Factors such as population shocks, frequent rule changes, a weakened points system and a diminished focus on skills and experience have created an unstable environment, report says
Canada’s immigration strategy has lost its edge, so rebuilding trust in the system is needed as Ottawa looks to reduce its reliance on the United States and pursue new economic goals, according to a new Royal Bank of Canada report.
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The report said factors such as population shocks — from the huge increase in immigration between 2022 and 2024 to a rare decline in population numbers in 2025 — frequent rule changes, a weakened points system and a diminished focus on skills and experience have created an unstable environment, which is not good for the economy.
“The report adds to the urgency of getting our strategy in order and making sure that we are able to attract the talent that we need to pursue the economic plans that Canada has for itself right now and keep our economy strong,” said Jackie Pichette, director of skills policy at RBC Thought Leadership, who authored the report.
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The federal government is trying to speed up and fund key projects linked to sectors such as energy, mining and transportation as it looks to make the economy more independent amidst a trade war with the U.S., but a stable immigration system is also needed to attract the talent to support these industries.
Canada’s immigration system has historically been reliable, but it’s been less so in recent years as the country added three million newcomers between 2022 and 2024, which is roughly the equivalent of a decade’s worth of immigration, the report said.
The population growth rate was later pulled back through temporary resident caps and lower immigration targets, but the report said these led to shockwaves as well. For example, more than 25 rule changes impacted international students from 2024 to 2026, resulting in more than 20,000 job losses in the post-secondary sector.
The disarray comes at a time when more than 25,000 Canadians retiring every month and with the number of deaths outpacing births, the report said.
