Consumer
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 21, 2025
Canadian Retail Sales (January 2025)
Consumers tightened their belts to start the year with retail sales retreating more than expected in January after a strong showing in December. Since sales are reported in nominal terms, part of the decline may reflect a temporary drop in prices due to the HST/GST holiday. However, the pullback was even more pronounced in real terms.
March 17, 2025
TD Credit and Debit Card Spend Report: Consumers Temper Optimism as Trade Tensions Escalate
TD debit and credit card spending data signal a slowdown, as consumers temper their end-of-2024 optimism amid escalating trade tensions. Both goods and services spending weakened in early 2025, with no meaningful signs of resilience in key categories.
November 20, 2024
Mortgage Holders Have Moved Away From The Cliff Edge
Our analysis suggests that mortgage renewals are going to be less stressful for households than previously feared, with aggregate payments on Canadian mortgages poised to decline for balances outstanding as of mid-2024. The key factors behind this expected easing are lower interest rates and increased payments, which have helped to front-load the payment shock.
