A comprehensive TD Economics report released on October 28, 2025, confirms that Canada's strategic reduction of immigration levels is achieving its intended objectives across housing and employment sectors.

The analysis, authored by Chief Economist Beata Caranci and Economist Marc Ercolao, reveals that population growth has decelerated from 3.2% in Q2 2024 to 0.9% in 2025,

significantly moderating rental market pressures and stabilizing unemployment rates. Purpose-built rental growth is projected at 3-3.5% for 2026, approximately half of 2024's pace, while unemployment rates remain substantially lower than projected under continued high immigration scenarios. Notably, consumer spending has demonstrated unexpected resilience throughout this transition period.

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