Economic analysis and reports from organizations like the Bank of Canada or real estate market analysis

Trudeau Cuts 2025 Immigration Target to 395,000 in First Reduction in Decade to Ease Housing Strain

Oct 24, 2024, 02:53 PM

Prime Minister Justin Trudeau announced a significant reduction in Canada's immigration targets, marking the first decrease in a decade. The government plans to lower the number of new permanent residents to 395,000 in 2025, down from the originally planned 500,000, representing a reduction of nearly 100,000. Further cuts are expected, with targets decreasing to 380,000 in 2026 and 365,000 by 2027. Temporary residents will also be limited to about 300,000 in 2025, as the government aims to relieve pressure on housing and social services. Immigration Minister Marc Miller stated that the new plan will "stabilize population growth" and alleviate strain on the housing market. Trudeau acknowledged that "we didn't get the balance quite right" and emphasized the need to "pause our population growth and let our economy catch up." The decision comes amid public concern over record-high immigration levels, with Canada admitting 493,000 and 469,000 new permanent residents in 2021 and 2022 respectively. Despite the cuts, the government expects continued positive population growth.