{"id":6243,"date":"2025-12-22T16:21:56","date_gmt":"2025-12-22T16:21:56","guid":{"rendered":""},"modified":"2026-04-02T23:37:18","modified_gmt":"2026-04-02T23:37:18","slug":"eight-charts-that-defined-canadas-economy-in-2025","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/insights\/eight-charts-that-defined-canadas-economy-in-2025\/","title":{"rendered":"Eight charts that defined Canada\u2019s economy in 2025"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-columns pad-t-hlf mob-pad-t-hlf pad-b-hlf mob-pad-b-hlf pad-l-hlf mob-pad-l-hlf pad-r-hlf mob-pad-r-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-flex wp-container-core-columns-is-layout-65eef5bf wp-block-columns-is-layout-flex\" style=\"border-style:none;border-width:0px;border-radius:5px\">\n<div class=\"wp-block-column pad-b-hlf mob-pad-b-hlf pad-t-hlf mob-pad-t-hlf is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:98%\">\n<div class=\"wp-block-media-text is-stacked-on-mobile is-vertically-aligned-center mar-l-hlf pad-l-hlf\" style=\"grid-template-columns:16% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"1767\" height=\"1632\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/07\/mfu-07-1.1.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-3178 size-full\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/07\/mfu-07-1.1.png 1767w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/07\/mfu-07-1.1.png?resize=300,277 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/07\/mfu-07-1.1.png?resize=768,709 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/07\/mfu-07-1.1.png?resize=1024,946 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/07\/mfu-07-1.1.png?resize=1536,1419 1536w\" sizes=\"auto, (max-width: 1767px) 100vw, 1767px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p>It was a tumultuous year for the Canadian economy\u2014marked by trade volatility, policy pivots, and a fundamental shift in the economic landscape.<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<p>Canada found itself navigating a markedly different path than anticipated at the start of 2025. Tariff uncertainties escalated globally with geopolitical tensions testing longstanding trade relationships, and immigration policy undergoing significant reform.<\/p>\n\n\n\n<p>Yet amid these headwinds, the Canadian economy demonstrated surprising resilience. CUSMA protections shielded most Canadian exports, while the Bank of Canada\u2019s interest rate cuts, fiscal support, and a recovery in household balance sheets helped sustain consumer spending through significant uncertainty.<\/p>\n\n\n\n<p>We&#8217;ve seen early signs that make us <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/quarterly-canadian-outlook-more-cautious-optimism-amid-structural-shifts\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-Insights-6243-d4633c3d\" data-dig-category=\"LP-CanadianAnalysis-Insights\" data-dig-action=\"link click\" data-dig-label=\"cautiously optimistic\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">cautiously optimistic<\/a> for Canada&#8217;s outlook in 2026, barring any external shocks. Though, distinct regional challenges, softness in the housing market, and a demographic slowdown remain headwinds ahead.<\/p>\n\n\n\n<p>In hindsight, we look back at some of the key charts and research that helped shape our thinking throughout 2025.<\/p>\n\n\n\n<div class=\"wp-block-rbc-carousel-container is-layout-carousel-carousel is-mobile-per-page-1 is-desktop-per-page-1 default is-style-default\"><div class=\"carousel-wpr top-controls\" data-mobile-per-page=\"1\" aria-label=\"Carousel Container\" data-visible-slide=\"1\" data-infinite-loop=\"true\"><div class=\"carousel-ctrl\"><div class=\"carousel-indicators\"><\/div><button class=\"carousel-prev slick-arrow\" aria-label=\"previous slide\"><\/button><button class=\"carousel-next slick-arrow\" aria-label=\"next slide\"><\/button><\/div><div class=\"col-wpr eh-wpr carousel-inner\">\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-6361b39608c65289477646d62d0a1d18\" id=\"h-canada-fared-better-than-expected-largely-due-to-cusma\">Canada fared better-than-expected largely due to CUSMA<\/h4>\n\n\n\n<p>Sector specific U.S. import tariffs have had a significant impact on some industries (motor vehicle and parts production, steel and aluminum among others), but an exemption from most tariffs for products compliant with CUSMA trade has kept most Canadian exports duty free.<\/p>\n\n\n\n<p>The average effective tariff on U.S. imports from Canada has been the <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/canadas-economic-outlook-shifting-tides-as-tariff-threats-de-escalate\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-Insights-6243-d4633c3d\" data-dig-category=\"LP-CanadianAnalysis-Insights\" data-dig-action=\"link click\" data-dig-label=\"lowest\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">lowest<\/a> of any major U.S. trade partner in 2025\u2014a key contributor to Canada\u2019s resilience.