EN 
Provincial Outlook
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Podcast: The 10-Minute Take
One month into 2026, U.S. inflation continues to run above 2% for a fifth consecutive year—and the reasons go well beyond a single cause.
Budget Analysis
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Podcast: The 10-Minute Take
One month into 2026, U.S. inflation continues to run above 2% for a fifth consecutive year—and the reasons go well beyond a single cause.
Canadian Federal and Provincial Fiscal Tables
Provincial Budgets and Economic Statements
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British Columbia Budget 2025 (Mar. 5, 2025)
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British Columbia Budget 2024 (Feb. 23, 2024)
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British Columbia Budget 2023 (Mar. 1, 2023)
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British Columbia Budget 2022 (Feb. 23, 2022)
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British Columbia Budget 2021 (Apr. 21, 2021)
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Economic and Fiscal Update 2020/21 (Jul. 16, 2020)
British Columbia Budget 2020 (Feb. 19, 2020)
British Columbia Budget 2019 (Feb. 20, 2019)
British Columbia Budget 2018 (Feb. 26, 2018)
British Columbia Budget update 2017 (Sept.12, 2017)
British Columbia Budget 2017 (Feb. 22, 2017)
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Alberta Budget 2025 (Feb. 28, 2025)
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Alberta Budget 2024 (Mar. 1, 2024)
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Alberta Budget 2023 (Mar. 1, 2023)
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Alberta Budget 2022 (Feb. 25, 2022)
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Alberta Budget 2021 (Feb. 26, 2021)
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Alberta 2020-21 First Quarter Update (Aug. 27, 2020)
Alberta’s recovery plan 2020 (Jun. 29, 2020)
Alberta Budget 2020 (Feb. 27, 2020)
Alberta Budget 2019 (Oct. 24, 2019)
Alberta Budget 2018 (Mar. 23, 2018)
Alberta Budget 2017 (Mar. 17, 2017)
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Saskatchewan Budget 2025 (Mar. 20, 2025)
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Saskatchewan Budget 2024 (Mar. 21, 2024)
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Saskatchewan Budget 2023 (Mar. 23, 2023)
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Saskatchewan Budget 2022 (Mar. 24, 2022)
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Saskatchewan Budget 2021 (Apr. 7, 2021)
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Saskatchewan Budget 2020 (Jun. 16, 2020)
Saskatchewan spending plan 2020 (Mar. 19, 2020)
Saskatchewan Budget 2019 (Mar. 21, 2019)
Saskatchewan Budget 2018 (Apr. 11, 2018)
Saskatchewan Budget 2017 (Mar. 23, 2017)
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Manitoba budget 2025 (Mar. 21, 2025)
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Manitoba budget 2024 (Apr. 3, 2024)
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Manitoba budget 2023 (Mar. 8, 2023)
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Manitoba budget 2022 (Apr. 13, 2022)
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Manitoba budget 2021 (Apr. 8, 2021)
Manitoba budget 2020 (Mar. 20, 2020)
Manitoba budget 2019 (Mar. 8, 2019)
Manitoba budget 2018 (Mar. 13, 2018)
Manitoba budget 2017 (Apr. 12, 2017)
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Ontario Budget 2025 (May 15, 2025)
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Ontario mid-year fiscal review (Oct. 31, 2024)
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Ontario Budget 2024 (Mar. 27, 2024)
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Ontario mid-year fiscal review (Nov. 2, 2023)
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Ontario Budget 2023 (Mar. 24, 2023)
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Ontario mid-year fiscal review (Nov. 14, 2022)
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Ontario Budget 2022 (Apr. 29, 2022)
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Ontario mid-year fiscal review (Nov. 5, 2021)
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Ontario Budget 2021 (Mar. 25, 2021)
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Ontario Budget 2020 (Nov. 6, 2020)
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Ontario 2020–21 First Quarter Finances (Aug. 12, 2020)
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Ontario March 2020 Fiscal and Economic Update (Mar. 26, 2020)
Ontario mid-year fiscal review (Nov. 7, 2019)
Ontario budget 2019 (Apr. 11, 2019)
Ontario mid-year fiscal review (Nov. 16, 2018)
Ontario budget 2018 (Mar. 29, 2018)
Ontario mid-year fiscal review (Nov. 15, 2017)
Ontario budget 2017 (Apr. 27, 2017)
