MNI BRIEF: Canada Population Growth Matches Slowest Since 1946

Canada's first-quarter population growth stalled, matching the slowest pace in records back to 1946 as government curbs on student visas took hold, the federal statistics office said Wednesday, a trend that could reduce job market slack as the central bank considers the need for more interest-rate cuts.

The population of 41.5 million was unchanged on a percentage basis and reflected a gain of about 20,000 people. It was the sixth quarter in a row of slower population growth. On a percentage basis the first quarter matched lows set in 2020 during the Covid pandemic and in 2014, the only times since 1946 the population didn't expand. (See: MNI INTERVIEW: Canada Condo Dip Seen On Migrant Turn-Adviser)

The government is slowing immigration after record gains squeezed housing and job markets, and new job seekers helped lift unemployment to the highest since 2016 outside the pandemic. Domestic births haven't been enough to sustain the population since 2022, meaning Canada is again getting older. (See: MNI: Canada Job Market Seen Reheating As Migrants Leave- CFIB)