Canada’s first population decline is being blamed on temporary residents leaving, but that overlooks a deeper structural issue: a record outflow of citizens too. Statistics Canada (StatCan) data shows emigration, the act of citizens or permanent residents relocating abroad, surged in Q3 2025. The unusual record outflow over the past year has only seen anything like this twice in history. All three of these periods reveal the same issue—the misallocated capital that occurs during a real estate bubble. READ MORE
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