Canada’s federal government has enacted the 2026-2028 Immigration Levels Plan, stabilizing permanent resident admissions at 380,000 annually while sharply cutting temporary resident targets to 385,000 in 2026 from over 670,000 the prior year. This includes roughly 50% reductions in new international student permits and 37% fewer temporary foreign worker entries, alongside efforts to shrink the non-permanent resident share of the population below 5% by late 2027. Official Statistics Canada and Parliamentary Budget Office data show quarterly population declines already underway in 2026, driven by sustained net outflows of non-permanent residents that offset modest permanent inflows and natural increase. These policy measures, introduced to ease housing and service pressures, underpin trader consensus on a net population decrease for the full year.