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Recession? What Recession?

The economy may meet the technical definition, but any downturn may be mild and short-lived
Canada's economy may meet the technical definition of a recession, but it doesn't look like it by some measures. Shown: Toronto, the nation's most populous city. (Olivier Gariépy/CoStar)
Canada's economy may meet the technical definition of a recession, but it doesn't look like it by some measures. Shown: Toronto, the nation's most populous city. (Olivier Gariépy/CoStar)
By Mario LeFebvre
CoStar Analytics
July 15, 2026 | 12:17 P.M.

So apparently, the Canadian economy is in a technical recession! At least according to Statistics Canada. And it might well be, based on the definition of two consecutive quarters of economic contraction.

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