Canada's immigration boom could come at a cost: TD report
BNN Bloomberg
Canada is pushing for record immigration as the country deals with a labour crunch and an aging population, but a new report from TD Bank suggests there may be unintended consequences if economic and social infrastructure growth does not keep pace.
Last year, the federal government announced a plan to welcome 500,000 new immigrants per year by 2025. The country’s population has already grown by 1.2 million people in the last 12 months.
While the growing population is positive news for the labour market and economic growth in the country, the TD report suggests this growth creates new challenges in several areas, including housing, infrastructure and healthcare.
“While population growth is a good thing and a necessary remedy to aging domestic demographics, the benefits erode if it occurs too fast relative to a country’s ability to plan and absorb new entrants within the economic and social infrastructure,” the report states.
