Canada's federal government has implemented the 2026-2028 Immigration Levels Plan to curb net population growth by reducing new temporary resident arrivals to 385,000 while stabilizing permanent resident targets at 380,000 annually. This follows earlier peaks in non-permanent residents and aims to lower their share of the total population below 5 percent by the end of 2027. Statistics Canada data confirm quarterly declines through early 2026, driven by outflows of temporary residents that offset permanent admissions and natural increase. The Parliamentary Budget Officer projects flat or slightly negative annual growth for the year, consistent with policy efforts to ease pressures on housing and services. Trader consensus on a population decline reflects these sustained official targets and recent quarterly estimates.