Canada’s labour market set a record low unemployment rate of 5.3% in March 2022, according to Statistics Canada. The improving circumstances of the economy have resulted in average hourly wages going up 3.4 percent year-over-year in March compared with a year-over-year gain of 3.1 percent in February.
Canada enjoying one of the world’s top labour recoveries from COVID-19 (by way of comparison, employment in Canada has increased 1.9 percent since February 2020, while in the U.S. it has fallen 1.4 percent). It presents a very exciting opportunity for international students interested in studying in the country.
Workers are retiring
The more employees retiring, the more job vacancies there will be. People born between 1946 and 1964 are approaching retirement periods within the next decade, and there are approximately 9 million of them in all of Canada. The low birth rate of Canadians means there will not be enough workers to fill these positions and Canada will have to rely on international students.
Ambitious decision methods
The Canadian Federal Government has adjusted the selection process for immigrants. They recently introduced the Express Entry Comprehensive Ranking System (CRS) which increases the likelihood for international students to fulfill the basic requirements to gain permanent residence and thrive in the Canadian job market.
Increase of permanent residents
More international students are managing to obtain permanent residence thanks to government efforts; they did reach higher immigration acceptance targets and created more immigration pathways for internationals that are currently in Canada.
Canada aims to welcome more than 1.2 million new permanent residents over the next three years. Making it more accessible for immigrants interested in achieving a Canadian residency.
Government is more committed to helping newcomers
The Canadian government is invested in offering different solutions to attract more immigrants in the future. Immigration, Refugees and Citizenship Canada (IRCC) has spent $2 billion per year on immigration settlement services and language training processes.
These processes provide useful information to newcomers in Canada and offer foundational support.
These benefits indicate that studying in Canada is proving to be a favourable option for international students. Especially for those who have the financial opportunity to pursue work abroad. Take advantage of the fact that Canada’s labour market set a record low unemployment rate.
If you want more detailed information about these developments, check out the article ‘Why immigrants are set to have a bright future in Canada’s labour market’ on the CIC News website. If you have any questions regarding the immigration process, documents needed, how to do to come to Canada, or the access to immigrate by doing a degree, feel free to contact us.