Donald Trump’s commerce coverage has not been type to many Canadian industries, however inadvertently he has handed one a giant enhance.
Tourism in Canada modified dramatically in 2025, finds a brand new research by Desjardins Group, as political tensions between the US and Canada persuaded many Canadians to spend their cash at house.
“In 2025, tourism traits had been outlined much less by the place Canadians selected to go than by the place they selected to not go,” stated Desjardins senior economist Kari Norman.
Canadians’ journey to the US dropped by 25 per cent final yr — that quantities to 10 million fewer journeys throughout the border.
“What made the 2025 story significantly encouraging for home operators was that a lot of the spending diverted from cross-border journey stayed in Canada,” she stated.
Spending on home tourism rose 10 per cent within the first three quarters of 2025 as Canadians made nearly 6 million extra day journeys and a couple of.6 million extra in a single day stays inside their very own nation. Additionally they stayed longer and spent extra on home journeys than the yr earlier than.
The surge in Canadians spending their leisure time inside Canada has additionally helped the financial system. Tourism jobs rose 3 per cent in the course of the yr, which is greater than double the 1.4 per cent improve throughout the financial system as a complete, stated Norman.
Complete tourism employment is up by greater than 30,000 jobs from 2019, rising to almost 3 per cent of whole employment in Canada.
Not the entire tourism diverted from the States stayed in Canada. Canadians additionally took about 700,000 extra journeys abroad throughout this era with curiosity extending past the normal jaunts to Mexico and the Caribbean to extra distant selections in Europe and Asia.
And extra foreigners are coming right here. Journeys to Canada by U.S. residents rose nearly 3 per cent within the first two months of 2026, with abroad guests rising by about the identical price.
As we enter the height tourism season, the pro-Canada sentiment driving the shift in journey patterns appears set to proceed, stated Desjardins.
Journeys south of the border had been down 18 per cent within the first two months of 2026 from final yr and down 28 per cent from 2024.
A latest Leger ballot cited by Desjardins discovered that 70 per cent of Canadians say they’re much less more likely to journey to the U.S. The highest 4 causes all contain tensions with the US and embrace Canadians not feeling secure nor welcome within the nation.
The ballot additionally discovered that 67 per cent meant to journey inside Canada this spring, a share that’s up sharply from latest years, stated Norman.
There are dangers on the horizon — particularly larger gas prices from the Iran warfare and upcoming negotiations over the Canada-U.S.-Mexico-Settlement.
Gasoline prices may very well help the pattern by encouraging Canadians to take extra highway journeys inside the nation, particularly now that Ottawa has suspended the gas excise tax till Labour Day, stated Norman.
Commerce talks may go both approach. A hostile end result may harden Canadians’ resolve to remain house, whereas a extra constructive end result that eases political frictions may partially restore cross-border journey.
“Both approach, commerce developments have the potential to affect sentiment by dominating the information cycle as the height summer time journey season approaches,” she stated.
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To date the Iran warfare and oil disruption have trimmed about 30 foundation factors from world development expectations, but when the battle continues the financial hit will deepen, say economists with Toronto Dominion Financial institution.
TD says if tanker visitors stays disrupted into mid-year and oil stays above US$100 per barrel its forecast for world GDP will drop to the mid-2 per cent vary.
“That’s a far cry from the three.1 per cent of our March forecast and will get uncomfortably close to to a broader downturn,” stated TD.
- Right this moment’s Information: United States housing begins and constructing permits
- Earnings: Walmart Inc., CAE Inc., Lightspeed Commerce Inc., Deere & Co., Ralph Lauren Corp.
- Younger Canadians turning to leisure properties as different path to homeownership
- Right here’s how briskly you want to be to outrun crude oil — and different info about pipelines you in all probability didn’t know
- Large Six financial institution valuations at all-time excessive, elevating bar for earnings season
Millennial mother and father are discovering methods to set cash apart for his or her kids’s future, regardless of the challenges of a rising value of residing. Learn extra about how right now’s new mother and father are inserting their kids’s future on the centre of their planning.
