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Canadian banks disagree with the Federal Government’s approach to the affordable housing crisis

The Canadian banks expressed their disagreement with the Federal Government’s approach to addressing the country’s affordable housing crisis. In 2015, Canada welcomed 352,325 international students; this year, that number is expected to reach about 900,000. Furthermore, 271,845 immigrants became permanent residents in 2015, and the Government aims to increase this number to 465,000 this year, 485,000 in 2024, and 500,000 in 2025. Despite concerns raised by three Canadian banks that this policy could lead to a shortfall of around 500,000 housing units in just two years, the Government is hesitant to place blame on immigrants or international students. However, they recognize that their rapid increase in numbers without a clear housing plan contributes to the issue. While the responsibility for housing also falls on provincial and municipal governments, the Federal Government’s approach to immigration and international students is worsening the problem.

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