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Canada Didn't Shrink. StatCan Found 300,000 People.
On September 23, StatCan revised its population count and added 301,008 people. Two of the three "decline" quarters became growth. Most of the people it found were temporary residents still in the country on pending permit extensions. Nick and Dan explain how the old count missed them, what changed in the method, and whether this weakens the bear case for housing. Growth is still the slowest since 1915, rents are soft, and more departures are likely coming. The revision changes why the numbers looked the way they did, not the market we've been living in.
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