Desirous about power? The subscriber-only FP West: Vitality Insider e-newsletter brings you unique reporting and in-depth evaluation on one of many nation’s most necessary sectors. Join right here.
McLister on mortgages
Wish to be taught extra about mortgages? Mortgage strategist Robert McLister’s Monetary Submit column may help navigate the complicated sector, from the most recent traits to financing alternatives you gained’t need to miss. Plus verify his mortgage price web page for Canada’s lowest nationwide mortgage charges, up to date each day.
Monetary Submit on YouTube
Go to the Monetary Submit’s YouTube channel for interviews with Canada’s main consultants in enterprise, economics, housing, the power sector and extra.
Right this moment’s Posthaste was written by Pamela Heaven with extra reporting from Monetary Submit workers and Bloomberg.
Have a narrative concept, pitch, embargoed report, or a suggestion for this text? E mail us at [email protected] .
Bookmark our web site and help our journalism: Don’t miss the enterprise information you want to know — add financialpost.com to your bookmarks and join our newsletters right here
Donald Trump’s commerce coverage has not been type to many Canadian industries, however inadvertently he has handed one a giant enhance.
Tourism in Canada modified dramatically in 2025, finds a brand new research by Desjardins Group, as political tensions between the US and Canada persuaded many Canadians to spend their cash at house.
“In 2025, tourism traits had been outlined much less by the place Canadians selected to go than by the place they selected to not go,” stated Desjardins senior economist Kari Norman.
Canadians’ journey to the US dropped by 25 per cent final yr — that quantities to 10 million fewer journeys throughout the border.
“What made the 2025 story significantly encouraging for home operators was that a lot of the spending diverted from cross-border journey stayed in Canada,” she stated.
Spending on home tourism rose 10 per cent within the first three quarters of 2025 as Canadians made nearly 6 million extra day journeys and a couple of.6 million extra in a single day stays inside their very own nation. Additionally they stayed longer and spent extra on home journeys than the yr earlier than.
The surge in Canadians spending their leisure time inside Canada has additionally helped the financial system. Tourism jobs rose 3 per cent in the course of the yr, which is greater than double the 1.4 per cent improve throughout the financial system as a complete, stated Norman.
Complete tourism employment is up by greater than 30,000 jobs from 2019, rising to almost 3 per cent of whole employment in Canada.
Not the entire tourism diverted from the States stayed in Canada. Canadians additionally took about 700,000 extra journeys abroad throughout this era with curiosity extending past the normal jaunts to Mexico and the Caribbean to extra distant selections in Europe and Asia.
And extra foreigners are coming right here. Journeys to Canada by U.S. residents rose nearly 3 per cent within the first two months of 2026, with abroad guests rising by about the identical price.
As we enter the height tourism season, the pro-Canada sentiment driving the shift in journey patterns appears set to proceed, stated Desjardins.
Journeys south of the border had been down 18 per cent within the first two months of 2026 from final yr and down 28 per cent from 2024.
A latest Leger ballot cited by Desjardins discovered that 70 per cent of Canadians say they’re much less more likely to journey to the U.S. The highest 4 causes all contain tensions with the US and embrace Canadians not feeling secure nor welcome within the nation.
The ballot additionally discovered that 67 per cent meant to journey inside Canada this spring, a share that’s up sharply from latest years, stated Norman.
There are dangers on the horizon — particularly larger gas prices from the Iran warfare and upcoming negotiations over the Canada-U.S.-Mexico-Settlement.
Gasoline prices may very well help the pattern by encouraging Canadians to take extra highway journeys inside the nation, particularly now that Ottawa has suspended the gas excise tax till Labour Day, stated Norman.
Commerce talks may go both approach. A hostile end result may harden Canadians’ resolve to remain house, whereas a extra constructive end result that eases political frictions may partially restore cross-border journey.
“Both approach, commerce developments have the potential to affect sentiment by dominating the information cycle as the height summer time journey season approaches,” she stated.
Join right here to get Posthaste delivered straight to your inbox.
To date the Iran warfare and oil disruption have trimmed about 30 foundation factors from world development expectations, but when the battle continues the financial hit will deepen, say economists with Toronto Dominion Financial institution.
