Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately


Synonyms:bad times, bust, collapse, depression, hard times, rainy day, slide, slump
Filed Under: financial-banking, investments
Tags: banking, investment

Definition of recession

1. A prolonged period of time (often defined as two successive quarters) in which economic activity declines or decreases.

Related Terms and Acronyms:

  • depression   A prolonged downturn in the economy and level of business activity.
  • disinflation   A reduction in the inflation rate as a result of either government policy or a decline in economic activity.
  • economic indicators   Statistics that help determine how the economy is faring. They include the Consumer Price Index, housing starts, and unemployment rates, among others.
  • employment insurance (EI)   A Service Canada program where premiums are paid by taxpayers and benefits are provided for the unemployed.
      ➥  Formerly known as Unemployment Insurance (UI).
  • inflation   A rise in the average level of prices in the economy.
  • macroeconomics   A study of the economy as a whole, particularly the interaction of its various components.
  • market conditions   Factors that affect the sales of homes in an area, such as interest rates, the unemployment rate, home appreciation, weather and time of year.
  • microeconomics   Looking at the individual parts of the economy, with emphasis given to the market process and how it works.
  • stagflation   A time period where the unemployment rate and the rate of inflation are both relatively high.
  • unemployment rate   The percentage of the labour force that is not employed but currently seeking work.

Search the Glossary

Canadian Mortgage Calculator
We've taken it all apart and put it back together again — bigger and better than ever. The new mortgage calculator adds dozens of new features including a number of automatically generated charts and graphs designed to aid you in finding the best mortgage for you.
Mortgage Calculator Try it
Mortgage Rates
Ready access to and relationships with a vast array of lenders gives our brokers the unique ability to offer you amazing mortgage rates and flexible products.
Mortgage Rates
Try a Mortgage Super Broker
With the right mortgage broker you're not just a number in a file somewhere, you're a VIP. Here, your satisfaction is our mission. We work tirelessly in order to offer you the best rates and services so that when you eventually need to renew, refinance, or make another home purchase, you'll want to stay with us. Apply today and see what our brokers can do for you.
Try a Mortgage Broker