Canadian Economic News, March 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

  • Toronto-based Hudbay Minerals Inc. and Arizona Sonoran Copper Company Inc. (ASCU) of Arizona announced they had entered into a definitive agreement pursuant to which Hudbay agreed to acquire all the issued and outstanding common shares of ASCU for an equity value of USD $1.48 billion. The companies said the transaction is expected to be completed in the second quarter of 2026, subject to shareholder approval and the satisfaction of certain other closing conditions customary in transactions of this nature.
  • The Canadian Nuclear Safety Commission (CNSC) announced its decision to issue a licence to Vancouver-based NexGen Energy Ltd. to prepare a site for and construct its Rook I Project, a uranium mine and mill located in northern Saskatchewan. The CNSC said the licence is valid until March 31, 2036, 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.
  • UK-based Rio Tinto announced on March 26th its final day of production at its Diavik diamond mine in the Northwest Territories. The company said closure activities will extend to 2029, followed by a period of post-closure monitoring.

Provincial and Territorial budgets

  • On March 17th, the Government of New Brunswick tabled its 2026-27 budget, which included investments in health care, affordability, education, and economic development. The Government projects a $1.39 billion deficit in 2026-27 and real GDP growth of 1.0% in 2026 and 1.1% in 2027.
  • On March 18th, the Government of Quebec presented its 2026-27 budget, which included investments to strengthen public services, stimulate the economy, protect the purchasing power of Quebecers and ensure the well-being of the most vulnerable. The Government forecasts an $8.6 billion deficit in 2026 and real GDP growth of 1.1% in 2026 and 1.4% in 2027.
  • On March 18th, the Government if Saskatchewan presented its 2026-27 budget, which included a plan to lower provincial  income taxes and investments in skills and training, infrastructure, health care, education, and enhancing law enforcement. The Government forecasts an $819 million deficit for 2026-27 and real GDP growth of 1.6% in 2026 and 2.0% in 2027.
  • On March 19th, the Government of the Yukon tabled Budget 2026, which included investments in health care, education, housing, public safety, and improving the affordability and reliability of the Yukon's energy grid. The Government forecasts an $81.8 million deficit in 2026-27 and real GDP growth of 1.2% in 2026 and 2.6% in 2027.
  • On March 24th, the Government of Manitoba presented Budget 2026, which included investments to strengthen health care, lower costs, and create jobs. The government forecasts a $498 million deficit for 2026-27 and real GDP growth of 1.3% in 2026 and 1.7% in 2027.
  • On March 26th, the Government of Ontario tabled Budget 2026, which included investments in infrastructure, health care, education, affordability, competitiveness, and job creation. The Government forecasts a $13.8 billion deficit for 2026-27 and real GDP growth of 1.0% in 2026 and 1.7% in 2027.

Other news

  • The Government of Canada announced that effective March 1, 2026,
    • China had suspended anti-discrimination tariffs on canola meal, peas, lobster, and crab until the end of 2026; and
    • reduced tariffs on Canadian canola seed to a combined applied tariff rate of 14.9%, representing a decrease from the previous combined tariff level of almost 85%.
  • The Government also said that as of March 1st, it had
    • implemented an initial country-specific annual quota of 49,000 Chinese electric vehicles (EVs) at the most-favoured-nation tariff rate of 6.1%, lifting the previous 100% surtax; and
    • extended the remission of surtaxes for certain Chinese steel and aluminum products that are in short supply and expanded coverage to additional steel, aluminum, and steel derivative products.
  • The Governments of Ontario and Nova Scotia announced they had signed an agreement to allow consumers to purchase alcohol directly from the other province's local producers, including breweries, wineries and distilleries.
  • Montreal-based Bell Canada and the Government of Saskatchewan announced the construction of a new 300 MW data centre outside of Regina, with a portion of the facility's power to be dedicated to sovereign AI compute. Bell said the construction of the facility will require approximately $1.7 billion of incremental capital expenditures, with approximately $1.3 billion expected to be incurred in 2026. Bell also said that construction is scheduled to begin this spring, with the first stage of the facility expected to come online in the first half of 2027.
  • Winnipeg-based NFI Group Inc. announced the official ribbon-cutting of its new Customer Acceptance and Delivery (CAD) facility in Winnipeg. NFI said the facility enables it to complete full domestic production of heavy-duty transit vehicles, including zero-emission buses, in Winnipeg for the first time in 15 years.
  • Kingsey Falls, Quebec-based Boralex Inc., Brookfield of New York, and La Caisse of Quebec City announced they had entered into a definitive arrangement agreement whereby Brookfield and La Caisse would acquire all of Boralex Inc.'s issued and outstanding Class A common shares for a total enterprise value of approximately $9.0 billion.  Boralex said the transaction is expected to close by the fourth quarter of 2026, subject to shareholder and regulatory approvals as well as the satisfaction of other customary closing conditions.

United States and other international news

  • The White House announced that President Donald J. Trump authorized Operation Epic Fury — a military campaign to eliminate the nuclear threat posed by the Iranian regime.
  • The U.S. Federal Open Market Committee (FOMC) maintained the target range for the federal funds rate at 3.50% to 3.75%. The last change in the target range was a 25 basis points cut in December 2025.
  • The Reserve Bank of Australia (RBA) raised the cash rate target by 25 basis points to 4.10%. The last change in the cash rate target was a 25 basis points increase in February 2026.
  • 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 Bank of Japan (BoJ) announced it will encourage the uncollateralized overnight call rate to remain at around 0.75%. The last change in the uncollateralized overnight call rate was a 25 basis points increase in December 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 Executive Board of Sweden's Riksbank left the repo rate unchanged at 1.75%. The last change in the repo rate was a 25 basis points reduction in September 2025.
  • The Monetary Policy and Financial Stability Committee of Norway's Norges Bank left the policy rate unchanged at 4.00%. The last change in the policy rate was a 25 basis points decrease in September 2025.
  • The eight OPEC+ countries Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman announced they had decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023 and agreed on a production adjustment of 206,000 barrels per day. The group said the adjustment would be implemented in April 2026.
  • UK-based BP announced on March 17th it had provided lockout notice to the United Steelworkers Union at its Whiting refinery in Indianna, with the lockout becoming effective on March 19th.
  • Maryland-based McCormick & Company, Incorporated and Unilever PLC of the UK announced they had entered into an agreement to combine McCormick with Unilever's Foods business for an enterprise value for Unilever Foods of approximately USD $44.8 billion. The companies said the transaction is expected to close by mid 2027, subject to shareholder and regulatory approvals and the satisfaction of other customary closing conditions.
  • Texas-based Sysco and Jetro Restaurant Depot of New York announced they had entered into a definitive agreement under which Sysco will acquire Jetro Restaurant Depot in a transformative transaction for a total enterprise value of approximately USD $29.1 billion. The companies said the transaction is expected to close by the third quarter of Sysco's fiscal year 2027, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals.

Financial market news

  • West Texas Intermediate crude oil closed at USD $101.38 per barrel on March 31st, up from a closing value of USD $67.02 at the end of February. Western Canadian Select crude oil traded in the USD $55.00 to $ 95.00 per barrel range throughout March. The Canadian dollar closed at 71.74 cents U.S. on March 31st, down from 73.30 cents U.S. at the end of February. The S&P/TSX composite index closed at 32,768.04 on March 31st, down from 34,339.99 at the end of February.
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