Changing from Spouse Visa to Permanent Resident Visa

I am currently on a 5 year spouse visa (my second one) which expires in June 2024.

So I either need to renew the spouse visa again or apply for permanent residence.

My question is can I just apply for permanent residence. I’m assuming it could take a few months. What’s the situation where my visa runs out in June but the application for permanent residence is not completed at that time?

Probably should have looked into this before now. Any advice would be much appreciated.

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