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Quebec Budget 2025 (March 25, 2025)
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Quebec Fall Fiscal Update 2024 (November 22, 2024)
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Quebec Budget 2024 (March 13, 2024)
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Quebec Budget 2023 (March 22, 2023)
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Quebec Fall Fiscal Update 2022 (December 9, 2022)
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Quebec Budget 2022 (March 23, 2022)
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Quebec Fall Fiscal Update 2021 (November 26, 2021)
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Quebec Budget 2021 (March 26, 2021)
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Quebec Fiscal Update 2020 (November 13, 2020)
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Quebec’s economic and fiscal situation update (June 19, 2020)
Quebec Budget 2020 (Mar 11, 2020)
Quebec Economic Plan Update 2019 (Nov 8, 2019)
Quebec Budget 2019 (Mar. 22, 2019)
Quebec Economic Plan Update 2018 (Dec. 3, 2018)
Quebec Budget 2018 (Mar. 28, 2018)
Quebec Economic Plan Update 2017 (Nov. 23, 2017)
Quebec Budget 2017 (Mar. 29, 2017)
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New Brunswick Budget 2025 (Mar. 19, 2025)
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New Brunswick Budget 2024 (Mar. 20, 2024)
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New Brunswick Budget 2023 (Mar. 22, 2023)
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New Brunswick Budget 2022 (Mar. 22, 2022)
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New Brunswick Budget 2021 (Mar. 17, 2021)
New Brunswick Budget 2020 (Mar. 11, 2020)
New Brunswick Budget 2019 (Mar. 20, 2019)
New Brunswick Budget 2018 (Jan. 31, 2018)
New Brunswick Budget 2017 (Feb. 8, 2017)
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Nova Scotia Budget 2025 (Feb. 19, 2025)
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Nova Scotia Budget 2024 (Mar. 1, 2024)
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Nova Scotia budget 2023 (Mar. 24, 2023)
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Nova Scotia budget 2022 (Mar. 30, 2022)
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Nova Scotia budget 2021 (Mar. 26, 2021)
Nova Scotia budget 2020 (Feb. 26, 2020)
Nova Scotia budget 2019 (Mar. 26, 2019)
Nova Scotia budget 2018 (Mar. 21, 2018)
Nova Scotia budget 2017 (September 26, 2017)
Nova Scotia budget 2017 (Apr. 28, 2017)
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Prince Edward Island Budget 2025 (Apr. 10, 2025)
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Prince Edward Island Budget 2024 (Mar. 1, 2024)
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Prince Edward Island budget 2023 (May 26, 2023)
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Prince Edward Island budget 2022 (Mar. 1, 2022)
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Prince Edward Island budget 2021 (Mar. 15, 2021)
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Prince Edward Island budget 2020 (Jun. 18, 2020)
Prince Edward Island budget 2019 (Jun. 26, 2019)
Prince Edward Island budget 2018 (Apr. 13, 2018)
Prince Edward Island budget 2017 (Apr. 11, 2017)
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Newfoundland & Labrador Budget 2025 (Apr. 9, 2025)
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Newfoundland & Labrador Budget 2024 (Mar. 22, 2024)
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Newfoundland & Labrador Budget 2023 (Mar. 24, 2023)
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Newfoundland & Labrador Budget 2022 (Apr. 11, 2022)
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Newfoundland & Labrador Budget 2021 (May 31, 2021)
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Newfoundland & Labrador Budget 2020 (Oct. 1, 2020)
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Newfoundland & Labrador Fiscal Update (Jul. 24, 2020)
Newfoundland & Labrador budget 2019 (Apr. 17, 2019)
Newfoundland & Labrador budget 2018 (Mar. 28, 2018)
Newfoundland & Labrador budget 2017 (Apr. 7, 2017)
See Older Reports
Provincial Outlook
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Canadian GDP edges lower in October with Q4 growth tracking modestly
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Q3 US GDP beats expectations, but shutdown clouds Q4 outlook
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Eight charts that defined Canada’s economy in 2025
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Owning a home became more affordable in Canada but gains are slimmer
-
Delayed GDP release to signal growth still firm in Q3
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Canadian fiscal: Will better growth, delayed spending soften deficit blow?
