Many economists have been predicting a recession for Canada, expecting two consecutive quarters of negative growth which is the common definition. But recessions normally are accompanied by rising unemployment. Canada's labour market has been red hot, so does the old definition still apply to this unprecedented economic climate. Read this piece from CTV News.
There are other opinions that see Canada's high debt growth, and real estate-fueled GDP as too significant to rule out a recession. With today's Bank of Canada rate hike of 1%, the chances of tipping into recession may now be higher. Read the article from Bloomberg.