Non-permanent residents important to the housing market

New figures show that the number of non-permanent residents is growing and a CIBC report says that they are an important factor in the housing market.

Deputy economist Benjamin Tal says that Ottawa should consider the impact on the rental market in particular before making any changes to its temporary workers program.

Tal says that non-permanent residents are at a record high with 770,000 now in Canada; 50 per cent are workers and 38 per cent students. In the last decade, 450,000 non-permanent residents have crossed the borders.

A decline in the number of migrant workers, which could be the result of any changes to federal regulations, could have a real impact on housing, particular condo markets in Toronto and Vancouver, Tal warned.

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