People predicting the Canadian housing bubble would burst probably didn't think the government would resort to such absurdly high levels of immigration.
I'm interested that you used the word "absurd" - how come? Historically nothing sets up a country better for future success than lots of immigrants - if it's paired with government policy that doesn't discourage growth...
First canada has one of the largest population growth rates in the world (very unusual for a G7 country)
Second, Canada had absolutely terrible business development investment. There is no capital to make use of the increase in population and as a result the GDP per capita is going negative every quarter.
Now that the quality of life in Canada is dropping, highly skilled Canadians are trying to get out as fast as they can making the Canadian market even less competitive.
I don't think this combination of variables has been present in previous population booms (post WW2). I think we are in new territory here being pushed aggressively by a few companies trying to find even cheaper labor than what was possible.
If Canada took in half the number of immigrants it does it would still have one of the largest rates in the world. We are massive outlier for how many we are taking in and all sorts of things aren't keeping up with the demand. The biggest two are home building rates and the health care sector but there are other problems as well.
> ...if it's paired with government policy that doesn't discourage growth...
Well, exactly. Bringing in large amounts of immigration to support an economy that that largely revolves around property transactions will contribute to an increase in property prices but will drag down GDP per capita and drive up infrastructure costs. This is NZ.
> Historically nothing sets up a country better for future success than lots of immigrants
Ummm citations needed urgently. I would point out, immigration policy vs anyone without a passport is welcome are two complete scenarios that the only thing in common is that outsiders are coming in.
Unchecked immigration policy as a good thing is a myth. People from clashing cultures dont mix naturally. Only results are natural ghetos and cultural clashes.
Allowing undocumented people in without any due diligence, only advertises that undesirables from other countries can escape, or being dumped by more crafty foreign leaders.
The immigration as a positive is strictly related to being the cause for brain-drain effect. You want intelligent hardworking people in, not just anyone.
Also its better if people you are attracting are of similar heritage with similar values and culture. As those people assimilate to host cultures within a generation or two.
The european countries don't really have distinctive minorities from their neighbors. The inter-eu immigrants withing generation or two basically become a host country citizens.
I would point to Sweden and their current problems, also to the change of mind of the pro-unchecked immigration politicians. Who now are openly and publicly stating they were wrong.
The argument is that the immigration rate has nearly doubled compared to the baseline (https://www.statista.com/statistics/443063/number-of-immigra...) and that the country isn’t set up to absorb such a higher number of immigrants, not that immigration is bad as such
because the rapid growth has put so much pressure on house/rent prices, healthcare availability, general inflation on prices etc that overall the standard of living is falling for everyone.
Poor immigrants now == booming growth over the medium term. Rich immigrants just spend the locals out of their homes. The west is importing the wrong type of migrants.
> Historically nothing sets up a country better for future success than lots of immigrants - if it's paired with government policy that doesn't discourage growth...
Define "success?" Mass immigration to America from continental Europe eventually culminated in the 20th century in the dismantling of the American constitution and the republic the founders created. The resulting country is also completely ungovernable.
Generations of cheap immigrant labor ultimately created a materially rich society (for some people), but whether it has been a "success" is quite debatable.
skeeter2020|1 year ago
3vidence|1 year ago
Second, Canada had absolutely terrible business development investment. There is no capital to make use of the increase in population and as a result the GDP per capita is going negative every quarter.
Now that the quality of life in Canada is dropping, highly skilled Canadians are trying to get out as fast as they can making the Canadian market even less competitive.
I don't think this combination of variables has been present in previous population booms (post WW2). I think we are in new territory here being pushed aggressively by a few companies trying to find even cheaper labor than what was possible.
TimPC|1 year ago
tmnvix|1 year ago
Well, exactly. Bringing in large amounts of immigration to support an economy that that largely revolves around property transactions will contribute to an increase in property prices but will drag down GDP per capita and drive up infrastructure costs. This is NZ.
me_me_me|1 year ago
Ummm citations needed urgently. I would point out, immigration policy vs anyone without a passport is welcome are two complete scenarios that the only thing in common is that outsiders are coming in.
Unchecked immigration policy as a good thing is a myth. People from clashing cultures dont mix naturally. Only results are natural ghetos and cultural clashes.
Allowing undocumented people in without any due diligence, only advertises that undesirables from other countries can escape, or being dumped by more crafty foreign leaders.
The immigration as a positive is strictly related to being the cause for brain-drain effect. You want intelligent hardworking people in, not just anyone.
Also its better if people you are attracting are of similar heritage with similar values and culture. As those people assimilate to host cultures within a generation or two.
The european countries don't really have distinctive minorities from their neighbors. The inter-eu immigrants withing generation or two basically become a host country citizens.
I would point to Sweden and their current problems, also to the change of mind of the pro-unchecked immigration politicians. Who now are openly and publicly stating they were wrong.
phyrex|1 year ago
max51|1 year ago
And regarding the house prices... last year they built around 200k new homes (all types, including condos) for >1M new Canadians.
LegitShady|1 year ago
gonzo41|1 year ago
ffgjgf1|1 year ago
That might be mixing up cause and effect…
anamax|1 year ago
Are immigrants fungible?
rayiner|1 year ago
Define "success?" Mass immigration to America from continental Europe eventually culminated in the 20th century in the dismantling of the American constitution and the republic the founders created. The resulting country is also completely ungovernable.
Generations of cheap immigrant labor ultimately created a materially rich society (for some people), but whether it has been a "success" is quite debatable.
wredue|1 year ago