On November 1, 2017, Canada’s Minister of Immigration, Refugees and Citizenship, Ahmed Hussen, announced a multi-year immigration levels plan to increase the number of immigrants to our country to 310,000 in 2018. That is a substantial rise of approximately 13 percent over this year’s number. Then in 2019, the number will increase to 330,000, and in 2020, to 340,000. That adds up to nearly 1 million immigrants over the next three years.
The reasons for welcoming immigrants to Canada include fostering economic growth as our population ages and fewer people are going into skilled labour jobs. Toronto is a natural magnet for immigrants – we are the largest centre of research, education and innovation in the country. We have internationally renowned educational institutions and a leading-edge manufacturing industry.
Many of the immigrants who will come to Canada in 2018 – likely tens of thousands – will settle in Toronto, and of course, as I have said many times, they have to live somewhere. As so many immigrants are used to apartment-style living, they naturally graduate to condominiums when it comes to purchasing new homes. Those who are not prepared to buy will turn to renting, and our condos in Toronto are filling a major rental accommodations gap. However you slice it, when we think of our city’s future, we need more condominiums!
You can read the Government of Canada’s news release here: www.canada.ca/en/immigration-refugees-citizenship/news/2017/11/news_release_growingcanadaseconomicfuture.html