08:15 AM EDT, 03/21/2025 (MT Newswires) -- Canada's monthly over-15-year-old population growth in February continued its decelerating trend, with both the month-over-month and three-month average recording growth figures under 2.0% seasonally adjusted annual rate (SAAR), said Scotiabank.

Quarterly annualized national population growth through to Jan. 1, meanwhile, slowed to levels (excluding the COVID-19 era) frequently recorded in the 2010s. While year-over-year growth of 1.8% versus 2023 is still elevated when compared with historical trends, it marks a significant step back from the trends witnessed through 2023 and the first half of 2024.

The temporary resident population as a share of the total population ticked down slight from 7.4% in the previous quarter to 7.3%. Overall stock saw its first net decline in three years, largely attributed another contraction of study permit holders, though partially offset by growth of over 25,000 in asylum claimant figures.

Asylum claimants are now defined in the Non-Permanent Resident Stock Estimates section of this report. Their population estimates, changes and share of the total population will be tracked with each quarterly population update.

While an election date hasn't yet been officially announced at the time of the bank's publication, media is reporting a call is expected within days and is likely set for April 28.

Both leading candidates have put forward their views and a number of objectives when it comes to sustainable immigration policy, such as Prime Minister Mark Carney favoring capped immigration until it can return to pre-pandemic trends and the Conservatives leader Pierre Poilievre discussing tying immigration targets to housing supply and reforming the Temporary Foreign Worker and international student programs.

Public sentiment, however, has shifted due to rapid developments from the United States, added Scotiabank. The implementation of U.S. tariffs, threats of additional tariffs and general rhetoric toward Canada have solidified voters' concerns with the Canadian economy and the cost of living, while relations with the U.S. have also become a leading voter matter.

Immigration, while still on the minds of the Canadian electorate, isn't at the forefront as it once was, according to the bank.