TD says if tanker visitors stays disrupted into mid-year and oil stays above US$100 per barrel its forecast for world GDP will drop to the mid-2 per cent vary.
“That’s a far cry from the three.1 per cent of our March forecast and will get uncomfortably close to to a broader downturn,” stated TD.
- Right this moment’s Information: United States housing begins and constructing permits
- Earnings: Walmart Inc., CAE Inc., Lightspeed Commerce Inc., Deere & Co., Ralph Lauren Corp.
- Younger Canadians turning to leisure properties as different path to homeownership
- Right here’s how briskly you want to be to outrun crude oil — and different info about pipelines you in all probability didn’t know
- Large Six financial institution valuations at all-time excessive, elevating bar for earnings season
Millennial mother and father are discovering methods to set cash apart for his or her kids’s future, regardless of the challenges of a rising value of residing. Learn extra about how right now’s new mother and father are inserting their kids’s future on the centre of their planning.
Desirous about power? The subscriber-only FP West: Vitality Insider e-newsletter brings you unique reporting and in-depth evaluation on one of many nation’s most necessary sectors. Join right here.
McLister on mortgages
Wish to be taught extra about mortgages? Mortgage strategist Robert McLister’s Monetary Submit column may help navigate the complicated sector, from the most recent traits to financing alternatives you gained’t need to miss. Plus verify his mortgage price web page for Canada’s lowest nationwide mortgage charges, up to date each day.
Monetary Submit on YouTube
Go to the Monetary Submit’s YouTube channel for interviews with Canada’s main consultants in enterprise, economics, housing, the power sector and extra.
Right this moment’s Posthaste was written by Pamela Heaven with extra reporting from Monetary Submit workers and Bloomberg.
Have a narrative concept, pitch, embargoed report, or a suggestion for this text? E mail us at [email protected] .
Bookmark our web site and help our journalism: Don’t miss the enterprise information you want to know — add financialpost.com to your bookmarks and join our newsletters right here
Donald Trump’s commerce coverage has not been type to many Canadian industries, however inadvertently he has handed one a giant enhance.
Tourism in Canada modified dramatically in 2025, finds a brand new research by Desjardins Group, as political tensions between the US and Canada persuaded many Canadians to spend their cash at house.
“In 2025, tourism traits had been outlined much less by the place Canadians selected to go than by the place they selected to not go,” stated Desjardins senior economist Kari Norman.
Canadians’ journey to the US dropped by 25 per cent final yr — that quantities to 10 million fewer journeys throughout the border.
“What made the 2025 story significantly encouraging for home operators was that a lot of the spending diverted from cross-border journey stayed in Canada,” she stated.
Spending on home tourism rose 10 per cent within the first three quarters of 2025 as Canadians made nearly 6 million extra day journeys and a couple of.6 million extra in a single day stays inside their very own nation. Additionally they stayed longer and spent extra on home journeys than the yr earlier than.
The surge in Canadians spending their leisure time inside Canada has additionally helped the financial system. Tourism jobs rose 3 per cent in the course of the yr, which is greater than double the 1.4 per cent improve throughout the financial system as a complete, stated Norman.
Complete tourism employment is up by greater than 30,000 jobs from 2019, rising to almost 3 per cent of whole employment in Canada.
Not the entire tourism diverted from the States stayed in Canada. Canadians additionally took about 700,000 extra journeys abroad throughout this era with curiosity extending past the normal jaunts to Mexico and the Caribbean to extra distant selections in Europe and Asia.
And extra foreigners are coming right here. Journeys to Canada by U.S. residents rose nearly 3 per cent within the first two months of 2026, with abroad guests rising by about the identical price.
As we enter the height tourism season, the pro-Canada sentiment driving the shift in journey patterns appears set to proceed, stated Desjardins.
Journeys south of the border had been down 18 per cent within the first two months of 2026 from final yr and down 28 per cent from 2024.
A latest Leger ballot cited by Desjardins discovered that 70 per cent of Canadians say they’re much less more likely to journey to the U.S. The highest 4 causes all contain tensions with the US and embrace Canadians not feeling secure nor welcome within the nation.
