According to Benjamin Tal, the deputy chief economist at CIBC Capital Markets, Canada’s number of non-permanent residents is much higher than the government’s official estimate. This discrepancy underestimates the number of new homes required to meet the country’s increasing housing needs. While the government estimated the number of non-permanent residents to be around one million in 2021, Tal’s report suggests that the actual number is closer to two million. The government’s estimate does not include those who remain in the country after their visas expire, which is the primary reason for the difference. Tal’s report highlights the need for more urgent and aggressive policy measures to address the housing affordability crisis in Canada.
