The real issue is Canada's demographic decline. Immigrants were brought in to fill that gap and pay for pensions and other goodies that expect a growing base of tax paying productive workers. We're not getting rid of these people, they will become citizens if they choose to. Personally, I doubt that any announcement by the government will be anything but a temporary hold, to be returned to high levels post-Liberal el…
The US has been running its immigration system this way for many decades. It's a disaster. With low to modest economic growth, lifting tens of millions of poor, low education, low skill, non-english speakers up out of poverty is almost impossible. You need persistently rapid economic expansion to do that. The US is getting a long-term under economic class of non-English speakers with low education levels: forever low income laborers. There are large special interests (business and political) in the US that like this and have kept our immigration system this way on purpose for decades despite the mess it has caused. Canada should avoid replicating this failed approach to immigration. The US also has a lot of sprawl space to live in, Canada for the most part does not (most of Canada isn't reasonably inhabitable obviously), so you just get ever more intense density problems in Canada with bulk immigration.
The other huge problem for Canada's immigration change, is that the low skill workers won't contribute enough in taxes net to make a difference in the fiscal demographic problems of the coming decades. The net tax contribution of a low skill worker is between zero and very low across their lifetime. Whereas with Canada's former policy of focusing on high skill immigration, you get a large tax surplus per person, which pays for expensive social programs.