Bank of Canada Report Says Immigration Driving Up Housing Prices, Inflation

Canada’s addition of 2.3 million new immigrants in recent years is driving up housing prices, increasing spending, and exacerbating inflation, a Bank of Canada report says. The report highlighted three main areas impacted by increased immigration numbers: housing, labour markets, and consumption. “Strong population growth in recent years has boosted demand for housing. This is adding to existing pressures on house prices and rents,” the bank said in its July 24 report, as first reported by Blacklock’s Reporter. While newcomers increase demand for all types of housing, the report noted the largest impact is typically seen in the rental market, because most newcomers start out as renters. Immigrants aren’t likely to own a home until they’ve been living in Canada for 10 years, the report said....