The move came after wait times for sponsorship of family class applications had grown to an unwieldy seven years or longer.
"Without taking action, those times will continue to grow, and that is unacceptable," said Citizenship, Immigration and Multiculturalism Minister Jason Kenney during the announcement of the move.
"Action must be taken to cut the backlog, reduce the wait times, and ensure that the parents and grandparents program is sustainable over the long run," Kenney added.
The multiple-entry "Parent and Grandparent Super Visa" will be valid for up to 10 years, and allow applicants to remain in Canada for 24 months before needing to renew their visa, officials said.
The new visas will begin on December 1 and will be issued, on average, within eight weeks of the application, officials added.