Turmoil on global trade could accelerate peak-level business closures in Vancouver region

Business closures across metro Vancouver have taken hold, even before the impact of the trade war sends Canada’s economy into recession. Nearly every industry has been affected, resulting in over 1,600 more closures than openings in 2024. Last year started strong: 897 net new business formations despite the January 2024 deadline to repay the Canada Emergency Business Account (CEBA) loans that many firms took advantage of during the first year of the pandemic. By the end of the year, closures surpassed the first year of the pandemic, 2020, by 20%.