Time for your cheat sheet on this week’s top stories.
Canadian Real Estate
Canada’s Economy Contracted Modestly. Can It Avoid Recession?
The Canadian economy kicked off spring with an unexpected contraction, as monthly GDP fell 0.1% in April—below the market consensus for growth. An upward revision to the previous month’s data left output roughly in line with expectations. The mixed signals have experts split on whether Canada is heading for a recession, or if the slowdown is just enough to help it avoid that fate.
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Canada’s Inflow of Millionaires Falls 70%, No Longer In The “Safe 8”
Canada’s appeal to global capital is fading fast. Millionaire migration is set to grow 10% globally in 2025, but Canada’s net inflow is expected to fall 69%—dropping it to ninth place, its lowest rank on record. Few will shed tears for the lost millionaires, but the shift amplifies the economic slowdown and signals weakening sentiment. Canada also fell out of the “Safe 8”—countries known for strong domestic governance providing residents with a high quality of life and shielding them from global instability.
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Canadian Rents Fall, But Still Up To 90% Higher In Cities
Canadian one-bedroom apartment rents fell by 2% in Q1 2025—a sharp drop for a single quarter. Despite the drop, prices remain significantly higher than 2019—with some cities still up to 90% more expensive. Recent progress on affordability has been minimal, and no city in Canada is considered affordable for minimum-wage workers looking to rent an average one-bedroom apartment.
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Canadian Inflation Holds, Bank of Canada Rate Cuts May Be Over: RBC
Canadian inflation delivered some good news, showing signs of stabilization. May’s headline CPI was unchanged from the previous month, with prices 1.7% higher than a year ago. The Bank of Canada’s (BoC) preferred Core CPI pulled back slightly, but remains well above target. RBC now believes the BoC’s policy rate is neutral and doesn’t expect further rate cuts unless the economy weakens significantly and inflation stays contained.
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Canadians Are Leaving For Good In Record High Volumes
Canadians permanently leaving the country have reached a new record high. The country reported 27.1k emigrants in Q1 2025, the second-highest number on record. It helped push the 12-month outflow up to 106.9k emigrants, once again second only to the 2017 flow. The outflows serve as a strong sentiment signal—if the people best positioned to succeed in this environment are leaving, how long can the country continue to attract new talent?
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