Commentaries
November 18, 2025
Canadian Housing Starts (October 2025)
The dip in October housing starts sets the fourth quarter off on a softer footing in terms of residential investment's contribution to real GDP growth. That said, builders are still starting new units at a fairly healthy clip, supported by the purpose-built rental market.
November 17, 2025
Canadian Existing Home Sales (October 2025)
Canadian existing home sales increased 0.9% month-on-month (m/m) in October, partially reversing September's 1.6% m/m decline. Increases in B.C. (+2% m/m), Alberta (1.8% m/m), and Quebec (+2.7% m/m) helped lift national sales. Meanwhile, sales dipped in Ontario (-0.7% m/m), Saskatchewan (-4.3% m/m), and Manitoba (-5% m/m).
October 20, 2025
Bank of Canada Business Outlook Survey and Canadian Survey of Consumer Expectations (2025 Q3)
Business and consumer optimism improved slightly in Q3, reflecting a modest easing of trade tensions, greater clarity on tariff measures and an improvement in household financial health supported by rising net worth. However, the overall level of sentiment remained subdued for both businesses and consumers
October 07, 2025
Canadian Merchandise Trade (August 2025)
Canada's export-gaining streak reversed course in August wiping out most of the progress we've seen since April. With two months of data in the quarter, and despite a weak month for exports, net trade is still expected to make a modest contribution to Q3 GDP growth after an exceptionally weak showing the quarter prior.
April 02, 2025
U.S. Liberation Day Binds The World To High Tariffs
The U.S. administration announced broad reciprocal tariffs today, targeting all trading partners, and not just the countries that run large trade surpluses with the U.S. The tariffs will be implemented under the International Emergency Economic Powers Act (IEEPA) of 1977.
March 27, 2025
U.S. Imposes 25% Auto Tariffs
President Trump announced that on April 3rd, the U.S. will place 25% tariffs on all imported passenger cars and light trucks. However, imported vehicles from Canada and Mexico that are compliant with the USMCA will face the 25% tariff only on the value of content produced outside of the U.S.
February 26, 2025
Capital and Repair Expenditure Survey (2025)
Statistics Canada released the results of its latest 2025 survey of non-residential capital and repair expenditures (a.k.a., the CAPEX survey). The survey was taken between September 2024 and January 2025, meaning that it misses the bulk of the more recent ramp up in tariff threats by President Trump.
February 12, 2025
Update on U.S. Steel and Aluminum Tariffs
The White House has announced the restoration of Section 232 Tariffs on Steel and Aluminum that were originally imposed in 2018. The rate on steel will return to the 25% implemented in 2018, while the rate on aluminum will rise to 25%, from 10% previously.
