2025 Spring Economic Update
At the start of the year, the global economy seemed headed for stability and optimism, interest rates were falling, and confidence was rising.
Now, uncertainty dominates. Should businesses invest or wait? Should consumers spend or save? Explore our Spring Economic Update for insights, trends, and opportunities to guide today’s key decisions.
Key takeaways from this report:
- GDP & Population Growth: Growth is slowing due to protectionist policies and new immigration plans. While this may seem negative, a slower pace allows resources to be reallocated and infrastructure to catch up. It also underscores the need for greater economic resilience beyond reliance on the U.S.
- Uncertainty in Trade and the Economy: Rising tariffs, geopolitical tensions, and the Ukraine-Russia war are disrupting markets, fracturing supply chains, and driving up prices, dampening confidence and slowing economic momentum.
- Labour Market Stability & Tightening: The labour market is seeing a new wave of tightening as population slows and businesses remain hesitant. However, the Region’s labour market stability has remained a consistent bright spot for the economy, outperforming most major cities in Canada in growth and active participation.
- State of the Housing Market: Market constraints continue to be a challenge. Inventory is at a record low, while median home prices have hit a record high. Although demand has slowed slightly from previous years, it remains strong. Supply is beginning to recover, but continues to highlight the ongoing need for more construction.
- Investments & Developments Drive Forward: Building construction investment is on track to hit record highs for both residential and non-residential projects. Despite economic uncertainty, growth and confidence continue to drive development.
