Warning lights are flashing in Canada’s “economic engine,” and experts say even a stop from pop music’s biggest superstar Taylor Swift next month might not be enough to keep Toronto’s flagging economy out of a “T-cession.”
Like the broad, extended contractions marked by a recession, a T-cession refers to a protracted economic slowdown localized to the Greater Toronto Area, including nearby cities such as Mississauga and Oakville. It’s a phrase coined by Saad Usmani, director of economic research and workforce development at the Toronto Board of Trade, in a report last month.
While Canada has so far avoided a technical recession — typically defined as two consecutive quarters of declining real gross domestic product — Usmani’s analysis suggests Toronto might not be faring as well as other major cities, setting the local economy up for a steeper fall.
Usmani looked at data from payment processor Moneris, showing that since November 2023, total spending in Toronto has been sliding. As …