As you pointed out, in terms of consumer spending, so far it's been quite high. We're seeing more growth in the housing market.
We also see that household savings are quite high. Household debt is just as high in Canada, but it has been on the decline for some time now. Because they're saving a little more as they spend, households are able to keep spending.
As you suggested, with unemployment at 7.1% and the economic uncertainty, we think consumer spending will probably go down but remain positive.
In the short term, we will see sluggish economic growth, because exports and investment are down. Consumer and governance spending, however, are positive.
Next year, we expect that exports and investment will recover and the GDP will go up. However, that growth will be slow.
There are risks, of course. The structural adjustment could be harder than we think, and the U.S. could impose even more tariffs; that would weaken the economy even further and consumer spending would decline.