"It would be prudent for market observers to resist the temptation to trace a line from the end of 2025 into 2026," said CREA senior economist Shaun Cathcart in a statement. "We continue to expect sales to move higher again as we get closer to the spring, rejoining the upward trend that was observed throughout the spring, summer and early fall of last year."
Canada's ruling Liberal party has said a budget of sacrifice is required to confront both a trade war with the US and a protracted cost of living crisis that threatens to push the country into a recession. But with opposition parties signalling they won't support the fiscal plans of the prime minister, Mark Carney, a failed parliamentary vote on the budget could plunge the country into another federal election in the coming weeks.
The lower numbers, released last week, come alongside President Trump's escalating trade war that has frustrated travelers and a broader decline in international tourism to the U.S. The destination experienced an 11% year over year decline in visitation, seeing roughly 400,000 fewer visitors in June of 2025, when compared to June of 2024.