On November 1, 2023, Canada declared its intent to uphold immigration levels at around 500,000 per year in 2025 and 2026. Despite record-breaking current levels, a Royal Bank of Canada report indicates these may need to increase to support the population and labour market demands. Canada’s aging population and low fertility rate (1.40 births per woman) necessitate immigration for replenishment. This also applies to the labour market supporting Canada’s ninth-largest global economy. These factors underscore the importance of immigration for Canada’s future health and prosperity. This likely motivates the country’s current high-paced immigration, yet the stabilization of targets tells a more complex story.