The ballot additionally discovered that 67 per cent meant to journey inside Canada this spring, a share that’s up sharply from latest years, stated Norman.
There are dangers on the horizon — particularly larger gas prices from the Iran warfare and upcoming negotiations over the Canada-U.S.-Mexico-Settlement.
Gasoline prices may very well help the pattern by encouraging Canadians to take extra highway journeys inside the nation, particularly now that Ottawa has suspended the gas excise tax till Labour Day, stated Norman.
Commerce talks may go both approach. A hostile end result may harden Canadians’ resolve to remain house, whereas a extra constructive end result that eases political frictions may partially restore cross-border journey.
“Both approach, commerce developments have the potential to affect sentiment by dominating the information cycle as the height summer time journey season approaches,” she stated.
Join right here to get Posthaste delivered straight to your inbox.
To date the Iran warfare and oil disruption have trimmed about 30 foundation factors from world development expectations, but when the battle continues the financial hit will deepen, say economists with Toronto Dominion Financial institution.
TD says if tanker visitors stays disrupted into mid-year and oil stays above US$100 per barrel its forecast for world GDP will drop to the mid-2 per cent vary.
“That’s a far cry from the three.1 per cent of our March forecast and will get uncomfortably close to to a broader downturn,” stated TD.
- Right this moment’s Information: United States housing begins and constructing permits
- Earnings: Walmart Inc., CAE Inc., Lightspeed Commerce Inc., Deere & Co., Ralph Lauren Corp.
- Younger Canadians turning to leisure properties as different path to homeownership
- Right here’s how briskly you want to be to outrun crude oil — and different info about pipelines you in all probability didn’t know
- Large Six financial institution valuations at all-time excessive, elevating bar for earnings season
Millennial mother and father are discovering methods to set cash apart for his or her kids’s future, regardless of the challenges of a rising value of residing. Learn extra about how right now’s new mother and father are inserting their kids’s future on the centre of their planning.
Desirous about power? The subscriber-only FP West: Vitality Insider e-newsletter brings you unique reporting and in-depth evaluation on one of many nation’s most necessary sectors. Join right here.
McLister on mortgages
Wish to be taught extra about mortgages? Mortgage strategist Robert McLister’s Monetary Submit column may help navigate the complicated sector, from the most recent traits to financing alternatives you gained’t need to miss. Plus verify his mortgage price web page for Canada’s lowest nationwide mortgage charges, up to date each day.
Monetary Submit on YouTube
Go to the Monetary Submit’s YouTube channel for interviews with Canada’s main consultants in enterprise, economics, housing, the power sector and extra.
Right this moment’s Posthaste was written by Pamela Heaven with extra reporting from Monetary Submit workers and Bloomberg.
Have a narrative concept, pitch, embargoed report, or a suggestion for this text? E mail us at [email protected] .
Bookmark our web site and help our journalism: Don’t miss the enterprise information you want to know — add financialpost.com to your bookmarks and join our newsletters right here
Donald Trump’s commerce coverage has not been type to many Canadian industries, however inadvertently he has handed one a giant enhance.
Tourism in Canada modified dramatically in 2025, finds a brand new research by Desjardins Group, as political tensions between the US and Canada persuaded many Canadians to spend their cash at house.
“In 2025, tourism traits had been outlined much less by the place Canadians selected to go than by the place they selected to not go,” stated Desjardins senior economist Kari Norman.
Canadians’ journey to the US dropped by 25 per cent final yr — that quantities to 10 million fewer journeys throughout the border.
“What made the 2025 story significantly encouraging for home operators was that a lot of the spending diverted from cross-border journey stayed in Canada,” she stated.
Spending on home tourism rose 10 per cent within the first three quarters of 2025 as Canadians made nearly 6 million extra day journeys and a couple of.6 million extra in a single day stays inside their very own nation. Additionally they stayed longer and spent extra on home journeys than the yr earlier than.
