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Market Update
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Summary
From Stall Speed to Growth Mode: Canada Finds Some Momentum
Canada’s economy appears to have bounced back in Q1 2026, with GDP growth expected to rise 1.7% annualized after contracting in Q4.
The recovery was driven by stronger household, business, and government spending, while temporary disruptions from strikes and inventory drawdowns that weighed on late 2025 activity began to fade.
Housing remained a weak spot as home resales continued to soften, but improving consumer demand and recovering manufacturing activity helped offset slower oil and mining output.
RBC also noted that slowing population growth is boosting per-capita economic performance, suggesting Canadians may finally be seeing improving economic conditions after several difficult years.
⏱ TLDR: Canada’s economy rebounded in Q1 as consumer spending and manufacturing improved, while slower population growth boosted per-person economic conditions.
Key Takeaways 💡
Consumers and businesses are spending again: Domestic demand is stabilizing and helping Canada return to growth.
Per-capita growth improving: Slower population growth means economic gains are translating into stronger conditions per person.
Canadian stocks over the last 30 days (end April - May 2026)
The TSX posted a mixed month with strong gains in financials and energy offset by sharp weakness in growth and materials.
Big banks led the rally, with RY (+8.46%), TD (+6.51%), BNS (+6.43%), and ENB (+10.55%) all delivering solid returns, while CNQ (+7.00%) and SU (+4.31%) boosted energy sentiment.
On the downside, Shopify (-17.09%) was the biggest drag, alongside notable declines in AEM (-11.59%), FNV (-7.31%), and WCN (-7.80%). Overall, markets showed a defensive tilt, with investors favouring banks and energy while rotating away from tech and precious metals.
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