CIBC’s report said the total number of newcomers in 2022, including “non-permanent residents,” was an estimated 955,000, which represents “an unprecedented swing in housing demand in a single year that is currently not fully reflected in official figures.”

According to Benjamin Tal, managing director and deputy chief economist at CIBC Capital Markets, “Any discussion regarding the housing market in Canada starts and ends with references to the growing number of new immigrants and to the government’s aggressive targets that are aimed at lifting the number of new immigrants by no less than 75 per cent relative to pre-pandemic levels by 2025. This in an environment in which the rental market is getting tighter by the day.”

This is one of the reasons why health care is flailing, housing is unaffordable, roads are clogged and infrastructure projects never keep up with demand — and it’s only going to get worse as the government continues to let in record numbers of newcomers. Prime Minister Justin Trudeau’s government is reducing the living standards of Canadians while at the same time attacking the country’s economic base and resource industries.

Last summer, the Organisation for Economic Co-operation and Development ranked Canada lowest among its 38 countries in terms of housing affordability, which compares average home prices to average incomes. And it’s going to get worse.
https://financialpost.com/diane-francis/canada-welfare-trudeau-immigration-targets