population

Canada’s population growth driven by underutilized immigrants without shelter: RBC Canada’s immigration success is wasted. RBC found that immigration drives most growth. They email investors that immigrants are younger and better educated than Canada’s domestic workers. They were more likely to be overqualified for their employment and have poorer housing. If Canada doesn’t change course, its problems will worsen Canada Needs Immigration Talent Lottery Wins Canada’s aggressive immigration agenda works. From 2010 to 2019, 7 immigrants per 1,000 individuals arrived. It tops the G7, surpassing Canada. It’s demographic time bomb makes it good. Canada hopes immigrants will solve its demographic cliff. Immigration drove 90% of population growth in 2021. Statistics Canada predicts 100% immigration-driven growth by 2050. Deaths would outnumber births without immigration. As they retire, the ageing population leaves a skill deficit. Canada wants 1.5 million immigrants in three years. It hopes half are skilled economic migrants. That should reduce near-record job openings and wage-related inflation. Immigrants bring demand and dependents, making it harder. “Indeed, new immigrants can fill unfilled positions, but they also stimulate demand for housing and consumer goods which in turn enhances labour demand,” argues Nathan Janzen, assistant chief economist at RBC, Canada’s largest bank. Furthermore, “higher levels of immigration alone won’t ‘fix’ longer-run structural labour supply issues—but they’ll help. Immigrant skill sets could benefit even more if well utilised.” Canada’s Immigrants Are Smarter Than Locals Canada is the immigration lottery winner—young and educated. Around a third of the bank’s customers hold advanced degrees. Only 20% of domestic workers have advanced degrees. Immigrants tend to study innovative fields. Janzen writes that immigrants with higher education are more likely to major in STEM subjects (science, technology, engineering, and math) than non-immigrants. Canada Wins, but Immigrants Lose Canada, like many lottery winners, wasted its wealth. Immigrants are often underutilised or overqualified. Underutilized immigrants outnumber non-immigrants 29.8% to 4.5%. Janzen added, “By our count, immigrants with a degree in those subjects are six times more likely to work in positions that do not require comparable expertise. “Proper integration of their abilities might address workforce shortages, add to a more productive labour force, and counter rising pressure on inflation and housing Immigrants in Canada are more likely to live in substandard housing Immigrants are more likely to suffer from Canada’s housing problem. The immigrants (16%) are more than twice as likely as non-immigrants (7%) to live in substandard housing. Immigrants were also more likely to spend over 30% of their income on shelter (21% vs. 13%). Underutilization may also contribute to this issue. Immigrants in Canada Have Poorer Dwelling The bank advises authorities use labour utilisation to capitalise on immigration. Policies encourage skilled migrants. Yet, domestic employers don’t value those skills. If they’re doing manual labour, attracting an accountant is pointless. “Proper integration of their abilities might help alleviate worker shortages, add to a more productive labour force and counter rising pressure on inflation and housing,” adds Janzen. Related posts 01 March 2023 Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor 28 February 2023 Canada’s population growth driven by underutilized immigrants without shelter: RBC Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor Canada’s… 28 February 2023 Fitch Expects World’s Biggest Real Estate Price Correction in Canada Fitch Expects World’s Biggest Real Estate Price Correction in Canada A major credit rating agency… 18 February 2023 Despite the slowdown, Canadian mortgage debt continues to rise Despite the slowdown, Canadian mortgage debt continues to rise Despite the housing market recession,… 15 February 2023 StatCan: Nearly Half of Canadians Worry About Shelter Costs StatCan: Nearly Half of Canadians Worry About Shelter Costs Many Canadians worry that they are only a… 30 January 2023 How can homeowners safeguard against title fraud? How can homeowners safeguard against title fraud? There are new reports of title fraud every week, and… 30 January 2023 Bank of Canada will increase rates, and leave room for more: BMO Bank of Canada will increase rates, and leave room for more: BMO One possible reason why we won’t…