Canada's population trajectory this year reflects the federal government's 2026-2028 Immigration Levels Plan, which sharply reduced temporary resident targets to 385,000 from nearly 674,000 the prior year while holding permanent resident admissions steady at 380,000 annually. Parliamentary Budget Officer projections and early Statistics Canada data indicate net outflows of non-permanent residents are offsetting natural growth and permanent inflows, producing flat or slightly negative total population change for a second consecutive year. Recent quarterly figures already show the first annual decline on record, driven by policy measures aimed at easing housing and infrastructure pressures after earlier rapid growth. Traders appear to weigh these confirmed reductions and ongoing outflows more heavily than any potential revisions from permit extensions.