Canada, which welcomed a record 405,000 immigrants this year, aims to work its way to 500,000 newcomers per year by 2025 to address the country’s labor shortages.
The new immigration plan, presented by Sean Fraser, Canada’s minister of immigration, refugees, and citizenship, on Tuesday, aims to welcome 465,000 people in 2023, 485,000 in 2024, and 500,000 in 2025.
“This year’s immigration levels plan will help businesses find the workers they need, set Canada on a path that will contribute to our long-term success, and allow us to make good on key commitments to vulnerable people fleeing violence, war and persecution,” Fraser said in the news release.
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The country’s labor market has been left with almost a million job vacancies in the wake of the COVID-19 pandemic. According to the immigration minister, “we cannot maximize our economic potential if we don’t embrace immigration.”
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The plan puts emphasis on using new features in the Express Entry system to fast-track immigrants with the required skills and qualifications in sectors with acute labor shortages such as health care, manufacturing, building trades, and STEM (Science, Technology, Engineering, and Math).
“We need more workers in every sector in every region of the country, regardless of whether it’s front-line health-care workers, truck drivers, home builders or software engineers,” he said.
Canada has long sought to attract immigrants to fill the gaps caused by low birth rates and its aging population. This year, StatsCan reported that 23% of the country’s population is made of immigrants, the biggest pie piece it has seen in over 150 years.
The new arrivals imply added pressure on the country’s already tight supply of affordable housing, but Fraser suggested that the arrivals, which would include new tradespeople, could help enable the construction of new homes.
The immigration minister also pointed out that the new plan will try to direct new arrivals to areas that already have the capacity to house them, with increased federal support and settlement services.
Information for this briefing was found via Statistics Canada, The Canadian Press, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
