Canadian interest in U.S. migration faded after the Great Recession—that’s reversing fast. In 2023, Canadians granted permanent residency hit a multi-year high, according to the U.S. Department of Homeland Security’s (DHS) latest data. It’s easy to dismiss the data as lagging the narrative of rising hostilities, but that’s unwise. Canadians kicked off 2025 by permanently leaving in record volumes and sending record capital into U.S. stocks—indicating they see fewer opportunities in Canada .
Canadian Permanent Migration To The U.S. Hits A 7-Year High
U.S. permanent residency granted to Canadians by year.
Source: U.S. Department of Homeland Security; Better Dwelling.
Canadians granted permanent residency in the U.S. have been steadily climbing in recent years. The latest data shows 18,590 Canadians were granted residency in 2023, up 34% from a year prior and following a 16% increase in 2022. This marks the highest level since 2016.
U.S. Appeal To Canadians Faded Post-Great Recession, Now Reversing
The shift is somewhat surprising when zooming out and looking at the historical context. The trend peaked in 2005, falling in line with the Great Recession and U.S. housing bubble popping. Then it slid to a low in 2020, before sharply reversing and hitting a multi-year high in 2023.
Canada-U.S. Tensions Rise, But Canadians Still See Opportunity Elsewhere
Unfortunately, this data lags and we don’t have any concrete insights into how this plays out. It’s easy to conclude that rising tensions between the two countries would reduce migration in 2025. However, the available data indicates this may not be the case.
Two major data points to consider are emigration and cross-border investment. Emigration, when Canadians permanently move to another country, is hitting record volumes. A staggering 27,100 Canadians left for a new country in Q1 2025, a record for any first quarter. There’s no data on where they migrated, but the U.S. tends to be a big winner of high-skilled Canadians, via permanent residency or temporary work permits like the H-1B skilled labor visa.
Recent financial data shows Canadians are buying less domestic real estate, and making record investments in American stocks. The data only indicates capital is leaving, not people. However, it reveals many Canadians see more opportunity stateside, and anti-American hostility may be louder than widespread.
Whether the record number of Canadians are heading to the U.S. is secondary. The principal takeaway is that Canada was doing a lot right from 2005 to 2020, and then started to make some seriously detrimental decisions. The loudest voices insisting “everything is great” don’t change the fact that more Canadians feel the need to leave for better opportunities.
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