Canadian Permanent Resident Applications Fall 57%, Weakest Month In Years
Canada plans to limit permanent resident visas next year, but they’re already plunging lower without restrictions. Immigration, Refugees and Citizenship Canada (IRCC) data shows permanent resident applications made a sharp drop in July. Even if the current trend stops eroding and stabilizes, the country would struggle to hit next year’s planned limits without any policy changes. A problem that policymakers would have been aware of when they decided to make the announcement.
Canadian Permanent Resident Applications Fall 57% Lower, Worst Month In Years
Canadian permanent resident applications have made a sharp drop over the past twelve months. The IRCC received just 17k in July, down a whopping 57% compared to the same month last year. It was the third consecutive month to report negative year-over-year (y/y) growth—all in the double-digit range. It also happened to be one of the weakest months for applications going back at least 3 years.
The most recent data reported stands in stark contrast to the start of the year. Permanent resident applications in the first 4 months of 2024 came in much higher than last year. In May it completely nosedived, plunging sharply into negative territory. …[Continue Reading]