A special report from the BMO Real Financial Progress Index reveals Canadians’ concerns about their personal finances have surged amid increased economic uncertainty and market volatility.
The survey explored changes in Canadians’ concerns about their finances and current economic conditions between March and April 2025, and found:
Cost of Living Considerations: 78% reported growing concerns about the cost of living in April – a 17-point increase from 61% in March.
Inflation Concerns Intensify Over three quarters (76%) say their concerns about inflation have increased – a 16-point increase from 60%.
Temperature on Tariffs: Concerns about the impact of US tariffs increased from 65% to 74%.
Rising Recession Risks: Canadians’ concerns about the prospect of economic recession increased from 60% to 74%.
Pulse on Personal Finances: Nearly three in five (58%) say they are more concerned about their financial situation – a 16-point increase from the 42% in March.
In addition, nearly one quarter (24%) reported in April they are increasingly concerned about the prospect of losing their job.
Sal Guatieri
“Canadian consumer confidence recently plummeted to the lowest depths in at least six decades on fear that the trade war will cost people their jobs and undermine their financial security. However, sentiment improved modestly in April amid a partial de-escalation of the trade war. A more recent recovery in equity markets should support confidence further in May,” said Sal Guatieri, Senior Economist, BMO. “While BMO Economics is concerned about the economic impact of tariffs, we are less worried about the inflation outlook, as retaliatory tariffs on imports from the U.S. have been restrained. CPI inflation will likely hold close to the Bank of Canada’s 2% target this year, paving the way for some further reductions in policy rates.”
Anthony (Tony) Tintinalli
“Many Canadians and their families are understandably more concerned about their finances and are taking proactive steps to protect their financial future,” said Anthony (Tony) Tintinalli, Head, Specialized Sales, BMO. “With planning and a disciplined approach to spending, Canadians will be empowered to navigate the challenging environment, achieve their financial goals and make real financial progress with confidence.”
Brent Joyce
“While navigating markets has been difficult amid the recent uncertainty, we remain committed to well-balanced and well-diversified portfolios,’ said Brent Joyce, Chief Investment Strategist, BMO Private Investment Council. “Uncertain times can also be a good time to reassess risk tolerance, but decisions should be made with a long outlook in mind.”
The BMO April survey also found Boomers are most concerned about the cost of living (84%), tariffs (83%), the prospect of an economic recession (82%) and inflation (80%), while Gen Z are the most concerned about the prospect of losing their jobs (37%).
BMO offers tips and resources to help Canadians stay on track towards their financial goals and make real financial progress during times of uncertainty:
Start Planning Early: Outlining short and long-term financial objectives and goals helps determine the appropriate investing and savings solutions to incorporate in a financial plan.
Practice Discipline: Manage spending, review budgets, and include any automatic contributions through pre-authorized contributions to savings plans as an expense. Monitoring spending with a monthly budget will allow flexibility to suspend or decrease the spending amount in the continuous savings plan when needed or increase the amount when a budget allows for it.
Build an Emergency Fund: Aim to save at least three to six months’ worth of living expenses to help cover unexpected costs or loss of income.
Diversify Investments: Spread investments across different asset classes, sectors and geographies to reduce risk.
Stress Testing Strategies: Consider stress testing financial plans and investment strategies to help plan for economic, market and personal changes that can affect the progress towards financial goals such as saving for retirement, buying a home, etc.
Keep Calm and Stay the Course: During periods of market volatility, avoid panic selling and maintain a long-term perspective on investments in order to benefit from the power of compound growth.
Seek Professional Advice: Do not wait to seek help until a time of crisis. Working with a professional expert and meeting with them regularly can help Canadians and their loved ones create and maintain a financial plan that reflects their financial goals, sources of income and cash flow, risk appetite and time horizons, and adjust these plans as new goals emerge or circumstances change.
“AI is transforming the way we work and can empower people across almost every field,” said Sabrina Geremia, VP & Country Managing Director for Google Canada. “Canada is uniquely positioned to capture the immense AI opportunity, by putting this technology to work. The AI Opportunity Fund will help upskill Canadians nationwide, strengthen our workforce, and prepare Canadians for an AI-powered economy.”
Together, the four organizations will reach more than two million Canadians with foundational AI skills and training, helping to close the country’s growing digital skills gap and bolster workforce readiness.
Broad National Impact
Cam Linke
The Alberta Machine Intelligence Institute will lead a national effort to provide post-secondary students with foundational AI skills. “Canada has an incredible opportunity to translate decades of AI research excellence into fundamental AI literacy skills for a generation of post-secondary students because of the generous support of Google.org,” said Cam Linke, CEO of Amii. “Amii is proud to lead the effort to build a national AI Workforce Readiness Consortium…we’re ready to support educators with equitable access to curriculum resources across faculties, programs and domains.”
