Canadian factory sales were essentially unchanged in September, Statistics Canada reported on November 13, 2026, in its Monthly Survey of Manufacturing. Sales held at $80.2 billion after a 1.8% gain in August, but the volume of goods sold fell, and a drop in metal sales pulled Quebec lower while Alberta reached a record.
- Total manufacturing sales: $80.2 billion in September, essentially unchanged from August (seasonally adjusted, current dollars).
- In constant dollars, which strip out price changes, sales fell 1.5%, the largest decline since January 2026.
- Sales fell in 11 of 21 subsectors, led by primary metals (-9.5%) and wood products (-7.0%). Petroleum and coal products rose 10.0%, driven by higher prices.
- Quebec sales fell 4.0% to $20.3 billion; Alberta sales rose 7.2% to a record $11.4 billion.
- Unfilled orders reached a record $136.8 billion, up 2.1%.
What the September data show
The flat headline hides two opposing moves. Excluding petroleum and coal products, sales fell 1.5%. Primary metal sales dropped to $7.0 billion after reaching a record in August, mainly because lower volumes were sold; Statistics Canada links the decline in non-ferrous metals to a 26.6% fall in exports of unwrought copper and copper alloys. Refined petroleum sales rose for a third straight month on higher prices, while their volume edged down.
In Quebec, the primary metal subsector accounted for most of the decline, with sales down 16.3% to $3.4 billion. Alberta's record was led by petroleum and coal products (+20.0%); excluding that subsector, Alberta sales rose 1.6%.
For the third quarter as a whole, current-dollar sales rose 1.7% to $239.3 billion, the fifth straight quarterly increase, but constant-dollar sales fell 0.3%. Inventories rose 1.7% to $130.5 billion, lifting the inventory-to-sales ratio from 1.60 to 1.63. The capacity utilization rate (not seasonally adjusted) edged down to 81.5% from 81.6%. These are preliminary figures; Statistics Canada revises the previous three months with each release.
What it means for households and borrowers
Our interpretation: a month of flat factory sales and falling volumes is one more sign of a slow economy, alongside the rise in unemployment to 6.7% in October. At the same time, price-driven gains in fuel products are a reminder that inflation pressures have not disappeared. The Bank of Canada raised its policy interest rate to 2.5% on October 28, so mixed signals like these do not point clearly in one direction for rates.
The people most directly affected are workers and businesses in metals, wood and other manufacturing regions, especially in Quebec. Households whose income depends on these industries, and who have a renewal or a variable-rate mortgage, have the most reason to plan ahead.
What you can do next
- If your job is tied to manufacturing or exports, test your budget against a reduced income and a higher payment before your renewal date with the mortgage renewal calculator.
- If you expect trouble making payments, contact your lender early; a mortgage broker can also help compare renewal options.
Statistics Canada plans an advance estimate of October manufacturing sales on November 23, with full October data on December 14.
Sources
- Statistics Canada (The Daily), Monthly Survey of Manufacturing, September 2026, 2026-11-13. Accessed 2026-11-14.
- Bank of Canada, Policy interest rate, 2026-10-28. Accessed 2026-11-14.
This news summary is general information, not financial advice. Figures are preliminary, seasonally adjusted unless noted, and may be revised.
