Good morning. Voters are heading to the polls today to elect the next federal government to lead Canada through tumultuous economic times. In fact, we’ve been so focused on our economic future that the future of young Canadians seems to have been lost in the mix. More on that below, but first:
In the news
Analysis: Mark Carney and Pierre Poilievre are asking Canadians to take different leaps of faith on economic strategy.
Health: Red tape in the country’s drug-approval system needs cutting, says the former executive director of Canada’s drug-price regulator.
Resources: Export Development Canada is eager to play an even bigger role in funding Canada’s mining sector amid the global trade war.
Trade: Meet the frazzled customs brokers on the front lines of ever-changing tariff policies.
In the know
A voter’s guide to Canada’s (potential) economic future
Our team gives you a quick look at the economic stakes, which have rarely been so high in a federal election. Read the full story to see all the policy proposals to get Canada back on track.
- Trade: Conservatives promise to get more Canadian oil and gas to tidewater by fast-tracking energy infrastructure projects. Liberals promise a $5-billion fund to improve trade-related infrastructure and a $25-billion export credit facility to help businesses find new markets.
- Fiscal: The Liberals’ platform projects a $62.3-billion deficit this fiscal year, which is expected to fall to about $48-billion in 2028-29. The Conservatives project a $31.4-billion deficit this year, declining to about $14-billion in the final year.
- Housing: Liberals say it’s time for the government to get back in the business of home construction, while Conservatives have said government needs to get out of the way.
- Investment: Both main parties have signalled they would take a new approach to the business sector by opposing the Trudeau government’s proposed increase to the capital-gains inclusion rate.
- Workers: Short-term, the Conservatives propose a temporary liquidity program to help tariff-hit sectors maintain their work forces, plus new funding for a union training program and apprenticeship grants. The Liberals promise to ease access to employment insurance, plus new skills-training programs and funding directed at the auto sector.
- Energy: The Liberals will keep the industrial carbon tax and the planned emissions cap for the oil and gas sector, while the Conservatives plan to scrap them both.
Voters arrive to cast their ballots in advance polls for the 2025 federal election in Carstairs, Alta. April 18, 2025.Jeff McIntosh/The Canadian Press
In focus
This election forgot about young Canadians
Hi, I’m Nojoud Al Mallees, an economics reporter in The Globe’s Ottawa bureau.
The trade war with the United States has dominated the federal election campaign in a way few could have anticipated, say, a year ago. Liberal Leader Mark Carney has even framed the ballot-box question around who is best to face off with U.S. President Donald Trump.
That shift toward Canada’s relationship with its southern neighbour has somewhat taken away from the other issues facing this country, particularly affordability. Prior to the trade war, it seemed like we were headed toward a federal election that would be fought over the cost of living and who would be most capable of helping young Canadians priced out of the country’s exorbitant housing market.
Instead, federal parties have had to duke it out on the issues of trade and economic growth, as well as who would be the best defender of Canada during a period of global instability (including who will protect seniors’ retirement savings as financial markets go bonkers).
I decided to dig into how young people became so irrelevant in this election for a story published last week. Polling commissioned by The Globe and CTV News shows the U.S. focus appeals to the sensibilities of older voters, who say the trade war is the top priority for Canadians aged 55 and older. Meanwhile, young Canadians are still putting the cost of living as their top priority in this election.
Federal parties have also unveiled measures to help seniors’ retirements, including tax breaks and fixed-income boosts. But their platforms feature few policies directly related to young people.
Conservative Leader Pierre Poilievre, left to right, Liberal Leader Mark Carney, New Democratic Party Leader Jagmeet Singh and Bloc Quebecois Leader Yves-Francois Blanchet participate in the English-language federal leaders’ debate in Montreal on April 17, 2025.Adrian Wyld/The Canadian Press
That’s not to say parties have completely forgotten the country’s housing crisis. The Liberals, NDP and Conservatives have all set ambitious homebuilding targets of around half a million a year. If Canada could build that many homes – doubling the current rate of housing starts – it would be a huge help to affordability.
The bad news: It’s highly unlikely Canada will be able to build that many homes annually any time soon. The federal government also doesn’t control most of the housing-related levers, meaning that cities and provinces will have to do the heavy lifting. Slowing economic growth will also make it that much harder to get housing investment up.
Finally, the elephant in the room: It’s unlikely any political party will do anything to make Canadian home prices fall.
That’s because doing so would mean homeowners, most of whom are older (and a reliable voting bloc), would lose equity. But without home prices falling, there won’t be much relief for young Canadians who can’t afford houses at today’s prices.
An analysis by the Missing Middle Initiative finds that if home prices were frozen where they are today, it would take 18 years of 3-per-cent annual wage growth to restore 2005 levels of housing affordability (bleak, I know).
The takeaway is that you should evaluate big, bold promises from politicians with a healthy dose of skepticism. And if you want governments to act on the issues that matter to you, well, you’ve got to vote.
More election reading:
- Voter guide: Where the Liberals, Conservatives, NDP, Bloc Québécois, Greens and People’s Party stand
- Integrity: What we know about misinformation uncovered in the federal election campaign
- Opinion: Pity the victor of Monday’s election. He wins nothing but crisis after crisis
Charted
A voluntary crisis
The roller coaster we all face in the markets has been conjured out of nowhere by Donald Trump. Last week the S&P 500 index rose by 7.1 per cent over four trading days, after the U.S. President started backing off threats to undermine the independence of the Federal Reserve. Trump created this crisis, Tim Shufelt writes. Only he can save us from it.
Bookmarked
On our reading list
Traced: Ontario Securities Commission officials say they are witnessing a massive surge in online scams and fraud.
Aced: The bond market isn’t just important – it’s extremely interesting right now.
Based: I’m embarrassed by my unlikely vice: energy drinks.
Morning update
Global markets were steady, reflecting some hopes that the worst of tariff pain is over, but confusion over U.S. trade policy lingered. Wall Street futures were in the red, and TSX futures followed sentiment lower.
Overseas, the pan-European STOXX 600 was up 0.43 per cent in morning trading. Britain’s FTSE 100 inched up 0.1 per cent, Germany’s DAX gained 0.52 per cent and France’s CAC 40 advanced 0.71 per cent.
In Asia, Japan’s Nikkei closed 0.38 per cent higher, while Hong Kong’s Hang Seng edged 0.04 per cent lower.
The Canadian dollar traded at 72.07 U.S. cents.
Nojoud Al Mallees
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