TORONTO — A report from the Royal Bank of Canada says a slowdown of immigration to the country due to the COVID-19 pandemic threatens to derail a major source of economic growth, at least temporarily.
The report says Canada added 34,000 permanent residents in the second quarter, down 67 percent from the same period last year.
The report adds that a near term recovery in immigration is unlikely and suggests the slowdown could last for months.
New permanent-residency applications to Canada were down 80 percent in the second quarter.
RBC says immigration to Canada is needed to help deal with the country’s aging population and help support our cities.
It says at the current pace it expects to see only 70 percent of the originally planned 341,000 new permanent residents at the end of the year.