RBC: Canada Needs a Lot More Immigrants, Almost Double the Current Rate in the Long Run

An economic update from the Royal Bank of Canada says the federal government is doing the right thing in keeping immigration levels unchanged from its previous targets, but adds that in the long term, more newcomers will be needed to stabilize the age structure of the country and keep the economy rolling.

The bank notes that the government is responding in part to the ongoing infrastructure crisis, which has resulted in housing shortages across the country, and spikes in real estate and rental prices.