Canada Sets 380,000 Immigrant Target for 2026-2028
Ottawa's annual permanent resident goal holds steady while the Bank of Canada renews its focus on price stability.
Updated on Nov. 5, 2026 in Economic Policy
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Should Canada increase its annual immigration target above 380,000?
Canada has set an annual immigration target of 380,000 permanent residents for 2026 through 2028. The government also renewed its monetary policy framework, which emphasizes price stability.
Why it matters
The plan sets the pace of permanent immigration across Canada for three years, while the renewed framework anchors how the central bank responds to inflation. Together they shape both population growth and the cost of borrowing for households nationwide.
The Bank of Canada targets 2% inflation within a 1%-3% control range under the renewed framework. Prediction markets priced a 37.5% chance of a 25 basis point rate increase in December versus 63.5% for no change, and it is unclear how these expectations will shift.
The players
Bank of Canada
Canada's central bank, responsible for monetary policy and the inflation target of 2%.
The details
Canada maintained its annual target of 380,000 permanent residents as part of its immigration plan covering 2026 to 2028. The renewed monetary policy framework reaffirms the Bank of Canada's focus on price stability, and market participants are weighing it alongside anticipated oil price increases.
Timeline
2026-2028: Immigration plan period with the 380,000 annual target.
December: Bank of Canada interest rate announcement.
Economic Policy Context
The renewed Bank of Canada framework extends its long-standing inflation-targeting regime, which keeps inflation within a 1%-3% control range around a 2% target. The 380,000-person immigration target sits alongside that regime as a separate lever on population and labour supply.
Households with variable-rate mortgages or loans could see payments change if the Bank of Canada raises rates in December. Continued immigration at 380,000 per year may also influence rental demand and housing costs across Canadian cities.
The takeaway
Watch the December Bank of Canada decision closely, since rate changes directly affect borrowing costs for mortgages, lines of credit, and other loans.
What happens next
The Bank of Canada will announce its next interest rate decision in December.
Further reading
Explore more on Economic Policy in Canada and how these decisions shape the national outlook.
Live Poll
Should Canada increase its annual immigration target above 380,000?
