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TD report predicts higher interest rates and affordability crisis due to Canada’s immigration policies

Since taking office in 2015, Canadian Prime Minister Justin Trudeau has increased immigration, adding an estimated 2.5 million new permanent residents and driving the population above 40 million. Thanks to immigration, Canada’s GDP growth has been just over 2%, well above the G7 average of 1.4%. However, a TD report shows new arrivals are now contributing to an overheating economy and straining public services. The Bank of Canada is struggling to manage the impact of the newcomers, as they add to both supply and demand, increasing the need for higher interest rates. Immigration has eased the labour shortage and increased consumer spending and housing demand, leading to growing strains on transit, housing, and healthcare. Municipal and provincial leaders are calling for more funding to address these issues.

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