Conference Board of Canada report finds 230,000 newcomers more than made up for the 69,000 people leaving the Toronto region for other parts of Ontario and the country.
If it weren’t for international immigration, the Toronto region’s population — and economy — would have been smaller last year as thousands of residents were driven away by the high cost of living, according to a new report from an economic think tank.
“The population would definitely have shrunk,” said Mallett, the board’s director of economic forecasting. “You could also argue nationally, if we turned off the tap on immigration, Canada’s economy would stand still.”“The idea that we could just turn off the tap on international migration is beyond what we’re capable of,” said Mallett, whose report found that Toronto’s economy grew by 3.8 per cent in 2022, but will likely slow to 1.
One big weakness of the region’s economy, however, is the rising cost of living, which Mallett argues likely helped drive away some of the people who moved from here to other parts of Canada. “What’s different now,” said Darby “is that the outflow seems to be accelerating, and I think that’s largely an affordability issue.” That makes immigration even more vital than ever, he added.
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