The Conference Board of Canada states that the country’s economy is expected to make a full recovery from the global pandemic. Canada’s economy will rebound strongly and is projected to grow by more than 6 percent this year and 4 percent in 2022. To support in this economic growth and recovery, Canada is expanding its immigration plans and welcoming more that 1.2 million immigrants in the next three years.
As we move into the post-pandemic period, the Canadian government is aiming to invite 401,000 new permanent residents in 2021, 411,000 in 2022 and 421,000 in 2023. These numbers represent 1% of our population and are 100,000 higher than originally planned before the pandemic. These significant increases represent the Canadian Ministry of Immigration’s plan to help drive future growth, create new jobs and strengthen Canada’s long-term prosperity.
Canada is renowned for being a jewel of the world and is a top destination for global talent. From January 2021 to the end of July, Canada admitted 184,215 permanent residents, according to data from the Canadian Immigration department. Immigration Minister, Marco Mendicino, says he’s confident our country will meet its target.
During the pandemic, Canada focused its efforts on providing permanent residency to candidates who were already living in the country. However, with the largely successful vaccination program and travel restrictions being lifted, Canada is set to roll out the welcome carpet once again.
The benefits of immigration to Canada are significant for both newcomers and the country itself. New citizens contribute greatly to our economy by filling in gaps in the labour force, paying taxes and by spending money on goods, housing and transportation. Canadian immigration programs that prioritize highly skilled workers and university educated newcomers have resulted in strong job creation in high wage sectors, including professional, scientific and technical services.
Newcomers are large contributors to innovation and entrepreneurship. The government’s post-pandemic plan is welcomed by the Business Council of Canada who agrees strongly that immigration is essential to long-term economic growth. Even during the pandemic when retail, tourism and the hospitality sector experienced setbacks, the real estate market was red hot. Home prices and sales soared to record highs. Historically low interest rates continue as housing demand remains strong. Last month’s sales were 20.4% above the 10-year August sales average. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This is a 13.2% increase over August 2020.
Being a welcoming country remains an important advantage. Canada’s post-pandemic immigration policy ensures we remain competitive on the world stage. The new plan substantially increases the number of newcomers to Canada and with it comes innovation, skills, energy and entrepreneurial spirit. We are an ethnically diverse, truly international city that will continue to collaborate with our citizens of the world.
I would also like to take the opportunity to remind you that if you own land for the benefit of a corporation, a trust or legal partnership, to please check with your lawyer or accountant to see if you need to file with the Land Owner Transparency Registry. For pre-existing beneficial land owners in B.C., disclosure must take place before November 30, 2021. Please give me a call if you have any questions. We are always here to provide you with expert advice!