Without immigrants, the survey found that the population of the Greater Toronto Area would have shrunk last year because of the soaring cost of living.
According to a recently released Conference Board of Canada report, last year about 45,000 people left the Toronto Census Metropolitan Area (CMA) to other parts of Ontario, and 24,000 to other provinces. moved residence CMA largely coincides with the Greater Toronto Area (GTA) but does not include most of Burlington and East Durham.
“230,000 immigrants have filled the void left by those who have fled the region,” said Ted Mallett, director of economic forecasting for the Conference Board.
“Without the influx of immigrants, the population would certainly have declined,” he said. “If immigration stopped, the Canadian economy would stop.” He added that there is no possibility of a federal government blockade of immigration in the future.
According to the report, Toronto’s economy grew 3.8% last year, but is expected to slow to 1.2% this year as the impact of high interest rates spreads.
But Mallett said the Toronto area’s economy is more resilient than the rest of the country, despite the downturn. He explained that Greater Toronto is home to a wide variety of industries, which is always helpful in good times and bad times.
However, he argued that the problem of rising living expenses, a major weakness, drives some vulnerable groups to other areas.
Dennis Darby, who runs a manufacturing and exporting business, said cost of living is a concern for manufacturers employing about 330,000 people in the greater Toronto area.
“Immigration is the lifeblood of Toronto’s industry and has been for decades,” he said. “Manufacturers rely on immigration.”
“Immigration is an important part of Toronto’s local economy,” said Ryan Marlowe, vice president of the Canadian Confederation of Independent Businesses (CFIB) Ontario.