Canadian Prime Minister Mark Carney to further restrict immigration to address housing shortage

 

 

Prime Minister Mark Carney has further restricted immigration to address Canada's housing shortage. Mark Carney announced the Liberal government's plan to further limit the number of international students and temporary foreign workers. Carney said the new measure would help solve Canada's housing shortage problem.

Carney also announced several housing initiatives, including a program called "Build Canada Homes." It will provide $25 billion to private developers to build more homes. In addition, the GST on new homes between $1 million and $1.5 million will be reduced. This will help first-time home buyers save up to $50,000. The cost of building multi-unit homes will also be reduced. This will reduce the price of a two-bedroom apartment in Toronto by about $40,000, Carney said.

The previous government's policies led to a rapid increase in the number of immigrants. The Liberal Party now says that this has led to an unsustainable situation. To address this, the Liberal Party aims to keep the number of permanent residents below 1 per cent after 2027. According to current estimates, the number of permanent residents will decrease by 3,95,000 in 2025, 3,80,000 in 2026 and 3,65,000 in 2027.