Major City Insights
Headwinds persist but opportunities emerge
How are ongoing trade tensions, persistent housing unaffordability, and stalled population growth hitting cities across Canada? Despite these headwinds, what are the bright spots supporting growth in local economies? We share our urban economic outlook, including local GDP, employment, and population growth.
This edition of our Major City Insights provides new forecasts for economic growth in 13 major Canadian cities. The forecasts were completed December 2, 2025.
Read the online experiences to get our full analysis.
Page updated: January 8, 2026
City Forecasts
4-min read/city
Winter 2026: Book 1
Ottawa–Gatineau
January 5, 2026
Forthcoming
Québec City
January 5, 2026
Forthcoming
Fall 2025: Book 1
Ottawa–Gatineau
October 20, 2025
Forthcoming
Québec City
October 16, 2025
Forthcoming
Fall 2025: Book 2
Greater Sudbury
October 30, 2025
Forthcoming
Kitchener–Cambridge–Waterloo
October 30, 2025
Forthcoming
St. Catharines–Niagara
October 30, 2025
Forthcoming
St. John’s
October 15, 2025
Forthcoming
Thunder Bay
October 15, 2025
Forthcoming
About the Series
Major City Insights is a quarterly report that analyzes the economies of major urban centres across Canada, using meticulous city-level historical data gathered by our forecasting team.
Benefits of this report:
- Understand how inflation rates, local GDP, employment, and population growth affect businesses and people in Canada’s major cities.
- Keep an eye on economic trends within these centres to identify emerging risks and opportunities.
- Get a medium-term view of Canada’s urban economies.
Major City Insights is available online from March 2002 onwards.
Methodology
This online experience examines the economic outlook for 24 Canadian Census Metropolitan Areas (CMAs). The outlook is based on detailed analysis of local and regional conditions combined with Signal49 Research’s proprietary macroeconometric model of each CMA’s economy. Updated quarterly, the model contains more than 2,700 variables and equations uniquely structured to each CMA. Inputs and outputs include the interaction of 17 industry sectors (gross domestic product and employment), detailed population and labour-force conditions, housing, income, retail sales, inflation, and potential output.
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Questions?
If you have any questions about the Major City Insights, or about becoming a subscriber, please contact us.