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November inflation – a gift for Fed Doves but proceed with caution
-
US Employment Report: The fog is clearing but crosswinds persist
-
Holiday demand for goods and deals lifts RBC Canadian cardholder spending
-
Stand-off between buyers and sellers leaves Canada’s housing market stuck
-
Quarterly Canadian outlook: More cautious optimism amid structural shifts
-
Canada’s inflation in November steady with mixed details
-
Year-end data dump to provide more clarity
-
BoC on hold while the Fed moves towards the sidelines
-
Canadian household net worth up in Q3 but not evenly distributed
-
Canada’s trade balance swung back to a surplus in September
-
FOMC Decision: Fed ends 2025 with a cut but dissent reflects growing divide
-
BoC done with rate cuts, expects 2% inflation to persist
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Dovish September data will likely steer the Fed in December
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Canadian labour markets firmed again in November
-
Homebuyers get some affordability relief but strains endure
-
More supply and cooling demand ease Canadian rental market pressures in 2024
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Fall Economic Statement 2024: Canada boosts investment appeal and the deficit deepens
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Lower rates stoked Canada’s housing market momentum this fall
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Canada’s growth prospects brighten in 2025 but not without challenges
-
Tangled up in trade: The steep cost of closing doors
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Proof Point: Canadian industries and provinces most exposed to U.S. tariff threat
-
Canada’s housing market ends the fall season on an upswing
-
Smart money: Focused fiscal policy needed more than ever
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Proof Point: Are falling rents in Canada temporary relief or a new trend
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Quebec maintains large deficit, uses half its contingency reserve for spending
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Canadian home sales jump in October but strong pace will be hard to sustain
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Proof point: Canada’s job market slump—low-wage industries with young workers take the biggest hit
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Running up that bill — U.S. growth gains, debt pains
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Are October’s sales gains an inflection point for Canada’s housing markets?
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Immigration cuts will help narrow Canada’s housing gap but won’t solve crisis
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Ontario’s economic outlook brightens but immigration targets increase risks
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Proof point: Why Canada is seeing an uneven recovery among households
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U.S. GDP Update
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How Canada’s new immigration targets will impact the economy
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High rates and prices make it less affordable to own a home in Canada
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Canada’s housing market downturn is spreading
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Navigating 2024: Reset and Revival In A Reshaping World
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Special edition – keeping an eye on Canada’s credit rating
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Hitting tipping points
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All quiet on most fronts in Canada’s housing markets
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Proof Point: Why has U.S. consumer spending been so much more resilient than Canada’s?
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Fall Economic Statement 2023: Federal government backloads new spending, maintains near-term bottom line
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Ontario leads Canada’s housing market cooldown
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Proof Point: Closing Canada’s infrastructure gap could boost Indigenous output by up to 17%
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Under Pressure – softening outlook keeping central banks at bay
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Quebec maintains path to balance despite weakening economic backdrop
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Fall market stuck in a low gear across Canada
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Ontario fall fiscal update strikes a more sombre tone
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Proof Point: Fiscal tailwinds coming to an end for Canada’s provinces
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Proof Point: For Canada, slower growth in China is a manageable risk
-
Home prices edge lower in Canada
-
Taking the long way home
-
More sellers, fewer buyers take pressure off housing prices in Canada
-
Proof Point: The ranks of Canadian entrepreneurs are shrinking
-
Homebuyer blues: dreadful affordability gets worse in Canada
-
Canada’s housing market stays quiet as end of year nears
-
Rate-hiking cycle ending as recession edges closer
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Past the peak
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Helping to shield Quebecers from inflation
-
Navigating 2023: Canada in the cross currents
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Proof Point: Is Canada becoming a nation of renters?
