{"id":131284,"date":"2023-12-06T11:37:18","date_gmt":"2023-12-06T16:37:18","guid":{"rendered":"https:\/\/immigration.ca\/conference-board-of-canada-experts-say-immigration-is-helping-keep-inflation-in-check\/"},"modified":"2023-12-06T11:39:07","modified_gmt":"2023-12-06T16:39:07","slug":"conference-board-of-canada-experts-say-immigration-is-helping-keep-inflation-in-check","status":"publish","type":"post","link":"https:\/\/immigration.ca\/fr\/conference-board-of-canada-experts-say-immigration-is-helping-keep-inflation-in-check\/","title":{"rendered":"Conference\u00a0Board\u00a0Of Canada Experts Say Immigration Is Helping Keep Inflation In Check"},"content":{"rendered":"<p>Record-breaking immigration to Canada has alleviated \u2013 not exacerbated \u2013 inflation in this country by helping employers get the workers they need and so helping to resolve labour shortages, note two of the Conference Board of Canada\u2019s top people.<\/p>\n<p>In an opinion piece published in the <i>Financial Post<\/i>, Conference Board vice-president Mike Burt and chief economist Pedro Antunes argue the availability of these extra workers has more than offset any upward pressure on housing due to extra demand.<\/p>\n<p>During the year that ended in March, the country added 1.2 million new permanent and temporary residents and this year Canada is expected to surpass even that record-breaking number.<\/p>\n<p>In political circles, that\u2019s led many to question the wisdom of high immigration levels to Canada since there have been strains on the country\u2019s housing and social services infrastructure and home prices and rents have gone up dramatically during that time.<\/p>\n<p>Burt and Antunes recognize that burp up in demand for these services due to immigration.<\/p>\n<hr \/>\n<p><b>Read More<\/b><\/p>\n<p><a href=\"https:\/\/immigration.ca\/fr\/canada-battling-large-backlog-of-permanent-resident-card-applications\/\">Canada Battling Large Backlog Of Permanent Resident Card Applications<\/a><br \/>\n<a href=\"https:\/\/immigration.ca\/canada-to-cut-red-tape-limiting-ability-of-immigrants-to-travel-within-country\/\">Canada To Cut Red Tape Limiting Ability Of Immigrants To Travel Within Country<\/a><br \/>\n<a href=\"https:\/\/immigration.ca\/fr\/ontario-retains-the-most-of-its-immigrants-of-any-canadian-province-or-territory\/\">Ontario Retains The Most Of Its Immigrants Of Any Canadian Province Or Territory<\/a><\/p>\n<hr \/>\n<p>\u201cOf course, immigration has also added to demand. Strong hiring supported income growth, and immigrants coming to Canada need places to live and spend money on all the necessities of life,\u201d they acknowledge.<\/p>\n<p>\u201cThis adds to demand pressures and is especially concerning for rental housing affordability. Such strength in underlying demographic demand is inflationary when there is so little slack in the economy. Taking in so many in such a short period of time has stretched our ability to provide settlement services, affordable housing<span class=\"Apple-converted-space\">\u00a0 <\/span>and other necessities.\u201d<\/p>\n<p>But the two Conference Board experts point out that immigration into Canada has helped keep rapidly rising wages in check and so served to soften inflation.<\/p>\n<hr \/>\n<p><b>Watch Video<\/b><\/p>\n<p><iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/XtaImy2wKTQ?si=UworyMLFZ9iWRvFM\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<hr \/>\n<p>\u201cBy the end of 2021, Canada\u2019s economy had more than recovered from pandemic job losses, and by mid-2022, the unemployment rate had fallen to a record low of 4.9 per cent, while job vacancies surpassed a million,\u201d they note.<\/p>\n<p>\u201cInflation was also surging. At first from pandemic-induced effects (supply-chain problems, lagging oil production and unexpectedly strong demand for durable goods) and later from the commodity price surge that followed Russia\u2019s invasion of Ukraine.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u201cThe combined effects of rising inflation expectations and super-tight labour markets became a major concern for our central bank. Given the risk of a wage-price spiral, the Bank of Canada began a series of rapid and sharp interest rate hikes, knowing that inflation would not settle at two per cent with labour markets so tight.\u201d<\/p>\n<p>By providing employers with a pool of workers, immigration dampened the upward pressure on wages.<\/p>\n<p>\u201cThe rise in immigration has helped fix our labour market challenge in another way,\u201d they note.