In a recent analysis, Andrew Grantham of CIBC Economics highlighted the dual effects of Canada's rapid population growth post-COVID-19. Initially boosting the labor market by filling job vacancies, this growth, notably fueled by non-permanent residents, has now contributed to exacerbated housing shortages and rent inflation. Since 2019, the population has outpaced housing availability by approximately 1.1 million, overshooting labor force needs by up to 700,000. Grantham underscores the need for a balanced approach to population management to mitigate housing inflation while addressing labor shortages. He also acknowledged the crucial role immigrants play in sustaining the labor market amid a declining participation rate among native-born Canadians.
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