There are parallel conversations going on right now that reflect the big picture forces charting the course of our economy.
One is labour shortages. The other is housing. And they really are connected.
As employers scramble to find talent, one source of labour often advanced is immigration. We even see it in Saskatchewan with the current government leaning on Ottawa for more authority over immigration into Saskatchewan. More people would solve a lot of problems — from labour shortages that are impacting hospitals as well as businesses to brighter futures for our airports.
On the housing side, despite home prices falling in Toronto and Vancouver, there is a shortage of new properties. That’s what drove up prices in the first place and something to encourage builders would probably be welcomed.
But there is another interesting force on this one, according to a report from RBC Royal Bank.
Not only do they see increased immigration supporting the residential real estate market by increasing demand, they note that average households now have fewer people, so, as our population grows, we’ll need even more new houses.
