Canada's federal government implemented sharp reductions in permanent and temporary resident targets starting in late 2024, including 380,000 permanent residents for 2026 and a goal of cutting non-permanent residents to 5% of the population by year-end. These policy shifts triggered sustained net outflows of international students and temporary workers, producing quarterly population declines through late 2025 and into 2026. Statistics Canada data show a 55,000-person drop in Q1 2026 alone—the third consecutive quarterly decline—with cumulative losses exceeding 200,000 since mid-2025. Official projections from the government and Parliamentary Budget Office anticipate flat or negative growth for the full year, exceeding prior record contractions outside the pandemic period. Trader pricing reflects these confirmed inflows, outflows, and demographic trends.