It is the largest island in Canada and the fifth largest island in the world , with an area of 507,451 kmÂ ( 195,928 sq mi ) . It has a population of 11,000 people as of the year 2007 . It is the largest island in Canada and the fifth largest island in the world , with an area of 507451 k and has a population of 11,000 ( 2007 estimate ) .