November 06, 2020, by Michelle McNally
On October 30th, Canadaâ€™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 2020â€™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 Canadaâ€™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 Boardâ€™s (TRREB) Chief Market Analyst Jason Mercer explained that the Greater Toronto Areaâ€™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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