Chilly Fall Fiscal Update Season Could Make for A Lean Winter: Five Themes from the 2023 Mid‑Year Budget Plans in Canada’s Provinces

Now that most of Canada’s provinces have released mid‑year updates to their 2023–24 (FY2024) budget plans, we discuss five takeaways for investors and policymakers.

• Economic growth was downgraded, while population growth forecasts were increased
• The budget outlook is generally worse; some of the weakness will persist and some won’t
• Most provinces are easing up on affordability relief
• The ongoing population boom complicates the spending picture
• Contingencies are still large, especially in Ontario and BC