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Canada’s real estate-based economy continues to dominate, as new data from Statistics Canada reveals a record number of active businesses in September. However, the growth is mainly concentrated in industries related to real estate, construction, and waste management, many of which benefit from state subsidies. This growth, while positive, raises concerns when compared to other economic indicators.

While the active business count increased by 0.5% over the past year, it lags significantly behind the country’s population growth, with business growth trailing at a rate almost six times lower. This slower pace contrasts with past years and highlights potential issues in the broader economic landscape.

The increase in active businesses does not align well with other data, such as a decline in payroll employees, rising unemployment, and a surge in business insolvencies. The disconnect suggests that more businesses are emerging, but with fewer employees, challenging the narrative of economic prosperity despite growing GDP.

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