The government’s plan to cut temporary resident numbers over 2025 to 2027 will result in the weakest three years for population growth in Canada’s 157-year history. While it might not be enough to persuade the Bank of Canada to start its loosening cycle next month, the plan reinforces our view that the Bank will cut interest rates to 3.0% by early 2025 and raises the chance that the Bank will go even further.
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