Canada’s 2026–2028 Immigration Levels Plan has sharply cut new temporary resident arrivals to 385,000 this year, down from prior targets, while holding permanent resident admissions near 380,000. This policy response to housing and service pressures has produced sustained net outflows of non-permanent residents, which reached 6.7 percent of the population by July 2026 after peaking above 7 percent. Statistics Canada data show overall growth slowed to 0.5 percent year-over-year through mid-2026—the weakest pace in over a century—with quarterly gains driven almost entirely by permanent inflows offset by temporary departures and modest natural increase. Traders therefore assign a narrow edge to a calendar-year decline, reflecting the scale of temporary outflows relative to stable permanent and natural components.