The population of the Town of Magrath according to its 2017 municipal census is 2,435, a change of 1.5% from its 2015 municipal census population of 2,398.

In the 2016 Census of Population conducted by Statistics Canada, the Town of Magrath recorded a population of 2,374 living in 757 of its 794 total private dwellings, a 7.1% change from its 2011 population of 2,217. With a land area of 5.99 km2 (2.31 sq mi), it had a population density of 396.3/km2 (1,026.5/sq mi) in 2016.

In the 2011 Census, the Town of Magrath had a population of 2,217 living in 684 of its 748 total dwellings, a 6.5% change from its 2006 population of 2,081. With a land area of 4.97 km2 (1.92 sq mi), it had a population density of 446.1/km2 (1,155.3/sq mi) in 2011.