Natiea Vinson
The First Nations Technology Council will focus on Indigenous inclusion in AI, offering training and resources to Indigenous students and communities. “Google.org’s commitment to supporting AI training programs for Indigenous Peoples represents a meaningful step toward reconciliation…empowering communities to leverage AI for nation-building while driving economic growth and fostering technology-enabled efficiencies that benefit Indigenous Peoples and Canada as a whole,” said Natiea Vinson, CEO.
Surranna Sandy
Meanwhile, Skills for Change will direct its efforts toward communities with high unemployment. “Our new AI skilling project, made possible through Google.org’s generous support, represents a transformative opportunity to bridge the digital divide and create equitable access to the future of work,” said Surranna Sandy, CEO.
Vickery Bowles
At the local level, the Toronto Public Library will bring free AI tools and training to the public. “As AI rapidly transforms our world, it’s crucial that members of society understand and have the skills and abilities to shape and leverage these changes,” said Vickery Bowles, City Librarian. “Through Google.org’s generous funding, we will launch an AI Upskilling Initiative, focused on the responsible and ethical use of AI.”
Government and Economic Impact
David Piccini
The move has also garnered support from the provincial government. “In today’s digital economy, it’s encouraging to see global leaders like Google.org supporting Ontario’s workforce,” said David Piccini, Ontario Minister of Labour, Immigration, Training and Skills Development. “Their support for the AI Opportunity Fund will equip workers with the skills needed to seize the jobs of tomorrow—and ensures Ontario remains competitive in a fast-changing world.”
According to Public First’s Economic Impact Report on Google Canada, generative AI could add $230 billion to the Canadian economy and potentially save the average worker over 175 hours a year. While interest in acquiring AI skills is high—63 per cent of Canadian workers, and 72 per cent among youth—access to quality training remains a critical first step.
This latest initiative builds on Google Canada’s existing digital skilling programs, including Google Career Certificates and other Grow with Google offerings.
With the launch of the AI Opportunity Fund, Google Canada is aiming to ensure that Canadians not only keep pace with AI innovation but help shape its future across sectors and communities.
Ste-Catherine St. W. in Montreal. Photo: Apple Maps
Montréal has once again proven its dominance on the international stage, earning the title of the number-one destination in North America for hosting international association events, according to the 2024 rankings from the International Congress and Convention Association (ICCA). This marks the ninth consecutive year the city has held the top spot, further cementing its reputation as a leader in global business tourism.
Montréal topped other major North American cities, including Toronto, Washington, DC, Vancouver and Chicago, and held its second-place position in the Americas behind Buenos Aires. Globally, Montréal ranked 28th, surpassing global hubs like Sydney, Rio de Janeiro, Dubai and Munich.
This continued success is credited to the powerful partnership between the Palais des congrès de Montréal and Tourisme Montréal, as well as the broader local ecosystem of hotels, restaurants, universities, and event professionals. This synergy has been instrumental in keeping Montréal at the forefront of international event hosting.
Emmanuelle Legault
“Montréal’s ranking as the top destination in North America for nine years in a row is the fruit of a strategic collaboration between the Palais des congrès, Tourisme Montréal, and leading researchers in Montréal, whose expertise and commitment make all the difference,” said Emmanuelle Legault, President and CEO of the Palais des congrès de Montréal. “By choosing our metropolis, international associations are not simply selecting a place, they’re allying with an ecosystem that enriches their event and amplifies their participants’ experience.”
In 2024 alone, Montréal hosted 70 international events, including the 3rd Joint Congress on Evolutionary Biology (2,138 participants), the One Young World Summit 2024 (1,900 participants), and the 32nd Conference on Intelligent Systems for Molecular Biology (1,600 participants). These events not only brought thousands of global delegates to the city but also provided valuable opportunities to foster international collaboration in fields like life sciences, health, and information technology.
“Each year, our teams work hard to process hundreds of files, organize site inspections and confirm thousands of overnight stays,” said Yves Lalumière, President and CEO of Tourisme Montréal. “Business tourism constitutes a major lever for the metropolis, both economically and in terms of promoting academic excellence and research. The ICCA’s multiple recognitions are an honour, and I commend the exceptional work of our teams, who contribute tirelessly to making Montréal shine on the international stage.”
This latest accolade from the ICCA isn’t just a statistic—it reflects Montréal’s long-term strategy and unwavering dedication to innovation in business tourism. As a city that blends world-class infrastructure with academic excellence and cultural richness, it continues to set the bar for what it means to be a premier host city on the global scene.
We live in a modern era dominated by digital technologies and fast online shopping, so there are many people who are unaware of the revival of printed catalogues in 2025. However, forward-thinking eCommerce brand owners are actually rediscovering the unique advantages of physical catalogues. They actively use them to enhance customer engagement, foster brand loyalty, and drive sales. That is why we prepared this quick guide to help you understand the importance and the perks of catalogues in 2025.