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Housing market correction widespread across Canada
-
It’s review time for the mortgage stress test
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Proof Point: Canada needs more doctors—and fast
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Beginning of the end for Canada’s housing market downturn?
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Ontario slashes its deficit projection
-
Searching for the turning point
-
Proof Point: Canada’s provinces are basking in revenue, but how long will it last?
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Quiet fall housing market across Canada
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Fall Economic Statement 2022: Green but not quite lean
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Proof Point: The housing-charged boom in Canadian net wealth is over
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Housing market correction spreads widely across Canada
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Proof Point: Canada’s recession to arrive earlier than expected
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Crossing the line(s)
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Canadian home buyers on the defensive
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Buying a home has never been so unaffordable in Canada
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Proof Point: Canada still isn’t spending enough on the green economy
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The Price of Power: How to cut Canada’s Net Zero electricity bill
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Canadian home buyers feeling the heat of higher interest rates
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Proof Point: The rise of services in Canadian goods trade
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Front-loading can’t guarantee a soft landing
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Brace for a ‘bumpy’ landing, Canada
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Hot provincial momentum to lose steam
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Higher interest rates weigh down on Canada’s housing markets
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Course Correction: How international students can help solve Canada’s labour crisis
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Proof Point: Fewer supply chain snarls won’t be enough to lower inflation to 2%
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Proof Point: Demographics a powerful counterforce in Canada’s housing market correction
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Bottom still a ways away for Canada’s housing market
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Flagging growth won’t derail central bank rate hikes
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Downturn deepens in Canada’s housing markets
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Proof Point: Reshoring hasn’t spurred a Canadian manufacturing renaissance
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Canadian Housing: A Market In Retreat
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Downgrading our forecast for Canada’s housing market
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Proof Point: Canada’s labour shortages will outlive a recession
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Canada’s housing market correction gets more serious
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Shrinking runway for a soft landing
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Proof Point: Canada’s economy is headed for a recession
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Immigration Nation: New Canadians are vital to an aging society
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Canadian home buyers face least affordable market in a generation
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Proof Point: Can Canada feed the world?
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Canada’s housing market in full-blown cooling mode
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Proof Point: Canadians are scratching the travel itch again, but can the industry keep up?
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Will tough-talking central banks follow through?
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Western provincial economies shining more brightly in 2022
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The Great Affordability Squeeze? Home buyers confront rising ownership costs
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Home prices surge in Canada as 2021 draws to a close
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Positive fall update a placeholder for Budget 2022
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The Great Canadian Restart: How 2022 can spark an era of greener, more robust growth
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The temperature rose in Canada’s major markets in November
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Provinces to enter advanced stages of recovery in 2022
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Inflation top concern for 2022, Covid variant casts shadow
-
Central banks weigh inflation, new variant
-
Quebec to spend more, cuts its deficit as economy rebounds
-
What’s up with inflation?
