Federal Liberals Take A Big Step Towards Making Homes More Affordable 

The numbers are surprising and make a bigger impact than you'd think! See full article and data from John here: www.movesmartly.com/articles/federal-liberals-take-a-big-step-towards-making-homes-more-affordable ~ Urmi

High population growth not only puts upward pressure on housing costs, but also puts downward pressure on wage growth.

Hopefully they also start focusing on the quality of immigrants they are allowing in to meet the needs of Canada. Like health care workers and skilled trade.

This means 480,000 people will have to go home within the next 5 years. Or they can just become permanent residents to get out of the targeted group, which is what's more likely to happen to them given they have 5 years to become PRs.

There is an "easy solution" for this non-permanent residents issue (and that's what the government is going to do). They will turn hundreds of thousands non-permanent to permanent residents, by processing their applications for Stream-A & Stream-B applicants. Thousand of people on this "Safeboat" program have already fulfilled all the requirements - and waited for over 10 months for a response for their applications as landed immigrants...

John, did they threaten you with an audit or something? I normally agree with you, and while this is better than doing nothing, this is just window dressing that will do very little. It may slow the numbers, but not improve things, at least not for decades, if ever. Last year the real number of newcomers was around 2.2 million, which broke down to 500k permanent residents, 660k temporary workers, 900k students, and about 144k people illegally entering the country. To get to the 300k number you mentioned, we would need to drop this combined number by about 86%, which we know is not happening. If they are holding you against your will, just send a signal next video, sneeze 3 times or something. All the best.

The influx of temporary residents, including students, led to a significant surge in the housing Market. However, the current trend of escalating mortgage costs and a declining number of these temporary residents is likely to pop this housing bubble.

Non perm will reduce pressures on inflation. Food. Restaurants. Clothing. Housing maybe a bit on the rental side.

Is this something that is going to happen or just proposed?

Thanks for the update

I've seen other modelling that has projected annual population growth be even lower. 240,000 for 2025 - 2027. This is a massive change to the narrative, especially as population growth was the only reason left to justify rising real estate prices. Every day I hear adds on the radio talking about millions of immigrants coming and RE prices skyrocketing, now that argument is gone.

Every time I read a new housing headline... "is this the black swan event that will crash the Canadian RE market?" maybe?

Sorry, have to disagree with you on this. This is going to have a VERY NEGLIGIBLE impact on the housing market. It’s not as simple as just saying there’s going to be a cap or reduction in “non-permanent” residents! First off, this is being implemented over a FIVE year period, which makes zero sense! Most of these so called “non-permanent” residents are going to transition to Permanent Resident (PR) status. I know the Canadian immigration quite well and how insanely easy it is to gain Canadian permanent residency, compared to say the United States! I’m originally from the US and went through this process myself, and recently got my Canadian citizenship. So I should know a thing or two about Canadian immigration, and the loopholes the size of Texas, that exist to “game the system”.

Nice video.

they needs to cut more. 5% is not enough

Is this April's fool? putting a 20% cap on the current record-high nonpermanent residents makes the homes more affordable?!!

John, this is not massive at all. They are reducing the percentage portion of a growing population, so the net effect is negligible.

This will slow down the economy

Wishful thinking . But in reality not accurate.

That is great news.