Is Telus growth sustainable if Canada is reducing the number of immigrants?

Immigration reductions have been relatively well known by the market for quite some time now, so yes it is likely the information is already absorbed into TELUS's stock price.

My mid-term hold on a company like TELUS is primarily on valuation multiple expansion due to higher free cash flow generation moving forward. This higher free cash flow expansion I expect to come from reduced capital expenditures and not necessarily overall company growth.

I'm not a huge fan of Canadian telecoms anymore from a long-term perspective but it is hard to deny they don't present some value over the short to mid term here, which is why I accumulated the company during the summer.