Canada’s recession hidden by immigration-driven spending; GDP per capita declines.

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— Shazi (@ShaziGoalie) December 4, 2024

Housing Affordability: The budget includes $55 billion for the Apartment Construction Loan Program to incentivize developers to build more apartments and rental housing. This aims to address the housing affordability crisis, partly driven by increased demand from immigrants.
Foreign Credential Recognition: $50 million has been allocated to the Foreign Credential Recognition Program to help skilled trades workers, including many immigrants, obtain the necessary credentials to work in Canada. This initiative is expected to improve integration and job opportunities for new arrivals.
Reduction of Temporary Residents: Measures to reduce the number of temporary residents by up to 600,000 over the next three years are included to ease demand on housing and services. This policy shift aims to balance immigration levels with infrastructure capacity.
Support for New Home Buyers: First-time home buyers, including many immigrants, can now use up to $60,000 from their RRSPs to purchase their first home, almost double the previous maximum of $35,000. This is expected to help newcomers settle more easily.