Economist warned Canada against restricting immigration flows
According to him, it will not help solve the housing crisis.
Jimmy Jean, chief economist for the Desjardins Group credit co-op movement, warned that seriously cutting immigration in Canada to ease the housing crisis could be a misguided approach that could ultimately hurt the economy.
During an economic conference hosted by CFA Montréal, he expressed his position:
"If we just reduce the levels, all that will happen is there will be less whining, if you like, but we’re not going to solve a quarter of the problem."
Jean emphasized that the current problem is not so much an excessive influx of immigrants, but rather a shortage of foreign workers in the construction industry, where there is a labor shortage.
Discussions around immigration policy have become increasingly relevant in Canada amidst the housing shortage. Jean expressed concerns about the current trend in an interview, stating, "I’m worried that the pendulum is swinging too far the other way."
He reinforced the importance of immigration by citing economic studies:
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