Newcomers are driving housing demand more than official statistics show yyc
The CIBC Economics study, authored by its deputy chief economist Benjamin Tal, noted an estimated 955,000 permanent residents and non-permanent resident arrivals from outside Canada “represented an unprecedented swing in housing demand in a single year.”Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The sheer size of the undercount demonstrates the challenges of estimating newcomer impact on housing, particularly as the federal government is committed to bringing in more than 400,000 newcomers per year over the next three years.Article content The report further pointed out the trend of higher than reported migration is unlikely to shift in 2023 and may even intensify.
As well, the report added that the 1.4 million visas issued last year to potential newcomers outside Canada represent a 180 per cent increase from 2021.
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