Commentaries
February 18, 2026
Canadian Existing Home Sales (January 2026)
Canadian existing home sales declined 5.8% month-on-month (m/m) in January. Sales were lower in every province last month, with steep drops recorded in Manitoba (-10.6% m/m), Ontario (-8.9%) and B.C. (-8.2%). Meanwhile sales were down by about 7% (simple average) across the Atlantic.
February 17, 2026
Canadian Consumer Price Index (January 2026)
Headline CPI inflation cooled a tick in January to 2.3% year-on-year (y/y) one tenth lower than consensus expectations. Even so, inflation was boosted by comparison to lower prices during the federal government's temporary sales tax holiday from mid-December 2024 to mid-February 2025.
February 06, 2026
Canadian Employment (January 2026)
Was this good news or bad news? The unemployment rate unexpectedly fell back to 6.5% - its lowest level since September 2024. However, the economy still shed 25K jobs. It was thanks to an even larger decline in the labour force that the overall job market got tighter.
February 05, 2026
Same, but Less: Prime Minister Carney Announces New EV Rebate and Auto Sector Strategy
On February 5th, Prime Minister Carney and Industry Minister Melanie Joly announced a revised strategy aimed at decarbonizing the transportation sector and supporting Canada's fledgling EV manufacturing industry. Many of the measures announced were similar to what was in place under Trudeau, but simply less stringent and/or less generous versions of those previous policies.
January 19, 2026
Bank of Canada Business Outlook Survey and Canadian Survey of Consumer Expectations (2025 Q4)
Business sentiment improved modestly in Q4, but closed 2025 below last year's levels, with the Bank of Canada characterizing the mood as "subdued". Firms are expecting stronger demand in 2026, however export sales growth expectations remain muted.
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.
