Canada’s federal immigration levels plan has tightened new temporary resident arrivals sharply while holding permanent resident targets steady at 380,000 annually, producing net outflows from the non-permanent resident population that offset much of the permanent inflow and keep overall growth near flat. Statistics Canada’s July 2026 estimates show the slowest annual increase in decades at 0.5 percent, or 189,000 people, though upward revisions of roughly 300,000 eliminated earlier signals of outright decline and left the non-permanent share at 6.7 percent. Traders weigh these policy-driven outflows against modest permanent immigration and possible later adjustments signaled by government comments on controlled future increases, with the November 2026 release of the 2027–2029 levels plan and year-end temporary resident data among the developments that could shift the narrow balance either direction.