Ontario Economic Update
Access the July 18, 2025 update of the economy in the Ontario Economic Update, a weekly snapshot of the economy.
Economy
| Item | Monthly: 2025 Mar | Monthly: 2025 Apr | Monthly: 2025 May | Monthly: 2025 Jun | Quarterly: 2024 Q4 | Quarterly: 2025 Q1 | Quarterly: 2025 Q2 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Real Gross Domestic Product ($2017 millions) | – | – | – | – | 953,529 | 959,652 | N/A | 959,652 | 932,757 | 946,174 |
| Real Gross Domestic Product (% change) | – | – | – | – | 0.6 | 0.6 | N/A | 2.1 | 1.7 | 1.4 |
| Current Dollar Gross Domestic Product ($ millions) | – | – | – | – | 1,203,713 | 1,218,053 | N/A | 1,218,053 | 1,119,545 | 1,178,353 |
| Current Dollar Gross Domestic Product (% change) | – | – | – | – | 1.5 | 1.2 | N/A | 5.7 | 5.4 | 5.3 |
Employment
| Item | Monthly: 2025 Mar | Monthly: 2025 Apr | Monthly: 2025 May | Monthly: 2025 Jun | Quarterly: 2024 Q4 | Quarterly: 2025 Q1 | Quarterly: 2025 Q2 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Employment (000's) | 8,230 | 8,195 | 8,199 | 8,220 | 8,183 | 8,243 | 8,205 | 8,213 | 8,006 | 8,146 |
| Net New Jobs (000's) | −27.5 | −34.6 | 3.4 | 21.2 | 5.8 | 59.2 | −38.0 | 117.3 | 242.0 | 140.0 |
| Net New Jobs (% change) | −0.3 | −0.4 | 0.0 | 0.3 | 0.1 | 0.7 | −0.5 | 1.4 | 3.1 | 1.7 |
| Unemployment Rate (per cent) | 7.5 | 7.8 | 7.9 | 7.8 | 7.4 | 7.5 | 7.8 | 7.7 | 5.6 | 7.0 |
| Average Weekly Wage Rate, | 1,361 | 1,361 | 1,374 | 1,365 | 1,369 | 1,362 | 1,367 | 1,364 | 1,279 | 1,339 |
| Average Weekly Wage Rate, nsa (% change) | 3.7 | 3.5 | 4.8 | 3.6 | 4.8 | 3.4 | 4.0 | 3.7 | 5.0 | 4.7 |
| Employment Insurance Beneficiaries (regular) | 167,880 | 175,080 | N/A | N/A | 159,207 | 165,140 | N/A | 190,480 | 124,999 | 154,097 |
| Employment Insurance Beneficiaries (regular) (% change) | 1.3 | 4.3 | N/A | N/A | 0.8 | 3.7 | N/A | 10.5 | −10.1 | 23.3 |
Consumers
| Item | Monthly: 2025 Mar | Monthly: 2025 Apr | Monthly: 2025 May | Monthly: 2025 Jun | Quarterly: 2024 Q4 | Quarterly: 2025 Q1 | Quarterly: 2025 Q2 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Retail Sales ($ millions) | 26,150 | 26,210 | N/A | N/A | 77,171 | 78,117 | N/A | 94,806 | 297,337 | 300,838 |
| Retail Sales (% change) | 0.8 | 0.2 | N/A | N/A | 3.0 | 1.2 | N/A | 4.5 | 0.7 | 1.2 |
| New Motor Vehicle Sales, | 77,862 | 77,110 | 76,146 | N/A | 180,512 | 175,894 | N/A | 329,150 | 718,015 | 764,392 |
| New Motor Vehicle Sales, nsa (% change) | 12.2 | 8.7 | 2.4 | N/A | 6.1 | 0.9 | N/A | 3.0 | 11.9 | 6.5 |
| Consumer Price Index (CPI), | 165.1 | 164.8 | 165.9 | 166.0 | 163.2 | 164.1 | 165.6 | 164.8 | 158.7 | 162.5 |
| Consumer Price Index (CPI), nsa (% change) | 2.3 | 1.6 | 1.7 | 1.8 | 1.8 | 2.2 | 1.7 | 2.0 | 3.8 | 2.4 |
Housing
| Item | Monthly: 2025 Mar | Monthly: 2025 Apr | Monthly: 2025 May | Monthly: 2025 Jun | Quarterly: 2024 Q4 | Quarterly: 2025 Q1 | Quarterly: 2025 Q2 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Housing Starts (000's) | 39.2 | 70.5 | 72.6 | 63.5 | 65.0 | 50.4 | 69.2 | 1.0 | 89.3 | 74.6 |
| Housing Starts (% change) | −31.3 | 79.8 | 3.0 | −12.5 | −15.6 | −22.4 | 37.3 | 110.0 | −7.1 | −16.5 |
| MLS Home Resales (units) | 11,256 | 11,611 | 12,692 | 13,364 | 46,774 | 36,895 | 37,667 | 80,156 | 170,000 | 174,648 |
| MLS Home Resales (% change) | −4.8 | 3.2 | 9.3 | 5.3 | 12.6 | −21.1 | 2.1 | −13.4 | −12.4 | 2.7 |
Business
| Item | Monthly: 2025 Mar | Monthly: 2025 Apr | Monthly: 2025 May | Monthly: 2025 Jun | Quarterly: 2024 Q4 | Quarterly: 2025 Q1 | Quarterly: 2025 Q2 | Year to Date* | Annual: 2023 | Annual: 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Sales ($ millions) | 31,566 | 30,724 | 30,833 | N/A | 92,483 | 94,670 | N/A | 155,470 | 389,693 | 371,638 |
| Manufacturing Sales (% change) | −1.2 | −2.7 | 0.4 | N/A | 0.6 | 2.4 | N/A | −1.0 | 5.3 | −4.6 |
| Internal Merchandise Exports, nsa ($ millions) | 24,311 | 20,076 | 22,644 | N/A | 66,600 | 69,955 | N/A | 112,674 | 252,105 | 252,418 |
| International Merchandise Exports, nsa (% change) | 13.7 | −6.7 | 8.9 | N/A | 6.4 | 11.6 | N/A | 7.3 | 9.6 | 0.1 |
| International Merchandise Imports, ($ millions) | 43,204 | 39,737 | 40,222 | N/A | 118,599 | 117,849 | N/A | 197,809 | 457,930 | 464,183 |
| International Merchandise Imports, nsa (% change) | 8.5 | 0.7 | 1.4 | N/A | 2.6 | 7.8 | N/A | 5.0 | 3.2 | 1.4 |
| Wholesale Trade ($ millions) | 47,197 | 46,113 | 46,430 | N/A | 141,019 | 141,899 | N/A | 229,852 | 546,362 | 548,383 |
| Wholesale Trade (% change) | −0.6 | −2.3 | 0.7 | N/A | 2.7 | 0.6 | N/A | 3.2 | 11.4 | 0.4 |
| Non-residential Building Permits ($ millions) | 1,732 | 2,039 | 3,254 | N/A | 5,850 | 5,134 | N/A | 9,661 | 21,323 | 25,182 |
| Non-residential Building Permits (% change) | 5.2 | 17.7 | 59.6 | N/A | −15.2 | −12.2 | N/A | 1.3 | 13.3 | 18.1 |
| Private and Public Investment ($ millions) | – | – | – | – | – | – | – | – | 110,613 | 116,413 |
| Private and Public Investment (% change) | – | – | – | – | – | – | – | – | 17.0 | 5.2 |
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: July 21, 2025
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.