Ontario Economic Update
Access the October 2, 2026 update of the economy in the Ontario Economic Update, a weekly snapshot of the economy.
Economy
| Item | Monthly: 2026 May | Monthly: 2026 Jun | Monthly: 2026 Jul | Monthly: 2026 Aug | Quarterly: 2025 Q4 | Quarterly: 2026 Q1 | Quarterly: 2026 Q2 | Year to Date* | Annual: 2024 | Annual: 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Real Gross Domestic Product ($2017 millions) | – | – | – | – | 968,660 | 967,222 | N/A | 967,222 | 956,996 | 969,543 |
| Real Gross Domestic Product (% change) | – | – | – | – | −0.3 | −0.1 | N/A | −0.5 | 1.6 | 1.3 |
| Current Dollar Gross Domestic Product ($ millions) | – | – | – | – | 1,263,452 | 1,271,998 | N/A | 1,271,998 | 1,197,020 | 1,246,433 |
| Current Dollar Gross Domestic Product (% change) | – | – | – | – | 0.9 | 0.7 | N/A | 2.9 | 5.1 | 4.1 |
Employment
| Item | Monthly: 2026 May | Monthly: 2026 Jun | Monthly: 2026 Jul | Monthly: 2026 Aug | Quarterly: 2025 Q4 | Quarterly: 2026 Q1 | Quarterly: 2026 Q2 | Year to Date* | Annual: 2024 | Annual: 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Employment (000's) | 8,290 | 8,273 | 8,325 | 8,307 | 8,261 | 8,208 | 8,270 | 8,266 | 8,146 | 8,227 |
| Net New Jobs (000's) | 41.8 | −16.7 | 51.6 | −18.1 | 58.9 | −52.9 | 61.9 | 41.8 | 140.0 | 80.9 |
| Net New Jobs (% change) | 0.5 | −0.2 | 0.6 | −0.2 | 0.7 | −0.6 | 0.8 | 0.5 | 1.7 | 1.0 |
| Unemployment Rate (per cent) | 7.0 | 7.0 | 6.8 | 6.9 | 7.6 | 7.5 | 7.2 | 7.4 | 7.0 | 7.7 |
| Average Weekly Wage Rate, | 1,410 | 1,416 | 1,427 | 1,407 | 1,403 | 1,419 | 1,420 | 1,419 | 1,339 | 1,382 |
| Average Weekly Wage Rate, nsa (% change) | 2.6 | 3.8 | 3.1 | 1.1 | 2.5 | 4.2 | 3.9 | 3.5 | 4.7 | 3.2 |
| Employment Insurance Beneficiaries (regular) | 185,070 | 182,900 | 184,920 | N/A | 188,787 | 188,827 | 184,450 | 198,720 | 154,275 | 178,656 |
| Employment Insurance Beneficiaries (regular) (% change) | −0.2 | −1.2 | 1.1 | N/A | 2.4 | 0.0 | −2.3 | 8.1 | 23.4 | 15.8 |
Consumers
| Item | Monthly: 2026 May | Monthly: 2026 Jun | Monthly: 2026 Jul | Monthly: 2026 Aug | Quarterly: 2025 Q4 | Quarterly: 2026 Q1 | Quarterly: 2026 Q2 | Year to Date* | Annual: 2024 | Annual: 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Retail Sales ($ millions) | 27,913 | 28,477 | 27,910 | N/A | 80,046 | 81,635 | 84,171 | 189,311 | 309,971 | 319,504 |
| Retail Sales (% change) | 0.5 | 2.0 | −2.0 | N/A | 0.1 | 2.0 | 3.1 | 4.3 | 4.2 | 3.1 |
| New Motor Vehicle Sales, | 75,980 | 78,229 | 69,314 | N/A | 179,015 | 167,768 | 227,971 | 465,053 | 764,392 | 787,033 |
| New Motor Vehicle Sales, nsa (% change) | −0.2 | 6.1 | −4.5 | N/A | −0.8 | −4.5 | 0.5 | −2.1 | 6.5 | 3.0 |
| Consumer Price Index (CPI), | 170.2 | 169.3 | 169.9 | 170.0 | 166.4 | 166.9 | 169.4 | 168.6 | 162.5 | 165.6 |
| Consumer Price Index (CPI), nsa (% change) | 2.6 | 2.0 | 2.0 | 2.4 | 1.9 | 1.7 | 2.3 | 2.1 | 2.4 | 1.9 |
Housing
| Item | Monthly: 2026 May | Monthly: 2026 Jun | Monthly: 2026 Jul | Monthly: 2026 Aug | Quarterly: 2025 Q4 | Quarterly: 2026 Q1 | Quarterly: 2026 Q2 | Year to Date* | Annual: 2024 | Annual: 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Housing Starts (000's) | 68.2 | 61.3 | 53.4 | 43.1 | 66.8 | 62.2 | 70.3 | 39.8 | 74.6 | 65.4 |
| Housing Starts (% change) | −17.4 | −10.2 | −12.8 | −19.4 | −11.2 | −6.8 | 12.9 | 3.0 | −16.5 | −12.3 |
| MLS Home Resales (units) | 13,563 | 13,849 | 14,145 | 13,712 | 42,409 | 36,071 | 39,898 | 109,456 | 173,239 | 163,051 |
| MLS Home Resales (% change) | 8.6 | 2.1 | 2.1 | −3.1 | −2.2 | −14.9 | 10.6 | −2.4 | 3.6 | −5.9 |
Business
| Item | Monthly: 2026 May | Monthly: 2026 Jun | Monthly: 2026 Jul | Monthly: 2026 Aug | Quarterly: 2025 Q4 | Quarterly: 2026 Q1 | Quarterly: 2026 Q2 | Year to Date* | Annual: 2024 | Annual: 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Sales ($ millions) | 32,814 | 33,048 | 32,927 | N/A | 92,590 | 90,804 | 97,967 | 221,231 | 372,782 | 371,572 |
| Manufacturing Sales (% change) | 2.2 | 0.7 | −0.4 | N/A | −0.9 | −1.9 | 7.9 | 2.4 | −4.5 | −0.3 |
| Internal Merchandise Exports, nsa ($ millions) | 24,882 | 28,453 | 25,178 | N/A | 69,828 | 70,210 | 78,149 | 173,537 | 252,457 | 265,983 |
| International Merchandise Exports, nsa (% change) | 11.3 | 35.5 | 19.0 | N/A | 5.1 | 0.7 | 23.4 | 12.5 | 0.2 | 5.4 |
| International Merchandise Imports, ($ millions) | 43,199 | 45,228 | 42,491 | N/A | 119,976 | 120,369 | 131,910 | 294,770 | 464,715 | 477,315 |
| International Merchandise Imports, nsa (% change) | 3.7 | 15.4 | 8.0 | N/A | 1.5 | 1.7 | 9.1 | 5.8 | 0.9 | 2.7 |
| Wholesale Trade ($ millions) | 51,007 | 51,883 | 52,402 | N/A | 139,753 | 143,901 | 153,802 | 347,391 | 546,433 | 560,753 |
| Wholesale Trade (% change) | 0.2 | 1.7 | 1.0 | N/A | −0.7 | 3.0 | 6.9 | 7.2 | 0.0 | 2.6 |
| Non-residential Building Permits ($ millions) | 2,102 | 3,643 | 2,216 | N/A | 6,263 | 6,395 | 8,337 | 19,014 | 25,182 | 24,257 |
| Non-residential Building Permits (% change) | −18.9 | 73.3 | −39.2 | N/A | 13.8 | 2.1 | 30.4 | 27.6 | 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 02, 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.