Bank of Canada highlights challenges in managing temporary resident increase

The Bank of Canada has raised concerns about the federal government’s ability to manage a surge in temporary residents, complicating Immigration Minister Marc Miller’s plan to reduce their population share from 6.2% to 5% by 2027. A recent report highlighted that non-permanent residents represented 6.8% of the population in April, up from the previous month, and this trend is expected to continue. This suggests it may take over three years to meet the target. The bank warned of significant uncertainties affecting net non-permanent resident flows, with detailed policy adjustments expected later this year.