Wealth gap between Montreal and Toronto remains steady, report finds

Summary

• Quebec's regional GDP per capita reached 99% of Ontario's by 2022, nearly closing the gap that stood at 91% in 2011.
• The economic disparity between Toronto & Montreal persists, with Montreal's per capita GDP remaining at approximately 80% of Toronto's.
• Toronto's economy benefits significantly from lucrative finance & insurance sectors, contributing to its outperformance.
• Quebec risks a widening gap with Toronto if immigration policies are not reversed to attract a highly-skilled workforce.
• An employment & wage gap between French & English Quebecers is costing the province over $1 billion annually.
• The report was released by the Institut du Québec research group on November 10, 2026.