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Is Canada in a recession?

– moneysense.ca

In a recent survey by BMO, 74% of respondents said they were concerned about a recession in 2025, up from 60% a month earlier. Understanding how a recession might affect you financially can reduce the worry and help you make informed financial decisions.

What is a recession?

The most common definition of recession is two consecutive quarters of negative real (inflation adjusted) gross domestic product (GDP) growth. This is often referred to as a technical recession. But this definition is only useful in retrospect, as the numbers aren’t available in real time. For example, we may be living through a recession in June 2025, but until Statistics Canada publishes numbers for second-quarter GDP at the end of August and Q3 GDP at the end of November, we can’t confirm that.

Rather than waiting for the official verdict, we can look at other statistics like unemployment, average income, housing starts and consumer spending as indicators of a shrinking economy.

What happens during a recession?

In a recession, unemployment rises and average income falls…

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