“In the short term any increase in population, particularly in an environment of constrained supply, is going to put upward pressure on prices,” said Carolyn Rogers, senior deputy governor of the Bank of Canada.
Statistics Canada said that by the end of 2023, there were 2,511,437 non-permanent residents in the country — a class that includes international students and temporary foreign workers — compared to 1,305,206 in the fall of 2021.
The pressure on the rental market, housing experts say, has come largely from non-permanent residents, because those immigrants almost exclusively rent rather than buy.
Late last year, Immigration Minister Marc Miller said Canada was on track to host as many as 900,000 international students in 2023.
To address that source of pressure on the housing market, the Liberal government announced this week that it is capping the number of student permits for the next two years.
“Persistent structural supply challenges and strong underlying demand from population growth will likely continue to put pressure on house and rental prices,” the Monetary Policy Report said.
The original article contains 813 words, the summary contains 173 words. Saved 79%. I’m a bot and I’m open source!
This is the best summary I could come up with:
“In the short term any increase in population, particularly in an environment of constrained supply, is going to put upward pressure on prices,” said Carolyn Rogers, senior deputy governor of the Bank of Canada.
Statistics Canada said that by the end of 2023, there were 2,511,437 non-permanent residents in the country — a class that includes international students and temporary foreign workers — compared to 1,305,206 in the fall of 2021.
The pressure on the rental market, housing experts say, has come largely from non-permanent residents, because those immigrants almost exclusively rent rather than buy.
Late last year, Immigration Minister Marc Miller said Canada was on track to host as many as 900,000 international students in 2023.
To address that source of pressure on the housing market, the Liberal government announced this week that it is capping the number of student permits for the next two years.
“Persistent structural supply challenges and strong underlying demand from population growth will likely continue to put pressure on house and rental prices,” the Monetary Policy Report said.
The original article contains 813 words, the summary contains 173 words. Saved 79%. I’m a bot and I’m open source!