Canadian Immigration Slows Further, As New Permanent Residents Drop Over 44%
August 13, 2020
By CIC News |
One of the driving forces behind Canadian real estate prices is on hold – immigration. Government of Canada (GoC) data shows the number of newly admitted permanent residents to Canada is still making sharp declines in June. The decline was mostly consistent around the country, except in BC and Quebec. The former is seeing a smaller than average decline, and the latter a larger than average.
Permanent Residents To Canada Down Over 44%
The number of new permanent residents arriving in Canada is on the decline. There were just 19,175 people admitted in June, down 44.2% from the same month last year. Year-to-date (YTD), this is now just 103,420 admitted people, down 35.5% from last year. The annual decline is softened by large growth in the first two months of this year. Even with that increase, we’re still seeing a lag in growth.