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BLOG / NEWS Updates
TD Provincial Economic Forecast: Crawl Before You Walk
By TD Economics
2025 is shaping up to be a modestly better year than expected in our prior forecast. However, our provincial growth rankings are largely unchanged. Observed weakness in large manufacturing bases in Central Canada is as expected, while idiosyncratic factors are driving firmer performances elsewhere.
Exports coast-to-coast dipped in the second quarter following a front-running of export activity to the U.S. the quarter prior. The outlook for Canadian trade has marginally improved as effective tariff rates have come in lower than our expectations. Across provinces, nominal exports to the U.S. from Quebec, Saskatchewan and Alberta have underperformed the nation as a whole. Evidence of an export rotation to non-U.S. markets is limited, with Ontario, Alberta, Newfoundland and PEI showing some promise.
All provinces have taken steps towards the removal of interprovincial trade barriers. Ontario has arguably gone the furthest, followed by Nova Scotia, Manitoba, B.C. and PEI. Newfoundland and Labrador and New Brunswick have been more cautious. These encouraging developments could help offset some of the disruption caused by the Canada U.S.-trade war, but the scale of the boost could be limited. Notably, geographic barriers still exist, and not all provinces have trade agreements in place.
Were retaining our view that Canadian housing will continue its recovery, fueled by pent-up demand in B.C. and Ontario, although loose conditions will restrain the extent of price gains in these two markets. Activity remains considerably firmer outside of these two markets, with mid-to-high single-digit price growth performances on tap in the Atlantic, most of the Prairies and Quebec this year and next.
Canadas job market has recently shed over 100k jobs, driving the national unemployment rate to a cyclical high. Ontario has disproportionately absorbed the shock so far this year as its unemployment rate has risen faster than in other regions. We expect unemployment rates to drift lower as employment mildly improves and labour force growth stalls on the back of a standstill in population growth.
Commodity producing provinces are still better positioned to weather trade-related headwinds. Production of key commodities in Alberta, BC, and Saskatchewan continues to trend higher as market demand has yet to wane. Some prices, particularly crude oil, have softened relative to our last forecast, but a broad-based mild recovery in commodity prices is expected through next year.
https://economics.td.com/provincial-economic-forecast
TD Canadian Quarterly Economic Forecast: Navigating the New Trade Normal
By TD Economics
Despite all the twists and turns in U.S. trade policy, our forecast for the global economy is broadly unchanged from our June view.
Ditto for the U.S. economy, at least on the surface. Consumers have pulled back as the labor market has cooled, but that has been offset by strong business investment. The Fed is expected to cut interest rates further to support the labor market that has cooled further than previously believed.
Canadas exports have been hit hard by U.S. tariffs, but consumer spending has shown surprising resilience buoyed in part by a pull-forward in auto purchases and in the face of tariffs. Interest rate cuts have contributed to an uptick in housing activity broadly but are no panacea for the structural headwinds that will continue to weigh on Canadas economy.
Economists are still suffering from whiplash following the twists and turns of U.S. trade policy. But despite all the back and forth, our forecast for the global economy is broadly unchanged from our view in June. Global growth is on track to advance 3.1% this year, with a slight slowdown in the cards for 2026. In the euro area, GDP rose at a 0.4% annualized pace in Q2, slightly above expectations but sharply slower than the 2.4% pace in Q1. China expanded 5.2% year-on-year in Q2, stronger than forecast, though weak credit growth and continued property stress point to softer momentum in the second half. Japans economy grew at a 1.0% annualized rate, beating expectations.
On the trade front, risks have eased for now: the U.S. capped tariffs on the EU at 15% in July, the U.S. extended their truce with China and Mexico in August for 90 days, and the U.S. and Japan reached a limited accord preserving market access. Yet frictions persist, with China imposing new duties on European agricultural goods, and there remains considerable uncertainty around the direction of trade policy once temporary truces expire and if the U.S. Supreme Court rules against the legality of IEEPA tariffs. Front running leading up to President Trumps reciprocal tariff deadline, originally set for July but subsequently delayed, led to a pull-forward of industrial output and inventory builds. This will likely result in a choppy pace of growth across both advanced and emerging markets depending on trade exposures. The result is a global economy that continues to advance on average, but at an unspectacular pace with divergence among countries. This modest pace is supported by domestic demand and services but constrained by weak goods trade and unsettled policy risks.
https://economics.td.com/ca-quarterly-economic-forecast
Scotiabank: CANADA HOUSING MARKET: CONTINUE TO TREND UP … NOT SO FOR PRICES
From Scotiabank
National housing sales posted a fifth consecutive increase in August. The sales-to-new listings ratio edged down nationally from July to August as new listings rose at a faster pace than sales. The national MLS House Price Index declined mildly in August, hence still on its downward trend since summer of 2023.
Housing sales rose 1.1% (sa) nationally from July to August, the fifth consecutive monthly gain since their most recent trough in March of this year. The cumulative increase in national sales since March is 12.5%, but they were 7.4% weaker in August than their most recent peak achieved last November. In August, national sales rose 1.9% (nsa) from their level in the same month of 2024. New listings increased 2.6% from July to August (sa) and by 6.1% (nsa) since August 2024. They have been mostly trending up since early 2023 and were approaching in August their level just before the Bank of Canada started tightening its policy rate in March 2022.
With the rising pace of national new listings exceeding that of sales in August, the national sales-to-new listings ratio edged down from 52% in July to 51.2% in August. This indicator of housing market conditions has been in the lower half of our estimated balanced conditions range (of between 44.7 and 66.1%) since 2025 began. The other indicator of market conditionsmonths of inventorystayed unchanged from July to August at 4.4 (sa figures), still below its pre-pandemic long-term average of 5.2. This indicator of market conditions has eased since its most recent trough in November 2024 when it was at 3.7.
The national MLS House Price Index (HPI) edged down -0.1% (sa) from July to August with all unit types contributing to this monthly decline, except for 1-storey singles (+0.2%). 2-storey singles and apartment units both posted a -0.2% monthly decline in August while townhouse units declined -0.3%. From August 2024 to August 2025, the MLS HPI declined -3.4% (nsa), and all unit types contributed to this annual decline. The largest annual declines were observed for apartments (-5.3%) and townhouses (-4.6%) while the smallest decline was observed for 1-storey single units (-1.1%). The National MLS HPI in August was near 18% below its March 2022 level (sa figures)the month when the Bank of Canada started tightening its policy stanceand more than 26% above its pre-pandemic (December 2019) level.
Sales increased in about 60% of local markets we track from July to August while new listings increased in near 55% of them. Market conditionsas measured by the sales-to-new listings ratioeased in just below 50% of these local markets over this period.
https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.housing.housing-news-flash.september-15--2025.html
