Bay Street Edition

Canadian Consumers Were a Surprise This Year, But 2026 Brings a Stress Test

Also: What’s (g)old is new again at Scotia

Peter Routledge, superintendent at the Office of the Superintendent of Financial Institutions, is optimistic Canada’s financial system can handle a deluge of mortgage renewals over the next year and a half.Photographer: R.J. Johnston/Toronto Star/Getty Images

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By Christine Dobby

December 19, 2025 at 4:06 PM UTC

Welcome to Bay Street Edition, our weekly newsletter devoted to what’s happening in Canadian finance, covering strategy, deals, people moves and economics.

I’m Christine Dobby, Bloomberg’s Toronto-based banking reporter, and you’ll find me in your inbox every Friday. This week, we’re talking about Canada’s surprisingly resilient consumers and what they’ll face next year, WSP’s dealmaking ambitions and Scotiabank’s plans to revive its metals trading desk. Plus: why Bloomberg Intelligence analysts suggest watching Canada Goose stock.