Depends on if there’s a lot of demand currently not being fulfilled. You’d expect wages to go down if new workers flooded a market already operating in a sense of “equilibrium” for lack of a better word. I don’t know what the case is in Canada though.

You can expect an influx of companies taking advantage of a base of talent. That's why startups pay SV rent.

Maybe, but you can expect a lot of new businesses being opened too. You would never dream of starting your company on a H-1B but with a blanket work permit you absolutely will.