November 06, 2020, by Michelle McNally
On October 30th, Canada’s government revealed its three-year plan to welcome 1.2 million immigrants to the country between 2021 and 2023. If the targets are met, the immigration boost will compensate for 2020’s drastically reduced numbers that came as a result of application and travel constraints caused by the COVID-19 pandemic.
The new immigration targets, which represent approximately one percent of Canada’s population, would bring an additional 50,000 immigrants per year on top of the previously established targets.
Whether renting or buying, the Toronto Regional Real Estate Board’s (TRREB) Chief Market Analyst Jason Mercer explained that the Greater Toronto Area’s housing market benefits from new immigrants, where cultural and labour diversity attracts newcomers worldwide.
Mercer said that a boost in immigration over the next three years could absorb rental inventory quickly, tightening the market back up and increasing average rents again.
What does this mean?
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