<\/p>\n\n\n\n<div id=\"everviz-xZqlnm8H6\" class=\"everviz-xZqlnm8H6\" data-view=\"graph\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-0650b6e2859333b63403ce9fdcc74ab0\" id=\"h-targeted-tariffs-creates-diverging-regional-outcomes\">Targeted tariffs creates diverging regional outcomes<\/h4>\n\n\n\n<p>Targeted sector-specific U.S. tariffs have created distinct regional challenges across Canada.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/insights\/tariffs-leave-mark-on-canadas-industrial-heartland\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-Insights-6243-d4633c3d\" data-dig-category=\"LP-CanadianAnalysis-Insights\" data-dig-action=\"link click\" data-dig-label=\"Manufacturing-focused\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Manufacturing-focused<\/a> Ontario and Quebec have, so far, borne the brunt of the impact, while resource-heavy provinces have faced less exposure. But, Chinese tariffs on agricultural exports have posed headwinds. This uneven tariff exposure has positioned provinces for significantly <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/quarterly-canadian-outlook-more-cautious-optimism-amid-structural-shifts\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-Insights-6243-d4633c3d\" data-dig-category=\"LP-CanadianAnalysis-Insights\" data-dig-action=\"link click\" data-dig-label=\"diverging outlooks\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">diverging outlooks<\/a> heading into 2026.<\/p>\n\n\n\n<div id=\"everviz-4NVU4jetk\" class=\"everviz-4NVU4jetk\" data-view=\"graph\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-ad274508c6498a71234ea4d42b3ebd27\" id=\"h-consumer-spending-remains-resilient-amid-uncertainty\">Consumer spending remains resilient amid uncertainty<\/h4>\n\n\n\n<p>Consumer spending has been a <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/insights\/five-reasons-canadian-consumer-spending-will-stay-resilient-preventing-further-boc-rate-cuts\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-Insights-6243-d4633c3d\" data-dig-category=\"LP-CanadianAnalysis-Insights\" data-dig-action=\"link click\" data-dig-label=\"bright spot\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">bright spot<\/a> in a year of heightened trade uncertainty, slowing population growth and rising unemployment\u2014underpinning growth.<\/p>\n\n\n\n<p>We think relatively lower U.S. tariff hikes on Canada versus other trade partners,&nbsp;earlier BoC rate cuts, limited broad-based layoffs, and robust equity valuations are driving spending. They have supported a recovery in household balance sheets from higher debt servicing costs in prior years.<\/p>\n\n\n\n<div id=\"everviz-dHYorWLGS\" class=\"everviz-dHYorWLGS\" data-view=\"graph\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-9b68ff516c8df95db4faa1354ab5f4c4\" id=\"h-canadians-changed-their-travel-plans\">Canadians changed their travel plans<\/h4>\n\n\n\n<p>The travel sector was in recovery mode through late 2023 and 2024 after the pandemic, but the pattern reversed sharply in early 2025 as trade uncertainties peaked.<\/p>\n\n\n\n<p>There wasn&#8217;t simply a pullback in overall travel\u2014but a meaningful <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/insights\/trade-tensions-are-redrawing-canadians-travel-map\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-Insights-6243-d4633c3d\" data-dig-category=\"LP-CanadianAnalysis-Insights\" data-dig-action=\"link click\" data-dig-label=\"change in Canadian preferences\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">change in Canadian preferences<\/a> with more opting to travel to destinations outside of the U.S.<\/p>\n\n\n\n<div id=\"everviz-FtOlSgi3c\" class=\"everviz-FtOlSgi3c\" data-view=\"graph\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-ca91c2ad9e675e7eb8099aa6fd8480dd\" id=\"h-weaker-business-investment-risks-extending-underinvestment\">Weaker business investment risks extending underinvestment<\/h4>\n\n\n\n<p>Trade-related uncertainty weighed heavily on business investment in 2025, creating challenges for investment and hiring decisions.