The Unique Effect of Printed Materials
Printed catalogues offer a sensory experience that digital platforms cannot replicate. There is something about the tactile nature of flipping through pages, the visual appeal of high-quality images, and the deliberate pace of browsing which creates a more personal shopping experience. This physical interaction shows the power of print in advertising, since it fosters a stronger emotional connection between consumers and brands. Research indicates that consumers spend more time engaging with physical catalogues compared to digital advertisements. In other words, such extended engagement makes it more likely for customers to remember the brand and return as shoppers.
Bridging the Divide Between Physical and Digital Resources
Modern catalogues are great pieces of printed ads on their own, but they also serve as bridges to digital platforms. By incorporating QR codes, personalised URLs, and promotional codes into their catalogues, companies successfully guide readers to their online stores.
This integration allows brands to track the effectiveness of their print materials and tailor future marketing strategies accordingly. Furthermore, it helps boost multichannel marketing strategies, which are essential for success in today’s competitive landscape.
Storytelling and Brand Identity
Not only are catalogues perfect for product showcasing, they have also evolved into advanced storytelling tools that convey a brand’s identity as well as its values. Companies from different parts of the world have transformed their catalogues into journal-like publications, focusing on narratives that resonate with their target audience.
This approach helps businesses stand out in a crowded market, and it builds deeper connections with consumers. By sharing stories, values, and behind-the-scenes insights, catalogues humanise brands and foster strong relationships based on trust.
Catering to Niche Markets and High-End Products
Printed catalogues are particularly effective for high-end products and delicate niche markets where detailed information and visual presentation play a crucial role. Furniture retailers, luxury fashion brands, and artisanal product makers utilise catalogues to provide comprehensive product details, high-resolution images, and curated content that digital platforms may not convey adequately. Introducing this type of detailed presentation aids consumers in making informed decisions, reducing return rates, and enhancing the overall level of customer satisfaction.
Sustainability and Cost-Effectiveness
The need to reduce the environmental impact persists, so many brands choose to respond by adopting sustainable practices when it comes to their catalogue production. By using recycled paper, soy-based inks, and responsible sourcing, companies minimise their ecological footprints while also maintaining the benefits of quality print marketing.
On top of that, as digital advertising costs continue to rise, printed catalogues offer a cost-effective alternative with a high return on investment. The sole nature of catalogues guarantees a longer shelf life in consumers’ homes, which provides ongoing exposure of the brand. On the contrary, digital ads offer a short appearance that usually flees from a person’s mind pretty fast.
The Future of Catalogues in eCommerce
The revival of printed catalogues in 2025 is a sign of a broader trend. Today’s consumers begin to crave authentic, tangible experiences in an increasingly digital world. By blending the tactile appeal of print with the convenience of digital platforms, e-commerce brands create holistic shopping experiences that resonate with modern consumers.
As technology continues to evolve, the role of catalogues is likely to expand, while also incorporating augmented reality features, personalised content, and interactive elements. Brands that embrace this fusion of old and new will probably gain a competitive edge in the dynamic e-commerce landscape.
In 2025, printed catalogues have transformed from their simple, traditional roles, emerging as powerful tools in the competitive e-commerce market. By offering a unique blend of sensory engagement, storytelling, and integration with digital elements, catalogues enhance the shopping experience, foster deeper customer relationships, and drive more sales to online stores.
When it comes to home improvement or new construction in Canada, selecting the right windows and doors is more than just a design choice – it’s a long-term investment in comfort, energy efficiency, and property value. One of the most popular modern options for homeowners today is the aluminium sliding window, known for its sleek profile, durability, and functionality.
Whether you’re renovating a single room or building a new home, working with a reputable doors and windows manufacturer can make all the difference. Canadian climates are unique, with temperature swings, snow loads, and energy efficiency requirements that are much stricter than in many other countries. That’s why choosing high-quality, Canadian-tested aluminium windows is essential.
Why Aluminium Sliding Windows Are Gaining Popularity in Canada
1. Weather Resistance
Aluminium is naturally corrosion-resistant, making it an ideal choice for Canadian homes that experience a mix of snow, rain, and humidity. Unlike wood, it doesn’t warp or swell, ensuring a longer lifespan with minimal maintenance.
2. Energy Efficiency
Modern aluminium sliding windows often come with thermal breaks – insulating barriers that prevent heat loss. Paired with double or triple-glazed glass, these windows can significantly reduce heating costs during long Canadian winters.
3. Space-Saving Design
Because they slide open rather than swinging inward or outward, sliding windows are perfect for homes with limited space. They provide unobstructed views and excellent ventilation, ideal for both residential and commercial spaces.
4. Contemporary Aesthetic
Aluminium frames are thinner than other materials, allowing for more glass and natural light. This minimalist, clean-lined look has become increasingly popular among Canadian homeowners seeking modern or Scandinavian-style interiors.
What to Look for in a Doors and Windows Manufacturer
Not all manufacturers are created equal. When selecting a doors and windows manufacturer in Canada, consider the following:
Local Expertise: Choose a company that understands Canadian building codes, weather conditions, and architectural styles.
Custom Options: A good manufacturer will offer customized sizing, finishes, and hardware options to match your exact needs.
