Canada’s population shrank 0.2% in Q3, shedding 76K people - the largest quarterly contraction on record.

With the exception of Alberta (up 0.2%), which continues to benefit from interprovincial migration - the impact was felt country-wide…

… and was driven by a record reduction in non-permanent residents of over 175K, the fourth straight outflow (mostly study permit holders). That should continue, given the current total sits ~770K above Carney’s 5% target…

… but we’re already there on immigration, which has held steady at just over 100K for the past four quarters.