Canadian Economic News, February 2026 Edition

This module provides a concise summary of selected Canadian economic events, as well as international and financial market developments by calendar month. It is intended to provide contextual information only to support users of the economic data published by Statistics Canada. In identifying major events or developments, Statistics Canada is not suggesting that these have a material impact on the published economic data in a particular reference month.

All information presented here is obtained from publicly available news and information sources, and does not reflect any protected information provided to Statistics Canada by survey respondents.

Resources

  • Vancouver-based Eldorado Gold Corporation and Foran Mining Corporation announced they had entered into an agreement whereby Eldorado would acquire Foran for approximately $3.8 billion. The companies said the transaction was expected to close in the second quarter of 2026, subject to securityholder and court approvals, certain regulatory approvals, and the satisfaction of other closing conditions customary for a transaction of this nature.
  • The Canadian Nuclear Safety Commission (CNSC) announced its decision to issue a licence to Denison Mines Corp. of Toronto to prepare a site for and construct its Wheeler River Project, a proposed uranium mine and mill located in northern Saskatchewan. The CNSC said the licence is valid until February 28, 2031, and authorizes site preparation and construction activities under the Nuclear Safety and Control Act but does not authorize the operation of the facility to be constructed.
  • Toronto-based Denison Mines Corp. announced that it had made a Final Investment Decision to proceed with the construction of the Phoenix In-Situ Recovery uranium mine and that site preparation and construction activities for Phoenix were planned to commence in March 2026.

Manufacturing

  • Montreal-based Bombardier Inc. announced firm orders for 40 Challenger 3500 business aircraft, with purchase options for an additional 120 aircraft. Bombardier said the market value of the orders is USD $1.18 billion based on 2026 list prices, and USD $4.72 billion if all purchase options are exercised.
  • South Korea-based LG Energy Solution, Stellantis N.V. of the Netherlands, and Windsor, Ontario-based NextStar Energy announced that LG Energy Solution would acquire full ownership of NextStar Energy, with Stellantis selling its 49% equity stake to LG Energy Solution. The companies said the closing of the transaction is subject to approvals and other conditions.

Provincial and Territorial budgets

  • On February 5th, the Government of the Northwest Territories presented Budget 2026-27, which included investments in housing, health services, community safety, reconciliation initiatives, and economic development. The Government projects a $20 million operating surplus in 2026-27 and a contraction in real GDP of 3.2% in 2026.
  • On February 17th, the Government of British Columbia presented Budget 2026, which included investments in education, health care, crime prevention, natural resources, supporting businesses and productivity, and updating B.C.'s tax system. The Government projects a $13.3 billion deficit for 2026-27 and real GDP growth of 1.3% in 2026 and 1.8% in 2027.
  • On February 23rd, the Government of Nova Scotia tabled Budget 2026-27, which included support for healthcare, housing, and transformational IT projects in cybersecurity. The Government forecasts a $1.19 billion deficit in 2026-27 and real GDP growth of 1.5% in 2026 and 1.5% in 2027.
  • On February 26th, the Government of Alberta presented Budget 2026, which included investments in education, health care, the Heritage Fund, and infrastructure. The Government forecasts a $9.4 billion deficit for 2026-27 and real GDP growth of 1.8% in 2026 and 2.3% in 2027.

Retail Trade

  • Washington State-based Eddie Bauer LLC, operator of Eddie Bauer stores in the United States and Canada, announced it had entered into a Restructuring Support Agreement with the company's secured lenders and commenced voluntary chapter 11 cases in the United States Bankruptcy Court. The company said its retail and outlet stores in the United States and Canada would remain open and continue serving customers as it begins its process of winding down certain stores.
  • Brampton, Ontario-based Loblaw Companies Limited announced it will spend $2.4 billion in 2026 to open 70 new stores, including 34 Shoppers Drug Mart / Pharmaprix pharmacies and care clinics, and 31 hard discount No Frills and Maxi stores, renovate another 191 stores, and continue construction of its automated distribution centre in Caledon, Ontario. Loblaw said the investment is anticipated to create 9,700 retail and construction jobs.

