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Canada’s Population Growth Flatlines

Canada’s population growth has effectively stalled, rising by just 20,107 people in the first quarter of 2025 as the federal government’s immigration restrictions take hold, Statistics Canada reported Wednesday.

The 0.0% quarterly growth rate marks the country’s slowest population increase since the COVID-19 pandemic and represents the second-slowest growth since comparable records began in 1946. Canada’s population reached 41,548,787 people as of April 1.

The slowdown stems from the Liberal government’s 2025-2027 Immigration Levels Plan, which, for the first time, sets limits on temporary residents, including international students and foreign workers. The number of non-permanent residents dropped by 61,111 people during the quarter.

You can read more on the matter here.

What’s going on?

• Spanish Government Orders Removal of 65,000 Airbnb Listings in Housing Crisis Crackdown (theDeepDive)

• Canada won’t pause digital sales tax despite Trump’s objections (Globe)

• U.S. economic slowdown still in the cards, Fed says (CNBC)

• Ford Links Indigenous Funding To Opening First Nations Lands for Mining (theDeepDive)

• Trump extends deadline for US TikTok sale to September (Reuters)

• Condo sales, construction crater in Canada’s two biggest markets, data show (CTV)

• Trump Reportedly Approves Iran Strike Plan As Khamenei Rejects Surrender (theDeepDive)

• SpaceX’s Starship Rocket, Aimed at Mars Mission, Explodes Again (WSJ)

• US Clears Bahrain Port, Signalling Trump’s Endgame on Iran (theDeepDive)

• Spain threatens to derail Nato summit over Trump defence target (FT)

• Battle of TCs: Ted Cruz Accidentally Leaks US Already At War With Iran In Tucker Carlson Interview (theDeepDive)

• Nova Scotia offers $150,000 reward for information about missing siblings (Globe)

What’s the latest?

• Tiktok: President Trump has signed a third 90-day extension allowing TikTok to operate in the U.S., aiming to finalize a deal to bring the platform under American ownership. The move follows failed earlier attempts due to geopolitical tensions, particularly with China. Despite legal uncertainty, no court challenges have been filed against the repeated extensions. TikTok continues to grow, now boasting 170 million U.S. users, while public support for a ban has declined. Critics, including Sen. Mark Warner, argue Trump is bypassing national security laws.

• Trade War: Prime Minister Mark Carney announced that Canada will adjust its counter-tariffs on U.S. steel and aluminum on July 21 in line with recent trade negotiation progress. The move responds to President Trump’s hike of U.S. metal tariffs to 50%, which severely restricted Canadian steel exports. The Canadian steel sector has faced layoffs and slowed shipments, prompting urgent calls for action. Industry leaders and Ontario Premier Doug Ford have pressured Ottawa to respond strongly to protect domestic producers.

• Politics: Canada will enforce a 3% digital services tax on major U.S. tech companies starting June 30, despite pressure from U.S. lawmakers and businesses to delay. The retroactive tax could cost firms like Amazon and Google over US$2 billion, with 90% of the revenue coming from U.S. companies. Finance Minister Champagne said the tax was passed by Parliament and will proceed as planned. The move comes just weeks before a Canada-U.S. trade deal deadline and may trigger U.S. retaliation.

• Gold: CITI Research predicts gold prices will fall to around US$2,500–$2,700 by late 2026, down from over $3,300 today, due to expected U.S. rate cuts and improved economic sentiment. Analyst Max Layton attributes recent gold gains to investors hedging against economic risks but expects that demand to fade. He sees U.S. stimulus legislation boosting growth and reducing gold’s appeal. However, Goldman Sachs and Bank of America still forecast gold rising to $4,000 by 2026, driven by strong central bank buying.

• BMO: BMO Financial Group is acquiring Toronto-based Burgundy Asset Management for approximately $625 million in shares. Burgundy, which manages $27 billion in assets, serves high-net-worth individuals and institutions. The firm will join BMO’s wealth management division, enhancing its services for wealthy clients. Burgundy’s CEO and co-founders will remain in leadership roles after the acquisition.

Surge’s $9B Lithium Dream vs Market Reality

The stock market and stuff

• Pro-Israel Hackers Drain $90M From Iran’s Largest Crypto Exchange (theDeepDive)

• Chevron Acquires Arkansas, Texas Lithium Rights in EV Push (theDeepDive)

• Microsoft prepared to walk away from high-stakes OpenAI talks (FT)

• Scotiabank CEO Sees Canada’s Economic Revival Under Carney (theDeepDive)

• Empire Company’s 2025 Record Revenue Still Posted A Net Income Drop (theDeepDive)

In the juniors

• Electra Battery Metals Begins Early Works Construction For Cobalt Refinery Restart (theDeepDive)

• Tudor Gold Begins 6,000 Metre Drill Program At Treaty Creek (theDeepDive)

• Steadright Enters Into Letter Of Intent For Acquisition Of TitanBeach Titanium Project (theDeepDive)

• CanAlaska Identifies Multiple Geophysical Targets At Frontier Following Airborne Program (theDeepDive)

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