The surge in Canadians spending their leisure time inside Canada has additionally helped the financial system. Tourism jobs rose 3 per cent in the course of the yr, which is greater than double the 1.4 per cent improve throughout the financial system as a complete, stated Norman.
Complete tourism employment is up by greater than 30,000 jobs from 2019, rising to almost 3 per cent of whole employment in Canada.
Not the entire tourism diverted from the States stayed in Canada. Canadians additionally took about 700,000 extra journeys abroad throughout this era with curiosity extending past the normal jaunts to Mexico and the Caribbean to extra distant selections in Europe and Asia.
And extra foreigners are coming right here. Journeys to Canada by U.S. residents rose nearly 3 per cent within the first two months of 2026, with abroad guests rising by about the identical price.
As we enter the height tourism season, the pro-Canada sentiment driving the shift in journey patterns appears set to proceed, stated Desjardins.
Journeys south of the border had been down 18 per cent within the first two months of 2026 from final yr and down 28 per cent from 2024.
A latest Leger ballot cited by Desjardins discovered that 70 per cent of Canadians say they’re much less more likely to journey to the U.S. The highest 4 causes all contain tensions with the US and embrace Canadians not feeling secure nor welcome within the nation.
The ballot additionally discovered that 67 per cent meant to journey inside Canada this spring, a share that’s up sharply from latest years, stated Norman.
There are dangers on the horizon — particularly larger gas prices from the Iran warfare and upcoming negotiations over the Canada-U.S.-Mexico-Settlement.
Gasoline prices may very well help the pattern by encouraging Canadians to take extra highway journeys inside the nation, particularly now that Ottawa has suspended the gas excise tax till Labour Day, stated Norman.
Commerce talks may go both approach. A hostile end result may harden Canadians’ resolve to remain house, whereas a extra constructive end result that eases political frictions may partially restore cross-border journey.
“Both approach, commerce developments have the potential to affect sentiment by dominating the information cycle as the height summer time journey season approaches,” she stated.
Join right here to get Posthaste delivered straight to your inbox.
To date the Iran warfare and oil disruption have trimmed about 30 foundation factors from world development expectations, but when the battle continues the financial hit will deepen, say economists with Toronto Dominion Financial institution.
TD says if tanker visitors stays disrupted into mid-year and oil stays above US$100 per barrel its forecast for world GDP will drop to the mid-2 per cent vary.
“That’s a far cry from the three.1 per cent of our March forecast and will get uncomfortably close to to a broader downturn,” stated TD.
- Right this moment’s Information: United States housing begins and constructing permits
- Earnings: Walmart Inc., CAE Inc., Lightspeed Commerce Inc., Deere & Co., Ralph Lauren Corp.
- Younger Canadians turning to leisure properties as different path to homeownership
- Right here’s how briskly you want to be to outrun crude oil — and different info about pipelines you in all probability didn’t know
- Large Six financial institution valuations at all-time excessive, elevating bar for earnings season
Millennial mother and father are discovering methods to set cash apart for his or her kids’s future, regardless of the challenges of a rising value of residing. Learn extra about how right now’s new mother and father are inserting their kids’s future on the centre of their planning.
Desirous about power? The subscriber-only FP West: Vitality Insider e-newsletter brings you unique reporting and in-depth evaluation on one of many nation’s most necessary sectors. Join right here.
McLister on mortgages
Wish to be taught extra about mortgages? Mortgage strategist Robert McLister’s Monetary Submit column may help navigate the complicated sector, from the most recent traits to financing alternatives you gained’t need to miss. Plus verify his mortgage price web page for Canada’s lowest nationwide mortgage charges, up to date each day.
Monetary Submit on YouTube
Go to the Monetary Submit’s YouTube channel for interviews with Canada’s main consultants in enterprise, economics, housing, the power sector and extra.
Right this moment’s Posthaste was written by Pamela Heaven with extra reporting from Monetary Submit workers and Bloomberg.
Have a narrative concept, pitch, embargoed report, or a suggestion for this text? E mail us at [email protected] .
Bookmark our web site and help our journalism: Don’t miss the enterprise information you want to know — add financialpost.com to your bookmarks and join our newsletters right here
