Canada's federal government has maintained strict caps on non-permanent residents, international students, and temporary foreign workers through the 2026-2028 Immigration Levels Plan, targeting under 5% NPR share of the population by end-2027. This follows earlier reversals of pandemic-era inflows and has produced three consecutive quarterly population declines totaling over 234,000 since mid-2025, including a record 103,000 drop in Q4 2025. Statistics Canada and Parliamentary Budget Office data show net NPR outflows offsetting permanent resident gains, projecting flat or negative annual growth for 2026—the first such annual contraction on record. These sustained policy measures, aimed at easing housing and service pressures, underpin trader expectations that the full-year 2026 decline will exceed prior peaks.