-
Historic Housing Market Rally Made It Less Affordable to Own a Property in Canada
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For Many Canadian Businesses, the Two Halves of 2021 Look Very Different
-
Canada’s Housing Market Kept on Rolling in November
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Vaccine Clears Path for Recovery but Not out of the Woods Yet
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2021 Promises Better Days from Coast to Coast
-
Vaccine Rollout Boosts 2021 Growth Prospects
-
Navigating 2021: 21 Charts for the Year Ahead
-
Five Ways to Help Small Business
-
Housing Markets Stayed Solid Across Canada in November; Downtown Condos the Only Soft Spot
-
Economic Statement Adds Red Ink, Leaves Details of Stimulus for Later
Budget Analysis
-
Canadian GDP edges lower in October with Q4 growth tracking modestly
-
Q3 US GDP beats expectations, but shutdown clouds Q4 outlook
-
Eight charts that defined Canada’s economy in 2025
-
Owning a home became more affordable in Canada but gains are slimmer
-
Delayed GDP release to signal growth still firm in Q3
-
Canadian fiscal: Will better growth, delayed spending soften deficit blow?
-
November inflation – a gift for Fed Doves but proceed with caution
-
US Employment Report: The fog is clearing but crosswinds persist
-
Holiday demand for goods and deals lifts RBC Canadian cardholder spending
-
Stand-off between buyers and sellers leaves Canada’s housing market stuck
-
Quarterly Canadian outlook: More cautious optimism amid structural shifts
-
Canada’s inflation in November steady with mixed details
-
Year-end data dump to provide more clarity
-
BoC on hold while the Fed moves towards the sidelines
-
Canadian household net worth up in Q3 but not evenly distributed
-
Canada’s trade balance swung back to a surplus in September
-
FOMC Decision: Fed ends 2025 with a cut but dissent reflects growing divide
-
BoC done with rate cuts, expects 2% inflation to persist
-
Dovish September data will likely steer the Fed in December
-
Canadian labour markets firmed again in November
-
Buyers jump into Canada’s housing markets as 2025 draws to an end
-
Homebuyers get some affordability relief but strains endure
-
More supply and cooling demand ease Canadian rental market pressures in 2024
-
Fall Economic Statement 2024: Canada boosts investment appeal and the deficit deepens
-
Lower rates stoked Canada’s housing market momentum this fall
-
Canada’s growth prospects brighten in 2025 but not without challenges
-
Tangled up in trade: The steep cost of closing doors
-
Proof Point: Canadian industries and provinces most exposed to U.S. tariff threat
-
Canada’s housing market ends the fall season on an upswing
-
Smart money: Focused fiscal policy needed more than ever
-
Proof Point: Are falling rents in Canada temporary relief or a new trend
-
Quebec maintains large deficit, uses half its contingency reserve for spending
-
Canadian home sales jump in October but strong pace will be hard to sustain
-
Proof point: Canada’s job market slump—low-wage industries with young workers take the biggest hit
-
Running up that bill — U.S. growth gains, debt pains
-
Are October’s sales gains an inflection point for Canada’s housing markets?
-
Immigration cuts will help narrow Canada’s housing gap but won’t solve crisis
-
Ontario’s economic outlook brightens but immigration targets increase risks
-
Proof point: Why Canada is seeing an uneven recovery among households
-
U.S. GDP Update
-
How Canada’s new immigration targets will impact the economy
-
Proof point: Job market is bigger risk to Canada’s economy than mortgage renewals
-
High rates and prices make it less affordable to own a home in Canada
-
Canada’s housing market downturn is spreading
-
Navigating 2024: Reset and Revival In A Reshaping World
-
Special edition – keeping an eye on Canada’s credit rating
-
Hitting tipping points
-
All quiet on most fronts in Canada’s housing markets
-
Proof Point: Why has U.S. consumer spending been so much more resilient than Canada’s?
-
Fall Economic Statement 2023: Federal government backloads new spending, maintains near-term bottom line
-
Ontario leads Canada’s housing market cooldown
-
Proof Point: Closing Canada’s infrastructure gap could boost Indigenous output by up to 17%
-
Under Pressure – softening outlook keeping central banks at bay
-
Quebec maintains path to balance despite weakening economic backdrop
-
Fall market stuck in a low gear across Canada
-
Ontario fall fiscal update strikes a more sombre tone
-
Proof Point: Fiscal tailwinds coming to an end for Canada’s provinces
-
Proof Point: For Canada, slower growth in China is a manageable risk
-
Home prices edge lower in Canada
-
Taking the long way home
-
More sellers, fewer buyers take pressure off housing prices in Canada
-
Proof Point: The ranks of Canadian entrepreneurs are shrinking
-
Second quarter affordability gain too small to relieve tensions
-
Proof Point: Is more turbulence on the way for Canadian labour relations?
