Canada’s population inched 0.2% higher in Q2, adding 80K people and posting the slowest Y/Y growth since 1916…

… which should continue, given a methodology change drove a huge revision to NPR numbers (permit extensions now included). With the current total now sitting ~690K above Carney’s 5% target…

… the category should keep a lid on growth in the near-term and put upward pressure on population age, which has been grinding higher in recent years (~41 currently).

Permanent immigration should be a non-factor, with the total trending at or below target for years…

… similar to interprovincial migration, which has shown consistent east to west movement since the pandemic.

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