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5 Things to Know Today: Canada Enters Recession, Oil Slips on Iran Ceasefire Talk

Saturday, May 30, 2026 — Your quick-hit Canadian financial briefing for the day. 1.Canada Officially Meets the Definition of a Technical Recession Statistics Canada confirmed Friday that real GDP contracted 0.1% on an annualized basis in Q1 2026 — following a revised 1.0% drop in Q4 2025 . That's two straight quarters of negative growth, which meets the technical definition of a recession. The miss was a big one: economists had forecast growth of 1.5% . The main culprits were a surge in imports (up 2.9%, largely gold), declining business capital investment (down 0.7% — its fifth consecutive quarterly drop ), and weakness in resource extraction and construction. On a per-capita basis, GDP actually edged up 0.2% as Canada's population shrank for the second quarter in a row. Not everyone is ready to call it a full recession: some economists note that three of the four weak months were isolated, and early April data points to a sharp 0.4% rebound . Still, the numbers ...
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Canadian Rent Market Cools: Average Asking Rent Hits 18-Month Low

Canada’s rental market is showing signs of relief for tenants as average asking rents fell to $2,100 in January 2025—an 18‐month low that represents a 4.4% year-over-year decline.

This marks the fourth consecutive month of annual decreases following 38 straight months of rising rents, indicating a potential turning point in the market.

The drop was most pronounced in the secondary rental market, with condo apartments decreasing by 6.5% and houses and townhomes by 8.9%, while purpose-built rental apartments experienced a modest decline of just 1.7%.

Urbanation President Shaun Hildebrand attributed the downward trend to heightened economic risks, a slowdown in international population inflows, and multi-decade highs in apartment completions, all of which are contributing to improved affordability for renters.

Regional differences remain notable: Ontario recorded the steepest decline, with apartment rents dropping 5.2% to an average of $2,329, whereas British Columbia—despite a 2.6% decrease—remains the priciest rental market at $2,463.

Despite these declines, current rental prices are still 5.2% higher than they were two years ago and 16.4% above rates from three years ago, underscoring persistent pressures in the market.

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