Significant decrease in the number of new immigrants and international students softens the rental prices in Toronto and Vancouver
Royal Bank of Canada senior economist Andrew Agopsowicz stated that due to continued travel control at the Canadian border, concerns about travel-related health, and the downturn in the global economy, the number of new immigrants coming to Canada is expected to drop to approximately 240,000 this year, which will slow housing demand by new immigrants. The number of international students coming to study in Canada in the second quarter of this year fell by 40% compared to the same period last year, which has also significantly affected rental prices in Toronto and Vancouver.
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