Yes, we've analyzed the effects of immigration on the economy, which are numerous.
In the housing sector, if there are more people in Canada, we obviously need more houses. Furthermore, permanent residents are part of the sharp increase in immigration, but many temporary residents are too. There's also a sharp increase in the number of foreign students, who are mainly in the rental market. This has an impact on the market for houses and the rental market. If there are more people in Canada, demand will rise.
There's another effect. More people mean more workers. We conduct regular surveys of businesses, and there was a major labour shortage last year, although we've seen a strong reversal of that shortage more recently.
Many indicators show that the housing market is still tight, but much less so than previously. I think the sharp increase in labour is associated with immigration and greater participation by the Canadians who are already here.
That's what has helped cool the overheating in the labour sector.