The country is also almost certainly heading towards a recession — if it's not already in one — and the housing market is partly to blame, economists say.
But immigration is just one of many factors at play — Canada's housing crisis far preceded the rise in immigration.
Stillo believes Canada's housing bubble has been slowly "deflating" for the last 18 months, despite an upswing in prices earlier this year.
But there isn't consensus on if and when Canada's housing bubble will burst — or even if there is a bubble.
While housing prices have flattened recently as demand softens, he says they show no sign of significantly declining.
Persons:
—, it's, Mosche Lander, haven't, Mike Moffat, Tony Stillo, Moffat, Lander, Stillo, they're
Organizations:
Service, Concordia University, Smart Prosperity, University of Ottawa, US, Oxford Economics, America, Bloomberg
Locations:
Canada, Canadian