Business competition in Canada has declined over the last 20 years, watchdog report finds

Competition across Canadian businesses has declined over the last two decades as industries have become more concentrated and less dynamic, a report from the Competition Bureau found.

The report did not name any particular industry, focusing on the economy overall. Certain industries in Canada are frequently criticized for being highly concentrated, including airlines, financial services, grocery chains and telecommunications companies. It also found that economies of scale declined, suggesting that large firms have become less efficient over time compared to smaller ones. Profits and markups have increased, and at a faster rate in industries where profits and markups are already high.

The government has recently prioritized updating the Competition Act, as Canadians struggle with the high cost of living for a number of household expenses, from groceries and gas to mortgage payments.

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