Canada’s population has declined for multiple consecutive quarters through mid-2026, driven by the federal government’s 2026–2028 Immigration Levels Plan, which caps new temporary resident arrivals at 385,000 while stabilizing permanent resident admissions near 380,000. This policy aims to reduce the non-permanent resident share below 5% of the total population by the end of 2027, producing net outflows that offset natural increase and permanent inflows. Statistics Canada data through April 2026 confirm quarterly contractions of 0.1–0.2%, with temporary resident numbers falling sharply after peaking in 2024. Parliamentary Budget Office projections indicate flat or slightly negative growth for the full year, consistent with ongoing caps on study and work permits and tighter financial requirements implemented in 2026. Trader pricing aligns with these confirmed trends and the absence of offsetting policy reversals.