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Canada is targeting 465,000 new residents in 2023, 485,000 in 2024, then 500,000 in 2025 and the same number in 2026, Reuters reported.
Canada's Immigration Minister Marc Miller said this immigration level will match Canada's economic and population growth, while minimizing the impact on critical systems like infrastructure and housing.
Canada’s annual immigration of 1.3 per cent of the population is not enough to stabilize the age structure of the population, which would require about 2.1 per cent immigration, according to a recent report by the Royal Bank of Canada. Canada’s population increases largely through immigration, and population growth has helped drive economic growth in recent years. Some economists have blamed immigration for exacerbating the country’s housing shortage, even as many industries are facing labour shortages.
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