

Consumer
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.
February 21, 2025
Canadian Retail Sales (December 2024)
Retail activity ended the year with a bang. Given the dampening effect of the GST/HST tax break on nominal figures, real sales provide a better measure of consumer activity, pointing to a swift rebound in spending behaviour. As a result, we expect consumption growth for Q4 2024 to reach around 4% (annualized), pushing GDP growth above trend.
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.