A surge of temporary residents is boosting demand for homes in supply-starved market

A record-setting influx of temporary residents is putting additional strain on the Canadian housing market, just as the construction industry is pulling back on new builds.

By the end of 2022 there were roughly 1.95 million people from abroad with temporary work or study permits in the country, an increase of about 560,000 (40 per cent) over the previous year, according to recently published figures from Immigration, Refugees and Citizenship Canada.

The International Mobility Program accounted for slightly more than one million of those permits – a new high, up more than 300,000 in a year. The program covers a broad group of people, including the spouses of skilled workers and company transfers from foreign offices.

There were slightly more than 800,000 study permit holders at the end of last year, also a record high. Another 120,000 people held permits under the Temporary Foreign Worker (TFW) Program, the most since at least 2000.