Latest news with #JockFinlayson
Cision Canada
08-07-2025
- Business
- Cision Canada
Average annual immigration was 617.8 thousand from 2000 to 2015 compared to 1.4 million from 2016 to 2024
VANCOUVER, BC, July 8, 2025 /CNW/ - From 2000 to 2015, annual immigration was 617.8 thousand immigrants compared to a more than doubling 1.4 million annually from 2016 to 2024 (excluding 2020), according to a new study published by the Fraser Institute, an independent non-partisan Canadian think-tank. "Over the past decade, Canada's immigration numbers have skyrocketed, most starkly since 2021," said Jock Finlayson, senior fellow at the Fraser Institute and co-author of Canada's Changing Immigration Patterns, 2000–2024. Put differently, from 2000 to 2015, immigration (including temporary foreign workers and international students) grew on average by 3.5 per cent per year. However, from 2016 to 2024 (excluding 2020) immigration grew annually at 21.3 per cent – more than six times the 2000-2015 pace. The sharp rise in recent years reflected both planned increases in permanent immigrant inflows as well as unprecedented and largely unplanned growth in the numbers of temporary foreign workers, international students, and asylum seekers. For example, in 2024 alone, 485.6 thousand permanent immigrants entered Canada, along with 518.2 thousand international students and 912.9 thousand temporary foreign workers. However, due to concerns about the impact of unprecedented in-migration on housing affordability, employment opportunities (or lack thereof), access to health care and other issues, late last year the federal government unveiled plans to substantially reduce immigration levels over the 2025-27 period, affecting permanent immigrants, international students, and other temporary visa holders. The composition of immigration also changed dramatically during this period. From 2000 to 2015, the average share of total immigrants in the permanent category was 42.1 per cent while non-permanent share (mainly international students and temporary workers) was 57.9 per cent. From 2016 to 2024 (excluding Covid 2020), permanent immigrants averaged 27.7 per cent of total in-migration versus 72.3 per cent for non-permanent. "We're in the midst of a housing crisis in Canada, and the unfortunate truth is we lack the necessary infrastructure to accommodate immigration at the 2022-24 rate," said Steven Globerman, senior fellow at the Fraser Institute and study co-author. "While the changes announced late last year have been confirmed by the new government, the levels of immigration over 2025-27 will still be well above historic benchmarks." The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, Halifax and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit SOURCE The Fraser Institute
The Province
26-06-2025
- Business
- The Province
B.C. had the highest inflation in country last month. Here's why
Economists point to steep property tax hikes, aggressive emissions-reduction policies, and an economy struggling to keep pace with population growth. Economist Jock Finlayson, senior policy adviser at the Business Council of B.C. PROVINCE B.C. recorded the highest inflation rate in Canada in May, according to new data released this week by Statistics Canada. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Inflation accelerated in six provinces at a faster pace last month compared to April, with B.C. leading the surge by posting the highest year-over-year price growth in the country at 2.3 per cent, according to the Consumer Price Index. Economists point to steep property tax hikes, aggressive emissions-reduction policies, and an economy struggling to keep pace with population growth. Read on for more about what's driving inflation in B.C., and what economists say might be coming next. Why is B.C. leading the country in inflation? Three words: Cost of living. B.C. has the highest housing costs and household debt in Canada, and as more homeowners renew mortgages at higher rates, the cost of living has spiked. Economist Jock Finlayson, senior policy adviser at the Business Council of B.C., says the impact of mortgage renewals in B.C. is more severe than in other provinces. Essential reading for hockey fans who eat, sleep, Canucks, repeat. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 'Many B.C. homeowners are renewing their mortgages at rates far higher than they locked in during 2020 or 2021,' said Finlayson. 'This puts significant upward pressure on the shelter component of (the Consumer Price Index).' Nationally, mortgage interest costs have risen by 61 per cent since January 2019. In B.C., that has been further amplified by high home values and large debt loads. Shelter isn't the only factor, according to the report. Rising costs for food, recreation and education, including reading materials, are also fueling B.C.'s inflation. What else is pushing inflation higher in B.C.? David Williams, vice-president of policy at the Business Council of B.C., says municipal governments are also adding to B.C.'s inflation pressures. Since January 2019, property taxes across the province have climbed by 43 per cent, nearly double the national average of 22 per cent, according to the council's analysis. This advertisement has not loaded yet, but your article continues below. Williams said as local governments expand services or take on new projects, they need more revenue to cover the costs — revenue that often comes from taxing property owners. 'Spending by municipalities across B.C. has been prolific,' he said. Is B.C.'s economy keeping up with its population growth? In 2024, B.C.'s population grew by three per cent. 'That means three per cent more customers and workers to potentially grow the economy,' said Williams. But the province's economy expanded by just 1.2 per cent. 'That means more people but slower production of goods and services,' added Williams. In recent years, the economist notes, more British Columbians have been leaving the province, according to Statistics Canada's quarterly population highlights. This advertisement has not loaded yet, but your article continues below. 'We're seeing net 5,000-10,000 people leaving B.C. each year for other provinces. We haven't seen numbers like that since the late 1990s.' How is government policy playing into this? One factor economists are watching closely is CleanBC, the province's climate action strategy aimed at sharply reducing domestic emissions by 2030. The climate-action plan includes 25 policy interventions that touch nearly every sector of the economy, including the low-carbon fuel standard, stricter building energy standards, electric vehicle sales mandates, and caps on industrial emissions that effectively limit production. While these measures are designed to reduce domestic emissions, economists like Williams say they also intentionally slow down the production of goods and services in the economy. This advertisement has not loaded yet, but your article continues below. 