Ontario Economic Update
Access the October 23, 2026 update of the economy in the Ontario Economic Update, a weekly snapshot of the economy.
Economy
| Item | Monthly: 2026 Jun | Monthly: 2026 Jul | Monthly: 2026 Aug | Monthly: 2026 Sep | Quarterly: 2026 Q1 | Quarterly: 2026 Q2 | Quarterly: 2026 Q3 | Year to Date* | Annual: 2024 | Annual: 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Real Gross Domestic Product ($2017 millions) | – | – | – | – | 969,062 | 979,162 | N/A | 974,112 | 956,996 | 969,543 |
| Real Gross Domestic Product (% change) | – | – | – | – | 0.0 | 1.0 | N/A | 0.5 | 1.6 | 1.3 |
| Current Dollar Gross Domestic Product ($ millions) | – | – | – | – | 1,274,090 | 1,307,070 | N/A | 1,290,580 | 1,197,020 | 1,246,433 |
| Current Dollar Gross Domestic Product (% change) | – | – | – | – | 0.8 | 2.6 | N/A | 4.5 | 5.1 | 4.1 |
Employment
| Item | Monthly: 2026 Jun | Monthly: 2026 Jul | Monthly: 2026 Aug | Monthly: 2026 Sep | Quarterly: 2026 Q1 | Quarterly: 2026 Q2 | Quarterly: 2026 Q3 | Year to Date* | Annual: 2024 | Annual: 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Employment (000's) | 8,273 | 8,325 | 8,307 | 8,287 | 8,208 | 8,270 | 8,306 | 8,266 | 8,146 | 8,227 |
| Net New Jobs (000's) | −16.7 | 51.6 | −18.1 | −20.0 | −52.9 | 61.9 | 35.7 | 46.0 | 140.0 | 80.9 |
| Net New Jobs (% change) | −0.2 | 0.6 | −0.2 | −0.2 | −0.6 | 0.8 | 0.4 | 0.6 | 1.7 | 1.0 |
| Unemployment Rate (per cent) | 7.0 | 6.8 | 6.9 | 7.0 | 7.5 | 7.2 | 6.9 | 7.3 | 7.0 | 7.7 |
| Average Weekly Wage Rate, | 1,416 | 1,427 | 1,407 | 1,426 | 1,419 | 1,420 | 1,420 | 1,419 | 1,339 | 1,382 |
| Average Weekly Wage Rate, nsa (% change) | 3.8 | 3.1 | 1.1 | 1.4 | 4.2 | 3.9 | 1.8 | 3.3 | 4.7 | 3.2 |
| Employment Insurance Beneficiaries (regular) | 182,900 | 184,920 | N/A | N/A | 188,827 | 184,450 | N/A | 198,720 | 154,275 | 178,656 |
| Employment Insurance Beneficiaries (regular) (% change) | −1.2 | 1.1 | N/A | N/A | 0.0 | −2.3 | N/A | 8.1 | 23.4 | 15.8 |
Consumers
| Item | Monthly: 2026 Jun | Monthly: 2026 Jul | Monthly: 2026 Aug | Monthly: 2026 Sep | Quarterly: 2026 Q1 | Quarterly: 2026 Q2 | Quarterly: 2026 Q3 | Year to Date* | Annual: 2024 | Annual: 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Retail Sales ($ millions) | 28,496 | 27,937 | 28,541 | N/A | 81,635 | 84,240 | N/A | 218,157 | 309,971 | 319,504 |
| Retail Sales (% change) | 1.9 | −2.0 | 2.2 | N/A | 2.0 | 3.2 | N/A | 4.4 | 4.2 | 3.1 |
| New Motor Vehicle Sales, | 78,229 | 69,294 | 69,257 | N/A | 167,768 | 227,971 | N/A | 534,290 | 764,392 | 787,033 |
| New Motor Vehicle Sales, nsa (% change) | 6.1 | −4.5 | 6.0 | N/A | −4.5 | 0.5 | N/A | −1.2 | 6.5 | 3.0 |
| Consumer Price Index (CPI), | 169.3 | 169.9 | 170 | 170.3 | 166.9 | 169.4 | 170.1 | 168.8 | 162.5 | 165.6 |
| Consumer Price Index (CPI), nsa (% change) | 2.0 | 2.0 | 2.4 | 2.5 | 1.7 | 2.3 | 2.3 | 2.1 | 2.4 | 1.9 |
Housing
| Item | Monthly: 2026 Jun | Monthly: 2026 Jul | Monthly: 2026 Aug | Monthly: 2026 Sep | Quarterly: 2026 Q1 | Quarterly: 2026 Q2 | Quarterly: 2026 Q3 | Year to Date* | Annual: 2024 | Annual: 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Housing Starts (000's) | 61.3 | 56.3 | 44.3 | 47.6 | 62.2 | 70.8 | 49.5 | 44.0 | 74.6 | 65.4 |
