The Canadian economy has been devastated by the political response to the pandemic. Millions of people have lost their jobs. Shelter, food, electricity -- all of it is becoming more expensive. The Canadian government has decided to throw fuel on this fire by planning to import over a million immigrants in the next three years:
On October 30, Justin Trudeau’s government announced its plan “to support economic recovery through immigration”. The plan would increase immigration between 2021 to 2023 by more than 1.2 million immigrants to “compensate for the shortfall” of immigration due to the pandemic.
What will this accomplish:
- The out of control real estate market remains crazy. Banks and flippers are happy.
- Rents spike as supply is limited. More residents packed in tiny apartments.
- Downward pressure on wages as more cheap labor is available.
- Public transportation and traffic get worse.
- Cultural enrichment intensifies!