Population growth stalled in Q2, with less than 50K added. At 0.1%, Q/Q growth hit an all-time low for a second quarter (ex-COVID) but improved slightly over prior period growth…

… supported by immigration, which has held steady in recent quarters at ~100K - nearing the government’s 400K per year target.

The trend continues in the non-permanent resident category, which posted its third straight outflow and the second largest on record…

… which should keep going, with the current total sitting ~940K above Carney’s 5% goal. That should take a bite out of Canada’s younger demographic…

… driving a re-acceleration of population aging and reinforcing the M&A ambitions for senior living names like Chartwell (CSH) and Sienna (SIA).