Population growth stagnated in Q2, with just 20K added at the country level and a Q/Q decline in Quebec, Ontario, and British Columbia.

The regional declines were driven mainly by in-country dynamics, with continued interprovincial migration towards Alberta…

… while the headline number was largely due to an immigration slowdown, as the government aims to reduce permanent admissions to under 400K this year.

Non-permanent residents declined ~60K Q/Q, in-line with the government’s goal to reduce this category to 5% of the total population by 2027. At ~7% currently (~1M above target)…

… this segment should weigh on near-term population growth - benefitting per capita GDP at the expense of absolute growth and posing challenges for grocers (necessity-based same-store growth) and REITs (apartment demand) if it continues.