Warranty and Support: Look for manufacturers that stand behind their products with extended warranties and accessible customer service.
Energy Star® Certification: Ensure that products meet or exceed energy efficiency standards to qualify for rebates or incentives.
Installation Matters: Don’t Cut Corners
Even the best aluminium sliding windows won’t perform well if they’re poorly installed. Work with professional installers who are certified and experienced with the specific product line. Proper installation ensures:
An airtight fit that prevents drafts
Long-term durability
Full warranty coverage
Some doors and windows manufacturers in Canada offer in-house installation services or partner with vetted professionals – an option worth considering for peace of mind.
Maintenance Tips to Maximize Lifespan
One of the advantages of aluminium windows is their low maintenance. Still, a few simple habits can help you extend their lifespan even further:
Clean tracks regularly to ensure smooth operation
Check weather stripping annually for wear or damage
Lubricate moving parts once or twice a year
Wash frames and glass with mild soap and water to maintain their finish
Final Thoughts
An aluminium sliding window is more than just a practical feature – it’s a lifestyle upgrade. Whether you’re embracing a minimalist design or simply need reliable, energy-efficient windows that can handle Canada’s climate, this type of window delivers on all fronts.
Partnering with a trusted doors and windows manufacturer ensures that you’re not just buying a product, but investing in quality, service, and long-term performance. Make the smart choice for your home or business by opting for windows that look great, last long, and perform exceptionally – year after year.
The Bank of Canada today maintained its target for the overnight rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.
“Since the April Monetary Policy Report, the US administration has continued to increase and decrease various tariffs. China and the United States have stepped back from extremely high tariffs and bilateral trade negotiations have begun with a number of countries. However, the outcomes of these negotiations are highly uncertain, tariff rates are well above their levels at the beginning of 2025, and new trade actions are still being threatened. Uncertainty remains high,” said the Bank in a statement.
“While the global economy has shown resilience in recent months, this partly reflects a temporary surge in activity to get ahead of tariffs. In the United States, domestic demand remained relatively strong but higher imports pulled down first-quarter GDP. US inflation has ticked down but remains above 2%, with the price effects of tariffs still to come. In Europe, economic growth has been supported by exports, while defence spending is set to increase. China’s economy has slowed as the effects of past fiscal support fade. More recently, high tariffs have begun to curtail Chinese exports to the US. Since the financial market turmoil in April, risk assets have largely recovered and volatility has diminished, although markets remain sensitive to US policy announcements. Oil prices have fluctuated but remain close to their levels at the time of the April MPR.”
In Canada, economic growth in the first quarter came in at 2.2%, slightly stronger than the Bank had forecast, while the composition of GDP growth was largely as expected, it said.
“The pull-forward of exports to the United States and inventory accumulation boosted activity, with final domestic demand roughly flat. Strong spending on machinery and equipment held up growth in business investment by more than expected. Consumption slowed from its very strong fourth-quarter pace, but continued to grow despite a large drop in consumer confidence. Housing activity was down, driven by a sharp contraction in resales. Government spending also declined. The labour market has weakened, particularly in trade-intensive sectors, and unemployment has risen to 6.9%. The economy is expected to be considerably weaker in the second quarter, with the strength in exports and inventories reversing and final domestic demand remaining subdued,” explained the Bank.
Photo by Hardeep Singh
“CPI inflation eased to 1.7% in April, as the elimination of the federal consumer carbon tax reduced inflation by 0.6 percentage points. Excluding taxes, inflation rose 2.3% in April, slightly stronger than the Bank had expected. The Bank’s preferred measures of core inflation, as well as other measures of underlying inflation, moved up. Recent surveys indicate that households continue to expect that tariffs will raise prices and many businesses say they intend to pass on the costs of higher tariffs. The Bank will be watching all these indicators closely to gauge how inflationary pressures are evolving.
“With uncertainty about US tariffs still high, the Canadian economy softer but not sharply weaker, and some unexpected firmness in recent inflation data, Governing Council decided to hold the policy rate as we gain more information on US trade policy and its impacts. We will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.”
“In line with its recent messaging, the Bank continues to await greater clarity on various policy fronts, and weigh risks of tariff-driven inflation against the downward inflation pressure of economic slack. The statement noted the mixed picture for growth in Q1 and its expectation that Q2 will be considerably weaker, but also the upward move in some core inflation measures, and its press statement said that they judged that underlying inflation might be firmer than they thought,” he said.
“July looks more promising for a quarter point ease if, as we expect, the jobless rate continues to move higher, and inflation in items not subject to tariff pressures eases off a bit. The BoC will publish a detailed economic forecast to accompany that decision, and we look for final quarter point reduction, to 2.25% in September. Today’s non-move was well anticipated by markets, and most investors will want to see Friday’s jobs data before changing their views on the direction of the policy rate.”