'It's like driving the economy with a handbrake,' he said. What about external risks, like U.S. tariffs? Williams warns that upcoming U.S. tariffs could further weigh on B.C.'s already slowing economy. 'We could see them cause the economy to contract over 2025 and 2026,' he said, noting that with 54 per cent of B.C.'s exports destined for U.S. markets, B.C. is vulnerable to cross-border measures targeting exports such as energy and manufactured goods. A recent Bank of Canada report cited in the latest Consumer Price Index supports Williams' concern. It warns that U.S. tariffs, especially if met with Canadian retaliation, could push up consumer prices, slow business investment and lead to a long-term decline in Canada's economy. This advertisement has not loaded yet, but your article continues below. The January 2025 report says the impact would be felt most in industries like automotive and resource extraction, where parts cross the border multiple times and face repeated taxation. Will inflation in B.C. stay high? Williams believes B.C.'s economic challenges won't ease anytime soon. He noted that the province's economy, once buoyed by major infrastructure projects like LNG Canada and Coastal GasLink, has slowed significantly since 2022 as those projects wrapped up. While inflation may ease as interest rates fall, Williams says underlying pressures, especially in housing and taxation, are likely to persist. 'We may be unfortunately staring down a barrel of four consecutive years of a shrinking economy in population-adjusted terms,' Williams said. sgrochowski@ Read More
Vancouver Sun
26-06-2025
- Business
- Vancouver Sun
B.C. had the highest inflation in country last month. Here's why
B.C. recorded the highest inflation rate in Canada in May, according to new data released this week by Statistics Canada. Inflation accelerated in six provinces at a faster pace last month compared to April, with B.C. leading the surge by posting the highest year-over-year price growth in the country at 2.3 per cent, according to the Consumer Price Index. Economists point to steep property tax hikes, aggressive emissions-reduction policies, and an economy struggling to keep pace with population growth. Read on for more about what's driving inflation in B.C., and what economists say might be coming next. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Three words: Cost of living. B.C. has the highest housing costs and household debt in Canada, and as more homeowners renew mortgages at higher rates, the cost of living has spiked. Economist Jock Finlayson, senior policy adviser at the Business Council of B.C., says the impact of mortgage renewals in B.C. is more severe than in other provinces. 'Many B.C. homeowners are renewing their mortgages at rates far higher than they locked in during 2020 or 2021,' said Finlayson. 'This puts significant upward pressure on the shelter component of (the Consumer Price Index).' Nationally, mortgage interest costs have risen by 61 per cent since January 2019. In B.C., that has been further amplified by high home values and large debt loads. Shelter isn't the only factor, according to the report . Rising costs for food, recreation and education, including reading materials, are also fueling B.C.'s inflation. David Williams, vice-president of policy at the Business Council of B.C., says municipal governments are also adding to B.C.'s inflation pressures. Since January 2019, property taxes across the province have climbed by 43 per cent, nearly double the national average of 22 per cent, according to the council's analysis. Williams said as local governments expand services or take on new projects, they need more revenue to cover the costs — revenue that often comes from taxing property owners. 'Spending by municipalities across B.C. has been prolific,' he said. In 2024, B.C.'s population grew by three per cent. 'That means three per cent more customers and workers to potentially grow the economy,' said Williams. But the province's economy expanded by just 1.2 per cent. 'That means more people but slower production of goods and services,' added Williams. In recent years, the economist notes, more British Columbians have been leaving the province, according to Statistics Canada's quarterly population highlights. 'We're seeing net 5,000-10,000 people leaving B.C. each year for other provinces. We haven't seen numbers like that since the late 1990s.' One factor economists are watching closely is CleanBC, the province's climate action strategy aimed at sharply reducing domestic emissions by 2030. The climate-action plan includes 25 policy interventions that touch nearly every sector of the economy, including the low-carbon fuel standard, stricter building energy standards, electric vehicle sales mandates, and caps on industrial emissions that effectively limit production. While these measures are designed to reduce domestic emissions, economists like Williams say they also intentionally slow down the production of goods and services in the economy. 'It's like driving the economy with a handbrake,' he said. Williams warns that upcoming U.S. tariffs could further weigh on B.C.'s already slowing economy. 'We could see them cause the economy to contract over 2025 and 2026,' he said, noting that with 54 per cent of B.C.'s exports destined for U.S. markets, B.C. is vulnerable to cross-border measures targeting exports such as energy and manufactured goods. A recent Bank of Canada report cited in the latest Consumer Price Index supports Williams' concern. It warns that U.S. tariffs, especially if met with Canadian retaliation, could push up consumer prices, slow business investment and lead to a long-term decline in Canada's economy. The January 2025 report says the impact would be felt most in industries like automotive and resource extraction, where parts cross the border multiple times and face repeated taxation. Williams believes B.C.'s economic challenges won't ease anytime soon. He noted that the province's economy, once buoyed by major infrastructure projects like LNG Canada and Coastal GasLink, has slowed significantly since 2022 as those projects wrapped up. While inflation may ease as interest rates fall, Williams says underlying pressures, especially in housing and taxation, are likely to persist. 'We may be unfortunately staring down a barrel of four consecutive years of a shrinking economy in population-adjusted terms,' Williams said. sgrochowski@