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<h3>Immigration Provides A Boost To Canada\u2019s Economic Growth<\/h3>\n<p>\u201cRather than beating back consumer spending to slow hiring, we added to the supply of labour. Over the past seven months, despite robust job gains, the unemployment rate edged up from five to 5.7 per cent in October. As well, job vacancies have fallen by nearly a third.\u201d<\/p>\n<p>The two experts conclude that Canada must continue to maintain high immigration levels for the sake of its economic growth.<\/p>\n<p>\u201cWithout immigration, Canada\u2019s labour force would be in decline, especially over the next five years as Canada\u2019s Baby Boomers retire in growing numbers. Steady immigration adds to our productive capacity, our GDP and our tax take \u2014 enough to offset public-sector costs and modestly improve government finances,\u201d they maintain.<\/p>\n<p>\u201cOne thing is certain, if immigration is aligned with our capacity to welcome those who are arriving, it will continue to drive economic growth and enrich our society through diversity, as it has through most of our history.\u201d<\/p>\n<p>In Canada,\u00a0employers\u00a0can hire foreign nationals who can gain their\u00a0<a href=\"https:\/\/immigration.ca\/guidelines-issuing-permanent-resident-visas-foreign-nationals\/\">permanent residency<\/a>\u00a0in the country through\u00a0<a href=\"https:\/\/immigration.ca\/fr\/how-express-entry-works\/\">Express Entry\u00a0system<\/a>\u2019s three federal immigration programs,\u00a0the\u00a0<a href=\"https:\/\/immigration.ca\/fr\/requirements-federal-skilled-worker-program\/\">Federal Skilled Worker Program<\/a>\u00a0(FSW),\u00a0<a href=\"https:\/\/immigration.ca\/fr\/requirements-federal-skilled-trades-program\/\">Federal Skilled Trades Program<\/a>\u00a0(FST), and\u00a0<a href=\"https:\/\/immigration.ca\/fr\/requirements-canada-experience-class-program\/\">Canada Experience Class Program<\/a>\u00a0(CEC),\u00a0\u00a0or a\u00a0participating provincial immigration program.<\/p>\n<p>Through a network\u00a0of\u00a0<a href=\"https:\/\/immigration.ca\/fr\/appercu-des-programmes-des-candidats-des-provinces\/\">Provincial Nominee Programs\u00a0<\/a>(PNP), almost all\u00a0of\u00a0Canada\u2019s 10 provinces and three territories can nominate skilled worker candidates for admission to\u00a0Canada\u00a0when they have the specific skills required by local economies. Successful candidates who receive a provincial or territorial nomination can then apply for Canadian permanent residence through federal immigration authorities.<\/p>\n<p>Canadian\u00a0employers\u00a0can also recruit and hire foreign nationals through the\u00a0<a href=\"https:\/\/immigration.ca\/fr\/visa-de-travail-canadien-travailler-au-canada\/\">Temporary Foreign Worker\u00a0Program\u00a0<\/a>(TFWP) and the\u00a0<a href=\"https:\/\/immigration.ca\/fr\/international-mobility-program\/\">International\u00a0Mobility Program\u00a0<\/a>(IMP).<\/p>\n<p>The\u00a0<a href=\"https:\/\/immigration.ca\/fr\/canada-work-permit-global-talent-stream\/\">Global\u00a0Talent\u00a0Stream\u00a0<\/a>(GTS), a part of the TFWP, can under normal processing situations lead to the granting of Canadian work permits and the processing of visa applications within two weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Record-breaking immigration to Canada has alleviated \u2013 not exacerbated \u2013 inflation in this country by helping employers get the workers they need and so helping to resolve labour shortages, note two of the Conference Board of Canada\u2019s top people. In an opinion piece published in the Financial Post, Conference Board vice-president Mike Burt and chief&hellip;<\/p>\n","protected":false},"author":16,"featured_media":99053,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3415,4859],"tags":[5329,72176,5229,67789,4912,5290,5295,74809,72055],"class_list":["post-131284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-immigration-au-canada","category-lactualite-canadienne","tag-cec-fr","tag-conference-board-of-canada-fr","tag-express-entry-fr","tag-federal-skilled-trades-fr","tag-federal-skilled-worker-fr","tag-fst-fr","tag-fsw-fr","tag-inflation-fr","tag-wages-fr","category-3415","category-4859","description-off"],"acf":[],"_links":{"self":[{"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/posts\/131284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/comments?post=131284"}],"version-history":[{"count":0,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/posts\/131284\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/media\/99053"}],"wp:attachment":[{"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/media?parent=131284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/categories?post=131284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/tags?post=131284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}