Hudson's Bay flagship store in downtown Montreal in 2021. Photo: Maxime Frechette
The dismantling of Hudson’s Bay’s once-sprawling Canadian retail empire continued this week as the Ontario Superior Court of Justice approved a motion brought forward by RioCan Real Estate Investment Trust to place its joint venture with the Hudson’s Bay Company into court-supervised receivership.
The ruling, handed down Tuesday by Justice Osborne of the Commercial List, marks another milestone in the long-running saga surrounding the collapse of one of Canada’s most historic retailers.
The joint venture, first established in 2015, involves 12 high-profile retail properties spanning some of the most valuable urban and suburban locations in Canada. The portfolio includes former Hudson’s Bay flagship stores in downtown Montreal, Vancouver, Calgary, and Ottawa, alongside major suburban shopping centres such as Yorkdale Shopping Centre and Scarborough Town Centre in Toronto.
RioCan holds a 22 percent interest in ten of the joint venture properties and a 61 percent controlling interest in two others: Oakville Place and Georgian Mall. Hudson’s Bay, through its wholly owned subsidiary, owns approximately 78 percent of the broader venture.
FTI Consulting Appointed as Receiver
With court approval now secured, FTI Consulting Canada Inc. has been appointed as receiver to take operational control of the joint venture portfolio. The receiver will be responsible for stabilizing the properties, addressing the outstanding debt obligations, and exploring possible strategies to maximize asset value for creditors and stakeholders.
“This appointment was necessary to bring structure to a highly complicated situation involving numerous properties, mortgages, and market conditions,” said retail expert Carl Boutet in an interview. “They needed someone independent who could begin the process of determining what happens to each asset on a case-by-case basis.”
Carl Boutet
Financial Pressures Led to Receivership
Hudson’s Bay, which filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in March 2025, had ceased making rent payments on the joint venture properties as part of its restructuring. That decision severely impacted the financial standing of the joint venture.
RioCan previously disclosed a $209 million loss on its investment in the partnership, and with no bids emerging for the JV assets during a court-approved Sales and Investment Solicitation Process (SISP), receivership became the most viable option to protect creditor interests.
“In reality, these properties are extremely complicated to value,” Boutet explained. “In many cases, the debt secured against these buildings may actually exceed their current market value—especially given the condition of some of these older flagship properties.”
Hudson’s Bay Yorkdale on June 1, 2025, shortly before closing forever. Photo: Craig Patterson
Substantial Mortgages on Each Property
The mortgage debt attached to the joint venture assets illustrates the challenge. According to documents reviewed in court, the downtown Montreal property carries $161 million in mortgage debt, Vancouver’s flagship is encumbered by $202 million, downtown Calgary sits at $105 million, and Ottawa’s property includes first and second mortgages totalling $73 million. Even suburban properties like Yorkdale carry significant debt loads, with $75 million secured against that location.
“These are eye-watering numbers,” Boutet noted. “The sheer scale of the debt on these properties really limits what can be done with them immediately.”
Prospects for the Properties Vary Widely
The receivership opens a range of future possibilities for the 12 properties involved. Some may be redeveloped, others may be leased to new tenants, and several could be sold outright depending on market conditions, municipal approvals, and the willingness of developers to invest.
“There really are two distinct categories of assets here,” said Boutet. “The suburban shopping centre anchor locations like Yorkdale and Laval may have more straightforward paths toward redevelopment or repositioning, likely for mixed-use residential or retail projects. But the historic downtown flagships are a completely different story.”
Boutet points to substantial challenges facing many of the downtown locations. The buildings, often dating back more than a century, face significant costs related to seismic upgrades, historic preservation requirements, and substantial structural refurbishments.
“These aren’t buildings you can simply hand over to the next retailer,” he said. “The level of work needed to bring them up to modern standards is staggering—and very expensive.”
Downtown Vancouver Hudson’s Bay flagship store (Image: Streetworks Developments)
Boutet described the flagship Hudson’s Bay building on Sainte-Catherine Street in Montreal as emblematic of the challenge.
“This building essentially created St. Catherine Street back in the Morgan’s days of the 1890s. Structurally, it’s sound, and it could even accommodate additional floors if someone wanted to develop upward. But the costs involved in restoring and modernizing these spaces are enormous,” he said.
The Montreal store has attracted conceptual redevelopment proposals, some of which involve adding rooftop gardens, museums, residential units, and public spaces. However, none have advanced past the early planning stages or obtained municipal approvals.
“These are buildings where the land alone may actually be worth more than the structures sitting on them,” Boutet explained. “The structures, while iconic, have become financial liabilities.”
Social Pressures May Accelerate Redevelopment Needs
The risk of these buildings sitting vacant for extended periods also raises concerns beyond the financial. Homeless encampments have already appeared near some of the vacant locations. Boutet referenced the situation near the Montreal property, which he described as increasingly precarious.
“Without some type of interim activation—like pop-ups or public programming—these empty downtown stores could become social flashpoints. We saw this with the old Woodward’s building in Vancouver before its redevelopment, where homelessness became a major issue,” he said.
