rabbitoh,You are exactly right: I've been telling people this,...

rabbitoh,

You are exactly right: I've been telling people this, myself, for ages.

People severely underestimate the effect 5+ years of high temporary and permanent resident migration (well in excess of 150,000 p.a.). As well as the pressure this has put on housing at the margin.

Whether it was the right or wrong thing to do, is moot. The point is that, when we have a downturn, they will be the first ones put off and will exit, stage left. That will put even more pressure on housing, but on the downside. Not to mention the effect of over 500,000 less workers spending money in the economy.