**Canada's population reached a record 41.8 million by July 1, 2026, with year-over-year growth of just 0.5 percent—the slowest pace since the early 20th century—driven almost entirely by reduced net international migration.** Statistics Canada data show non-permanent residents (international students, temporary workers, and others) falling by over 154,000 in the year to July, the largest annual drop on record, as federal policy caps new temporary arrivals at 385,000 for 2026 and targets a temporary-resident share below 5 percent of the population by the end of 2027. Permanent resident admissions have stabilized near 380,000 annually, providing the main source of growth, while natural increase remains modest. Earlier quarterly estimates had shown outright declines in late 2025 and early 2026 before upward revisions; traders assign a slight edge to an overall 2026 decline because continued outflows of temporary residents could offset permanent inflows and produce net negative change for the calendar year. Upcoming quarterly releases and the 2027 immigration levels plan, due by early November, remain key variables.