Boutet anticipates that municipalities will put pressure on future owners or developers to keep ground floors activated while longer-term redevelopment plans unfold.
Tent outside a display window of the former Hudson’s Bay flagship store in downtown Montreal. Photo: Carl Boutet
Because of the complexity and cost, Boutet expects that redeveloping the downtown flagships will require intricate public-private partnerships involving multiple levels of government, private developers, heritage groups, and philanthropic organizations.
“It’s going to take federal, provincial, and municipal cooperation alongside private capital to make any of these major redevelopments viable,” he said. “These buildings sit on incredibly valuable real estate. But unlocking that value requires careful and costly planning.”
Boutet even cited examples where local museums, such as Montreal’s McCord Museum, could play a role in future redevelopment scenarios by anchoring portions of the repurposed sites.
Despite the enormous obstacles, Boutet believes the underlying real estate remains highly desirable.
“The downtown cores of Canadian cities aren’t going to shrink. Urbanization trends still favour density and centrality. Whoever can solve the puzzle of repurposing these buildings will be rewarded with irreplaceable real estate holdings,” he said.
In some cases, solutions may involve new forms of student housing, urban logistics hubs, or carefully designed mixed-use towers incorporating retail, office, and residential components.
“These are once-in-a-generation redevelopment opportunities. But they’re not quick fixes. This will be years in the making,” Boutet emphasized.
Ruby Liu’s Bid Does Not Include Downtown Locations
The RioCan receivership proceeding is legally and financially separate from the parallel process involving Weihong (Ruby) Liu’s ongoing bid to acquire 28 former Hudson’s Bay store leases for her planned department store revival. Her bid notably excludes the downtown flagship stores now controlled by the RioCan joint venture and the receiver.
“At this stage, Ruby Liu appears to be focusing on more operationally manageable locations as she launches her new concept,” Boutet said. “The complexity and cost of taking on the historic downtown properties may simply be too much for any one operator—especially a newcomer.”
Rendering of Ruby Liu chain of stores, set to launch this year in Canada.
Receivership Represents Final Chapter in Bay’s Real Estate Exit
The approval of RioCan’s receivership motion represents one of the final major steps in Hudson’s Bay’s unraveling as a traditional department store chain. The company completed liquidation sales and closed its remaining stores on June 1, 2025, ending more than 350 years of continuous retail operations.
For Hudson’s Bay, the receivership effectively severs the company’s remaining ties to its most valuable real estate holdings. What happens next will likely unfold over several years as the receiver markets the properties and stakeholders work to craft redevelopment solutions.
“It’s the end of the line for Hudson’s Bay as Canadians knew it for generations,” said Boutet. “But at the same time, it’s the beginning of a very complicated and fascinating new chapter in Canadian retail and urban real estate.”
VinFast at Yorkdale Shopping Centre (Image: VinFast)
Vietnamese electric vehicle manufacturer VinFast is scaling back its Canadian retail operations, closing half of its 10 corporate-owned stores amid a challenging EV market. The move comes just two and a half years after VinFast entered the country with an ambitious plan to disrupt the electric vehicle sector and build a direct-to-consumer sales model across Canada.
VinFast officially launched in Canada in late 2022 with great fanfare, opening its first showroom at Toronto’s Yorkdale Shopping Centre in November of that year. The flagship location was part of an aggressive expansion strategy aimed at rolling out more than 35 corporate-owned showrooms across the country. Within a few months, the company had opened a total of 10 retail locations — four in Ontario, three in Quebec, and three in British Columbia — all operated directly by VinFast, bypassing the traditional franchised dealership model.
Unlike many of its competitors, VinFast opted for high-profile locations within major shopping malls and standalone showrooms in key markets. The aim was to boost brand awareness and make it easier for Canadian consumers to experience the vehicles in highly trafficked urban environments.
However, as of May 2025, the automaker announced that five of its 10 stores will be shuttered. The closures include prominent mall-based showrooms at Toronto’s Yorkdale Shopping Centre, Vancouver’s Park Royal Shopping Centre, and Laval’s CF Carrefour Laval. Two additional locations are also slated for closure, though VinFast has not yet disclosed which specific stores these will be.
In a statement, the company emphasized the need for flexibility amid evolving market conditions, saying: “It is critical that we continue to adapt and evolve our business to ensure we are best positioned for future growth.”
