Canada’s population shrank another 0.1% in Q1, shedding 55K people - or roughly half of Q4’s contraction…

… driven by some moderation in the outflow of non-permanent residents, which was still large at ~120K and should continue - given the current total sits 490K above Carney’s 5% goal…

… while permanent immigration is tracking below target, remaining flat at just over 80K.

Within Canada, interprovincial migration trends remain the same…

… with continued east to west movement during the quarter.

Industrial product prices rose 1.2% M/M, below expectations for a 1.8% gain…

… despite a 7% increase in chemicals, which have accelerated in each of the last three months on Iran shipping disruptions.

While energy product prices remain elevated, the pace of growth is slowing…

… and with a signed MOU bringing us closer to a resolution, the biggest driver of PPI could be heading in the other direction.

New home prices fell short of estimates, shedding 0.3% versus expectations for a 0.1% decline…

… on broad-based weakness at the provincial level, including a reversal of prior month gains in Quebec and a worsening drawdown in BC.

With unsold inventory remaining elevated, sellers might have to give some more before balance is restored.

Toromont (TIH) ripped 17% after announcing its power systems backlog is adding another $1B, more-than-double the ~$770M reported in Q1…

… which should drive continued top line acceleration, given nearly all of it should be delivered in 2027. To meet the demand, management is looking to add capacity…

… signalling confidence in the durability of its end market growth, which investors have been pricing in over the past year.

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