| Housing Starts (% change) | −10.3 | −8.1 | −21.3 | 7.5 | −6.8 | 13.7 | −30.0 | −4.6 | −16.5 | −12.3 |
| MLS Home Resales (units) | 13,841 | 14,133 | 13,668 | 13,240 | 36,184 | 39,887 | 41,041 | 122,756 | 173,257 | 163,057 |
| MLS Home Resales (% change) | 2.1 | 2.1 | −3.3 | −3.1 | −14.6 | 10.2 | 2.9 | −3.2 | 3.6 | −5.9 |
Business
| Item | Monthly: 2026 Jun | Monthly: 2026 Jul | Monthly: 2026 Aug | Monthly: 2026 Sep | Quarterly: 2026 Q1 | Quarterly: 2026 Q2 | Quarterly: 2026 Q3 | Year to Date* | Annual: 2024 | Annual: 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Sales ($ millions) | 32,968 | 32,950 | 32,936 | N/A | 90,804 | 97,905 | N/A | 253,667 | 372,782 | 371,572 |
| Manufacturing Sales (% change) | 0.4 | −0.1 | 0.0 | N/A | −1.9 | 7.8 | N/A | 3.1 | −4.5 | −0.3 |
| Internal Merchandise Exports, nsa ($ millions) | 28,466 | 25,198 | 25,376 | N/A | 70,174 | 78,143 | N/A | 198,891 | 252,457 | 265,983 |
| International Merchandise Exports, nsa (% change) | 35.6 | 19.1 | 31.3 | N/A | 0.6 | 23.4 | N/A | 14.6 | 0.2 | 5.4 |
| International Merchandise Imports, ($ millions) | 45,562 | 43,023 | 42,933 | N/A | 120,472 | 132,432 | N/A | 338,861 | 464,715 | 477,315 |
| International Merchandise Imports, nsa (% change) | 16.2 | 9.4 | 6.7 | N/A | 1.8 | 9.6 | N/A | 6.3 | 0.9 | 2.7 |
| Wholesale Trade ($ millions) | 51,824 | 52,243 | 51,507 | N/A | 143,901 | 153,720 | N/A | 397,172 | 546,433 | 560,753 |
| Wholesale Trade (% change) | 1.6 | 0.8 | −1.4 | N/A | 3.0 | 6.8 | N/A | 7.6 | 0.0 | 2.6 |
| Non-residential Building Permits ($ millions) | 3,611 | 2,224 | 1,941 | N/A | 6,395 | 8,305 | N/A | 20,599 | 25,182 | 24,257 |
| Non-residential Building Permits (% change) | 71.8 | −38.4 | −12.7 | N/A | 2.1 | 29.9 | N/A | 23.4 | 18.1 | −3.7 |
| Private and Public Investment ($ millions) | – | – | – | – | – | – | – | – | 115,264 | 123,728 |
| Private and Public Investment (% change) | – | – | – | – | – | – | – | – | 4.2 | 7.3 |
Notes
All monthly and quarterly data are seasonally adjusted unless otherwise specified with nsa "." Per cent change for seasonally unadjusted (nsa) data is calculated on a year-to-year basis.
Sources: Statistics Canada, Ontario Ministry of Finance, Canada Mortgage and Housing Corporation and Canadian Real Estate Association.
Contact us
For further information, please contact us at:
Ministry of Finance
Economic Analysis Unit
Macroeconomics and Revenue Branch
Office of Economic Policy
6th Floor, Frost Building North
95 Grosvenor Street
Toronto ON M7A 1Z1
Updated: October 23, 2026
Published: March 27, 2022
Footnotes
- footnote[1] Back to paragraph GDP levels are expressed at annual rates.
- footnote[2] Back to paragraph Monthly and quarterly housing starts are expressed at seasolly adjusted annual rates. Year-to-date housing starts are based on actual unadjusted urban-area data.
- footnote[3] Back to paragraph International merchandise trade is reported on a customs basis.