Pic credit- FSI Experts
Canada is considering crucial reforms to its temporary residency programs, focusing on international students and workers on visas. The urgency arises from an escalating housing affordability crisis in the country, prompting the Minister of Housing, Infrastructure, and Communities, Sean Fraser, to address the issue.
Reforms in Response to Housing Challenges:
In a recent interview with Global News, Sean Fraser acknowledged the need for reforms in response to the housing challenges exacerbated by the influx of international students and workers. These reforms are seen as vital to strike a balance between welcoming talent and maintaining housing sustainability.
Measures for International Students:
Minister Marc Miller, previously responsible for Immigration, Refugees, and Citizenship, has introduced significant measures for international students. Effective January 1 next year, applicants must show CA$20,635 (approximately ₹12.7 lakh) in a Canadian bank account, doubling the previous requirement. Miller emphasizes the revision’s importance to reflect the true cost of living in Canada.
Caution for Educational Institutions:
Miller has also issued a caution that study permit caps may be imposed on institutions failing to provide adequate housing for incoming international students. The IRCC release stresses the expectation for educational institutions to only admit a number of students they can adequately support, including housing options.
International Student Statistics:
As of October this year, Canada has issued 553,675 study permits, with Indian nationals accounting for over a third at 208,630, surpassing the previous record. Miller estimates the current international student population at approximately 900,000.
Temporary Foreign Workers:
The influx of temporary foreign workers through Canada’s international mobility program has also been substantial. From January to October 2023, 828,335 visas were issued, with Indians making up around 30%.
Housing Impact:
The surge in newcomers has strained Canada’s housing stock, resulting in sharp increases, particularly in rental prices. A December 2023 report by rentals.ca reveals an 11.2% year-over-year increase, with the average rent for an apartment now at CA$2,125 (approximately ₹1.30 lakh).
The contemplation of reforms underscores the government’s acknowledgment of the need to manage the demand for international talent while ensuring the sustainability of housing infrastructure. Striking this delicate balance is crucial for fostering a welcoming environment and maintaining the country’s economic growth.
Source- HT