Image: Vinfast
Full List of VinFast Canadian Locations
Here is a full breakdown of the 10 VinFast corporate-owned stores across Canada as of mid-2025, with current closure status:
Ontario:
Toronto Showroom (Yorkdale Shopping Centre) – Closing 3401 Dufferin St, Toronto, ON M6A 2T9
Mississauga Showroom & Service Centre 5505 Ambler Drive, Mississauga, ON L4W 3Z1
Oakville Showroom & Service Centre 2270 South Service Road, Oakville, ON L6L 5M9
Guelph Showroom & Service Centre 945 Woodlawn Rd W, Guelph, ON N1K 1G2
Quebec:
Laval Showroom (CF Carrefour Laval) – Closing 3003 Boul. le Carrefour, Laval, QC H7T 1C7
Laval Showroom & Service Centre (Bd Chomedey) 2350 Bd Chomedey, Laval, QC H7T 2W3
Saint-Laurent Showroom & Service Centre (Trans-Canada Highway) 9775 Route Transcanadienne, Saint-Laurent, QC H4S 1T6
British Columbia:
West Vancouver Showroom (Park Royal Shopping Centre) – Closing 2002 Park Royal S, West Vancouver, BC V7T 2W4
New Westminster Showroom & Service Centre 210 12th St, New Westminster, BC V3M 4H2
VinFast at Park Royal in West Vancouver. Photo: VinFast
Sluggish Sales Prompt a Strategic Shift
VinFast’s pullback in Canada is being driven largely by a combination of underwhelming sales, shifting government incentives, and broader headwinds facing the electric vehicle industry.
In 2023, VinFast sold just 89 vehicles across Canada. Although sales picked up in 2024 with the introduction of the VF8 SUV, reaching approximately 2,000 units sold for the year, the numbers fell significantly short of the company’s initial projections. In the first quarter of 2025, VinFast reported Canadian sales of 300 VF8 models and just 15 units of its larger VF9 SUV.
Multiple factors have contributed to the company’s struggle to gain traction in Canada. Rising interest rates have cooled consumer demand across multiple sectors, while reductions to both federal and provincial electric vehicle rebates have made EVs less affordable for many buyers. In several provinces, programs that previously offered up to $5,000 or more in purchase incentives have been scaled back or suspended, further discouraging potential customers.
At the same time, competition in the Canadian EV market has intensified, with established brands such as Tesla, Hyundai, Ford, and Volkswagen offering a growing lineup of electric models backed by extensive dealership networks, stronger consumer confidence, and more robust service infrastructures.
A Global Strategy in Flux
The Canadian downsizing is part of a larger reevaluation of VinFast’s overall business model in North America. After initially pursuing an exclusively direct-to-consumer strategy in both Canada and the United States, VinFast has begun pivoting toward franchised dealerships in key U.S. markets. In April 2025, the company announced that it would close all of its company-owned showrooms in California, shifting U.S. sales entirely to a network of franchised dealers.
In its most recent update, VinFast confirmed it had developed a franchised dealer network of 38 operational and soon-to-open locations across 16 U.S. states, including California. The automaker has also hinted that it may pursue a similar franchising model in Canada to supplement or replace its corporate-owned stores in the future.
Outside North America, VinFast has signalled that it may also reconsider its direct sales approach in Europe as it seeks to optimize global operations. The automaker has faced mounting financial pressures after ambitious international expansion efforts encountered slower-than-expected consumer adoption and rising operational costs.
VinFast at CF Carrefour Laval. Photo: VinFast
The Promise and Pause of VinFast’s Manufacturing Ambitions
When VinFast first announced its North American expansion, it included plans for a massive new factory in Chatham County, North Carolina. The proposed $4 billion facility was slated to include an annual production capacity of 150,000 vehicles, as well as manufacturing lines for batteries and electric buses.
However, in 2024, the company announced it was suspending construction of the North Carolina plant, citing the need to prioritize operational efficiency and better align production with actual market demand. This pause raised further questions about VinFast’s ability to scale production globally while simultaneously building out its distribution and support infrastructure.
Meanwhile, plans to introduce a lower-cost VF3 model in North America have also been shelved, with no firm timeline provided for its potential launch.
VinFast’s Canadian Entry: From High Hopes to Hard Reality
VinFast’s entry into Canada in 2022 was marked by optimism and confidence. Backed by Vietnam’s largest private conglomerate, Vingroup, the company invested heavily in brand-building and infrastructure. Its early messaging promised Canadians stylish, affordable electric SUVs combined with high-end customer experiences and innovative technology.
VinFast also emphasized its unique ability to rapidly scale production, having built its original manufacturing plant in Vietnam in just 21 months. Originally producing internal combustion vehicles and electric scooters, the company fully committed to electric vehicle production in 2021 with its VF8 and VF9 models engineered for global export.
Yet as VinFast’s experience in Canada illustrates, even well-capitalized entrants face significant barriers in cracking mature automotive markets. The challenges of building consumer trust, securing adequate service capacity, and competing against long-established brands have proven formidable.
Commitment to Service Despite Downsizing
Even as it pulls back from several retail locations, VinFast has publicly reaffirmed its commitment to existing Canadian customers. The company stated that it will expand its after-sales service network nationwide to support warranty repairs, maintenance, and parts availability.
This focus on maintaining service capacity is especially critical as the company works to reassure early adopters concerned about the long-term viability of their purchases amid store closures.
Future Outlook: VinFast’s Canadian Experiment Enters a New Phase
The contraction of VinFast’s retail footprint in Canada reflects the broader volatility currently gripping the global electric vehicle market. While long-term forecasts continue to predict eventual mass adoption of EVs, short-term sales fluctuations and policy uncertainties are forcing automakers to recalibrate their strategies.
