This is, as Matador puts it, a "slow burner". It's the first New Pornographers song I've heard in a while that took a lot of time to grow on me. Most of their stuff is heavy on riffs and hooks, and is easy to get into. This still has them but definitely not in the same vein of, say, "Letter from an Occupant". I'm going to trust it's one of the quieter songs on the upcoming disc Challengers.
Structurally it's nothing different than the other dozens of New Pornographers tunes. You get the instrumental poppy intro (this time a weird keyboard/organ thing, very quiet), a teaser into the verse, and then the chorus. This is a breezy and summery song. The backing vocals set the tone more than the intro, I think, and surprisingly it never explodes in any way. It simmers. It bakes. And then it sits in your head like any of their other tunes.
Not as accessible, perhaps, but I suspect I'll be coming back to this one in the future.
Bonus: their cover of "Your Daddy Don't Know" by Toronto.