Cooling housing markets will limit real GDP growth to 2.9 per cent in Vancouver and to 2.4 per cent in Toronto this year—still among the faster growth rates of Canada’s major metropolitan areas.
Economic growth will downshift to 2.9 per cent in Calgary this year and 2.8 per cent in Edmonton as oil transportation bottlenecks limit expansion in the energy sector.
Decent gains are expected in many of Canada’s provincial capitals as well as in its national capital, although other industries besides the public sector will also contribute to growth. Victoria’s economy is forecast to expand by 2.4 per cent, Winnipeg, and Québec City’s by 2.3 per cent, and Ottawa–Gatineau’s by 2.2 per cent.
Montréal, Regina, Saskatoon, Hamilton, and Halifax will all see moderate economic growth of between 1.9 and 2.2 per cent in 2018.