Canadian Prime Minister Justin Trudeau has relied on immigration to drive economic growth and plug labor gaps, but now he is hitting the brakes after a seismic shift in public opinion that could undermine his chances to win the next election. It was Trudeau's father, Pierre, who championed immigration as prime minister in the early 1970s, promoting "multiculturalism" as government policy. But when international students led a surge in immigration in the wake of the pandemic, the public mood soured as rental costs soared and services like healthcare came under strain.
According to the Canadian Real Estate Association, the housing market has seen an uptick in sales activity despite interest rates being at a 22-year high.
Sean Fraser says that based on conversations he’s had with housing developers, he thinks residential construction projects will begin to move forward once interest rates are cut.
Realtors say pent-up demand, chronic shortage of homes, a spike in rents and hopes of an interest rate cut may fuel a rally in the sector that could reignite inflation.
After a year-long
slump, Canada s housing market is showing early signs of
recovery, and realtors say pent-up demand, chronic shortage of
homes, a spike in rents and hopes of an interest rate cut.