Canada's federal government has enacted the 2026–2028 Immigration Levels Plan to curb temporary resident inflows to 385,000 and stabilize permanent resident admissions at 380,000 annually, with the explicit goal of reducing the non-permanent resident share below 5% of the total population by end-2027. These policy shifts have driven net outflows of temporary residents that exceed permanent inflows and natural increase, according to Parliamentary Budget Officer projections of flat or negative total population growth for 2026. Statistics Canada data through mid-2026 confirm sharply decelerated annual growth to 0.5%, the lowest in decades, as non-permanent residents declined by over 150,000 year-over-year. Trader pricing reflects this sustained policy-driven contraction in the temporary population stock.