Treasury
BMO Says Canadian Travel to U.S. Recovering but Remains Below 2024 Peak Levels
Canadian travel to the U.S. has been gradually recovering, rising 5% year over year through April, but remains below peak levels reached in 2024, Bank of Montreal Capital Markets (BMO) said Tuesday.Travel activity remains 26% below levels seen two years ago, with road travel down 29% and air travel down 14% on a seasonally adjusted basis, BMO senior economist Sal Guatieri wrote in a note.In contrast, Canadians have increasingly favored other international destinations, with travel to countries outside the U.S. up 18% over the same period, according to BMO.Over a two-year period, arrivals from the U.S. to Canada have shown only modest weakness, down 4%, while visits from other countries have risen 5%, Guatieri added.
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