The administration also reported that the country had surpassed its all-time high for permanent resident landings in a single year. The only other occasion Canada reached the 400,000-immigrant mark was in 1913, but the outbreak of World War I caused a decline in immigration in the years that followed.
Canada believes that more immigration would promote economic development and alleviate a deteriorating post-pandemic labour shortage, but new migrants may add fuel to a red-hot property market that the central bank has warned has been fueled by a "sudden flood of investors." Canada's successive governments have depended on immigration to promote economic development. With the epidemic forcing aged Canadians to retire early, in the face of a dwindling fertility rate, which reached a record low last year, luring immigrants has become increasingly crucial. Furthermore, the government seeks high-skilled immigrants who bring in money and earn enough to compete for preferred homes. "Canada needs immigration to create jobs and drive our economic recovery," said Immigration Minister Sean Fraser, according to Reuters. "It's not simply that one in every three Canadian firms is established by an immigrant, along with those newcomers are also helping to address labour shortages."
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