Other news

  • The Government of Canada announced on February 12th that following Parliament's passage of Bill C-19, the Canada Groceries and Essentials Benefit Act, this legislation received Royal Assent.
  • The Government of Canada announced its new Automotive Strategy that includes new measures to:
    • accelerate investment in Canada's auto manufacturing sector;
    • rationalise emissions reduction policies;
    • make electric vehicles more affordable and reliable;
    • establish a comprehensive trade regime that strengthens the competitiveness of the auto sector; and
    • protect Canadian auto workers and businesses from immediate pressures.
  • The government said these measures build on previously announced initiatives to help transform strategic Canadian industries, including steel and softwood lumber.
  • The Government of Canada announced its Defence Industrial Strategy which it says will create 125,000 high-paying careers, increase defence exports by 50%, raise the share of defence acquisitions awarded to Canadian firms to 70%, and grow Canadian defence industry revenues by 240%. The Government said the strategy has five pillars:
    • Position Canada as a leader in defence production;
    • Make it easier to build in Canada by breaking down barriers between government and industry;
    • Scale up Canada's defence and dual-use innovation, and export it to our allies;
    • Protect Canadian workers, industries, and supply chains; and
    • Spearhead a coordinated national effort to strengthen Canada's defence sector.
  • Montreal-based Bell Canada and SAP Canada of Toronto announced a Memorandum of Understanding (MoU) to jointly deliver a Canadian operated cloud solution. The companies said the partnership will combine Bell Artificial Intelligence (AI) Fabric's national network, compute and data centre footprint with SAP Sovereign Cloud On-Site solution to deliver a fully Canadian-isolated cloud alternative for the public sector and regulated industries.

United States and other international news

  • On February 20th, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose tariffs.
  • On February 20th, the white House announced that President Donald J. Trump had signed a Proclamation imposing, for a period of 150 days, a 10% ad valorem import duty on articles imported into the United States, effective February 24th. The White House said that some goods would not be subject to the temporary import duty, including United States-Mexica-Canada agreement (USMCA) compliant goods of Canada and Mexico.
  • The Reserve Bank of Australia (RBA) raised the cash rate target by 25 basis points to 3.85%. The last change in the cash rate target was a 25 basis points cut in August 2025.
  • The Bank of England's Monetary Policy Committee (MPC) voted to maintain the Bank Rate at 3.75%. The last change in the Bank Rate was a 25 basis points cut in December 2025.
  • The European Central Bank (ECB) left its three key interest rates unchanged at 2.00% (deposit facility), 2.15% (main refinancing operations), and 2.40% (marginal lending facility). The last change in these rates was a 25 basis points reduction in June 2025.
  • The Reserve Bank of New Zealand (RBNZ) left the Official Cash Rate (OCR), its main policy rate, unchanged at 2.25%. The last change in the OCR was a 25 basis points cut in November 2025.
  • The eight OPEC+ countries Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman announced they had reaffirmed their November 2, 2025, decision to pause production increments in March 2026.
  • Oklahoma-based Devon Energy Corporation and Coterra Energy Inc. of Texas announced the signing of a definitive agreement to merge in an all-stock transaction. Devon said the transaction implies a combined enterprise value of approximately USD $58 billion and is expected to close in the second quarter of 2026, subject to shareholder and regulatory approvals and customary closing conditions.
  • California-based Paramount Skydance Corporation and Warner Bros. Discovery, Inc. (WBD) of New York announced they had entered into a definitive merger agreement under which Paramount will acquire WBD for an enterprise value of USD $110 billion. The companies said the transaction is expected to close in the third quarter of 2026, subject to customary closing conditions, including regulatory clearances and WBD shareholder approval.

Financial market news

  • West Texas Intermediate crude oil closed at USD $67.02 per barrel on February 27th, up from a closing value of USD $65.42 at the end of January. Western Canadian Select crude oil traded in the USD $49.00 to $55.00 per barrel range throughout February. The Canadian dollar closed at 73.30 cents U.S. on February 27th, down from 73.74 cents U.S. at the end of January. The S&P/TSX composite index closed at 34,339.99 on February 27th, up from 31,923.52 at the end of January.
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