Instead of people coming into the country in larger numbers, there is a noticeable trend of individuals choosing to leave. The high cost of living, particularly in terms of housing, is prompting newcomers to reconsider their plans of settling down in Canada. Despite the country’s efforts to attract more people, the challenging financial landscape is pushing some immigrants to opt out and look for opportunities elsewhere.
Despite a substantial increase in newcomers arriving in Canada in recent years, there is now a noticeable shift. Over the first half of 2023, 42,000 individuals left the country, continuing a trend that saw 93,818 departures in 2022 and 85,927 in 2021. While these leaving numbers are small compared to the significant influx of 263,000 arrivals during the same timeframe, the consistent rise in people departing has caught the attention of observers, sparking concerns about this changing pattern in immigration dynamics.
The Institute for Canadian Citizenship highlighted that while the pandemic initially slowed down this trend, emigration rates are once again on the rise. This reversal reflects a growing struggle for newcomers who find themselves grappling with the harsh realities of the high cost of living and limited housing options, making the pursuit of their Canadian dream a challenging one.
Immigrants realize the skyrocketing housing costs as the biggest reason for their decision to consider a new country.
On average, in Canada, about 60% of household income would be needed to cover homeownership costs, a figure that rises to about 98% for Vancouver and 80% for Toronto.
“It’s not surprising then that people who have options… either go to another country or go back home having had a taste of the situation in Canada,”
“Canada’s Future Prosperity Depends on Immigration,”
the various benefits immigration offers to the Canadian economy, labor market, socio-cultural makeup, and worker-to-retiree ratio.
Offering major contributions to Canada’s multiculturalism, immigration has been consistently supported by major political parties and most members of the public until of late.
However, not everything is lost for residents who decide to return to their place of origin, because their multicultural contribution to Canada is invaluable, and it also opens a window of opportunity to start over and acquire assets in another country for retirement in the future, with quality life.
Of course, this opportunity can be applied to ALL Canadian citizens who wish to have a different life in another country, without this representing any loss.
The favorable exchange rate, as well as the benefits offered by Seaport’s VHBP, is the window to a promising future for our retirement. For more information, please visit: https://seaportcredit.ca/en-ca/