Commentary
The federal government has been touting the record numbers of immigrants arriving in Canada, but the over 431,000 it cites is in fact less than half the number of newcomers who came to the country last year.
Once combined with non-permanent residents, the number of newcomers in 2022 amounted to 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 a Jan. 25 CIBC report.
The number of new international arrivals in 2023 could reach a million, the report said.
This huge number acts like a wrecking ball on the Canadian economy….