2022 witnessed a consistent rise in interest rates with the Bank of Canada gradually increasing its interest rates. The recent hike in interest rates from 0.25% at the beginning of the year has been strategized to build resistance against inflation in Canada. Hence, by imposing higher rates, the goal is to make it difficult for consumers to borrow money. Simultaneously, the greater interest rates on savings will bring back the balance in the Canadian economy.
It is only normal to assume that such uncertainties in the market can cause harm for immigrants willing to migrate to Canada. However, the immigration records prove otherwise. The amount of immigration last year crossed the goal of 401,000 new PR immigrants, set by Immigration, Refugees and Citizenship Canada (IRCC). And so the future for immigration in Canada remains bright.
Moreover, the aim set by IRCC as part of the 2022-2024 Immigration Levels Plan continues to be quite remarkably high being set at 430,000 immigrants in the years between 2022 and 2024. Thus, no policy shift has been stimulated by the increasing interest rates.
With increasing job vacancies and policies being in favor of the immigrants aiming for permanent residency in Canada, immigration is expected to increase in the upcoming days with no adverse effect due to the increasing interest rates.