🇨🇦 Has Canada's economy really grown in 'people'?
Over the past 10 years, Canada has grown its economy based on an increase in international students and immigrants.
Housing market, rental market, college finance, and local consumption have returned to the forefront of steady population growth.
However, the federal government suddenly began to reduce the size of international student visas and temporary residents.
This change is not simply a matter of decreasing the number of international students.
The prime example is Conestoga College in Ontario.
📌 2014-15 numbers: 2.5 million dollars
📌 2022-23 Numbers: $ 1.6 Million
📌 Numbers for 2023-24: $25.2 million
📌 Annual sales: $ 94.5 million
The number has increased nearly 100 times in just nine years.
The reason is tuition for international students.
In 2023 Conestoga was one of the public colleges with the highest number of international students in Canada, attracting over 30,000 international students. Tuition for international students is usually 3-5 times higher than Canadian students, so school finances could grow quickly.
However, the situation changed drastically when the government limited the size of international students.
Student numbers have decreased, programs have been canceled, and staff cuts have continued. The structure that once grew based on population growth is now starting to burden the economy.
💡 points to learn from
A healthy economy does not simply mean an increasing population.
Productivity must grow together.
If the economy shakes when the number of people starts to decline, it means that the growth during that time may have been weaker than you thought.
The changes Canada is experiencing right now are not just immigration policies, but they may be an important sign of how its economic structure will change.
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