Canada finds that reducing immigration improves housing and employment problems.
A TD Bank study indicates that the reduction in immigration to Canada has begun to ease pressure on the housing and employment markets.
National Headquarters of Immigration, Refugees and Citizenship Canada (IRCC)
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Between 2022 and 2024, Canada's population grew by 3.2 per cent, the highest figure in decades. This expansion, driven by the mass arrival of temporary and permanent residents, exacerbated the housing crisis and drove up unemployment. In response to the situation, the federal government announced a Migration containment plan which limited the number of work permits and student visas, and adjusted the permanent immigration targets for the coming years.
According to the analysis by TD Economics cited by Quebec News, This decision has had an immediate effect. Population growth fell to 0.9 per cent in 2024, and with it the demand for housing and labour market pressure began to moderate.. The organisation's economists highlight that the change in trend has helped to stabilise rental prices and to contain unemployment, especially in the large cities where immigration had been most intense, such as Toronto and Vancouver.
More housing available and a more stable labour market
According to the bank's estimates, Demand for housing has fallen by 20 per cent compared with the peak recorded in 2023., and the number of new rental contracts has fallen by 11.1 per cent nationwide. This restraint has allowed rental prices to increase by only between 3% and 3.5% annually, instead of the 5.5% that was expected if immigration had continued to grow at the same pace. Cities with the highest concentration of recent immigration, such as Toronto and Vancouver, have seen the most notable improvement: an average rent drop of 7 per cent compared with the peak of the crisis.
At the same time, The labour market has stabilised.. The massive influx of immigrants and foreign students had expanded the labour force by more than 4.1 per cent annually, a rate four times the usual pace. After the correction, the growth of the active population has fallen to around 1.1 per cent, and this has prevented a stronger rise in unemployment. TD economists estimate that, without this reduction, the unemployment rate would have exceeded 8 per cent, whereas it currently stands at around 7 per cent.. In addition, the salaries in sectors with a shortage of staff —such as construction and services— have started to rise, a sign that the labour market is returning to a healthier equilibrium after two years of tensions.
A new phase for the debate on immigration to Canada
The Canadian experience shows that temporarily reducing immigration can help stabilise essential markets such as housing and employment when the pace of arrivals exceeds the country's capacity to absorb them. The TD Economics report emphasises that the brake applied since 2024 it has allowed the resident population to catch their breath and restore a certain social balance after years of rapid growth. Nevertheless, the authors point out that Canada still needs immigration to maintain its economic dynamism and offset the ageing of its population. The challenge, they say, It's not about closing the doors, but about aligning the pace of entry with the country's reality..
After years of expansion, the Canadian debate on immigration is entering a more mature phase. The government is now seeking a balance between growth and sustainability, convinced that lProsperity does not depend only on the number of people who arrive, but on the ability to offer them housing, work and genuine integration.. The case of Canada raises a reflection that transcends its borders: how to manage immigration so that it becomes an engine of stability rather than a source of tension. A lesson that other countries observe with interest.
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