On October 24, Immigration Minister Marc Miller announced the Federal Government’s 2025-2027 Immigration Levels Plan. The Government is cutting the projected number of new permanent residents from 485,000 this year to 395,000 in 2025, with further cuts to 380,000 in 2026 and 365,000 in 2027.  

The intention behind this new immigration levels plan is to stabilize population growth and relieve pressure on the housing market. The new Levels Plan is projected to result in a marginal population decline of 0.2% in both 2025 and 2026, before returning to a population growth of 0.8% in 2027, reducing the housing supply gap by approximately 670,000 units over the next few years. 

More information can be found in the government news release.