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Liberals realize they need to factor in housing, healthcare to immigration plan

Plot twist: the federal government has decided that it’s finally time to consider housing, health care and infrastructure planning with provinces and municipalities in setting the country’s annual immigration targets.

Immigration Minister Marc Miller announced the significant shift in Canada’s immigration strategy in response to the recent surge in its population, the largest in nearly 70 years. According to Statistics Canada, the population increased by 2.9% in the year ending on July 1, 2023, with the total population surpassing 40 million people.

It’s unclear whether the original targets, 500,000 permanent residents by 2025 and 465,000 in 2023, were set without these considerations. The surge in population comes as the country grapples with the rising cost of living and the housing crisis.

You can read more on the matter here.

What’s going on?

• EIA Reports “Record” Crude Production… Or Did They? (theDeepDive)

• Are Retailers Like Target Using the Theft Narrative as a Smokescreen? (theDeepDive)

• Cheaper Canadian oil and gas valuations lure potential U.S. buyers north (TGM)

• Federal Reserve Maintains Interest Rates For Second Meeting In A Row (theDeepDive)

• The Beatles to release AI-powered new song with Lennon's voice (Reuters)

• No cuts to immigration coming as Canada holds goal for 500K per year (GlobalNews)

• The Food Professor Says Carbon Tax’s Inflation Impact Four Times Higher Than Initially Reported (theDeepDive)

• 3 million more Canadians in housing need than CMHC estimates suggest (GlobalNews)

• Safemoon Founders Arrested, Dave Portnoy Admits Token Is “Ponzi Scheme” (theDeepDive)

• Powell Touting Tight Financial Conditions Causes Them to Loosen (Bloomberg)

What’s the latest?

• US Private Payrolls: ADP reported that U.S. private sector payrolls grew by 113,000 in October, a modest increase from the unrevised 89,000 in September but below the expected 130,000. Wage growth was reported at 5.7% year-on-year, the smallest annual gain since October 2021.

• Jobless Claims Rise: The U.S. Labor Department reported a slight increase in new unemployment claims, with 217,000 claims filed for the week ending October 28, compared to the expected 210,000. While continuing claims rose to a six-month high, economists are divided on its implications, with some attributing it to seasonal adjustments.

• Ford Sales Decline: Ford reported a 5.3% decrease in its October U.S. vehicle sales, which included a 5.1% decline in sales of its lucrative F-series pickup trucks, amidst a recent UAW union strike at its Kentucky Truck Plant. Despite this, sales of Ford's electric vehicles saw an increase of 9.1%, with the F-150 Lightning electric pickup truck sales rising by 52.4%.

• Paypal Crypto Problems: PayPal Holdings Inc. has confirmed receiving a subpoena from the U.S. SEC regarding its dollar-linked stablecoin, PayPal USD. The regulatory request for documents is part of an ongoing scrutiny by U.S. regulators into stablecoins, amidst concerns over their potential impact on financial stability and use in illicit activities.

• Cocaine Use Booming: New federal data from Canada indicates a rising trend in the use of stimulants like cocaine, contributing to a significant number of drug-related deaths. The Statistics Canada report reveals that cocaine levels in most municipalities increased from January to May 2022 compared to the same period in 2020, and this rise seems to be continuing into 2023. Overdose deaths increased by over 30% from 2020 to 2021, with about half involving both opioids and a stimulant.

The rise of Hercules Silver

The stock market and stuff

• Shopify Jumps 15% After Posting Strong Q3 Revenue Growth (theDeepDive)

• Disney Takes Full Control of Hulu in $8.61 Billion Deal with Comcast (theDeepDive)

• Airbnb Beats Q3 2023 Earnings Estimates Due To One-Time Tax Benefit But Projected Revenue Falls Short (theDeepDive)

• X Grants Employees RSUs at $45 Share Price, Valuation Drops by 55% in a Year (theDeepDive)

In the juniors

• Lion One Metals Drills 2.4 m of 90.76 g/t Gold in Zone 5 at Tuvatu (JMN)

• Sigma Lithium Reports A “Potential” Resource Expansion (theDeepDive)

• Freegold Ventures Intersects 1.44 g/t Au over 31.4 m at Golden Summit (JMN)

FULL DISCLOSURE: First Lithium Minerals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Lithium Minerals. The author has been compensated to cover First Lithium Minerals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.