Canada aims to bring in a record half a million new permanent residents in 2025 to deal with an acute labor shortage, per CTV.

Meanwhile, Canada’s population growth from immigration is causing rents to surge in its biggest cities, per Bloomberg.

They showed this figure:

Prime Minister Justin Trudeau’s government plans to welcome 465,000 new permanent residents this year, and increase the annual target to half a million by 2025.

Rent inflation was nearly 6% in the last two months of 2022, accelerating from 3.1% early last year.

The vacancy rate on rental buildings is below 2%, the lowest since 2001. In Vancouver, it’s less than 1%.

Read more: https://www.bloomberg.com/news/articles/2023-02-15/canada-housing-market-rents-soar-as-immigration-surge-goes-undercounted