It is too early to answer this question according to the C.D. Howe Institute Business Cycle Council. The two quarter drop in real GDP (2025 Q4 & 2026 Q1) was of "very low amplitude", and it is subject to revision. Also, less than half of the industrial sectors registered a decline of activity. Add to that the evolution of the job market, then the diagnostic of a recession is premature.
Report of June 5 by the Business Cycle Council
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