Canada’s population shrank another 0.2% in Q4, shedding over 100K people and overtaking Q3’s contraction as the largest on record.

With the exception of Alberta (up 0.1%), which continues to benefit from interprovincial migration - the drawdown was broad-based…

… driven by the continued reduction in non-permanent residents, which should continue - given the current total sits ~600K above Carney’s 5% target.

With immigration sitting well below the 400K annual target on a run-rate basis…

… NPR outflows should remain the driving force, resulting in continued pressure on population numbers in the coming quarters.