Canada’s population growth has slowed sharply in 2026 due to federal immigration policy tightening. The government’s 2026–2028 levels plan caps permanent resident admissions at 380,000 annually while targeting a reduction of temporary residents to under 5% of the population by end-2027, with new temporary resident arrivals limited to 385,000 in 2026. Statistics Canada’s September 2026 quarterly estimates showed the population at a record 41.8 million on July 1 but with only 0.5% year-over-year growth—the slowest in over a century—driven by net outflows of non-permanent residents that offset most permanent immigration gains. Revised data eliminated earlier estimates of outright declines but confirmed ongoing quarterly pressure from reduced study and work permits. These policy-driven outflows and lower overall inflows create the narrow trader lean toward a year-end decline.