Executive describes immigrants as ‘the lifeblood of Canada’ amid a government pullback on immigration numbers
Victor Dodig, chief executive officer of Canadian Imperial Bank of Commerce (CIBC), has urged for increased support for immigrants and warned against rising sentiment that could marginalize these individuals who he said contribute significantly to Canadian society.
At a recent event hosted by the University of Waterloo in Toronto, Dodig acknowledged the rise of illegal migration globally but pointed to those who legally come to Canada as key contributors to its success.
“Immigrants are the lifeblood of our country. Immigrants come here with hopes and dreams. Immigrants don’t want to come here to be demonized, and what we need to do is continue to work on supporting those immigrants so that they actually feel fully Canadian,” Dodig said.
Dodig’s speech comes as Canadian public opinion on immigration experiences a significant shift.
A national survey released in October by Environics Institute and Toronto Metropolitan University’s Diversity Institute revealed that for the first time in 25 years, a majority of Canadians feel that immigration levels are too high. This change in sentiment coincides with the increase in the number of international students and temporary workers in Canada, a key driver of the country's population growth in recent years.
In response, the federal government has moved to reduce the number of temporary residents entering the country. Following the pandemic, temporary foreign workers were brought in to help address nearly one million job vacancies, but as the labour market stabilizes, the government plans to decrease the number of these residents by one million over the next two years.
The government is also cutting the number of new permanent residents by 21%, with targets set at 395,000 in 2025 and 380,000 in 2026 from about 500,000.
Read next: Growing number of immigrants choosing to leave Canada, research says
While these policy shifts are aimed at easing the housing crisis and improving productivity, economists believe they will not fully resolve Canada’s broader economic challenges. The reduction in immigration numbers, particularly of temporary workers, may slow economic growth by limiting the labour force available to fill essential roles in key sectors.
However, the government's hope is that these changes will help ease the country’s housing shortage by reducing demand, making homeownership more achievable for Canadian residents in the long run.
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