsequent economic growth, as a growing number of foreign professionals opt for countries like the United States instead. The study, part of the The Future Role Of Government series, highlights how Canada's economic downturn, including soaring living costs and affordability challenges in the housing market, acts as an impediment to attracting skilled immigrants.

The US attracts talent with a larger economy, robust start-up ecosystem, educational opportunities, and favorable policies for skilled workers through programs such as the H-1B visa for professionals and O-1 visas for individuals with extraordinary abilities. Deloitte argues that Canada must streamline its immigration processes and make them more accessible online to remn competitive.

The current system is cumbersome, with limited government resources handling administrative tasks and case management. The report suggests numerous innovations to create a secure, equitable, inclusive, and transparent digital immigration experience that's also user-frily for immigrants. Online access to immigration programs as well as support services should be prioritized post-arrival to facilitate seamless integration into Canadian society.

Statistics Canada data supports the notion of immigration's importance in addressing labor shortages and economic growth. Over the last two years, job vacancies due to workforce gaps have dropped by 39.7. From September 2022, with 990,900 unfilled jobs, this number had decreased to 597,725 as of March this year.

The report further emphasizes that immigration is crucial for Canada's economic success. Immigrants contribute significantly by filling labor gaps and paying taxes, but also sp money on essential goods like housing and transportation.

Economic immigrants have historically played a pivotal role in building Canada through employment sectors such as accommodation and food services 36+, transportation and warehousing nearly 38, professional, scientific and technical services over 34, and construction over 20.

Canadian Immigration Minister Sean Fraser and Quebec Premier Fran?ois Legault have agreed to meet next week for discussions about asylum seekers in Quebec.

Deloitte recomms that Canada implement a robust digital strategy encompassing an online system for immigration procedures as well as easy access support systems post-arrival. This would facilitate smoother integration into the Canadian labor market and society.

The importance of immigration is underscored by Canada's aging population and declining birth rates, which limit the domestic talent pool. The Temporary Foreign Worker Program TFWP and International Mobility Program IMP, along with options like the Global Talent Stream under the TFWP for foreign professionals, help employers recruit international workers when necessary.

The report concludes that to mntn its status as a global destination for skilled immigrants, Canada needs to ensure its immigration policies are not only welcoming but also efficient and accessible in an online format.

• assumes familiarity with Canadian immigration policy detls but provides a brief overview of the issues facing Canada's immigration strategy.*
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