Canada needs skilled immigrants to help build home supply, housing minister says
Canada has been plagued by a housing shortage for years, and demand for homes has soared, resulting in escalating real estate prices. The hot housing market started to cool in 2022 as the Bank of Canada raised its prime lending rate to dampen high inflation.
Construction workers have been racing to build as many homes as they can to meet demand; Prime Minister Justin Trudeau even pledged in the summer to spend $2 billion to create3:50But as the housing supply issue shows no sign of easing, the Canada Mortgage and Housing Corp. said in June that anwith more than a fifth of Canada’s construction workers
set to retire in the next decade, according to Canadian Home Builders’ Association President Kevin Lee, integrating skilled immigrants into the labour market will be essential over the coming years, Hussen said. “We need more immigration to help us build more housing for Canadians, and our government is focused on that,” he said.— with files from Global News’
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