For VinFast, the Canadian market remains a work in progress. The company has indicated it remains committed to Canada, but its original vision of dozens of corporate-owned stores selling directly to consumers has quickly given way to a more pragmatic—and potentially franchised—future.
The next 12 to 18 months will likely determine whether VinFast can build the necessary foundation to thrive in Canada’s highly competitive EV landscape, or whether it joins the growing list of international brands that have struggled to gain traction in North America.
Removing the 5% GST on all restaurant food would save Canadians $5.4 billion in taxes annually and create 80,000 new jobs, according to new economic analysis by Restaurants Canada released on Wednesday.
Kelly Higginson
“Canadians are struggling with affordability and worried about their jobs. Removing the sales tax from prepared food, including the food sold at restaurants, would not only provide them with some relief, but bolster the economy,” said Kelly Higginson, President and CEO of Restaurants Canada.
“The recent GST/HST holiday showed us that making all food tax-free stimulates spending, creates jobs and protects restaurants from bankruptcy. We urge the new federal government to make it permanent as part of their plan to address Canada’s economic challenges.”
Currently, prepared food is subject to sales tax, but groceries, as well as many frozen and ready-to-heat meals, are tax-free.
The recent GST/HST holiday, which removed sales tax from restaurant food among other items, led to a 8.6% increase in commercial foodservice sales in January. January and February 2025 also saw a 50% year-over-year decrease in foodservice bankruptcies, as well as the creation of 24,000 new jobs, more than the previous 12 months combined, said the national organization.
Based on these data, Restaurants Canada estimates that permanently removing the 5% GST on all food would lead to:
64,300 new foodservice jobs (40% of which are likely to go to people under 25)
15,685 additional spinoff jobs in related industries
2,680 new restaurants
$5.4 billion in tax savings to consumers
$1.5 billion in additional tax revenue and EI savings for government
Restaurants Canada is a national, not-for-profit association advancing Canada’s diverse and dynamic foodservice industry. Restaurants are a $120 billion industry employing nearly 1.2 million Canadians and is the number one source of first-time jobs in Canada.
Photo by Gary Barnes
“Prepared food is no longer just a luxury for Canadians,” added Higginson. “Whether its students grabbing lunch on their break, working parents picking up a meal for the family on the way home from soccer practice, or seniors getting meal delivery, many Canadians rely on prepared food to feed themselves, and they should not be taxed for it.”
Restaurants Canada said the savings from exempting all food from sales taxes would disproportionately benefit lower income households, who spend a greater share of their budgets on food than higher income households. More spending in the foodservice sector also has a greater effect in the economy at large than other sectors: for every $1 in sales, the foodservice industry generates $1.80 in economic output, compared to $1.56 generated by other industries.
“This measure is an investment in Canadians’ quality of life and in the foodservice businesses that drive the economies of every community across the country,” noted Higginson. “Food is food and should be treated equally, regardless of where it was purchased. It’s time to fix this unfair tax burden on food.”
Canadians can support Restaurant Canada’s campaign to exempt all food from sales tax at foodisfood.ca.
Huda Beauty, the globally renowned beauty brand which is widely available in Canada, has announced that it has reclaimed full ownership as an independent brand following the conclusion of its eight-year partnership with TSG Consumer Partners.
In 2017, TSG Consumer acquired a minority stake in the company. Now, in 2025, Huda Kattan, Founder and Co-CEO of Huda Beauty, has officially bought back her equity, regaining full control of the brand.
With this move, Huda Beauty is a fully independent company, becoming one of the rare founder-fully-owned brands in the beauty space. This milestone marks a powerful new chapter for the brand, reinforcing its dedication to innovation, authenticity, and a deeply engaged community, while reaffirming its commitment to a founder-led vision, it said in a news release.
Huda Beauty is more than just a makeup brand, it’s a movement rooted in self-expression, empowerment, and authenticity. Built on the belief that ‘Beauty is Self-Made,’ the brand continues to champion individuality with a focus on inspiring and supporting its global community, it explained.
“Taking back full ownership of Huda Beauty is a deeply very important moment for me,” said Huda Kattan. “It says that while many of us dreamers have visions that we are told are too big or not possible to do alone, in actuality, you have all the power you need to change the world yourself! This brand was built on passion, creativity, and a desire to challenge the beauty industry. As we step into this new chapter, I’m more committed than ever to pushing boundaries, staying true to our roots, and showing up for our incredible community every step of the way.”
Since its inception, Huda Beauty said it has revolutionized the beauty space, blending artistry with innovation to create a brand that resonates globally.
With Huda Kattan now at the helm as the sole owner, and her husband, Christopher Goncalo, serving alongside her as Co-CEO, and her sister, Alya Kattan leading their Social Strategy, the company said it looks forward to an exciting future of bold product launches, deeper community engagement, and continued industry disruption.
