Come One Come All

After resetting permanent resident targets to make up for a shortfall of immigrants in 2020, 2022 is seeing an increase of newcomers in all categories.

Canada is, and has been for many years, facing a labour force challenge due to its aging population (one consequence: all those job vacancies). After the pandemic cut our immigration flow in half in 2020, the federal government upped its targets in response, with the aim of admitting 450,000 new permanent residents per year by 2024. Of course, there’s far more to the international migration story in Canada than just permanent-resident flows, with many newcomers entering the country in other categories, and each of these groups has seen significant growth so far in 2022.

Permanent resident admissions to Canada are up 60% year-to-date over 2021, though it should be noted many of these “newcomers” were already in Canada (with 70% of permanent resident additions in 2021 having converted from being work or study permit holders). Naturally, then, it’s useful to consider how non-permanent resident inflows have been changing as well.

Study permit holders (aka, international students) are currently up 30% over last year to date, though it should be noted the bulk of these international students typically come to Canada in the fall when school starts; as such, with the current data only getting us through June, we can expect the absolute number to jump in the coming months. Meanwhile, temporary foreign workers are up 1% and those here as part of the international mobility program are up 14%. All considered, Canada is on pace to welcome close to 1.8 million international migrants by 2022 year-end.

Here in BC, the overall inflow of international migrants is up 17% over last year; however, that increase is being driven entirely by permanent residents (up 60%) and study permits (up 26%), while temporary foreign workers and those in the international mobility program are both down compared with the first six months of 2021. Still, if history is any indication, BC is on pace for another record-setting year of international in-migration.

Twice a year, rennie intelligence produces the rennie landscape, which tracks a variety of demographic and economic indicators that directly and indirectly influence our housing market here in Metro Vancouver. Our goal is to provide our community with a basis for evaluating the trajectory of the factors that collectively define the context of the real estate market.

Our rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in urban land economics, community planning, shifting demographics, and real estate trends, their strategic research supports a comprehensive advisory service offering and forms the basis of frequent reports and public presentations. Their thoughtful and objective approach truly embodies the core values of rennie.