<\/p>\n\n\n\n<p>Canada\u2019s jobs market has shown <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/canadian-labour-markets-firmed-again-in-november\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-Insights-6243-d4633c3d\" data-dig-category=\"LP-CanadianAnalysis-Insights\" data-dig-action=\"link click\" data-dig-label=\"signs of improvement\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">signs of improvement<\/a> in recent months, but the uncertainty stemming from trade policy risks extending a decade of business underinvestment\u2014a key contributor to the country\u2019s lagging productivity growth. &nbsp;<\/p>\n\n\n\n<div id=\"everviz-SWF3p46K6\" class=\"everviz-SWF3p46K6\" data-view=\"graph\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-267fd0decea43d76ba427ba3b4b7263d\" id=\"h-condo-developers-drought-worsened-in-biggest-markets\">Condo developers\u2019 drought worsened in biggest markets<\/h4>\n\n\n\n<p>Pre-construction apartment sales barely had a pulse in the <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/special-housing-reports\/navigating-torontos-frozen-pre-construction-condo-market\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-Insights-6243-d4633c3d\" data-dig-category=\"LP-CanadianAnalysis-Insights\" data-dig-action=\"link click\" data-dig-label=\"Greater Toronto Area\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Greater Toronto Area<\/a>, down about 90% from the average over the nine years prior to 2024. A broadly similar story unfolded in Vancouver.<\/p>\n\n\n\n<p>This spells trouble for housing construction in 2026, and beyond. We expect housing starts will fall more than 10% nationwide\u2014and, even more so in 2027\u2014despite concerted policy efforts to boost supply.<\/p>\n\n\n\n<div id=\"everviz-EIINZiBf_\" class=\"everviz-EIINZiBf_\" data-view=\"graph\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-bdcc1591503a265b08c3c99928266277\" id=\"h-immigration-policy-shift-puts-damper-on-demographic-growth\">Immigration policy shift puts damper on demographic growth<\/h4>\n\n\n\n<p>Canada&#8217;s population growth moderated sharply, rising just 0.3% quarter-over-quarter annualized in Q3 2025 \u2013 the slowest pace on record outside the pandemic.<\/p>\n\n\n\n<p>The slowdown stems from declining temporary resident arrivals and an uptick in outflows, aligning with <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/insights\/canada-maintains-tight-immigration-policy-despite-permanent-resident-exemptions\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-Insights-6243-d4633c3d\" data-dig-category=\"LP-CanadianAnalysis-Insights\" data-dig-action=\"link click\" data-dig-label=\"recently announced targets\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">recently announced targets<\/a> set out in the federal government\u2019s immigration plan. We expect a continued reduction in the number of non-permanent residents will cause population growth to stall in 2026.<\/p>\n\n\n\n<div id=\"everviz-U53rLFiIf\" class=\"everviz-U53rLFiIf\" data-view=\"graph\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-ec305595e55f1772d946e17736c417b2\" id=\"h-big-year-for-a-fiscal-pivot\">Big year for a fiscal pivot<\/h4>\n\n\n\n<p>There was a steep ramp up in <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/insights\/what-does-greater-defence-spending-mean-for-canadas-economy\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-Insights-6243-d4633c3d\" data-dig-category=\"LP-CanadianAnalysis-Insights\" data-dig-action=\"link click\" data-dig-label=\"defence spending\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">defence spending<\/a> with FY 2025-26 marked as the year we are finally &nbsp;projected to hit the 2% of GDP NATO target, just as the alliance\u2019s conversation shifted towards plus 3.5%.<\/p>\n\n\n\n<p>Canada is only at the beginning of digesting its implications, including the fiscal hit. Defence was the largest single item in the recent <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/provincial-and-fiscal-outlooks\/budget-analysis\/high-stakes-narrow-margins-canadas-federal-budget-bets-on-investment-led-growth\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-Insights-6243-d4633c3d\" data-dig-category=\"LP-CanadianAnalysis-Insights\" data-dig-action=\"link click\" data-dig-label=\"blockbuster federal budget\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">blockbuster federal budget<\/a>, and there are still questions around how to deploy the big new spending, along with its impact on growth.<\/p>\n\n\n\n<div id=\"everviz-Kpkyj8u3N\" class=\"everviz-Kpkyj8u3N\" data-view=\"graph\"><\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":6275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,82,84],"tags":[115,107,119,109],"class_list":["post-6243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-featured-analysis","category-insights","tag-canada","tag-consumer-spending","tag-cusma","tag-tariffs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Eight charts that defined Canada\u2019s economy in 2025 - RBC Economics<\/title>\n<meta name=\"robots\" content=\"index, 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