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Housing market stagnation setting in
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GST measure is a step toward closing Canada’s rental housing gap
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Letting it be – central banks hold the line as more clouds roll in
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Canada’s economic engine is gearing down
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Housing market tensions continuing to ease across most of Canada
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Proof Point: International students have a fast track to Canadian employment
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Proof Point: Canadian millennials have the smallest cushion against job losses
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Hot summer, cooler housing market in Canada
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Canadians on the move: will a pandemic shakeup in migration trends hold?
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Central banks hit “hopeful pause” on rate hikes
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Real estate action dims in Ontario and BC but Prairie markets keep on rolling
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Proof Point: Non-permanent residents can fill labour gaps in “greying” Canadian industries
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Stronger, faster, smarter: The transportation strategy Canada needs to win post-IRA
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Pace of Canada’s housing market rebound moderates
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Interest rates to stay higher for longer
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Housing market momentum diverges across Canada
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Homeownership costs dip—a welcome shift but no game changer
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Proof Point: Soaring construction costs will hamper Canada’s homebuilding ambitions
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Canada’s housing market recovery gains more traction
-
Proof Point: Food inflation will slow, but don’t expect prices to drop
-
Homebuyer blues: dreadful affordability gets worse in Canada
-
Canada’s housing market stays quiet as end of year nears
-
Rate-hiking cycle ending as recession edges closer
-
Past the peak
-
Helping to shield Quebecers from inflation
-
Navigating 2023: Canada in the cross currents
-
Proof Point: Is Canada becoming a nation of renters?
-
Housing market correction widespread across Canada
-
It’s review time for the mortgage stress test
-
Proof Point: Canada needs more doctors—and fast
-
Beginning of the end for Canada’s housing market downturn?
-
Ontario slashes its deficit projection
-
Searching for the turning point
-
Proof Point: Canada’s provinces are basking in revenue, but how long will it last?
-
Quiet fall housing market across Canada
-
Fall Economic Statement 2022: Green but not quite lean
-
Proof Point: The housing-charged boom in Canadian net wealth is over
-
Housing market correction spreads widely across Canada
-
Proof Point: Canada’s recession to arrive earlier than expected
-
Crossing the line(s)
-
The Great Affordability Squeeze? Home buyers confront rising ownership costs
-
Home prices surge in Canada as 2021 draws to a close
-
Positive fall update a placeholder for Budget 2022
-
The Great Canadian Restart: How 2022 can spark an era of greener, more robust growth
-
The temperature rose in Canada’s major markets in November
-
Provinces to enter advanced stages of recovery in 2022
-
Inflation top concern for 2022, Covid variant casts shadow
-
Central banks weigh inflation, new variant
-
Quebec to spend more, cuts its deficit as economy rebounds
-
What’s up with inflation?
-
Historic Housing Market Rally Made It Less Affordable to Own a Property in Canada
-
For Many Canadian Businesses, the Two Halves of 2021 Look Very Different
-
Canada’s Housing Market Kept on Rolling in November
-
Vaccine Clears Path for Recovery but Not out of the Woods Yet
-
2021 Promises Better Days from Coast to Coast
-
Vaccine Rollout Boosts 2021 Growth Prospects
-
Navigating 2021: 21 Charts for the Year Ahead
-
Five Ways to Help Small Business
-
Housing Markets Stayed Solid Across Canada in November; Downtown Condos the Only Soft Spot
-
Economic Statement Adds Red Ink, Leaves Details of Stimulus for Later